Corrected Quarterly Report - Short-term borrowings surge to 326.2 billion (including high-rate 11.75%), net profit of 39.7 billion from derivative gains but operating profit only 0.7 billion

Consolidated Q1 2026 revenue: 45.0 billion won (vs 21.9 billion YoY), operating profit: 0.7 billion (vs 4.3 billion). Net profit: 39.8 billion (vs 3.2 billion) but largely due to derivative valuation gain of 61.1 billion; pre-tax profit excluding derivative items is only 0.5 billion
Short-term borrowings surged from 1.0 billion at year-end to 326.2 billion, including 313.1 billion from GLAS TRUST (Singapore) Ltd. at 11.75% interest for subsidiary SNC's ENC project acquisition. Classification may change after half-year review
Total assets: 511.2 billion (from 95.3 billion), total liabilities: 408.8 billion (from 31.7 billion), equity: 102.4 billion (from 63.6 billion). Debt-to-equity ratio soared to 399%
Long-term supply contract with global space launch company until 2035 (total estimated demand ~USD 1,054 million). Confirmed 2026 revenue USD 55 million
Post-reporting period: Issued 6th CB of 37.5 billion won (conversion price 44,929 won), additional investment in subsidiary SNC of 33.6 billion, investment in The Special Metals of 7.0 billion. Provided LC guarantee for The Special Metals up to USD 24 million
Derivative liabilities surged to 39.2 billion (from 3.3 billion) due to CB put option valuation. Derivative assets eliminated (25.5 billion to zero). Net carrying amount of CBs: 16.7 billion
Customer A accounts for 70.8% of consolidated revenue. Overseas revenue share 71.1%
Subsidiary LifeCeutical remains classified as held for sale. Discontinued operations loss of 1.9 billion