Delisting Risk and Net Loss Due to Former Management Embezzlement and Breach of Trust... Stock Trading Suspension Continues

Corrected accounting errors; FY2025 consolidated revenue KRW 133.4B, operating profit KRW 10.0B, net loss KRW 2.9B (swing from prior year profit).
Former management embezzlement and breach of trust (approx. KRW 7.08B) triggered a substantive listing review; currently under deliberation for delisting after improvement period ended (trading suspension ongoing).
Designated as an unfaithful disclosure corporation (Jan 28, 2026) and fire at Ulsan Plant 3 (Feb 4, 2026) increased management uncertainty.
Debt ratio improved to 49.88%, net borrowings decreased (total borrowings KRW 35.5B to KRW 35.0B), but net loss due to increased allowance for doubtful accounts (~KRW 9.6B) and income tax expense.
Stock options granted for 12,565,000 shares (exercise price KRW 518, current price KRW 2,495) pose potential dilution risk (5.3% of outstanding shares).
Multiple lawsuits pending related to breach of trust/embezzlement (approx. KRW 11.0B); full allowance for doubtful accounts on illegal advances of KRW 0.95B.
[AI Comprehensive Analysis]The delisting risk and legal liabilities severely impair enterprise value. Despite an additional improvement period, the resumption of trading remains uncertain. Investors must exercise extreme caution.