KD Reports Net Loss of 25.6B KRW, Debt Ratio Surges to 2,041%, Auditor Refuses Opinion, Enters Court Receivership – Extreme Risks of Delisting and Liquidation

2025 (52nd fiscal year) consolidated revenue fell 82.4% YoY to 27.8B KRW, recording an operating loss of 4.3B KRW and a net loss of 25.6B KRW, turning from profit to loss.
Debt ratio surged to 2,041% from 690% in the prior year, indicating severe financial deterioration and near capital erosion.
Auditor Hanmi Accounting Corp. issued an adverse opinion on both consolidated and separate financial statements due to material going-concern uncertainty, and also gave an adverse opinion on internal accounting controls.
On March 5, 2026, the company filed for court receivership; the Suwon Bankruptcy Court commenced proceedings on March 18. The largest shareholder's stake fell from 26.34% to 11.72% due to a forced margin call.
Multiple loans have been accelerated due to default, and a previously announced rights offering was canceled, resulting in a designation as an unfaithful disclosure entity.
[AI Summary]With a massive net loss, extreme debt ratio, auditor's adverse opinion, and court receivership, KD faces imminent delisting or liquidation risks, exposing shareholders to total capital loss.