BOLAK Quarterly Report Correction: Q3 Revenue Overstated by 13,734 Million KRW, Severe Blow to Financial Credibility

BOLAK filed a correction to its quarterly report on July 20, 2026, originally submitted on November 6, 2025. The correction was due to errors in the statement of comprehensive income, overstating the third-quarter standalone results.
Pre-correction Q3 revenue was KRW 25.666 billion, revised to KRW 11.933 billion, a 53.5% decrease. Operating profit was adjusted from KRW 1.875 billion to KRW 984 million. However, cumulative nine-month figures remain unchanged.
The correction magnitude is 22.7% of market cap KRW 60.619 billion, severely damaging financial credibility. The company had already been flagged for material weaknesses in internal accounting controls in the prior year.
Earnings per share for Q3 dropped from KRW 35 to KRW 17, but cumulative EPS stays at KRW 39. The company maintains a stable financial structure with KRW 6.451 billion in cash versus KRW 1.049 billion in borrowings.
[AI Summary]BOLAK's quarterly report correction reveals a significant accounting error overstating Q3 revenue and operating profit by over 50%, with the error size exceeding 22% of market cap, severely undermining financial reporting reliability. While cumulative results are intact, the quarterly distortion points to weak internal controls and is likely to negatively impact short-term stock price.