New Risk • Mar 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 33% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (₩90.5b market cap, or US$60.4m). Announcement • Mar 07
Wooriro Co., Ltd, Annual General Meeting, Mar 27, 2026 Wooriro Co., Ltd, Annual General Meeting, Mar 27, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 102-22, pyeongdongsandan 6beon-ro, gwangsan-gu, gwangju South Korea New Risk • Sep 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩11b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩11b free cash flow). Earnings have declined by 20% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩54.2b market cap, or US$39.0m). New Risk • May 29
New major risk - Revenue and earnings growth Earnings have declined by 5.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 5.8% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Market cap is less than US$100m (₩61.0b market cap, or US$44.2m). Reported Earnings • Mar 25
Full year 2024 earnings released: ₩123 loss per share (vs ₩135 loss in FY 2023) Full year 2024 results: ₩123 loss per share. Revenue: ₩47.4b (down 13% from FY 2023). Net loss: ₩5.22b (loss widened 9.2% from FY 2023). Announcement • Mar 06
Wooriro Co., Ltd, Annual General Meeting, Mar 27, 2025 Wooriro Co., Ltd, Annual General Meeting, Mar 27, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 102-22, pyeongdongsandan 6beon-ro, gwangsan-gu, gwangju South Korea New Risk • Jan 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risk Market cap is less than US$100m (₩72.6b market cap, or US$50.7m). New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Market cap is less than US$100m (₩61.2b market cap, or US$42.6m). New Risk • Dec 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Market cap is less than US$100m (₩59.1b market cap, or US$41.2m). New Risk • Dec 07
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2013. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported September 2013 fiscal period end). Minor Risk Market cap is less than US$100m (₩51.3b market cap, or US$36.1m). Reported Earnings • Mar 21
Full year 2023 earnings released: ₩135 loss per share (vs ₩26.91 loss in FY 2022) Full year 2023 results: ₩135 loss per share (further deteriorated from ₩26.91 loss in FY 2022). Revenue: ₩54.6b (down 45% from FY 2022). Net loss: ₩4.79b (loss widened 461% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. New Risk • Oct 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 37% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (22% average weekly change). Minor Risks Shareholders have been diluted in the past year (37% increase in shares outstanding). Market cap is less than US$100m (₩90.5b market cap, or US$67.0m). New Risk • Aug 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (₩53.5b market cap, or US$40.6m). Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩1,532, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 11x in the Communications industry in South Korea. Total loss to shareholders of 3.9% over the past three years. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩1,025, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 10x in the Communications industry in South Korea. Total loss to shareholders of 57% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩1,150, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 10x in the Communications industry in South Korea. Total loss to shareholders of 50% over the past three years. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩1,450, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 13x in the Communications industry in South Korea. Total loss to shareholders of 55% over the past three years. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improved over the past week After last week's 21% share price gain to ₩2,185, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 15x in the Communications industry in South Korea. Total loss to shareholders of 28% over the past three years.