Doosan Fuel Cell (A336260) Q2 2025 earnings summary

Executive summary

• Q2 2025 sales rose 48.5% year-over-year and 28.8% quarter-over-quarter, reaching KRW 128.5bn, driven by increased product deliveries.

• Operating loss narrowed to KRW 1.4bn as cost of goods sold ratio improved from Q1.

• Significant order growth is expected in 2025, with 127MW of CHPS projects to be reflected in orders and new overseas opportunities being pursued.

Financial highlights

• Q2 2025 consolidated sales: KRW 128.5bn; operating loss: KRW 1.9bn.

• Gross profit for Q2 2025 was KRW 8.9bn, with EBITDA at KRW 3.1bn.

• Net loss narrowed to KRW 2.6bn in Q2 2025 from KRW 10.1bn in Q1.

• Debt to equity ratio increased to 154% as of June 2025.

• Cash and cash equivalents declined to KRW 63.0bn, while net borrowings rose to KRW 376.0bn.

Outlook and guidance

• Sales are projected to double within five years if a 50% market share in CHPS bidding is achieved.

• Product deliveries in H2 2025 are expected to exceed KRW 300bn.

• Mid- to long-term sales CAGR forecasted at +15%.