Doosan Fuel Cell (A336260) Q3 2025 earnings summary

Executive summary

• Q3 2025 sales reached KRW 90.8bn, down 29.3% quarter-over-quarter due to project delays, with an operating loss of KRW 15.1bn and increased SOFC-related costs.

• Year-over-year sales grew 18.4%, but profitability declined as gross profit turned negative and net loss widened.

• Significant order growth is expected in 2025, driven by CHPS market wins and overseas expansion, with sales projected to double within five years if a 50% market share is achieved.

Financial highlights

• Q3 2025 consolidated sales: KRW 90.8bn; operating loss: KRW 15.6bn; net loss: KRW 17.5bn.

• Gross margin dropped to -6.5% (consolidated), EBITDA margin to -9.8%.

• Debt-to-equity ratio increased to 178% (consolidated), with net borrowings rising to KRW 439.4bn.

• Cash and cash equivalents decreased to KRW 75.1bn.

Outlook and guidance

• Orders for 2025 are set to rise sharply, reflecting 127MW of CHPS projects and new overseas contracts.

• Mid- to long-term sales outlook projects a 15% CAGR, with potential to double sales by 2029.

• Expansion into data center and distributed energy markets is expected to drive future growth.