Doosan Robotics (A454910) Q3 2024 earnings summary

Executive summary

• 3Q24 sales declined 30% year-over-year due to high interest rates and slow recovery from war impacts.

• Cost increases driven by European branch establishment and new product development, including the P series and integrated controller.

Financial highlights

• 3Q24 sales were KRW 10,034mn, down 30.4% year-over-year and 19.8% sequentially.

• Operating loss widened to KRW -9,588mn; EBITDA at KRW -7,964mn; net loss at KRW -6,882mn.

• Net debt improved to KRW -294,213mn from KRW -402,625mn a year ago.

Outlook and guidance

• US revenue doubled in 3Q24, driven by automation demand; P series sales expected to ramp up from 4Q.

• Synergy with Doosan Bobcat projected to add KRW 100bn sales in 2026 and KRW 500bn by 2030.

• Targeting 5% of Doosan Bobcat's manufacturing and warehousing customers for palletizer solutions by 2026.