W-Scope Chungju Plant (A393890) Q2 2025 earnings summary

Executive summary

• Revenue in 2Q25 rose to KRW 38.2bn, up 134% sequentially from 1Q25 but down 67% year-over-year from 2Q24.

• Operating and net losses narrowed compared to 1Q25, reflecting improved utilization and cost controls.

• Demand recovery in small mobility, PT, wearable, and EU EV batteries contributed to revenue growth.

Financial highlights

• Gross profit in 2Q25 was -KRW 23.0bn (-60.2% margin), an improvement from -KRW 26.5bn in 1Q25.

• Operating loss in 2Q25 was -KRW 26.0bn (-68.1% margin), better than -KRW 30.4bn in 1Q25.

• Net loss in 2Q25 was -KRW 28.0bn (-73.3% margin), improved from -KRW 31.2bn in 1Q25.

• EBITDA in 2Q25 was -KRW 11.6bn (-30.4% margin), up from -KRW 16.1bn in 1Q25.

• CAPEX in 2Q25 was KRW 104.8bn, down from KRW 142.2bn in 1Q25.

Outlook and guidance

• Stronger growth expected in 2H25, with rising demand for both small and large battery products.

• Operating losses projected to narrow further as utilization rates increase and cost structures are optimized.

• Mid- to long-term goal to reach KRW 1tn in revenue and a fivefold sales volume increase over five years.

• Over 60% of revenue targeted from the North American market; Ion Exchange Membrane business identified as a future growth engine.