W-Scope Chungju Plant (A393890) Q3 2025 earnings summary

Executive summary

• Revenue declined to 29.1 bn KRW in 3Q25, down 23.8% sequentially and 55.6% year-over-year.

• Operating and net losses deepened, with net loss at -46.1 bn KRW, a 64.6% increase from 2Q25.

• Ongoing margin pressure from competitor price cuts and higher fixed costs due to lower sales.

Financial highlights

• Gross profit was -27.7 bn KRW (-95.2% margin), worsening from -23.0 bn KRW in 2Q25.

• EBITDA was -16.5 bn KRW (-56.7% margin), down from -11.6 bn KRW in 2Q25.

• CAPEX dropped to 47.3 bn KRW, a 54.9% decrease sequentially.

Outlook and guidance

• 4Q25 expects slight QoQ operating profit improvement despite seasonality.

• Early ESS production and cost optimization efforts underway.

• Long-term focus on expanding ESS, acquiring new clients, and preparing for EV growth from 2027.