Doosan Fuel Cell (336260) Q2 2026 earnings summary

Executive summary

• The company specializes in fuel cell equipment supply and long-term maintenance services, with a 2026 H1 revenue of KRW 189.1 billion and an operating loss of KRW 52.2 billion. Equipment sales accounted for 76% of revenue, and service for 24%.

• The company maintains a leading market share in Korea's fuel cell sector and is expanding into SOFC technology and overseas markets.

Financial highlights

• 2026 H1 consolidated revenue: KRW 189.1 billion, down from KRW 454.8 billion in 2025 H1.

• Operating loss: KRW 52.2 billion (2025 H1: loss of KRW 105.7 billion).

• Net loss: KRW 68.8 billion (2025 H1: net loss of KRW 132.8 billion).

• Gross margin: negative, with cost of sales exceeding revenue.

• Cash and cash equivalents at period end: KRW 34.8 billion.

• Total assets: KRW 1,336 billion; total liabilities: KRW 1,036 billion; equity: KRW 299.6 billion.

Outlook and guidance

• The company is focusing on expanding exports to the US data center market and diversifying domestic business models.

• Plans to ramp up SOFC stack foundry business and explore new applications, including marine and Southeast Asian markets.