Doosan Fuel Cell (336260) Q3 2026 earnings summary

Executive summary

• Q3 revenue was KRW 145,227m, up 59.9% YoY, as deferred domestic PAFC deliveries resumed and German SOFC shipments began; consolidated operating and net losses were KRW 17,047m and KRW 28,009m.

• 9M revenue was KRW 334,333m; operating loss was KRW 69,252m and net loss KRW 96,795m. Cumulative orders reached 66MW through September, with significant YoY order growth expected.

Financial highlights

• Separate-basis Q3 sales were KRW 145.2B, up 228.1% QoQ and 59.9% YoY; separate-basis operating loss was KRW 16.7B.

• Q3 gross loss improved KRW 33.7B QoQ to KRW 6.8B; gross margin improved 86.9 percentage points to -4.7%. Lower service costs and reduced SOFC underutilization losses supported improvement.

• 9M gross loss was KRW 37,032m versus gross profit of KRW 3,042m YoY; SG&A was KRW 32,221m versus KRW 32,110m.

• 9M equipment revenue was KRW 262,372m (78.48% of sales) and maintenance-service revenue KRW 71,961m (21.52%). Operating cash flow was negative KRW 80,828m.

Outlook and guidance

• Q4 orders were expected to reach at least 71MW, including CHPS wins pending recognition and North American contracts; orders are recognized upon receipt of advance payment.

• North American PAFC contracts are to be recognized sequentially from Q4, with deliveries scheduled across 2026–2028; supply volumes and schedules are being aligned through 2028.

• Production lines are restarting, with up to 390MW capacity; CSA and electrode production and inventory are to align with PPLT operating at full capacity.

• Priorities include North American data-center sales, diversified domestic fuel-cell models, SOFC stack foundry sales, and Southeast Asian and marine applications.

• September 30 backlog totaled KRW 2,054.3bn: KRW 103.2bn for fuel-cell equipment and KRW 1,951.1bn for long-term maintenance services.