Doosan Fuel Cell (A336260) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached ₩144.9 billion, up 45% year-over-year, driven by increased PAFC and SOFC sales.

• Operating loss narrowed to ₩0.8 billion from ₩11 billion in Q1 2025, reflecting improved cost structure and SOFC yield.

• Net loss for the quarter was ₩12.5 billion, with continued efforts to improve profitability.

Financial highlights

• Q1 2026 revenue: ₩144.9 billion (+45% YoY, +7% QoQ).

• Operating loss: ₩0.8 billion (improved from ₩11 billion loss YoY).

• Gross margin improved as cost ratio decreased from 99.9% to 92.8%.

• EBITDA turned positive at ₩9.6 billion, up from negative ₩7.1 billion YoY.

• Net loss: ₩12.5 billion, compared to ₩9.5 billion loss YoY.

Outlook and guidance

• Focus on expanding PAFC into overseas markets and enhancing competitiveness for data center solutions.

• SOFC mass production stabilization targeted with core process yield goal of 90%.

• Continued improvement in LTSA service quality and customer satisfaction.