Doosan Fuel Cell (A336260) Q2 2025 earnings summary

Executive summary

• Q2 2025 sales rose 48.5% year-over-year and 28.8% quarter-over-quarter, reaching KRW 128.5bn, driven by increased product deliveries.

• Specializes in fuel cell technology for power generation, with H1 2025 revenue of KRW 228.2bn and operating loss of KRW 13.5bn.

• Main business: supply of fuel cell equipment (71% of 2024 sales) and long-term maintenance services (29%).

• Holds 49% cumulative market share in Korea’s power fuel cell market.

• Expanded into eco-friendly commercial vehicles via 100% acquisition of HyAxiom Motors in January 2024.

Financial highlights

• Q2 2025 consolidated sales: KRW 128.5bn; operating loss: KRW 1.9bn.

• H1 2025 consolidated revenue: KRW 228.2bn, down from KRW 411.8bn in FY2024.

• Gross profit for Q2 2025 was KRW 8.9bn, with EBITDA at KRW 3.1bn.

• Net loss narrowed to KRW 2.6bn in Q2 2025 from KRW 10.1bn in Q1; H1 2025 net loss attributable to owners: KRW 12.7bn.

• Cash and cash equivalents: KRW 59.4bn at June 2025, down from KRW 137.6bn at end-2024.

Outlook and guidance

• Significant order growth is expected in 2025, with 127MW of CHPS projects to be reflected in orders and new overseas opportunities being pursued.

• Sales are projected to double within five years if a 50% market share in CHPS bidding is achieved.

• Product deliveries in H2 2025 are expected to exceed KRW 300bn.

• Mid- to long-term sales CAGR forecasted at +15%.

• Anticipates continued growth in hydrogen and fuel cell markets, driven by government policy and clean energy mandates.