Doosan Fuel Cell (A336260) Q4 2024 earnings summary

Executive summary

• Sales reached KRW 411.8 billion in 2024, up 58% year-over-year, surpassing initial targets in the CHPS general H2 market bidding with a 73% market share, and net borrowings decreased by KRW 22.8 billion.

• Operating income was KRW -1.7 billion on a consolidated basis and KRW 0.3 billion on a separate basis, reflecting increased costs from facility investments.

Financial highlights

• Sales grew 58% YoY to KRW 411.8 billion, driven by full reflection of CHPS project sales secured in 2023.

• Cost of goods sold ratio increased from 84.8% to 91.2% due to lower CHPS project prices and higher fixed costs from investments.

• Net income was KRW -10.5 billion, down from KRW -8.5 billion the previous year.

• EBITDA for 2024 was KRW 16.4 billion, with a margin of 4.0% on a consolidated basis.

Outlook and guidance

• Orders for 2025 are expected to rise significantly, with 127MW of CHPS projects won in 2024 to be reflected in 2025 orders.

• Overseas expansion is anticipated, targeting pilot projects in China, Taiwan, and the US.

• Funding needs in 2025 are expected to be lower as major facility investments conclude and working capital improves.