Doosan Fuel Cell (A336260) Q4 2025 earnings summary

Executive summary

• Sales rebounded in 2024 after a decline through 2023, with a 10.4% YoY increase in 2025 to KRW 454.9bn, driven by CHPS project revenue recognition.

• Operating loss of KRW 103.7bn in 2025 due to higher raw material costs, increased CSA replacements, and one-off SOFC commercialization expenses.

• Net loss widened to KRW 130.2bn in 2025, reflecting margin pressure and initial SOFC project costs.

Financial highlights

• Sales revenue: KRW 454.9bn in 2025 (+10.4% YoY); COGS increased to KRW 517.1bn (113.7% of sales).

• Gross profit turned negative at KRW -62.2bn; EBITDA at KRW -78.4bn; operating margin at -22.8%.

• Net income: KRW -130.2bn in 2025, down from KRW -7.8bn in 2024.

• Debt to equity ratio rose to 221% (separate) and 226% (consolidated) by end-2025.

• Cash and cash equivalents decreased to KRW 66.4bn (separate) at year-end 2025.

Outlook and guidance

• Significant sales growth expected in 2027, with sales projected to double within five years if 50% market share in CHPS is maintained.

• 2026 order intake forecast to increase sharply due to deferred 2024 CHPS projects and overseas orders.

• SOFC stack sales projected to exceed KRW 100bn in 2027, with positive overseas customer feedback.