FIRSTEC (010820) Q1 2025 earnings summary

Executive summary

• Operates a single business segment in the domestic defense industry, specializing in manufacturing and selling weaponry and security service products, with a strong track record in major national defense projects since 1975.

• Main products include electronic automatic control device parts and unmanned aerial vehicle ground control systems, with all sales derived from the defense sector.

Financial highlights

• Q1 2025 revenue was KRW 53.6 billion, down from KRW 207.3 billion for FY 2024 and KRW 173.1 billion for FY 2023.

• Q1 2025 operating income was KRW 1.42 billion, with net income of KRW 2.19 billion.

• Gross profit for Q1 2025 was KRW 4.12 billion, with a gross margin of 7.7%.

• Cash and cash equivalents at Q1 2025 end were KRW 87.4 billion, down from KRW 94.4 billion at FY 2024 end.

• Total assets at Q1 2025 end were KRW 388.2 billion, with total equity of KRW 65.4 billion.

Outlook and guidance

• Focus on expanding market share through R&D, rapid decision-making aligned with government policy, and overseas market entry.

• Plans to enhance competitiveness and enter the top 10 domestic defense companies through continued investment in R&D and production facilities.