FIRSTEC (A010820) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was ₩53.6 billion, a significant decrease from ₩207.3 billion in Q4 2024, reflecting the seasonality and project-based nature of the defense industry.

• Net income for Q1 2025 was ₩2.19 billion, rebounding from a net loss in the previous quarter.

• The company operates a single business segment focused on defense manufacturing, with major products including weapon systems and security service products.

Financial highlights

• Q1 2025 revenue: ₩53.6 billion (Q4 2024: ₩207.3 billion; Q1 2024: ₩35.8 billion).

• Operating income: ₩1.42 billion (Q4 2024: ₩4.35 billion; Q1 2024: ₩22 million).

• Net income: ₩2.19 billion (Q4 2024: net loss of ₩452 million; Q1 2024: ₩245 million).

• Total assets at Q1 2025: ₩388.2 billion; total equity: ₩65.4 billion.

• Basic EPS for Q1 2025: ₩45 (Q1 2024: ₩5).

Outlook and guidance

• The company is investing in future business areas such as aerospace and unmanned systems, aiming to enhance its position in large-scale national projects and expand exports.

• R&D investment continues, with a focus on next-generation weapon systems and unmanned technologies.