GOLFZON (215000) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 was KRW 371.7 billion, down from KRW 620.0 billion in the same period of 2024, reflecting a significant year-over-year decline.

• Operating income for the period was KRW 61.8 billion, compared to KRW 95.8 billion in 2024, indicating a decrease in profitability.

• Net profit attributable to owners was KRW 47.7 billion, down from KRW 49.8 billion in the prior year.

• The company maintains a strong cash position with KRW 96.8 billion in cash and cash equivalents at the end of Q3 2025.

Financial highlights

• Gross profit for the first nine months of 2025 was KRW 146.5 billion, with a gross margin of 39.4%.

• Selling, general, and administrative expenses totaled KRW 163.4 billion for the period.

• Finance income was KRW 5.0 billion, while finance costs were KRW 2.7 billion.

• Earnings per share (basic and diluted) for continuing operations were KRW 7,943.

Outlook and guidance

• The company is focusing on expanding its product portfolio and enhancing R&D to maintain competitiveness in the golf simulator market.

• Management expects continued growth in online services and content-driven revenue streams.

• Seasonal demand patterns are expected, with higher utilization in winter months.