HIGEN Motor (160190) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 was KRW 50.8 billion, down from KRW 75.9 billion year-over-year, with an operating loss of KRW 5.86 billion and a net loss of KRW 6.36 billion.

• Gross margin declined as cost of sales remained high relative to revenue, and SG&A expenses increased year-over-year.

• The company remains a leading domestic player in general-purpose motors, servo & robot motors, and EV mobility modules, with a strong R&D pipeline and ongoing government-supported projects.

• The company completed a KOSDAQ IPO in June 2024, raising capital for facility investment, R&D, and debt repayment.

Financial highlights

• Revenue for 2025 Q3 YTD: KRW 50.8 billion (down from KRW 75.9 billion in 2024 YTD).

• Operating loss: KRW 5.86 billion (vs. loss of KRW 0.37 billion in 2024 YTD).

• Net loss: KRW 6.36 billion (vs. net loss of KRW 1.09 billion in 2024 YTD).

• Cash and cash equivalents at period end: KRW 8.6 billion.

• Total assets: KRW 111.9 billion; total liabilities: KRW 50.1 billion; equity: KRW 61.8 billion.

Outlook and guidance

• The company is focusing on expanding its presence in the EV and robotics sectors, leveraging R&D and government projects.

• Anticipates growth in mobility and robotics markets, with new product launches and ongoing government-funded R&D.

• Management expects continued investment in core technologies and international expansion, especially in India and Southeast Asia.