Solum (248070) Q3 2024 earnings summary

Executive summary

• 2024 3Q revenue reached 1,250,985 million KRW, with operating profit of 67,828 million KRW, and net income of 38,170 million KRW, reflecting a year-over-year decline in both sales and profit.

• The company operates two main segments: Electronic Components (power modules, 3IN1 boards) and ICT (ESL, IoT), with a global manufacturing and sales network.

• Major customer concentration remains, with a single group accounting for over 50% of segment sales.

• New subsidiaries were established in Singapore, China, Brazil, and Australia in 2024, expanding global reach.

Financial highlights

• 3Q 2024 revenue: 1,250,985 million KRW (down from 1,951,088 million KRW in 3Q 2023).

• Operating profit: 67,828 million KRW (down from 154,516 million KRW in 3Q 2023).

• Net income: 38,170 million KRW (down from 119,407 million KRW in 3Q 2023).

• Basic EPS: 808 KRW (down from 2,464 KRW in 2023).

• Cash and equivalents at quarter-end: 80,686 million KRW.

Outlook and guidance

• The company is expanding into healthcare wearables and secondary battery reuse, targeting high-growth markets.

• Plans to leverage existing power module and ICT technology for new business lines, with ongoing R&D and regulatory preparations.

• No specific quantitative guidance provided for future quarters.