VINA TECH (126340) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was KRW 15.7 billion, up 16.8% year-over-year, driven by strong export sales in supercapacitors and fuel cell components.

• Operating loss for Q1 2025 was KRW 2.4 billion, compared to an operating profit of KRW 0.4 billion in Q1 2024, due to increased cost of sales and higher SG&A expenses.

• Net loss attributable to owners was KRW 2.3 billion, with basic and diluted EPS at -381 KRW.

• Gross margin declined to 21.3% from 39.5% year-over-year.

Financial highlights

• Total assets at Q1 2025: KRW 180.2 billion; total liabilities: KRW 99.0 billion; equity: KRW 81.3 billion.

• Cash and cash equivalents at period end: KRW 11.2 billion.

• Export sales accounted for 85% of product revenue in Q1 2025.

• R&D expenses were KRW 764 million, 4.85% of sales.

• D&A expenses totaled KRW 2.4 billion.

Outlook and guidance

• Management expects continued growth in global supercapacitor and hydrogen fuel cell markets, targeting both domestic and overseas market share expansion.

• Ongoing investments in R&D and production capacity, including new facilities for fuel cell components.