Wonik QnC (074600) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was KRW 231.4 billion, up 6.9% year-over-year, with operating income of KRW 19.1 billion and net income of KRW 15.4 billion, both declining from the prior year.

• Gross margin decreased to 27.6% from 31.5% year-over-year, reflecting higher cost of sales.

• Cash and cash equivalents at quarter-end were KRW 42.4 billion, with a net decrease in cash due to significant capital expenditures and debt repayments.

• The company paid a cash dividend of KRW 2.63 billion in April 2025.

Financial highlights

• Q1 2025 revenue: KRW 231.4 billion (+6.9% YoY); operating income: KRW 19.1 billion (-41.3% YoY); net income: KRW 15.4 billion (-31.9% YoY).

• Gross profit: KRW 63.9 billion; gross margin: 27.6%.

• Basic and diluted EPS: KRW 593 (Q1 2024: KRW 622).

• Total assets: KRW 1.57 trillion; total liabilities: KRW 977.1 billion; equity: KRW 588.5 billion.

• Operating cash flow: KRW 4.8 billion; investing cash flow: -KRW 21.3 billion; financing cash flow: KRW 12.0 billion.

Outlook and guidance

• The company expects continued growth in the global semiconductor market, with 2025 market size projected to increase by 11.2% to $697 billion.

• Strategic focus on expanding sales to overseas non-memory customers and increasing profitability through cost control and R&D.

• Dividend policy targets payout of approximately 7.5% of separate net income for 2023–2025.