HIGEN Motor (160190) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 was KRW 34.88 billion, down from KRW 75.89 billion in FY2024 and KRW 77.25 billion in FY2023, reflecting a significant year-over-year decline.

• Operating loss for H1 2025 was KRW -3.77 billion, compared to a loss of KRW -0.37 billion in FY2024 and an operating profit of KRW 4.34 billion in FY2023.

• Net loss attributable to owners for H1 2025 was KRW -4.07 billion, compared to KRW -1.09 billion in FY2024 and net profit of KRW 2.63 billion in FY2023.

• The company completed a KOSDAQ listing in June 2024 and raised capital through a public offering.

Financial highlights

• Gross margin for H1 2025 was 4.2%, down from 5.8% in H1 2024.

• Cash and cash equivalents increased to KRW 17.12 billion at June 2025 from KRW 10.21 billion at December 2024.

• Total assets at June 2025 were KRW 111.39 billion, with total liabilities of KRW 47.66 billion and equity of KRW 63.73 billion.

• R&D expenses for H1 2025 were KRW 1.59 billion, representing 4.6% of sales.

Outlook and guidance

• The company is focusing on expanding its presence in the EV, robotics, and high-efficiency motor markets, leveraging new product development and government projects.

• Anticipates growth in the mobility and robotics sectors, supported by ongoing R&D and government-backed projects.