Huneed Technologies (005870) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 was KRW 104.4 billion, down from KRW 230.8 billion year-over-year, with an operating loss of KRW 6.6 billion and a net loss of KRW 7.2 billion, compared to profits in the prior periods.

• The business is divided into defense (tactical communications and systems) and overseas (aerospace electronics, wire harnesses, and offset/export), with defense accounting for 70.4% of sales and overseas 29.6%.

• Major contracts were signed with Boeing and Hanwha Systems, including a KRW 75.7 billion H-47 avionics supply contract and a KRW 40 billion TICN PBL contract.

Financial highlights

• Revenue for 2025 Q1–Q3: KRW 104.4 billion (down from KRW 230.8 billion year-over-year).

• Operating loss: KRW 6.6 billion; net loss: KRW 7.2 billion; EPS: -547 KRW.

• Gross margin for the period: 12.2%.

• Cash and equivalents: KRW 37.5 billion; total assets: KRW 292.1 billion.

• R&D expenses: KRW 10.0 billion, 9.54% of sales.

Outlook and guidance

• Large order backlog: KRW 283.6 billion as of September 2025, with significant contracts to be fulfilled through 2032.

• Ongoing focus on defense R&D and expansion of overseas partnerships, especially with Boeing and General Atomics.