Doosan Fuel Cell: Deepening Losses and New Financing Filings After a Sharp One-Month Share Price Drop

Thesis

The data supports a picture of a company with meaningful revenue and recent contract disclosures, but with losses that have widened sharply since 2024. Operating margin moved from -0.4% in 2024 to -23.2% in 2025 and -34.7% on a trailing basis. The stock is up 20.8% over one year yet down 11.8% over three months and 19.1% over one month, and it sits well below its 52-week high of ₩108,900 and well above its low of ₩18,230. The data does not show whether the contract filings will translate into improved profitability, and no guidance is available. The October filings point to a need or decision to raise external capital, a ₩300B convertible bond according to one headline. Terms such as conversion price and use of proceeds are not in the data. Investor flows, foreign ownership and short balance data are not available.

Business overview

Doosan Fuel Cell (code 336260) is listed on KOSPI in the electrical equipment sector. It was founded on 2019-10-01 and listed on 2019-10-18. It has 65,493,726 listed shares and a market capitalization of about ₩2.6T at a close of ₩39,500 on 2026-10-12. It has two co-CEOs, 이두순 and 윤재동. Revenue was ₩381.4B in 2021, ₩312.1B in 2022, ₩260.9B in 2023, ₩411.8B in 2024 and ₩454.8B in 2025. Recent filings include several major sales or supply contract disclosures and amendments in September 2026, plus two IR events. The data does not give contract sizes or product details.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 13, 2026Update noteNew shares / dilutionDoosan Fuel Cell Files ₩300B Perpetual Convertible Bond and ₩100B Perpetual Bond With Warrants
2. Oct 13, 2026InitiationDoosan Fuel Cell: Deepening Losses and New Financing Filings After a Sharp One-Month Share Price Drop