Doosan Fuel Cell두산퓨얼셀

Doosan Fuel Cell is loss-making on a trailing basis and leaning on new fundraising to fund its North American push.

Trailing twelve-month revenue to H1 2026 was ₩415.7B, but operating income was -₩144.4B and net income -₩188.9B, with free cash flow of -₩119.2B. The company announced about ₩400B of convertible bonds and bonds with warrants in October 2026 to fund its North American business, and an analyst note cited in the news expects a return to profit in the second half of next year.

What stands out

• Revenue has grown from ₩260.9B in 2023 to ₩454.8B in 2025, but operating losses widened to -₩105.7B in 2025 from a small profit in 2023.
• Borrowings of ₩226.7B exceed cash of ₩34.8B, and liabilities are about 3.5 times equity.
• The share price is down 36.5% over one month and 4.3% over one year, and sits well below its 52-week high of ₩108,900.
• Recent filings show convertible bond and bond-with-warrant issuance decisions in October 2026, plus major sales contracts in September 2026.
• Foreign ownership fell to 16% from 21.2% about sixty days earlier, while institutions were net sellers over the last 20 days.

What to watch

• Advance notice of earnings results was filed on 2026-10-21, so the full results release is the next key data point.
• Terms and timing of the ₩400B bond issuance and how the proceeds are used for the North American business.
• Whether the expected return to profit in the second half of next year materialises, as the data only includes one brokerage's view.