Doosan Fuel Cell (336260)
Doosan Fuel Cell (336260) is Korea’s leading maker of stationary power-generation fuel cells, supplying on-site prime and backup power for buildings, plants, and the data centers that cannot wait years for a grid connection. In Q1 2026 revenue rose 45.2% to ₩144.8 billion while the operating loss narrowed to ₩1.3 billion.
| Ticker | 336260 |
|---|---|
| Exchange | KOSPI |
| Sector | Industrials · Stationary Fuel Cells |
| Country | South Korea |
| Held by ETF | RISE AI Electricity Infrastructure ETF (0101N0) |
| Wikidata | Q131188040 |
| Last updated | 2026-06-10 |
Next event:Next report · H1 2026 반기보고서 (semi-annual report), estimated · Estimated from Korea's 45-day semi-annual filing deadline; not company-confirmed. Last report: Q1 2026 분기보고서 filed 2026-05-14. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-04-29)
Doosan Fuel Cell grew Q1 2026 revenue 45.2% year over year to ₩144.8 billion and narrowed its operating loss to ₩1.3 billion from ₩11.6 billion a year earlier, as fuel-cell main-equipment deliveries of ₩121.6 billion drove the quarter. The order backlog stood at ₩1.899 trillion, most of it long-term service agreements.
| Revenue | ₩1,448억 (KRW 144.8 billion)+45.2%YoY |
|---|---|
| Operating loss | ₩13억 (KRW 1.3 billion) loss · Narrowed from a ₩116억 (KRW 11.6 billion) loss in Q1 2025 |
| Net loss | ₩132억 (KRW 13.2 billion) loss |
| New orders | ₩114억 (KRW 11.4 billion) · 12.3 MW; the ₩109.9 billion Ansan Green Power contracts landed in late April |
| Order backlog | ₩1.899조 (KRW 1,899 billion) · Equipment ₩30.0 billion + LTSA ₩1,869 billion at Mar 31, 2026 |
Revenue by segment
| Fuel-cell main equipment | ₩1,216억 (KRW 121.6 billion) · 83.9%of revenue |
|---|---|
| Long-term service agreements (LTSA) | ₩233억 (KRW 23.3 billion) · 16.1%of revenue |
Recent & upcoming events
- · Q1 2026 분기보고서 filed.Confirmed Q1 revenue of ₩144.8 billion split into ₩121.6 billion of fuel-cell main equipment and ₩23.3 billion of LTSA service, with an order backlog of ₩1.899 trillion at quarter-end. (source)
- · Ansan Green Power contracts worth ₩109.9 billion.Signed a ₩60.8 billion fuel-cell system supply contract (13.4% of annual revenue, running to July 2027) plus a ₩49.1 billion long-term service agreement running 20 years to May 2047. (source)
- · Q1 2026 provisional results: revenue +45.2%, loss nearly erased.Reported provisional Q1 revenue of ₩144.8 billion, up 45.2% year over year, with the operating loss narrowing to ₩1.3 billion from ₩11.6 billion a year earlier. (source)
- · FY2025 사업보고서 filed.Full-year 2025 revenue of ₩454.8 billion, up 10.4% from ₩411.8 billion, with an operating loss of ₩105.7 billion as SOFC mass-production investment and one-off costs weighed on margins. (source)
Quarterly figures and the equipment/LTSA split are from Doosan Fuel Cell's DART 분기보고서 and 사업보고서. Order announcements are DART filings as reported by The Korea Economic Daily (Hankyung).
Figures are as of 2026-06-10 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Doosan Fuel Cell do?
Doosan Fuel Cell sells the power plant itself, not the wires. Its core product is phosphoric-acid fuel cell (PAFC) main equipment, led by the 440 kW M400, which can run on natural gas or hydrogen (Doosan Fuel Cell). The business has two layers: equipment sales, which generated ₩121.6 billion of Q1 2026 revenue, and long-term service agreements (LTSA) that maintain installed plants for 10 to 20 years and added ₩23.3 billion (DART 분기보고서). Domestic demand flows through the hydrogen power auction market created by Korea’s Clean Hydrogen Energy Portfolio Standard (CHPS), in effect since December 2022, where Doosan bids as the equipment supplier alongside power developers; its largest Q1 customers were Samchully ES at 47.5% of revenue, Lotte E&C at 22.7%, and Doosan Enerbility at 11.3% (DART). A second technology leg arrived in the second half of 2025, when its 50 MW Gunsan plant began mass-producing solid-oxide fuel cells (SOFC), the higher-efficiency type favored for North American data centers (Asia Today).
How is AI driving Doosan Fuel Cell’s business?
Through the gap between when a data center needs power and when the grid can deliver it. A fuel-cell plant can be generating within about six months of installation, while transmission build-outs take years, and the Korea Energy Agency projects domestic data-center electricity demand of 19.4 TWh by 2030, almost half of Seoul’s entire 45.8 TWh consumption in 2024 (Asia Today). The sell-side frames it the same way:
“Grid bottlenecks are increasing demand for fuel cells, which can deliver power quickly. Bloom Energy re-rated on data-center orders first, and Doosan Fuel Cell can prove the same multiple as a data-center beneficiary.”
— Na Min-sik, analyst, SK Securities (E-Today, November 27, 2025)
The US opening is concrete: Doosan is approaching data-center customers through its US sales subsidiary, potential clients are evaluating PAFC as well as SOFC, and KB Securities wrote in May 2026 that data-center PAFC orders are imminent, with a waste-heat solution for data-center cooling under validation (Hankyung). That demand sits inside the wider shortage thesis of the Korea AI Power Infrastructure concept: when grid hardware is scarce, on-site generation becomes the bypass.
What did Doosan Fuel Cell report most recently?
In Q1 2026 (the quarter ended March 31, 2026), Doosan Fuel Cell posted revenue of ₩144.8 billion, up 45.2% year over year, an operating loss of ₩1.3 billion, sharply narrowed from an ₩11.6 billion loss a year earlier, and a net loss of ₩13.2 billion (DART 분기보고서). New orders in the quarter were just ₩11.4 billion, leaving a backlog of ₩1.899 trillion, of which ₩1.869 trillion is LTSA service and only ₩30.0 billion is equipment (DART). Relief came on April 29, when the company signed contracts with Ansan Green Power worth ₩109.9 billion combined: a ₩60.8 billion fuel-cell system supply deal, equal to 13.4% of annual revenue, plus a ₩49.1 billion LTSA running 20 years to 2047 (Hankyung). For full-year 2025 it reported revenue of ₩454.8 billion, up 10.4%, and an operating loss of ₩105.7 billion as SOFC mass-production investment and one-off costs hit margins (DART 사업보고서).
What is Doosan Fuel Cell’s outlook for 2026?
The company has issued no formal numeric guidance, so the visible markers are orders and policy. KB Securities expects new orders to build toward roughly 170 MW for 2026 after the 12.3 MW first quarter, and argues the stock needs 50 MW or more of annual US data-center orders to sustain its re-rating (Hankyung). Domestic policy is the swing factor: the government’s clean-hydrogen power auction round was provisionally scrapped in November 2025, clouding the order pipeline that CHPS was designed to feed (Asia Today). Meanwhile the ₩1.87 trillion LTSA backlog keeps a recurring service base under the income statement (DART).
What are the risks for Doosan Fuel Cell?
- Order drought. Q1 2026 new orders were ₩11.4 billion and the equipment backlog ended the quarter at just ₩30.0 billion; without steady auction wins or US contracts, equipment revenue can stall (DART).
- Policy dependence. Domestic demand rides the CHPS hydrogen auction market, and the November 2025 provisional cancellation of the clean-hydrogen round showed how fast that pipeline can freeze (Asia Today).
- Losses and leverage. FY2025 brought a ₩105.7 billion operating loss, and the debt-to-equity ratio had climbed to 178% by Q3 2025 as SOFC investment ran ahead of revenue (Asia Today).
- Customer concentration. The top three customers were 81.5% of Q1 2026 revenue (DART).
- Competition. Bloom Energy is already entrenched with US data-center operators, so Doosan is the challenger in its biggest prospective market (E-Today).
Related securities, concepts & terms
- Korea AI Power Infrastructureparent
- Data Center Powerrelated
- Sanil Electric (062040)sibling
- Korea Electric Power Corp (015760)sibling
Related indices & ETFs
- RISE AI Electricity Infrastructure ETF (0101N0) · KB Asset ManagementKorea-listed ETF (September 23, 2025) tracking the KRX-Akros AI Electricity Infrastructure Index; Doosan Fuel Cell is a constituent.
- KRX-Akros AI Electricity Infrastructure Index (KAIEI) · KRX-AkrosKRX-Akros thematic index of Korean electricity-infrastructure and data-center-power companies that includes Doosan Fuel Cell.
These references describe index-tracking relationships as a matter of fact and are not a recommendation to buy any product. Akros, as the index provider, may receive licensing fees from product sponsors. Review the product's prospectus before investing.
Frequently asked questions about Doosan Fuel Cell
What does Doosan Fuel Cell do?
Doosan Fuel Cell makes stationary fuel cells for power generation. It supplies phosphoric-acid fuel cell (PAFC) main equipment such as the hydrogen-capable 440 kW M400 (Doosan Fuel Cell), maintains installed plants under 10- to 20-year long-term service agreements, and started mass-producing solid-oxide fuel cells (SOFC) at its 50 MW Gunsan plant in the second half of 2025 (Asia Today). In Q1 2026, equipment was ₩121.6 billion of revenue and LTSA service ₩23.3 billion (DART 분기보고서).
Why is Doosan Fuel Cell part of the Korea AI power infrastructure concept?
Because fuel cells are one answer to data centers that need firm power faster than the grid can connect them: a fuel-cell plant can be running within about six months of installation, while transmission build-outs take years (Asia Today). The Korea Energy Agency projects domestic data-center electricity demand of 19.4 TWh by 2030, and analysts expect Doosan Fuel Cell to win North American AI data-center PAFC orders, with KB Securities calling them imminent in May 2026 (Hankyung).
What was Doosan Fuel Cell's latest quarterly revenue?
In Q1 2026 Doosan Fuel Cell reported revenue of ₩144.8 billion, up 45.2% year over year, while the operating loss narrowed to ₩1.3 billion from ₩11.6 billion a year earlier and the net loss was ₩13.2 billion (DART 분기보고서). For full-year 2025 it reported revenue of ₩454.8 billion, up 10.4%, with an operating loss of ₩105.7 billion (DART 사업보고서).
When does Doosan Fuel Cell report its next earnings?
Korean issuers do not pre-announce earnings dates. The next regulatory filing is the H1 2026 반기보고서 (semi-annual report), due around August 14, 2026 under Korea's 45-day semi-annual deadline; that date is estimated, not company-confirmed. Doosan Fuel Cell released provisional Q1 2026 results on April 29, 2026 and filed its 분기보고서 on May 14, 2026 (DART).
What is Doosan Fuel Cell's guidance for 2026?
The company has not issued formal numeric guidance for 2026. Analysts fill the gap: KB Securities expects new orders to build toward roughly 170 MW for the year after a 12.3 MW first quarter, with North American data-center PAFC orders the key variable (Hankyung). The late-April Ansan Green Power contracts already added ₩109.9 billion, and the ₩1.87 trillion LTSA backlog gives a recurring service base (DART).
Sources & references
- 두산퓨얼셀 분기보고서 (2026.03) · Q1 2026 quarterly report · Doosan Fuel Cell / DART (FSS), 2026-05-14
- 두산퓨얼셀 사업보고서 (2025.12) · FY2025 annual report · Doosan Fuel Cell / DART (FSS), 2026-03-18
- 두산퓨얼셀 수주공시 - 연료전지 시스템 공급 계약 608억원 (매출액대비 13.37%) · The Korea Economic Daily (Hankyung), 2026-04-29
- 두산퓨얼셀 52주 신고가 경신, 눈앞으로 다가온 데이터센터향 PAFC 수주 - KB증권 · The Korea Economic Daily (Hankyung), 2026-05-11
- SK증권 "두산퓨얼셀, AI 데이터센터 전력수요 급증에 연료전지 주목 수혜" · E-Today (이투데이), 2025-11-27
- 두산퓨얼셀 '연료전지' 험로…데이터센터에 희망 건다 · Asia Today (아시아투데이), 2025-12-02
- 두산퓨얼셀 제품소개 · PAFC 발전용 연료전지 (M400) · Doosan Fuel Cell