Kangwon Energy

강원에너지 · 114190

Industrials Electrical Equipment · KOSDAQ

Small-cap

Market cap US$191.6M (₩264.4B)

Overview

Kangwon Energy makes industrial steam generators, large boilers that supply heat and hot water to factories and industrial complexes, and also supplies materials and production equipment for rechargeable batteries used in electric vehicles and energy storage.

Its customers include battery-material manufacturers, petrochemical refineries, and large industrial facilities. Listed on KOSDAQ, Korea's small-cap and technology board, the company operates across two distinct divisions: a battery segment covering processed lithium materials and cathode-manufacturing equipment, and a plant segment covering steam generators, sulfur-recovery units, and waste-heat recovery systems.

Summary is AI-generated and may contain errors · figures from DART filings

Financials

Source: DART · FY ending Dec · latest FY2025

Revenue · FY2025

US$153.8M

▼ −5.4% YoY

Operating profit · FY2025

−US$4.4M

Turned to loss

Net income · FY2025

−US$6.1M

Loss widened

Revenue, operating profit and net income by fiscal year (USD; KRW in parentheses).
Metric	FY2023	FY2024	FY2025
Revenue	US$100.9M(₩139.2B)	US$162.6M(₩224.4B)	US$153.8M(₩212.3B)
Operating profit	US$5M(₩6.9B)	US$4.9M(₩6.8B)	−US$4.4M(−₩6.1B)
Net income	US$3.8M(₩5.3B)	−US$421.8K(−₩582.1M)	−US$6.1M(−₩8.5B)

Revenue

FY2023US$100.9M
FY2024US$162.6M
FY2025US$153.8M

Operating profit

FY2023US$5M
FY2024US$4.9M
FY2025−US$4.4M

Net income

FY2023US$3.8M
FY2024−US$421.8K
FY2025−US$6.1M

Key ratios (FY2025)

ROE

-13.2%

Debt/Eq

129.0%

Op. margin

-2.9%

Net margin

-4.0%

Rev. YoY

▼ −5.4%

Why it matters

The company's battery-materials operations are conducted through a consolidated subsidiary, 강원이솔루션, which handles lithium processing and additive work separately from the parent's equipment business.

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