HiSonic, H1 Sales Up 163% YoY ... Triple-Digit Growth

HiSonic recorded triple-digit sales growth in the first half of this year.

HiSonic announced on the 16th that its consolidated sales for the first half increased by 162.7% compared to the same period last year, reaching 8.8 billion KRW. Operating loss for the same period was 2.2 billion KRW.

The growth trend is also prominent on a quarterly basis. Consolidated sales for the second quarter reached 4.5 billion KRW, a 293.7% increase compared to the same period last year. Operating loss was 1.1 billion KRW, and net profit was 500 million KRW, marking a turnaround to net profit.

This sales growth is attributed to the expansion of the existing IR filter business. The IR filter business plans to focus on improving profitability through cost reduction and diversification of clients.

Since July, HiSonic has begun full-scale mass production and supply of secondary battery materials for global battery companies, which is expected to contribute to profitability improvement. Starting with annual sales of 4 billion KRW, the company is pursuing additional customer acquisition to achieve annual sales of 10 billion KRW in the future.

Additionally, the secondary battery parts business is also expanding. The ESS project for the U.S., which is being promoted with another global battery company granted the right of first negotiation, is currently in the process of finalizing a purchase contract. The company aims to sign the contract soon and begin mass production and supply by June next year.

A company representative stated, “After completing business downsizing last year, we are focusing on improving profitability of existing businesses and expanding sales through new businesses starting this year to drive performance growth. Having achieved significant results in the first half, we plan to continue the business growth trend in the second half by expanding the secondary battery materials business and securing a mass production system for secondary battery parts.”