L&F Posts 22.1 Billion Won Operating Profit in Q3... Returns to Profitability After Eight Quarters
Record-High Quarterly Shipments of High-Nickel Products
"Focusing on ESS and Mid- to Low-Priced EV Markets"
On October 29, L&F announced in a regulatory filing that, on a consolidated basis, its operating profit for the third quarter of this year was provisionally tallied at 22.1 billion won, marking a turnaround from an operating loss of 72.4 billion won in the same period last year. After recording losses for seven consecutive quarters from the fourth quarter of 2023 to the second quarter of this year, L&F returned to profitability in eight quarters.
Revenue reached 652.3 billion won, an 85.5% increase compared to the same period last year. However, net loss widened to 118.3 billion won.
The company attributed the turnaround to the reversal of inventory asset provisions due to the rise in key raw material prices, the recovery of the operating rate to the break-even point (BEP), and the impact of a stronger exchange rate.
Excluding one-off costs of 6.7 billion won related to product discontinuation, the cathode materials business also recorded a profit, and high-nickel products achieved the highest quarterly shipment volume to date.
L&F began construction of a lithium iron phosphate (LFP) production plant at its Guji facility in Daegu, becoming the first global materials company to fully launch a non-Chinese LFP business. The LFP plant plans to establish a production capacity of 30,000 tons in the third quarter of next year, with an additional 30,000 tons to be added afterward.
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An L&F official stated, "The upward trend in high-nickel volumes continues, centered on the 'Nickel Cobalt Manganese Aluminum (NCMA) 95' product for cylindrical form factor 46 (diameter 46mm)," adding, "We also plan to focus on securing a leading position in the energy storage system (ESS) and mid- to low-priced electric vehicle (EV) markets."
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