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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
L&F
L&F (066970) investor relations material
L&F Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Revenue reached KRW 874.4bn, up 34% YoY and down 1% QoQ; operating loss was KRW 26.5bn, including inventory valuation and FX losses.
NCM shipments rose 10% YoY, while LFP supply for North American ESS launched in Q3; long-term supply contracts support planned capacity ramp-up.
Financial highlights
Revenue was KRW 874.4bn; gross loss was KRW 5.4bn, versus gross profit of KRW 45.7bn in Q2.
Operating loss was KRW 26.5bn, versus operating profit of KRW 20.8bn in Q2; net loss was KRW 32.7bn, versus net income of KRW 52.9bn.
Adjusted net loss excluding derivative valuation and warrant exercise P/L was KRW 32.9bn.
FY 2026 operating profit through Q3 totaled KRW 111.6bn.
Outlook and guidance
2026 NCM shipments are expected to grow 40% YoY to a record; 2027 shipments are expected to post double-digit growth and a new record, driven by 46-series supply.
Record-high quarterly sales are expected in Q4 from ultra Hi-Ni, with 46-series growth and expansion into applications including robotics.
LFP shipments are planned at 50kt in 2027 and 60kt in 2028; an additional 30kt annual volume is secured from 2028.
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Latest events from L&F
- Q4 shipment and ASP declines, plus inventory charges, drove a sharp operating loss.066970
Q4 2023 - LFP and high-Ni NCM expansion drives market leadership and robust 2030 financial growth.066970Investor Day 2026 presentation
- Record shipments and strong demand drove H1 2026 revenue and net profit growth, with a robust order backlog.066970Q2 2026
- Q1 2026 revenue hit KRW 739.6B, with sharp operating profit rebound and Hi-Ni-driven growth.066970Q1 2026
- Q3 2025 revenue up 25.4% QoQ to 652.3B KRW, with strong Hi-Ni shipments and narrowed losses.066970Q3 2025
- Revenue rose 42.6% QoQ, but losses and high debt persist as shipment growth and supply deals continue.066970Q2 2025
- Revenue and shipments plunged, but major supply deals and cost controls improved margins QoQ.066970Q3 2024
- Revenue and margins fell sharply in H1 2024, with high customer concentration risk.066970Q2 2024
- Q1 2025 saw Hi-Ni growth, inventory recovery, and ongoing losses amid high customer risk.066970Q1 2025
Next L&F earnings date
Q4 202622 Jan, 2027
L&F
Next L&F earnings date
Q4 202622 Jan, 2027
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Frequently asked questions
L&F Co Ltd is a manufacturing company specializing in the production of cathode materials for lithium-ion batteries. The company develops and supplies high-nickel and other advanced cathode materials used primarily in electric vehicle batteries, energy storage systems, and portable electronic devices. Its operations include material research, formulation, production, and quality control to meet the requirements of battery manufacturers. L&F Co Ltd supports the global battery supply chain with a focus on performance, energy density, and safety in its products. The company is headquartered in Daegu, South Korea, and its shares are listed on the KOSDAQ.