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L&F Co (066970) investor relations material

L&F Co Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary29 Oct, 2025

Executive summary

  • Q3 2025 revenue reached 652.3 billion KRW, up 25.4% quarter-over-quarter, driven by record Hi-Ni shipments and recovering EU EV demand.

  • Operating profit turned positive at 22.1 billion KRW, a 118.2% QoQ increase, aided by a 23.4 billion KRW reversal of lithium inventory loss and higher utilization.

  • Product mix in Q3 was 85% Hi-Ni and 15% Mid-Ni, with Hi-Ni NCMA95 accounting for 80% of Hi-Ni shipments.

Financial highlights

  • Revenue rose to 652.3 billion KRW in Q3 2025 from 520.1 billion KRW in Q2 2025.

  • Operating profit improved to 22.1 billion KRW from a loss of 121.2 billion KRW in Q2 2025.

  • Net income remained negative at -68.2 billion KRW, impacted by derivative liability valuation on convertible bonds.

  • Gross profit margin rebounded to 7% in Q3 2025 after several quarters of negative margins.

Outlook and guidance

  • Hi-Ni shipment volume expected to reach a new peak in 2025, with 30–40% YoY growth guidance reaffirmed.

  • Full-scale launch of LFP business targeting ESS and mid/low-priced EV markets, with Guji LFP plant expansion planned.

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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.

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