L&F (066970) Q3 2026 earnings summary

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.