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LG Energy Solution posts Q1 operating loss of 207.8 billion won, swings to deficit

LG Energy Solution said on Monday it posted preliminary first-quarter revenue of 6.56 trillion won and an operating loss of 207.8 billion won. Revenue fell 2.5 percent from a year earlier and operating profit dropped 155.5 percent, turning negative after a year. Performance also worsened from the previous quarter, with revenue down 1.2 percent and operating profit down 70.3 percent. U.S. IRA tax credits totaled 189.8 billion won.

Industry

Korea\'s three battery makers set for first-quarter losses

South Korea\'s three battery makers are expected to post losses in the first quarter, as weak conditions in automotive batteries and a transition toward energy storage systems weigh on results. Securities industry estimates point to operating losses at LG Energy Solution, Samsung SDI and SK On. Analysts also flag a domestic production promotion tax credit, expected to take shape in a July tax revision plan, as a potential variable for profitability in the second half.

Industry

Samsung SDI bets on ESS focus to aim for quarterly profit turnaround

Samsung SDI is reorganising its business from EV batteries toward energy storage systems, citing difficulty in a near-term recovery in EV demand. It targets nearly 50 percent ESS sales growth this year and aims to turn profitable on a quarterly basis in the second half. The company is converting U.S. capacity from EV lines to ESS and expects profitability to improve as a U.S. LFP line starts up. It also plans asset sales, including Samsung Display shares, to strengthen finances.