SK On said on 28 it posted fourth-quarter revenue of 14.572 trillion won and an operating loss of 4.414 trillion won. The deficit widened by 2.517 trillion won from an operating loss of 1.897 trillion won a year earlier. Compared with a 1.248 trillion won loss in the previous third quarter, the loss widened by more than 3.0 trillion won. Operating margin was minus 30.3 percent, worsening by 23.4 percentage points from minus 6.9 percent in the previous quarter. Annual revenue totalled 69.782 trillion won, with an operating loss of 9.319 trillion won.

Despite higher sales volumes in Europe, overall revenue fell as North American sales declined after the end of U.S. electric-vehicle purchase subsidies. The company said declining sales due to the end of U.S. subsidies was the reason for the wider operating loss. Fourth-quarter benefits from the U.S. Inflation Reduction Act's advanced manufacturing production tax credit (AMPC) came to 101.3 billion won, down 71.8 billion won from the previous quarter.

SK On lowered the disposal value of its Kentucky plant in the United States to 58.292 trillion won from 98.862 trillion won during the process of ending BlueOvalSK (BOSK), a joint venture with Ford. It was down 41 percent from when the sale was announced. The company explained it was a provisional amount after revaluing assets due to changes in plans for using tangible assets such as the plant and related buildings.

The company will continue restructuring its business structure through 2026. It aims to strengthen competitiveness and stabilise its finances. As a future growth driver, it will pursue its electrification strategy and move to readjust its business portfolio. It will focus in particular on expanding its energy storage system (ESS) business. It set a goal of winning global project orders totalling 20 GWh this year.

An SK On official stressed that this year it will focus on sustainable growth and strengthening financial soundness through readjusting its business portfolio.