L&F Co (066970) Q3 2025 earnings summary

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.