DAEGU, SOUTH KOREA -- L&F announced on the 29th that it recorded consolidated revenue of KRW 652.3 billion and operating profit of KRW 22.1 billion for the third quarter of 2025. Revenue increased by 25.4% quarter-on-quarter, while operating profit rose by 118% from the previous quarter and 130% year-on-year, demonstrating a strong improvement in performance and a successful return to profitability.

L&F stated that operational efficiency recovered due to the expansion of Hi-Ni product sales and increased shipments to Europe, while the reversal effect from the rebound in raw material prices during the third quarter also contributed positively to the profitability. Despite a decline in average selling prices, L&F continued to improve its performance, driven by a sustained supply of NCMA95, the expanded adoption of Ni95% products by global automakers, and strong new vehicle sales. This resulted in four consecutive quarters of shipment growth. The company added that its underlying operating profit remained strong, although some of the gains were offset by one-time expenses associated with the discontinuation of legacy products.

In the third quarter of 2025, total shipments increased by approximately 38.7% compared to the previous quarter, meeting the company’s target. In particular, Hi-Ni product shipments rose by around 33% quarter-on-quarter, making a record high for a single quarter. Achieving this standout growth amid a slowdown in the global electric vehicle market proves L&F’s differentiated technological capabilities and reliable supply capacity. Mid-Ni products also contributed to revenue growth, with shipments soaring 76% quarter-on-quarter compared to the previous quarter, driven by a recovery in demand from the European EV market.

L&F expects robust demand for Ni95% products to continue into the fourth quarter, with total shipments for Q4 2025 projected to increase approximately 2% quarter-on-quarter. L&F expects solid demand for its Ni95% products to continue in Q4, projecting total shipments for the quarter to rise about 2% quarter-on-quarter, and anticipates achieving its full-year target of 30-40% growth year-on-year as planned.

L&F CFO Sung Hun Yu stated, “2025 is shaping up as a year focused on fully implementing strategic initiatives to overcome challenges and obstacles,” adding, “With profitability improving and utilization rates recovering since Q3, we are moving beyond short-term earnings rebound to steadily establish a stable revenue structure over the mid to long term.”

He added, “In the rapidly changing global battery market, including the fast expansion of the ESS market and growing demand for non-Chinese LFP materials, L&F has built sustainable growth momentum across both EV and ESS segments, leveraging its differentiated technological competitiveness.”