L&F announced on the 5th that it recorded annual sales of KRW 1.9075 trillion and an operating loss of KRW 510.2 billion in 2024 based on consolidated financial statements. Sales decreased by 58.9% year-on-year, and operating profit decreased by 129.5%.

The main factors for the decrease in sales are analyzed to be the decrease in shipments due to the slowdown in demand from the upstream industry and the decrease in selling prices due to the fluctuation of metal prices. L&F stated that the operating loss continued due to the pressure on profits and losses caused by the decline in metal prices, the decrease in operating rates due to the slowdown in EV demand, and the additional recognition of inventory valuation losses on NCM 523 products and raw materials.

Last year, the fourth quarter sales were 365.3 billion won, up 3.9% from the previous quarter, and the operating loss was 149.8 billion won. The fourth quarter shipments grew 11% from the previous quarter, and the upward trend is expected to continue as the company enters a recovery phase after bottoming out in the third quarter.

L&F plans to grow through new product launches and new business expansion in 2025. Following the world’s first mass production of 46-pi Ni-95% products last year, the company is preparing to supply new 2170 Ni-95% products, which are scheduled to be shipped from the end of the first quarter of this year.

In addition, we are currently pursuing an LFP project with domestic and foreign customers to enter the low- to mid-priced electric vehicle market. It is planning the first mass production of LFP in a non-FEOC country and aims for mass production in 2026. It said that it plans to solidify its position in the high-nickel market while simultaneously targeting the mid- to low-priced LFP market and building a diversified customer structure.

Looking ahead to 2025, L&F CFO Ryu Seung-heon explained, “Despite the high level of policy uncertainty and volatility in the electric vehicle industry, we have completed preparations to overcome the crisis by establishing a key promotion plan based on quality safety and product technology, such as △achieving the highest average quarterly shipments of Hi-Ni products ever, △full-scale launch of the new LFP business to enter the mid- to low-priced EV market, and △securing new customers in the 46-pi cylindrical market.”