DAEGU, South Korea--(뉴스와이어)--L&F, a global battery materials company, achieved record-high quarterly shipments driven by expanded sales of high-nickel cathode materials. The company expects annual NCM shipments to significantly surpass its initial plan and will accelerate its two-track growth strategy focused on NCM and LFP, beginning LFP cathode material supply for North American ESS applications in Q3.

L&F announced on August 6 that it recorded KRW 885 billion in revenue and KRW 20.8 billion in operating profit for the second quarter of 2026. Revenue increased 20% QoQ and 70% YoY, driven by record-high quarterly shipments and higher ASPs, continuing the company’s solid growth momentum. The company explained that operating profit reflected one-off factors, including initial costs related to new businesses and inventory valuation losses. Excluding these factors, the operating margin of the NCM cathode material business recovered to the mid-single-digit range, demonstrating a continued improvement in profitability.

The growth was driven by stable exclusive supply of Ultra-High Ni products and expanded sales of 46mm products to new North American customers. In particular, sales of 46mm products exceeded the initial annual target, further strengthening L&F’s position in the next-generation cylindrical battery market.

This growth momentum is expected to continue into the third quarter. L&F stated, “With stable exclusive supply of Ultra-High Ni products continuing and the launch of a new single-crystal high-nickel project for a North American customer, we expect to achieve another record-high quarterly shipment performance. We also expect annual NCM cathode material shipments this year to significantly exceed our initial target.”

LFP business is also entering the full-scale production and supply phase following the completion of commercialization. L&F recently completed prototype shipments to multiple customers and plans to begin full-scale supply of LFP products for North American ESS applications from the end of the third quarter. With customer demand significantly exceeding initial expectations, annual LFP shipments are expected to surpass the original target. Stable shipments of more than 50,000 tons are anticipated in 2027, positioning LFP as a new growth driver.

In addition, L&F has diversified its supply chain beyond ESS by securing a new customer in the U.S. defense industry. The company stated that it plans to continue expanding its customer base across various industries, including defense, robotics, and UAM, leveraging its differentiated NCM and LFP technology competitiveness to secure stable mid- to long-term demand.

L&F CFO Yu Sung Hun said, “The second quarter was a meaningful period in which we achieved record-high quarterly shipments and once again demonstrated our competitiveness in the high-nickel market. With new single-crystal high-nickel projects and LFP supply for North American ESS applications ramping up in the third quarter, we will further accelerate our two-track growth strategy centered on NCM and LFP and continue to drive sustainable growth.”