L&F (066970)

L&F (066970) is one of Korea’s largest independent makers of cathode active material, specializing in high-nickel NCM and NCMA chemistries for electric-vehicle cells. In ETFpedia it represents the solid-state-battery theme as a cathode supplier for the high-density chemistries that the next-generation battery transition is chasing.

What does L&F do?

L&F makes cathode active material, the part of a lithium-ion cell that stores energy and sets much of its cost and performance. Its focus is high-nickel chemistry, the NCM and NCMA cathodes that push energy density up for electric-vehicle batteries, and it is one of Korea’s largest cathode suppliers outside the cell makers themselves. The company started life on KOSDAQ and moved its listing to the KOSPI main board in 2024 (Daum Finance).

In the chain, L&F sits one step upstream of the cell. It buys precursor and lithium inputs and ships finished cathode powder to battery makers, so its revenue and margins swing with both cathode shipment volumes and the lithium price that flows through inventory.

Why is L&F a solid-state-battery company?

Higher energy density is the prize that both high-nickel and solid-state cells chase, and the cathode is where most of that density lives. L&F’s high-nickel NCMA work, including ultra-high-nickel grades, makes it a cathode supplier for the dense chemistries the solid-state-battery transition is built on. It represents the cathode-materials node of the theme, the layer that any energy-dense cell still depends on regardless of electrolyte.

What did L&F report most recently?

Q1 2026 (the quarter ended March 31, 2026) was a clear inflection. Revenue more than doubled to ₩739.6 billion, up 103% year over year, and operating profit swung to a ₩117.3 billion profit from a ₩-1,403억 operating loss a year earlier (DART Q1 2026 분기보고서). The honest caveat is the bottom line: L&F still posted a net loss of ₩65.3 billion, though that loss narrowed 41% from a year earlier. Korean coverage tied the operating rebound to record high-nickel and Ultra-HINI cathode shipments and a rebound in lithium prices that lifted inventory values (NewDaily Biz, Apr 30, 2026).

For full-year 2025, revenue rose 13% to ₩2.15 trillion and the operating loss narrowed 72% to ₩-1,568억 from ₩-5,587억 in 2024, while the net loss widened to ₩-5,347억 on impairments and finance costs (DART FY2025 사업보고서).

L&F’s first-quarter operating profit of ₩117.3 billion marked a swing back to profit, driven by record high-nickel cathode shipments for a third straight quarter.

(NewDaily Biz, Apr 30, 2026)

What are the risks for L&F?

• Still loss-making at the net line. Operating profit turned positive in Q1 2026, but the company posted a net loss for both FY2025 and Q1 2026; the turnaround is not yet complete.
• Lithium price swings. A large part of the Q1 swing came from lithium-driven inventory effects, which can reverse just as quickly when prices fall.
• EV cycle and customer concentration. Cathode volumes depend on a handful of large cell-maker customers and the broader EV demand cycle.
• Capital intensity. Scaling high-nickel and LFP cathode capacity and chasing North American supply chains ties up capital ahead of confirmed demand.

Related securities, concepts & terms

• Solid-State Batteries & Energy Storageparent

Related indices & ETFs

• Akros Korea Solid-State Battery ESS TOP2 Plus Index · Akros
  Korean solid-state-battery and ESS basket that includes L&F. No licensed tracking ETF.

Frequently asked questions about L&F

Sources & references

1. L&F · FY2025 사업보고서 (annual business report, period ended Dec 2025) · DART / Financial Supervisory Service, 2026-03-17
2. L&F · Q1 2026 분기보고서 (quarterly report, period ended Mar 2026) · DART / Financial Supervisory Service, 2026-05-15
3. L&F posts Q1 operating profit of ₩117.3 billion, swing to profit on high-nickel cathode · NewDaily Biz, 2026-04-30
4. L&F (066970) listing and quote · KOSPI · Daum Finance, 2026-06-04