LS Materials (417200)

LS Materials (417200) is a KOSDAQ-listed LS group affiliate that makes ultracapacitors, fast-charging high-power energy-storage devices, plus aluminum materials. In ETFpedia it represents a complementary corner of the solid-state battery and ESS theme: ultracapacitors sit alongside batteries in grid, renewable, and industrial storage, with rising interest tied to power-grid and data-center demand.

Ticker417200
ExchangeKOSDAQ
SectorEnergy Storage · Ultracapacitors & Aluminum Materials
CountrySouth Korea
WikidataQ131187906
Last updated2026-06-04
Financial snapshotas of2026-05-15

Next event:Next report · H1 2026 반기보고서, estimated · Estimated from Korea's 45-day semi-annual filing deadline; not company-confirmed. Last report: Q1 2026 분기보고서 filed 2026-05-15. (source)

Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-15)

Revenue rose 22% year over year to ₩431억 (about ₩43.1 billion), but LS Materials stayed in the red with an operating loss of ₩-11억 and a net loss of ₩-17억, as heavy fixed costs from new-plant investment continued to weigh ahead of a hoped-for 2026 grid-UC turnaround.

Revenue₩431억+22%YoY · Consolidated (CFS)
Operating profit₩-11억LossYoY · Operating loss; ₩-11억 a year earlier as well
Net income₩-17억LossYoY · Net loss widened from ₩-11억 a year earlier

Primary source

Recent & upcoming events

  • · FY2025 results: growth but a swing to loss.Full-year 2025 revenue grew 8% to ₩1,536억, but the company swung to an operating loss of ₩-1억 (essentially breakeven) and a net loss of ₩-10억 from year-earlier profits, as depreciation and fixed costs from new-plant investment outpaced a softer high-margin UC mix. (source)
  • · Q1 2026 분기보고서 filed.Revenue rose 22% YoY to ₩431억, but LS Materials remained loss-making with an operating loss of ₩-11억, with the expected earnings turnaround tied to grid-bound ultracapacitor volumes from the first half of 2026. (source)

Figures are consolidated (연결, CFS) per DART. FY2025 operating result is a small loss (essentially breakeven); Q1 2026 operating and net results are losses. Signs match the filing.

Figures are as of 2026-05-15 and reflect the most recent public filings/IR releases; they are updated after each earnings report.

What does LS Materials do?

LS Materials (LS머트리얼즈) has two businesses. The first and defining one is ultracapacitors, also called supercapacitors or UC. Unlike a lithium-ion battery, which stores a lot of energy and releases it slowly, an ultracapacitor stores less energy but charges and discharges almost instantly and survives far more cycles. That makes it the right tool for jobs that need bursts of power or very long life: power grids, renewables, cranking, transportation, medical equipment, and emergency power. The second business is aluminum materials. The company was founded in 2002, is a subsidiary of LS Cable & System within the LS group, and listed on the KOSDAQ in December 2023.

The investment narrative LS Materials is leaning into is grid and AI data-center power. Korean analysts expect grid-bound ultracapacitor volumes to drive a turnaround, with mass-production supply for power-grid applications starting from the first half of 2026 (데일리인베스트, Mar 2026).

LS Materials swung to a loss in 2025, a result the company frames as the cost of building out infrastructure (including a new Gumi plant) for a larger leap, and it is betting on next-generation products to turn that around.

(Newsis, Jun 2025)

Why is LS Materials a solid-state battery and ESS company?

LS Materials sits in the solid-state battery and ESS theme as the energy-storage device that is not a battery. Ultracapacitors and batteries are complements, not substitutes: batteries hold the energy, ultracapacitors handle fast, high-power events and stabilize the system. As the grid absorbs more intermittent renewables and as AI data centers pull on power infrastructure, fast-response storage becomes more valuable, which is the growth case for LS Materials’s UC business. It is the most distinct member of this basket, because its core product is a different technology from the cell makers and materials suppliers around it.

What did LS Materials report most recently?

In Q1 2026 (the quarter ended March 31, 2026), revenue rose 22% year over year to ₩431억 (about ₩43.1 billion), but the company stayed in the red with an operating loss of ₩-11억 and a net loss of ₩-17억 (DART 분기보고서). That followed a full-year 2025 in which revenue grew 8% to ₩1,536억 but the company swung to a small operating loss of ₩-1억 (essentially breakeven) and a net loss of ₩-10억 from year-earlier profits (DART 사업보고서). Management and analysts attribute the losses to depreciation and fixed costs from new-plant investment, including a new Gumi facility, running ahead of the revenue those investments are meant to produce.

What are the risks for LS Materials?

  • Loss-making, not yet turned around. FY2025 was essentially breakeven at the operating line and Q1 2026 was an operating loss. The turnaround depends on grid-UC volumes that are still ramping.
  • Heavy fixed costs. New-plant investment has raised depreciation and fixed costs, so profitability is sensitive to capacity utilization and product mix.
  • Narrative-driven valuation. Much of the bull case rests on future power-grid and AI data-center demand, which carries timing and execution risk if orders arrive slower than hoped.
  • Niche technology. Ultracapacitors are a smaller market than batteries, and adoption depends on customers choosing UC for the right use cases.

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Frequently asked questions about LS Materials

What does LS Materials do?

LS Materials (LS머트리얼즈) makes ultracapacitors (UC), high-power energy-storage devices that charge and discharge much faster and last longer than lithium-ion batteries, plus aluminum materials. Its UC products serve power grids, renewables, transportation, medical, and emergency-power markets. It is an LS group affiliate (a subsidiary of LS Cable & System) and listed on the KOSDAQ in December 2023. Full-year 2025 revenue was ₩1,536억 (DART 사업보고서).

Why is LS Materials part of the solid-state battery and ESS theme?

LS Materials is an energy-storage company, though its main device is the ultracapacitor rather than the battery. Ultracapacitors deliver bursts of high power and very long cycle life, which complements batteries in grid, renewable, and industrial systems where fast response matters. That places it alongside batteries in the broader ESS and grid-power build-out, with rising interest tied to power-grid and AI data-center demand (데일리인베스트).

Is LS Materials profitable?

Not currently. In Q1 2026, revenue rose 22% year over year to ₩431억, but LS Materials posted an operating loss of ₩-11억 and a net loss of ₩-17억 (DART 분기보고서). Full-year 2025 revenue grew 8% to ₩1,536억, but the company swung to a small operating loss of ₩-1억 and a net loss of ₩-10억 as fixed costs from new-plant investment rose (DART 사업보고서).

When does LS Materials next report earnings?

Korean issuers do not pre-announce earnings dates. Based on Korea's 45-day semi-annual filing deadline, LS Materials's H1 2026 반기보고서 is expected around August 14, 2026. That date is estimated, not company-confirmed; it last filed its Q1 2026 분기보고서 on May 15, 2026 (DART).

Sources & references

  1. LS머트리얼즈 분기보고서 (2026.03) · Financial Supervisory Service (DART), 2026-05-15
  2. LS머트리얼즈 사업보고서 (2025.12) · Financial Supervisory Service (DART), 2026-03-16
  3. '적자 전환' LS머트리얼즈…'차세대 제품'으로 반전 노린다 · Newsis (뉴시스), 2025-06-17
  4. [서치 e종목] LS머트리얼즈, 전력 그리드향 UC 양산 공급으로 실적 턴어라운드? · Daily Invest (데일리인베스트), 2026-03-27
  5. LS Materials · IR (IRGO) · LS Materials / IRGO, 2026-05-15