LG Energy Solution Reports 34% Surge in Q3 Profit Driven by ESS Sales

LG Energy Solution reported a remarkable 34% increase in Q3 profit, primarily fueled by robust sales of energy storage systems (ESS), despite a 17.1% drop in overall revenue.

• In Q3, LG Energy Solution achieved an operating profit of 601.3 billion won (US$422 million), marking a 34% increase compared to the previous year, driven by energy storage systems (ESS) sales.
• The companys revenue for the July-September period fell 17.1% to 5.69 trillion won, while net profit decreased by 4.5% to 536.1 billion won, reflecting challenges in the electric battery market.
• Despite revenue declines, LG Energy Solution continues to benefit from government subsidies aimed at promoting electric vehicle technology and energy storage solutions, particularly in North America.