LG Energy Solution (LGES) reported a net loss of 411 billion won (US$287.2 million) for Q4 2024, a significant decline from a net profit of 190.3 billion won (US$133.12 million) in Q4 2023.

The company primarily attributed this to a decline in EV sales.

The operating loss was 225.5 billion won (US$178.73 million), compared to an operating profit of 338.2 billion won (US$236.58 million) from the previous year.

Quarterly revenue dropped 19.4 percent to 6.45 trillion won (US$4.5 billion) from 8 trillion won (US$6 billion).

For the full year 2024, LGES saw a 79.3 percent drop in net income, which fell to 338.6 billion won (US$236.86 million).

Looking ahead, the company expects 5% to 10% sales growth in 2025 and plans to reduce capital expenditures by 20% to 30%.

LGES will also reconfigure its global battery production lines to support rising demand for energy storage systems.

Recent LG Energy Solution developments