In Q1, the company secured over 100GWh of new orders for its 46-Series cylindrical EV batteries, with the order backlog exceeding 440GWh as of April
Its North American ESS battery production network is now in place, with the aim to achieve more than 50GWh production capacity by year-end
SEOUL, South Korea, April 29, 2026 /PRNewswire/ -- LG Energy Solution (KRX: 373220) today announced its first-quarter earnings for 2026, reporting an increased quarterly revenue mainly driven by stable demand and solid orders for both 46-Series cylindrical EV batteries and ESS batteries.
The company posted consolidated revenue of KRW 6.6 trillion, a 1.2 percent increase quarter-on-quarter. The revenue includes the North America production incentive, which is estimated at KRW 189.8 billion. The operating deficit stood at KRW 207.8 billion.
In the first quarter, shipment of pouch-type EV batteries declined due to inventory adjustments by a major North American customer. However, stable shipments of cylindrical EV batteries and active response to growing North American ESS demand through capacity expansion resulted in a slight quarter-on-quarter increase in the revenue, with the ESS business now representing mid-20 percent of the total revenue.
At the same time, despite increase in shipments of both cylindrical EV and ESS batteries and ongoing cost-reduction efforts, the company posted a quarterly loss, driven by initial ramp-up costs associated with the expansion of ESS production sites and deterioration of product mix resulting from reduced sales of pouch-type EV batteries in North America.
Q1 Achievements
