Month: April 2025

• LG Energy Solution posts KRW 6.3 trillion in consolidated revenue and KRW 375 billion in operating profit in Q1 2025
• Company returns to profitability through rigorous cost-cutting efforts
• Company to focus on operational efficiency, cost reduction, and strategic business opportunities to cope with impacts from regulatory transitions this year

SEOUL, South Korea, April 29, 2025 /PRNewswire/ — LG Energy Solution (KRX: 373220) today announced its first-quarter earnings for 2025, turning a profit through rigorous cost-cutting efforts.

The company posted consolidated revenue of KRW 6.3 trillion, a 2.9 percent decrease quarter-on-quarter and 2.2 percent increase year-on-year. The operating profit was KRW

375 billion with an EBITDA^[1] margin of 20 percent, marking a turn around to profitability. The operating profit includes the IRA tax credit amount of KRW 458 billion.  

“In the first quarter, we demonstrated solid shipments to North America and for newly launched EV models. However, as automakers continued their conservative approach to inventory management, our quarterly revenue declined compared to the last quarter,” said Chang Sil Lee, CFO of LG Energy Solution. “Nevertheless, we successfully returned to profitability in the first quarter as our efforts to reduce material costs and enhance cost efficiency came to fruition, with one-off items reflected in the previous quarter no longer playing base effect into Q1 profit,” Lee added. 

In the first quarter, LG Energy Solution has reallocated its production capacity in North America to better respond to market demands and address ongoing uncertainties. Namely, the company put the construction of its ESS battery plant in Arizona on hold and instead decided to first utilize the existing production capacity at its plant in Michigan, aiming to start producing LFP (lithium, iron, phosphate) batteries for ESS this year, a year earlier than planned.

Also, the company is in the process of acquiring the GM JV phase 3 in Michigan, which would significantly expand its footprint in North America. This move will also maximize the utilization of investments already undertaken by minimizing the facility’s downtime.

Alongside this strategic adjustment, LG Energy Solution continued to make notable achievements in both the EV and ESS businesses based on its strong product competitiveness. The company successfully expanded its customer portfolio for 46-Series cylindrical batteries to legacy automakers by securing a new 10GWh (annual) order from an established automaker in North America. It also won contracts from Polska Grupa Energetyczna (PGE) for grid-scale ESS batteries in Europe and Delta Electronics for residential ESS batteries (4GWh) in the U.S. The company also ventured into new applications, including solar EVs and offshore wind farms, as well as establishing its first European battery recycling joint venture facility with Derichebourg in France, which will establish 20,000 tons of annual preprocessing capacity to meet the EU’s battery recycling regulations and secure a metal supply chain.

Moving forward, as regulatory transitions such as U.S. tariffs and the EU’s industrial action plan for the automotive sector are expected to affect the battery industry broadly, LG Energy Solution will concentrate on streamlining operations and reducing costs this year, while actively pursuing strategic business opportunities.

It will focus on indispensable investments and proactively adjust the scale and speed of capacity expansion in response to changing market demands. It will also take a cautious approach to managing inventory for EV batteries, while accelerating the revenue expansion in its ESS business, which holds relatively higher growth potential.

At the same time, LG Energy Solution will continue to cultivate strategic business opportunities by continuing to secure future demands from its key customers with new products, including 46-Series cylindrical batteries. Simultaneously, it will proactively discover new applications for its cylindrical batteries, such as humanoid robots and drones.

To mitigate the impact of tariffs, the company will promote the local production of raw materials by collaborating with material companies entering North America. It will also accelerate the development and adoption of new technologies, such as dry electrodes, to lower production costs.

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About LG Energy Solution
LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 69,600 patents. Its robust global network, which spans North America, Europe, and Asia, includes battery manufacturing facilities established through joint ventures with major automakers. Committed to building sustainable battery ecosystem, LG Energy Solution aims to achieve carbon neutrality across its value chain by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution’s ideas and innovations, visit https://news.lgensol.com.

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SOURCE LG Energy Solution

Win $1 Million in Limited Time Promotion: Drawings every 10 minutes on May 31st, starting May 1st!

IONE, Calif., April 29, 2025 /PRNewswire/ — Harrah’s Northern California is thrilled to announce a new promotion: a chance to win $1 million! Starting Thursday, May 1st, guests can earn entries to spin a prize wheel for a shot at the grand prize. The drawing itself will be held on Saturday, May 31st, from 3:30 PM to 10:00 PM. Every ten minutes, a guest will be selected to spin the wheel. Besides the million-dollar top prize, other prizes ranging from $200 to $2500 in free play will also be awarded.

“We’re incredibly excited to offer our guests the chance to spin the wheel for a million dollars!  This isn’t your average casino promotion; we’re giving away a truly life-changing sum at Harrah’s Northern California.  Every ten minutes on May 31st, a lucky guest will have the chance to win big – it could be you!”

Jeff Cutri, Harrah’s Northern California Senior Vice President and General Manager, is available for interviews to discuss the casino‘s current promotions and activities. He can be interviewed either on-site at the casino or at a pre-arranged studio location.

For more information on rewards and promotions, visit:  https://www.caesars.com/harrahs-northern-california/casino/promotions.

Harrah’s Northern California: A short drive from Sacramento and nestled in the heart of historic Gold Country, a visit to Harrah’s Northern California brims with non-stop gaming excitement. Discover dining experiences catering to every taste, a variety of fast-paced slots and live table games, and epic casino promotions from Caesars Rewards — all set against the gorgeous NorCal landscape.

View original content to download multimedia:https://www.prnewswire.com/news-releases/harrahs-northern-california-reveals-million-dollar-prize-wheel-302441945.html

SOURCE Harrah’s Northern California