LG Energy Solution Q1 2026 — AMPC Collapse Masks a Narrowing Pre-Incentive Loss
LG Energy Solution's Q1 2026 operating loss widened to KRW 207.8B. Strip the 45X credits — down 59% YoY to KRW 189.8B — and the pre-incentive loss actually narrowed 12% sequentially, to KRW 398B. The headline is getting worse because the AMPC cushion is collapsing faster than the underlying business is healing. ESS revenue share hit mid-20%, ahead of pace, but five North American sites are ramping simultaneously with no public yield data from any of them. The margin structure that's supposed to drive H2 recovery remains undisclosed.
LG Energy Solution Q1 2026 — AMPC Collapse Masks a Narrowing Pre-Incentive Loss
LG Energy Solution's Q1 2026 operating loss widened to KRW 207.8B. Strip the 45X credits — down 59% YoY to KRW 189.8B — and the pre-incentive loss actually narrowed 12% sequentially, to KRW 398B. The headline is getting worse because the AMPC cushion is collapsing faster than the underlying business is healing. ESS revenue share hit mid-20%, ahead of pace, but five North American sites are ramping simultaneously with no public yield data from any of them. The margin structure that's supposed to drive H2 recovery remains undisclosed.
The Other Two
Samsung SDI's Q1 battery operating loss of KRW 176.6 billion continues a KRW 60–80 billion per quarter narrowing pattern. Net profit turned positive at KRW 56.1 billion. NH Securities estimated Q1 AMPC at KRW 84.9 billion pre-earnings. Apply that figure and the underlying battery loss is roughly KRW 261.5 billion. Samsung SDI confirmed only "increased AMPC benefits." The number itself remains undisclosed.
SK On narrowed to KRW 349.2 billion operating loss, but the baseline is Q4 2025's anomalous KRW 441.4 billion. Q4 AMPC was KRW 101.3 billion. Q1 AMPC: not disclosed. The pre-incentive loss is larger than headline by an unknown margin.
