Solus Advanced Materials’ Revenue Rises 83.1% to 125.5 Billion Won in Third Quarter
Key Facts
Solus Advanced Materials said on November 12 that consolidated revenue reached 125.5 billion won in the third quarter of 2026, up 83.1% from 68.5 billion won in the same period a year earlier. Meanwhile, the operating loss widened to 30.1 billion won, compared with a loss of 26 billion won a year earlier. The results highlight a gap between accelerating sales and continued pressure on profitability. The company said growth in its battery foil business came as demand increased from global customers in the battery and electric vehicle sectors. The company posted its third-quarter results presentation in its investor relations room on the day of the announcement.
The annual revenue growth indicates an expansion in business compared with a base of 68.5 billion won in the third quarter of 2025, but the larger operating loss reflects that higher sales have yet to translate into an improved operating result. The loss increased from 26 billion won to 30.1 billion won over the year. Sources cite higher electricity costs and depreciation burdens among the factors weighing on profitability. These pressures are evident as the company discusses rising demand from battery and electric vehicle customers. The report therefore combines strong revenue growth with an ongoing cost challenge.
Alongside battery foil, the OLED business posted record quarterly revenue of 33.9 billion won in the third quarter. The business’s sales rose 5.6% year on year and 26.0% from the second quarter of 2026. The company linked the performance to expanded supplies of R-prime material for mobile devices and increased HBL supplies. This followed a Chinese customer’s resumption of smartphone production, according to the company’s explanation of the business’s performance. The results add another source of sales growth alongside demand for battery foil.
The company said demand from global customers in the battery and electric vehicle sectors supported growth in its battery foil business. It also said rising demand for energy storage systems in North America represents a new growth opportunity for the business. It cited developments in local production and supply chains in Europe as additional opportunities. This comes as the company works to address electricity costs and depreciation burdens that weighed on its operating results. The available information did not include separate figures specifying how much each of these factors contributed to revenue or the loss.
On pricing, Solus said it is negotiating price increases with most battery foil customers. Increases agreed with some major customers are expected to be reflected in fourth-quarter results, while negotiations with other customers continue. The company thus identified the fourth quarter as a near-term point when some agreements will begin to affect results. It did not specify the size of the increases or their expected financial impact. The move is tied to its efforts to improve profitability amid continued operating pressures.
Chief Executive Kwak Kwon-man said the company will focus on continuing to improve profitability through successive price increases next year and on achieving a turnaround to profitability. This makes pricing a priority for the company next year, after some agreed increases begin to be reflected in fourth-quarter results. The statement did not specify a target date for a return to profitability or the scale of the targeted improvement. The company had posted its second-quarter results presentation in its investor relations room on July 24, 2026, before publishing the third-quarter presentation on November 12. The next results will provide a test of the impact of price increases that the company said it had agreed with some customers.