#ESS Analysis Reports
11LG Energy Solution recorded cumulative H1 2026 (semiannual report) revenue of KRW 14.1152 trillion, an operating loss of KRW 94.5 billion, and a net loss of KRW 1.2727 trillion (DART filing no. 20260813000255, as of 2026-06-30). For Q2 2026 alone, revenue was KRW 7.5602 trillion and operating profit was KRW 113.3 billion, returning to profit for the first time in three quarters; however, KRW 241.0 billion of this reflects the U.S. IRA Section 45X (AMPC) production tax credit, and excluding this amount the quarter's underlying operating loss was KRW 127.7 billion (2026-07-30 earnings release). As of 2026-08-14, the closing price was KRW 369,000 (+1.37% vs. the previous day) and market capitalization was KRW 86.346 trillion (Toss Securities Open API, DART, 2026-08-14).
On August 14, 2026, Seojin System disclosed its confirmed H1 2026 (cumulative) results via its semiannual report (filing no. 20260814004243): consolidated revenue of KRW 690.35 billion, an operating loss of KRW 52.31 billion, and a net loss of KRW 60.68 billion. For FY2025 (consolidated), the company recorded revenue of KRW 1,066.33 billion, operating profit of KRW 1.15 billion, and a net loss of KRW 102.42 billion, with the operating margin plunging to 0.11% (filing no. 20260323001543). During the same period, a substantial portion of the shares held by largest shareholder and CEO Jeon Dong-gyu were pledged as collateral to multiple financial institutions, and on August 7, 2026, an amended disclosure (filing no. 20260807900848) of a share pledge agreement involving a change of largest shareholder was filed. The company carried out a third-party allotment capital increase of KRW 180 billion on April 22-23, 2026, and its Vietnamese subsidiary is contesting a notice of VAT assessment totaling KRW 156.2 billion.
Fluence Energy (NASDAQ: FLNC), which sells grid-connected battery energy storage systems (BESS) and optimization software, reported FY2026 Q3 (period ended 2026-06-30, reported 2026-08-05) revenue of $649.8 million, up 7.9% year-over-year, but posted a GAAP net loss of $44.3 million (a swing from a net profit of $6.9 million in the year-ago period). GAAP gross margin plunged to 5.1% (from 14.8% a year earlier) due to delays in bringing new production facilities online and prepayment costs tied to overseas long-term battery cell supply agreements, among other factors, and the company lowered its FY2026 revenue guidance range to $2.9 billion-$3.1 billion (from $3.2 billion-$3.6 billion) and its adjusted EBITDA guidance range to -$30 million to $10 million (from $40 million-$60 million). In the same quarter, new bookings reached a record $1.44 billion (roughly 3x year-over-year), and backlog reached a record high of $6.4 billion.
Samsung SDI recorded consolidated revenue of KRW 13.2667 trillion and an operating loss of KRW 1.7224 trillion for FY2025, while Q1 2026 revenue reached KRW 3.5764 trillion (+12.6% YoY) with an operating loss of KRW 155.6 billion — a 64.2% narrowing of the loss YoY — and net income turned positive at KRW 56.1 billion. The battery (energy solutions) segment expanded its supply contracts, including an LFP battery supply agreement for Tesla's ESS, an ESS supply contract with a U.S. energy company (approximately KRW 1.5 trillion), and a domestic power-grid ESS deployment project, while the electronic materials segment showed improved sales of semiconductor and display materials. In July 2026, its UPS batteries became the world's first to pass UL Solutions' large-scale indoor fire test, and in March of the same year, at InterBattery 2026, the company unveiled 'Solidstack,' a solid-state battery sample for physical AI applications.
Sebang Global Battery is a lead-acid battery manufacturer founded in 1952 that holds the No. 1 position in the domestic market with an estimated share of approximately 39-40% under its Rocket Battery brand (compiled from wisereport and namu.wiki; the exact as-of date for this figure was not obtained). Q1 2026 consolidated revenue was KRW 525.4 billion, down 0.3% year-over-year, while operating profit was KRW 33.2 billion, down 34.2% (or 34.4%, figures conflict across sources) (FnGuide summary, company IR compilation). Subsidiary Sebang Lithium Battery (92.07% stake, DART Business Report, 2025.12) was reported on 2026-06-15 to have signed a North American ESS battery module supply contract worth approximately KRW 1.8 trillion with LG Energy Solution (The Elec, Newsquest). Regarding the company's disposal of treasury shares totaling KRW 12.2 billion for employee bonus purposes in July-August 2026, a minority shareholder coalition raised objections, and the company responded that this followed proper internal procedures (Today Economy, as of 2026-08-03).
Tesla closed at $342.27 on 2026-08-14, up +0.68% from the previous close. Q2 2026 (reported 2026-07-22) revenue was $28.24 billion, up +26% year-over-year, and vehicle deliveries reached a quarterly record of 480,126 units, while operating margin declined to 1.4%. During the same period, the NHTSA upgraded its federal investigation into FSD from a preliminary evaluation to an engineering analysis, and unsupervised robotaxi service expanded to 6 cities across Texas and Florida as of August 2026.
SK Eternix is a renewable energy company spun off and relisted from SK E&S in March 2024, directly owning and operating solar, wind, fuel cell, and ESS power generation assets. In FY2025 (2nd fiscal year), consolidated revenue was KRW 385.6 billion (+16% YoY), operating profit was KRW 53.0 billion (+41%), and net income turned profitable at KRW 30.722 billion (based on the 2nd annual general shareholders' meeting financial statement approval report, as of 2025-12-31). On 2026-03-06, SK Discovery and Han & Company W.P. Holdings entered into a share purchase agreement to sell their entire stakes (combined approximately 43.5%) to 'Eclipse', a KKR-affiliated SPV, and following the deal's closing on 2026-04-07, Eclipse was registered as the new largest shareholder (43.10%) (DART substantial shareholding report). The closing price as of 2026-07-24 was KRW 80,900, up +0.37% from the previous day, and up approximately 101% over the preceding month (KRW 40,100 on 6/23 → KRW 80,600 on 7/23).
NextEra Energy is the largest U.S. regulated electric utility holding company, operating two business segments — Florida Power & Light (FPL) and NextEra Energy Resources. It posted Q2 2026 adjusted EPS of $1.15 (+9.5% YoY), and its renewable & storage contracted backlog expanded to approximately 35.1GW (Q2 2026 earnings release, 2026-07-24). On 2026-05-18, it entered into an all-stock merger agreement with Dominion Energy (exchange ratio 0.8138, deal value approximately $67B), which is undergoing regulatory approval; on 2026-08-06, the Virginia governor signaled intent to intervene in the Virginia State Corporation Commission (SCC) review. FY2026 adjusted EPS guidance was maintained at $3.92-$4.02 (company guidance, 2026-07-24).
Gridwiz is a domestic demand response (DR) operator that participates in the Korea Power Exchange's demand resource market. According to its 2026 semi-annual report (receipt No. 20260814002782), it posted revenue of 414.66억원 and an operating loss of 38.50억원. In the previous fiscal year's 2025 annual business report (receipt No. 20260619000475), annual revenue was 1,256.09억원 (+0.7% YoY) and operating profit was 8.16억원, turning profitable from a 2024 operating loss of 43.43억원. On 2026-08-13, the company signed an MOU with SMR specialist ARX to jointly develop an integrated power and cooling solution for AI data centers (Electronic Times, 2026-08-13). The reference-date closing price on 2026-08-14 was 15,900원, down -0.44% from the previous day.
Hyosung Heavy Industries disclosed that its Q2 2026 consolidated operating profit reached KRW 264.3 billion (a record quarterly high, up 60.9% year-over-year), and its order backlog at the end of Q2 stood at KRW 17.5 trillion (up 63.0% year-over-year). Per the 2026 semi-annual report (receipt no. 20260813001554), cumulative first-half revenue was KRW 3.0451 trillion and operating profit was KRW 416.6 billion. In the first half of 2026, 71% of new orders in the Heavy Industries segment originated from the United States, and the company raised its 2026 full-year new order target from KRW 8.4 trillion to KRW 12 trillion.
HD Hyundai Electric is a power equipment specialist supplying ultra-high-voltage transformers, distribution equipment, and rotating machinery, with approximately 70% of its revenue generated overseas (mainly North America). It posted 2025 consolidated revenue of KRW 4.0795 trillion (+22.8% YoY) and operating profit of KRW 995.3 billion (+48.8% YoY), and filed an amended disclosure raising its 2026 order target by 22.8% to $5.185 billion (2026-07-06). The 2026-07-24 closing price was KRW 815,000, down -6.75% from the previous day (KRW 874,000), on a day when the KOSPI overall fell -2.29% amid a surge in international oil prices and US Treasury yields, with the electrical/electronics sector also declining -3.40%.