Second-Quarter Revenue Rises 24.7% From Previous Quarter

Eco&Dream expects its performance to improve in the second half following the start of mass production of battery precursors at its Saemangeum campus and a recovery in second-quarter revenue.

Eco&Dream said August 14 that it recorded consolidated revenue of 36.41 billion won and an operating loss of 6.04 billion won in the first half of this year.

Second-quarter revenue was about 20.2 billion won, up 24.7% from about 16.2 billion won in the first quarter. Although precursor supply volumes declined in the first half because of an adjustment in demand in the US electric-vehicle market, revenue began to recover in the second quarter.

Eco&Dream began full-scale shipments to customers in July of nickel-cobalt-manganese (NCM) precursors produced at its Saemangeum campus. The company plans to increase production and supply volumes in line with customer order schedules in the second half.

The company expects demand for non-Chinese battery materials to increase as a result of the US restrictions on prohibited foreign entities (PFE). It is also supplying samples and holding technical discussions for new projects with customers in North America and Europe.

An Eco&Dream official said, "Revenue has been recovering since the second quarter, and full-scale shipments of precursors produced at Saemangeum to customers began in July. We expect the second half to be a period when production capacity translates into actual supply and revenue."

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