Solid Power (SLDP) Q1 2026 earnings summary

Executive summary

• Achieved key operational milestones, including completion of site acceptance testing for SK On and expansion of technology deployment to three continents, while advancing construction of a continuous electrolyte manufacturing pilot line with commissioning on track for year-end 2026.

• Supported partners and customers, including electrolyte deliveries to Samsung SDI and BMW, and continued sampling and partnership exploration, particularly in Korea.

• Maintained financial discipline and completed a registered direct offering, raising $130 million gross proceeds ($121.3 million net) in January 2026 to support working capital and technology investments.

• Focused on developing scalable, capital-efficient wet processing technology for electrolyte production and leveraging the Electrolyte Innovation Center for ongoing product and process development.

• Strengthened partnerships, promoted electrolyte product competitiveness, and maintained fiscal discipline.

Financial highlights

• Q1 2026 revenue and grant income totaled $3.1 million, primarily from SK On milestone and DOE agreement, representing a 49% year-over-year decline due to milestone timing.

• Operating expenses were $29.4 million, down from $30 million year-over-year, mainly due to timing of supplier and material shipments.

• Operating loss was $26.3 million; net loss was $13 million, or $0.06 per share, a 14% improvement from Q1 2025.

• Nonoperating income rose by $4.5 million, driven by a $9.6 million gain from warrant liability revaluation.

• Capital expenditures reached $1.7 million, mainly for the continuous electrolyte manufacturing pilot line.

Capital allocation and financing

• Ended Q1 with $435.3 million in liquidity, including $31.5 million in cash and $403.8 million in available-for-sale securities, bolstered by $121.3 million net proceeds from a January registered direct offering.

• Contract assets and accounts receivable were $12.7 million; total current liabilities stood at $17.1 million.

• No share repurchases in Q1 2026; stock repurchase program expired at end of 2025.

• No off-balance sheet arrangements as of March 31, 2026.