Solid Power (SLDP) Q2 2025 earnings summary

Executive summary

• Achieved major milestones with BMW's i7 test vehicle powered by solid-state battery technology and completed factory acceptance testing for the SK On pilot line, advancing strategic objectives for electrolyte and cell innovation.

• Progressed on continuous electrolyte production pilot line, with commissioning targeted for 2026 and detailed design and equipment ordering completed.

• Maintained fiscal discipline while investing in technology, process improvements, and meeting strong customer demand for electrolyte products.

• Revenue growth driven by collaboration agreements, government grants, and milestone achievements in SK On and BMW partnerships.

• Continued strong customer engagement and active electrolyte sampling with both existing and new strategic customers.

Financial highlights

• Q2 2025 revenue and grant income reached $7.5M, up from $6.0M in Q1; H1 2025 total was $13.5M.

• Operating expenses for Q2 2025 were $33.4M, up from $30.0M in Q1, mainly due to costs supporting factory acceptance testing.

• Net loss attributable to common stockholders was $25.3M for Q2 2025, with year-to-date net loss at $40.5M, or $0.22 per share.

• Total liquidity as of June 30, 2025, was $279.8M, down from $327.5M at year-end 2024.

• Repurchased 3.36M shares for $3.59M in H1 2025 under the $50M stock repurchase program.

Outlook and guidance

• On track to complete site acceptance testing at SK On later in 2025 and commission the new electrolyte production line in 2026.

• Expects continued revenue growth from SK On agreements and DOE grant as project milestones are met.

• Operating expenses anticipated to remain consistent for the remainder of 2025, with ongoing cost control efforts.

• Sufficient liquidity to fund operations and capital expenditures for at least the next 12 months; may seek additional financing for long-term needs.

• Anticipates supporting small volume programs for current and future customers with expanded production capacity.