Solid Power (SLDP) Q4 2025 earnings summary

Executive summary

• Achieved significant milestones in solid-state battery development in 2025, including joint agreements with SK On, Samsung SDI, and BMW, and progress on a pilot line with SK On.

• Demonstrated solid-state battery technology in a BMW i7 test vehicle, marking a milestone in automotive partnerships.

• Advanced electrolyte innovation and maintained fiscal discipline, with cash investment at the lower end of guidance.

• Raised $89.4 million in net proceeds from an ATM equity offering in 2025 and started 2026 with a $130 million direct offering.

• Strengthened technical foundation and positioned for next phase of growth and commercialization.

Financial highlights

• 2025 revenue reached $21.7 million, up $1.6 million year-over-year, mainly from SK On agreement execution.

• Operating expenses were $122.6 million, down from $125.5 million in 2024, reflecting cost discipline.

• Operating loss was $100.8 million; net loss was $93.4 million, or $0.51 per share.

• Capital expenditures totaled $10.2 million, mainly for the continuous electrolyte production pilot line.

• Total liquidity at year-end was $336.5 million, up $9 million from 2024.

Outlook and guidance

• 2026 cash investment expected between $85 million and $100 million, focused on advancing electrolyte development and commissioning the pilot line.

• Plans to commission continuous electrolyte production line by end of 2026, expanding capacity to 75 metric tons annually.

• Exploring a commercial-scale partnership in Korea for up to 500 metric tons annual electrolyte production.

• $130 million raised in January 2026 to support technology advancement and commercialization efforts.

• Intends to maintain financial discipline while investing in technology and process improvements.