Solid Power Reports Second Quarter 2025 Results

View all news 08/06/2025 Solid Power, Inc. (Nasdaq: SLDP), a leading developer of solid-state battery technology, today announced its operational and financial results for the second quarter of 2025. Recent Business Highlights Reached a significant achievement in our partnership with BMW Group with BMW’s introduction of an i7 test vehicle powered by our cells and solid-state battery technology.Completed factory acceptance testing for the SK On pilot cell line and began working towards site acceptance testing, which remains on target for later this year.Detailed design work in process for the planned installation of our continuous electrolyte production pilot line and finished ordering long-lead equipment; commissioning remains on track for 2026.Continued demand for multiple generations of electrolyte from both existing and new customers with active sampling to key strategic customers.Remained fiscally disciplined and continued to identify opportunities to realize efficiencies and reduce operating costs while driving innovation. “We are pleased with our progress on our 2025 operational goals, and we are energized by continued customer demand for our electrolyte,” said John Van Scoter, President and Chief Executive Officer of Solid Power. “As we look to the balance of the year, we remain committed to achieving our objectives for the year and positioning the company to deliver long-term shareholder value.” Second Quarter 2025 Financial Highlights Solid Power delivered $7.5 million in Revenue and grant income during the second quarter of 2025 compared to $6.0 million during the first quarter of 2025, bringing first half of 2025 revenue recognized to $13.5 million. Second quarter 2025 revenue was driven primarily by achievement of factory acceptance testing milestone under our line installation agreement with SK On Co., Ltd. Operating expenses were $33.4 million in the second quarter of 2025 compared to $30.0 million in the first quarter of 2025, including $6.7 million of costs incurred to support completion of factory acceptance testing this quarter. Year-to-date 2025 operating loss was $49.9 million and year-to-date net loss was $40.5 million, or $0.22 per share. Balance Sheet and Liquidity (in thousands) June 30, 2025 December 31, 2024 Cash and cash equivalents $ 26,248 $ 25,413 Available-for-sale securities 253,561 302,057 Total liquidity $ 279,809 $ 327,470 Solid Power’s liquidity position remains strong. Total liquidity as of June 30, 2025, was $279.8 million, as shown above. As of June 30, 2025, contract receivables were $4.6 million and total current liabilities were $12.4 million. Second quarter and first half of 2025 capital expenditures totaled $2.6 million and $5.0 million, respectively, primarily representing costs for construction of our continuous electrolyte production pilot line. So far this year, we have used $40.7 million of cash in operating activities. 2025 Outlook Solid Power remains committed to delivering on the following key objectives for 2025: Drive electrolyte innovation and performance through feedback from customers and internal cell development.Continue to execute on electrolyte technology development roadmap, including the start of the installation of a pilot continuous electrolyte manufacturing line.Fulfill partner and customer commitments and increase electrolyte sampling, using the electrolyte innovation center, or EIC, to quickly innovate driven by demand.Maintain financial discipline while ensuring ongoing investments in technology development and capabilities. Webcast and Conference Call Solid Power will host a conference call at 2:30 p.m. MT (4:30 p.m. ET), today, August 6, 2025. Participating on the call will be John Van Scoter, President and Chief Executive Officer, and Linda Heller, Chief Financial Officer. The call may be accessed through a live audio webcast on Solid Power’s Investor Relations website at www.solidpowerbattery.com/investor-relations. An audio replay will be available at the same location. About Solid Power, Inc. Solid Power is developing solid-state battery technology to enable the next generation of batteries for the fast-growing EV and other markets. Solid Power’s core technology is its electrolyte material, which Solid Power believes can enable extended driving range, longer battery life, improved safety, and lower cost compared to traditional lithium-ion. Solid Power’s business model – selling its electrolyte to cell manufacturers and licensing its cell designs and manufacturing processes – distinguishes the company from many of its competitors who plan to be commercial battery manufacturers. Ultimately, Solid Power endeavors to be a leading producer and distributor of sulfide-based solid electrolyte material for powering both EVs and other applications. For more information, visit http://www.solidpowerbattery.com/. Forward-Looking Statements All statements other than statements of present or historical fact contained herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including Solid Power’s or its management team’s expectations, objectives, beliefs, intentions or strategies regarding the future. When used herein, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “plan,” “outlook,” “seek,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements include our financial guidance for 2025; our future financial performance, strategy, expansion plans, including plans related to the expansion of our electrolyte production capabilities, market opportunity, operations, and operating results; estimated revenues or losses; projected costs; future prospects; and plans and objectives of management. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Solid Power disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Readers are cautioned not to put undue reliance on forward-looking statements and Solid Power cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Solid Power, including the following factors: (i) risks relating to the uncertainty of the success of our research and development efforts, including our ability to achieve the technological objectives or results that our partners require and our ability to commercialize our technology in advance of competing technologies and our competitors; (ii) risks relating to our status as a research and development stage company with a history of financial losses with an expectation of incurring significant expenses and continuing losses for the foreseeable future, including execution of our business plan and the timing of expected business milestones; (iii) risks relating to the non-exclusive nature of our partnerships, our ability to secure new business relationships, and our ability to manage these relationships; (iv) our ability to negotiate and execute commercial agreements with our partners and customers on commercially reasonable terms; (v) broad market adoption of EVs and other technologies where we are able to deploy our technology, if developed successfully; (vi) our success attracting and retaining our executive officers, key employees, and other qualified personnel; (vii) our ability to protect and maintain our intellectual property, including in jurisdictions outside of the United States; (viii) our ability to secure government contracts and grants, changes in government priorities with respect to our government contracts and grants, and the availability of government subsidies and economic incentives; (ix) delays in the construction and operation of facilities that meet our short-term research and development and long-term electrolyte production requirements; (x) changes in applicable laws or regulations; (xi) risks relating to our information technology infrastructure and data security breaches; and (xii) risks relating to other economic, business, or competitive factors in the United States and other jurisdictions, including supply chain interruptions and changes in market conditions, and our ability to manage these risks and uncertainties. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the “Risk Factors” sections of Solid Power’s Annual Report on Form 10-K for the year ended December 31, 2024 and other documents filed by Solid Power from time to time with the Securities and Exchange Commission (the “SEC”), all of which are available on the SEC’s website at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Solid Power gives no assurance that it will achieve its expectations. Solid Power, Inc. Condensed Consolidated Balance Sheets (in thousands, except par value and number of shares) June 30, 2025 (Unaudited) December 31, 2024 Assets Current Assets Cash and cash equivalents $ 26,248 $ 25,413 Marketable securities 204,685 92,784 Contract receivables 4,626 1,393 Prepaid expenses and other current assets 4,113 5,646 Total current assets 239,672 125,236 Long-Term Assets Property, plant and equipment, net 92,042 97,208 Right-of-use operating lease assets, net 7,175 7,490 Investments 50,710 210,400 Intangible assets, net 2,710 2,072 Other assets 1,355 1,577 Loan receivable from equity method investee 4,331 4,267 Total long-term assets 158,323 323,014 Total assets $ 397,995 $ 448,250 Liabilities, Mezzanine Equity and Stockholders’ Equity Current Liabilities Accounts payable and other accrued liabilities 6,123 8,409 Deferred revenue 361 3,150 Accrued compensation 5,103 7,578 Operating lease liabilities 812 833 Total current liabilities 12,399 19,970 Long-Term Liabilities Warrant liabilities 6,072 8,735 Operating lease liabilities 7,606 8,023 Other liabilities 1,147 1,208 Total long-term liabilities 14,825 17,966 Total liabilities 27,224 37,936 Mezzanine Equity Mezzanine Equity 140 34 Stockholders’ Equity Common Stock, $0.0001 par value; 2,000,000,000 shares authorized; 180,714,274 and 180,364,028 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 18 18 Additional paid-in capital 592,096 591,394 Accumulated deficit (221,708 ) (181,171 ) Accumulated other comprehensive income 225 39 Total stockholders’ equity 370,631 410,280 Total liabilities, mezzanine equity and stockholders’ equity $ 397,995 $ 448,250 Solid Power, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (in thousands, except number of shares and per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues and Grant Income Revenue $ 6,485 $ 5,075 $ 11,609 $ 11,028 Grant income 1,055 — 1,947 — Total revenue and grant income 7,540 5,075 13,556 11,028 Operating Expenses Direct costs 8,462 5,437 11,158 9,727 Research and development 18,342 18,526 37,363 37,400 Selling, general and administrative 6,607 8,049 14,934 16,619 Total operating expenses 33,411 32,012 63,455 63,746 Operating Loss (25,871 ) (26,937 ) (49,899 ) (52,718 ) Nonoperating Income and Expense Interest income 3,237 4,520 6,836 9,637 Change in fair value of warrant liabilities (3,216 ) 703 2,663 202 Interest expense (7 ) (49 ) (15 ) (91 ) Other income (expense) (151 ) — (673 ) — Total nonoperating income and expense (137 ) 5,174 8,811 9,748 Pretax Loss $ (26,008 ) $ (21,763 ) $ (41,088 ) $ (42,970 ) Income tax expense 6 511 6 511 Share of net (income) loss of equity method investee (676 ) — (606 ) — Net Loss Attributable to Common Stockholders $ (25,338 ) $ (22,274 ) $ (40,488 ) $ (43,481 ) Other Comprehensive Income (Loss) 13 (11 ) 185 (590 ) Comprehensive Loss Attributable to Common Stockholders $ (25,325 ) $ (22,285 ) $ (40,303 ) $ (44,071 ) Basic and diluted loss per share $ (0.14 ) $ (0.13 ) $ (0.22 ) $ (0.24 ) Weighted average shares outstanding – basic and diluted 180,343,931 177,588,035 180,871,314 179,186,027 Solid Power, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) Six Months Ended June 30, 2025 2024 Cash Flows from Operating Activities Net loss $ (40,488 ) $ (43,481 ) Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities: Depreciation and amortization 9,142 7,974 Amortization of right-of-use assets 741 417 Loss on sales of property, plant and equipment, net 574 — Share of net (income) loss of equity method investee (606 ) — Stock-based compensation expense 3,983 5,914 Change in fair value of warrant liabilities (2,663 ) (202 ) Accretion of discounts on other long-term liabilities 33 24 Accretion of loan receivable from equity method investee (64 ) — Amortization of premiums and accretion of discounts on available-for-sale securities (2,490 ) (4,540 ) Loss on change in assessment of finance lease purchase options 84 — Change in operating assets and liabilities that provided (used) cash and cash equivalents: Contract receivables (2,816 ) (6,213 ) Contract receivables from related parties — (4,581 ) Prepaid expenses and other current assets and other assets 1,729 (2,287 ) Accounts payable and other accrued liabilities (2,054 ) 884 Deferred revenue (2,789 ) 10,075 Deferred revenue from related parties — (828 ) Accrued compensation (2,476 ) (3,030 ) Operating lease liabilities (574 ) (305 ) Net cash and cash equivalents used in operating activities (40,734 ) (40,179 ) Cash Flows from Investing Activities Purchases of property, plant and equipment, net (5,044 ) (8,460 ) Purchases of available-for-sale securities (101,690 ) (99,548 ) Proceeds from sales of available-for-sale securities 152,453 156,135 Gain on sale of available-for-sale securities 3 — Cash paid for loan receivable from equity method investee — (3,046 ) Purchases of intangible assets (649 ) (270 ) Net cash and cash equivalents provided by investing activities 45,073 44,811 Cash Flows from Financing Activities Proceeds from exercise of stock options 659 197 Proceeds from issuance of shares of common stock under the ESPP 156 238 Cash paid for withholding of employee taxes related to stock-based compensation (557 ) (479 ) Repurchase of shares of common stock (3,592 ) (8,274 ) Payments on finance lease liabilities (170 ) (213 ) Net cash and cash equivalents used in financing activities (3,504 ) (8,531 ) Net increase (decrease) in cash and cash equivalents 835 (3,899 ) Cash and cash equivalents at beginning of period 25,413 34,537 Cash and cash equivalents at end of period 26,248 30,638 Supplemental information Cash paid for interest $ 15 $ 91 Accrued capital expenditures 1,092 744 Unpaid reimbursements on capital expenditures 417 0 Accrued excise tax on stock repurchases 35 82 Source: Solid Power, Inc. 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