Revenue From Government Contracts and Delivery of Solidion's Proprietary Silicon Anode Validates Company's Long Term Commercialization Plan

DALLAS, May 21, 2026 /PRNewswire/ -- Solidion Technology Inc. ("Solidion" or the "Company") (Nasdaq: STI), an advanced battery technology solutions provider, today has released First Quarter 2026 Financial and Operating Results. The condensed consolidated financial statements of Solidion and additional information can be found in Solidion's Form 10-Q, filed with the Securities and Exchange Commission, May 20, 2026 (the "Form 10-Q"). This earnings release should be read together with the information contained in the Form 10-Q.

Previously Announced Recent Business Highlights

Business Development

   -- Successful demonstration of a high-power 9.5Ah pouch cell designed for 
      industrial and military drone applications. The prototype delivered 
      exceptional power stability, retaining approximately 95% of its capacity 
      at a 10C discharge rate, a significant improvement over typical market 
      pouch cells, which average 78% retention at 5C. Solidion expects to make 
      the pouch cell commercially available in Q2 2026. 
 
   -- The Company unveiled its new PEAK Series, an advanced UPS battery system 
      engineered specifically for AI data centers, leveraging the Company's 
      high-performance 5500 silicon-carbon anode cell. The system delivers up 
      to 30% space savings, significantly lower total cost of ownership, and up 
      to three times longer life than conventional backup solutions. Commercial 
      availability is expected in 2026, with Solidion currently working with 
      select data center partners on early integration and testing. 

Technological Advancements, Business Development and Corporate Updates:

   -- The Company previously announced that it has entered into a non-binding 
      Memorandum of Understanding with an entity that manufactures and 
      distributes energy storage systems. 
 
   -- The Company has been awarded a grant to advance research and development 
      of Electrochemical Manufacturing of High-Performance Graphite Based on 
      Biomass-Derived Carbon. This award is one of the projects funded by 
      ARPA-E, the Advanced Research Projects Agency, from their highly 
      competitive OPEN program. 
 
   -- The Company has been awarded a grant to scale up the synthesis of a 
      carbon-nanosphere material that will be used as an anti-corrosive 
      additive in molten-salts-based heat transfer fluids for advanced molten 
      salt nuclear reactors from the U.S. Department of Energy (DOE). 
 
   -- The Company has been awarded a grant to develop an advanced fiber-based 
      electronic battery system built on a coaxial carbon nanotube (CNT) yarn 
      architecture from the U.S. Department of War/Army STTR Program. 
 
   -- Solidion Technology completed a major restructuring of its August 2024 
      equity financing, eliminating all Series C and D Pre-Funded Warrants, 
      along with the corresponding derivative liability, significantly 
      strengthening the balance sheet and reducing future dilution risk. 
      Long-term investors Madison Bond LLC and Bayside Project LLC converted 
      their entire warrant allocation into common stock, committing to hold the 
      shares for at least 12 months, which enhances shareholder alignment and 
      supports Solidion's long-term growth strategy. 
 
   -- Solidion Technology and Oak Ridge National Laboratory received a 2025 R&D 
      100 Award for their jointly developed E-GRIMS technology, which enables a 
      more energy-efficient, scalable, and environmentally sustainable method 
      of producing graphite anode materials. This breakthrough significantly 
      reduces the carbon footprint of lithium-ion battery manufacturing and 
      supports next-generation energy storage, marking a major advancement in 
      sustainable battery materials innovation. 
 
   -- Secured newly granted U.S. patents for proprietary technology that 
      enables the conversion of existing lithium-ion manufacturing facilities 
      to produce solid-state batteries through in situ solidification. This 
      innovation significantly reduces fire risk by transforming flammable 
      liquid electrolytes into solid-state form. 
 
   -- Breakthrough in Lithium-Sulfur Battery Technology: Solidion announced its 
      Li-S batteries have achieved a cell energy density of 380 Wh/kg, with a 
      near-term target of 450 Wh/kg. Validated by a leading EV battery 
      manufacturer, this milestone advances our vision of low-cost, cobalt- and 
      nickel-free batteries, potentially doubling the energy density of today's 
      lithium-ion cells. 
 
   -- Filed Patent Applications for Silicon Anode Technology: Solidion filed 
      several U.S. patent applications for a novel, cost-effective method of 
      producing graphene-hosted silicon anodes--an innovation aimed at 
      significantly improving EV battery energy density and reducing production 
      risks and costs. 

CEO Statement:

"We are immensely proud to announce our first-ever quarterly revenue. This milestone is a direct result of our team's relentless execution and the strong market response to our superior energy storage technology. It proves that our vision for our commercialization is resonating with customers, establishing an extraordinary foundation for our long-term growth."

Q1 2026 Financial Highlights

   -- $85,426 in revenue from government grants and delivery of Solidion's 
      proprietary silicon anode products. 
 
   -- $1.8 million loss from continuing operations, including decreased 
      spending on public company related professional services and expenses. 
 
   -- Net Loss of $1.4 million, with basic loss per share of $0.18, including a 
      non-cash gain of $0.6 million related to change in fair value of 
      derivatives. 

See below for additional information on Solidion's operational results:

Summary of Statements of Operations for the Three Months Ended March 31, 2026 and 2025

 
                                  For the 
                             Three Months Ended 
                                  March 31, 
                      -------------------------------- 
                           2026       2025 (Restated) 
                       ------------  ----------------- 
 
Net sales              $     85,426   $              - 
Cost of goods sold            1,696                  - 
                        -----------      ------------- 
Operating expenses        1,858,023          3,132,669 
Total other income          343,625         12,327,299 
                        -----------      ------------- 
Net (loss) income      $(1,430,668)   $      9,194,630 
                        ===========      ============= 
 

Operating Expenses

Operating expenses decreased by $1,274,646 for the three months ended March 31, 2026. This decrease was primarily driven by lower general and administrative costs, including reduced personnel and professional services expenses. Additionally, there were decreased research and development costs, including personnel expenses associated with the commercialization of our battery cell products and third-party validation testing of our proprietary silicon anode.

Other Income (Expense)

Other income decreased by $11,983,674 for the three months ended March 31, 2026. This increase was largely driven by a gain of $561,350 due to a change in the fair value of derivative liabilities related to the Forward Purchase Agreement and warrants related to the March private placement financing, compared to a gain of $12,417,450 in the three months ended March 31, 2025. Additionally, there was interest expense of $147,233 primarily related to the Company's short-term notes.

About Solidion Technology, Inc.

Headquartered in Dallas, Texas with pilot production facilities in Dayton, Ohio, Solidion's (NASDAQ: STI) core business includes manufacturing of battery materials and components, as well as development and production of next-generation batteries for energy storage systems, including UPS systems serving the artificial intelligence (AI) data center market and electric vehicles for ground, aerospace, and sea transportation. Solidion holds a portfolio of over 385 patents, covering innovations such as high-capacity, silane gas free and graphene-enabled silicon anodes, biomass-based graphite, advanced lithium-sulfur and lithium-metal technologies.

For more information, please visit www.solidiontech.com or contact Investor Relations.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Solidion Technology Inc., (NASDAQ: STI) (the "Company," "Solidion," "we, " "our" or "us") desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "forecasts" "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

View original content to download multimedia:https://www.prnewswire.com/news-releases/solidion-technology-marks-commercial-milestone-with-first-ever-quarterly-revenue-302778467.html

SOURCE Solidion Technology, Inc.

(END) Dow Jones Newswires

May 21, 2026 04:30 ET (08:30 GMT)