LOUISVILLE, Colo.--(BUSINESS WIRE)--November 04, 2025--
Solid Power, Inc. (Nasdaq: SLDP), a leading developer of solid-state battery technology, today announced its operational and financial results for the third quarter of 2025.
Recent Business Highlights
-- Announced a Joint Evaluation Agreement with Samsung SDI and BMW to progress the development of all-solid-state batteries. -- Conducted site acceptance testing for the SK On pilot cell line, which remains on schedule for completion by year-end. -- Continued detailed design work for the installation of our continuous electrolyte production pilot line, with commissioning on track for 2026. -- Remained fiscally disciplined, focusing on operational efficiencies and cost reductions while continuing to drive innovation.
"This Joint Evaluation Agreement marks meaningful advancement in Solid Power's path toward commercialization. Our electrolyte sampling efforts have culminated in this strategic partnership with Samsung SDI and BMW," said John Van Scoter, President and Chief Executive Officer of Solid Power. "We believe this collaboration validates the strength of our technology and highlights our dedication to building partnerships that drive innovation in all-solid-state battery technology."
Third Quarter 2025 Financial Highlights
Solid Power delivered $4.6 million in revenue and grant income during the third quarter of 2025, bringing year-to-date revenue recognized to $18.1 million. Third quarter 2025 revenue was driven primarily by our work performed on the site acceptance testing milestone under our line installation agreement with SK On Co., Ltd.
Operating expenses were $29.0 million in the third quarter of 2025 compared to $33.4 million in the second quarter of 2025. Third quarter operating expenses include $2.6 million of costs incurred to support site acceptance testing. Year-to-date 2025 operating loss was $74.3 million, and year-to-date net loss was $66.4 million, or $0.37 per share.
Balance Sheet and Liquidity (in thousands) September 30, 2025 December 31, 2024 -------------------- ------------------- Cash and cash equivalents $ 47,286 $ 25,413 Available-for-sale securities 253,141 302,057 --- --------------- --- -------------- Total liquidity $ 300,427 $ 327,470
Solid Power's liquidity position remains strong. Total liquidity as of September 30, 2025, was $300.4 million, as shown above. Solid Power raised net proceeds of $32.9 million through sales of shares of common stock under an at-the-market offering program during the third quarter of 2025.
As of September 30, 2025, contract assets and contract receivables were $7.2 million and total current liabilities were $16.6 million.
Third quarter and year-to-date 2025 capital expenditures totaled $0.6 million and $5.6 million, respectively, primarily representing costs for construction of our continuous electrolyte production pilot line. So far this year, we have used $61.2 million towards our total cash investment.
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.
In addition to the progress Solid Power has made on its 2025 objectives, management has reduced its expectation for 2025 cash investment to be in the range of $85 million to $95 million. The revised outlook reflects our focus on driving innovation and supporting our partners and customers while optimizing operating expenses.
Webcast and Conference Call
Solid Power will host a conference call at 2:30 p.m. MT (4:30 p.m. ET), today, November 4, 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 or government funding reductions or delays, 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, Solid Power's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, 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)
September 30, 2025
(Unaudited) December 31, 2024
-------------------- ---------------------
Assets
Current Assets
Cash and cash
equivalents $ 47,286 $ 25,413
Marketable securities 203,928 92,784
Contract receivables 2,069 1,393
Contract assets 5,164 --
Prepaid expenses and
other current assets 3,731 5,646
--------------- --------------
Total current assets 262,178 125,236
Long-Term Assets
Property, plant and
equipment, net 88,997 97,208
Right-of-use operating
lease assets, net 6,957 7,490
Investments 50,433 210,400
Intangible assets, net 2,056 2,072
Other assets 1,159 1,577
Loan receivable from
equity method investee 4,364 4,267
--------------- --------------
Total long-term
assets 153,966 323,014
--------------- --------------
Total assets $ 416,144 $ 448,250
=============== ==============
Liabilities, Mezzanine
Equity and Stockholders'
Equity
Current Liabilities
Accounts payable and
other accrued
liabilities 9,446 8,409
Deferred revenue 436 3,150
Accrued compensation 5,894 7,578
Operating lease
liabilities 836 833
--------------- --------------
Total current
liabilities 16,612 19,970
Long-Term Liabilities
Warrant liabilities 9,537 8,735
Operating lease
liabilities 7,370 8,023
Other liabilities 1,127 1,208
--------------- --------------
Total long-term
liabilities 18,034 17,966
Total liabilities 34,646 37,936
Mezzanine Equity
Mezzanine Equity 303 34
Stockholders' Equity
Common Stock, $0.0001
par value;
2,000,000,000 shares
authorized; 190,209,602
and 180,364,028 shares
issued and outstanding
as of September 30,
2025 and December 31,
2024, respectively 19 18
Additional paid-in
capital 628,501 591,394
Accumulated deficit (247,710) (181,171)
Accumulated other
comprehensive income 385 39
--------------- --------------
Total stockholders'
equity 381,195 410,280
--------------- --------------
Total liabilities,
mezzanine equity and
stockholders'
equity $ 416,144 $ 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 September Nine Months Ended September
30, 30,
---------------------------- ------------------------------
2025 2024 2025 2024
------------- ------------- ------------- ---------------
Revenues and Grant
Income
Revenue $ 3,732 $ 4,651 $ 15,342 $ 15,679
Grant income 828 -- 2,774 --
----------- ----------- ----------- -----------
Total revenue and
grant income 4,560 4,651 18,116 15,679
Operating Expenses
Direct costs 3,632 6,973 14,790 16,700
Research and
development 18,276 17,319 55,639 54,718
Selling, general
and
administrative 7,074 7,950 22,008 24,570
----------- ----------- ----------- -----------
Total
operating
expenses 28,982 32,242 92,437 95,988
----------- ----------- ----------- -----------
Operating Loss (24,422) (27,591) (74,321) (80,309)
Nonoperating Income
and Expense
Interest income 3,050 4,251 9,887 13,707
Change in fair
value of warrant
liabilities (3,464) 1,591 (802) 1,793
Interest expense (6) (11) (21) (37)
Other income
(expense) (58) (283) (732) (167)
----------- ----------- ----------- -----------
Total
nonoperating
income and
expense (478) 5,548 8,332 15,296
----------- ----------- ----------- -----------
Pretax Loss $ (24,900) $ (22,043) $ (65,989) $ (65,013)
=========== =========== =========== ===========
Income tax
expense 360 376 365 887
Share of net
loss of
equity method
investee 607 -- 1 --
Net Loss
Attributable to
Common
Stockholders $ (25,867) $ (22,419) $ (66,355) $ (65,900)
=========== =========== =========== ===========
Other Comprehensive
Income (Loss) 161 2,058 346 1,468
Comprehensive Loss
Attributable to
Common
Stockholders $ (25,706) $ (20,361) $ (66,009) $ (64,432)
=========== =========== =========== ===========
Basic and diluted
loss per share $ (0.14) $ (0.13) $ (0.37) $ (0.37)
Weighted average
shares outstanding
-- basic and
diluted 182,350,071 179,160,488 181,369,650 179,177,452
Solid Power, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Nine Months Ended September 30,
---------------------------------------
2025 2024
--------------------- ----------------
Cash Flows from Operating
Activities
Net loss $ (66,355) $ (65,900)
Adjustments to reconcile
net loss to net cash and
cash equivalents used in
operating activities:
Depreciation and
amortization 13,770 11,991
Amortization of right-of-use
assets 1,071 642
Loss on sales of property,
plant and equipment, net 574 --
Share of net loss of equity
method investee 1 --
Stock-based compensation
expense 6,467 8,987
Change in fair value of
warrant liabilities 802 (1,793)
Accretion of discounts on
other long-term
liabilities 49 52
Accretion of loan receivable
from equity method
investee (97) --
Amortization of premiums and
accretion of discounts on
available-for-sale
securities (3,579) (6,260)
Loss on change in
assessment of finance lease
purchase options 84 --
Impairment loss on
abandoned patents 748 --
Change in operating assets
and liabilities that
provided (used) cash and
cash equivalents:
Contract receivables
and contract assets (5,597) (1,061)
Prepaid expenses and
other current assets
and other assets 2,360 707
Accounts payable and
other accrued
liabilities (121) (664)
Deferred revenue (2,714) 6,734
Deferred revenue from
related parties -- (828)
Accrued compensation (1,684) (2,027)
Operating lease
liabilities (781) (610)
------------- ------------
Net cash and cash
equivalents used in
operating activities (55,002) (50,030)
------------- ------------
Cash Flows from Investing
Activities
Purchases of property, plant
and equipment, net (5,614) (11,236)
Purchases of
available-for-sale
securities (158,770) (174,040)
Proceeds from sales of
available-for-sale
securities 211,085 252,177
Cash paid for loan
receivable from equity
method investee -- (4,448)
Purchases of intangible
assets (602) (314)
------------- ------------
Net cash and cash
equivalents provided by
investing activities 46,099 62,139
------------- ------------
Cash Flows from Financing
Activities
Proceeds from exercise of
stock options 1,866 232
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 (736) (554)
Repurchase of shares of
common stock (3,592) (8,274)
Payments on finance lease
liabilities (232) (319)
Proceeds from the ATM, net
of commissions and fees 33,412 --
Offering costs for the
issuance of common stock
under the ATM (98) --
------------- ------------
Net cash and cash
equivalents provided by
(used in) financing
activities 30,776 (8,677)
------------- ------------
Net increase in cash and cash
equivalents 21,873 3,432
Cash and cash equivalents at
beginning of period 25,413 34,537
Cash and cash equivalents at
end of period 47,286 37,969
Supplemental information
Cash paid for interest $ 21 $ 37
Accrued capital expenditures 1,933 2,041
Accrued intangibles 155 --
Unpaid reimbursements on
capital expenditures 242 --
Accrued offering costs for the
issuance of common stock under
the ATM 421 --
Accrued excise tax on stock
repurchases 35 82
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CONTACT: investors@solidpowerbattery.com
press@solidpowerbattery.com
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