Solid Power, a recognized innovator in the development of all-solid-state battery technology for electric vehicles and other high-performance applications, reported its operational and financial results for the full year ended December 31, 2025, while also outlining its strategic priorities and performance objectives for 2026, underscoring a year marked by disciplined execution, technological advancement, strengthened industry collaborations, and continued investment in scalable manufacturing capabilities that support the company’s long-term commercialization roadmap.
Strategic Progress and Commercialization Milestones in 2025
During 2025, Solid Power achieved significant progress across its technical development and partner engagement initiatives, reinforcing its position within the evolving solid-state battery ecosystem, as the company announced a Joint Evaluation Agreement with Samsung SDI and BMW to further advance the development and validation of all-solid-state battery cells, representing a meaningful step toward commercialization while simultaneously validating the performance and manufacturability of its proprietary sulfide-based solid electrolyte materials through expanded sampling programs and collaborative testing protocols designed to meet automotive-grade performance standards.
In parallel with these partnership milestones, Solid Power completed detailed engineering design activities for a continuous electrolyte production pilot line, an initiative intended to demonstrate scalable manufacturing processes capable of supporting future high-volume automotive programs, with installation and commissioning of the pilot line expected to be completed by the end of 2026, thereby establishing a critical bridge between laboratory-scale development and commercial-scale production.
The company also made substantial progress under its line installation agreement with SK On, successfully completing factory acceptance testing for equipment destined for SK On’s facility and advancing toward the completion of site acceptance testing, demonstrating execution capability in deploying pilot manufacturing lines within partner facilities and further validating its strategy of enabling partners to internalize solid-state cell production using Solid Power’s electrolyte technology and process expertise.
Beyond infrastructure deployment, Solid Power continued to refine and enhance its electrolyte formulations and cell architectures through iterative innovation informed by internal testing data and structured feedback from automotive and battery manufacturing partners, driving measurable improvements in ionic conductivity, mechanical stability, and manufacturability, while maintaining focus on safety performance and cost scalability essential for automotive integration.
Leadership Perspective on 2025 Performance
John Van Scoter, President and Chief Executive Officer of Solid Power, characterized 2025 as a year defined by tangible execution and forward momentum, emphasizing that the company advanced its electrolyte technology platform while executing on its roadmap toward scalable production and strengthening collaboration with key strategic partners, noting particularly the introduction by BMW of an i7 test vehicle equipped with prototype cells incorporating Solid Power’s solid-state battery technology, as well as the company’s progress in installing and validating pilot cell manufacturing capabilities at SK On’s facility, both of which illustrate the transition from research-focused milestones to application-oriented validation in real-world automotive contexts.
Revenue Growth and Operational Performance
For the full year 2025, Solid Power generated total revenue of $21.7 million, representing an increase of $1.6 million compared to $20.1 million reported in 2024, with the year-over-year improvement driven primarily by activities performed under the SK On line installation agreement, reflecting recognition of revenue associated with equipment deployment, engineering support, and collaborative development services tied to the advancement of solid-state cell production capabilities within partner operations.
Operating expenses for 2025 totaled $122.6 million, compared to $125.5 million in 2024, reflecting disciplined cost management despite ongoing investments in research and development, pilot line engineering, and equipment procurement, as the company continued to allocate resources toward electrolyte innovation, cell testing, and manufacturing process validation, while also supporting contractual obligations under partner agreements, particularly those connected to SK On’s pilot line installation and related services.
Solid Power reported an operating loss of $100.8 million for 2025, reflecting continued investment in technology maturation and commercialization infrastructure, while net loss for the year totaled $93.4 million, or $0.51 per share, compared to the prior year, consistent with expectations for a development-stage company focused on scaling advanced battery technologies prior to achieving meaningful production revenue.
Liquidity Position and Balance Sheet Strength
As of December 31, 2025, Solid Power maintained a strong liquidity position totaling $336.5 million, representing an increase of $9.0 million compared to $327.5 million as of December 31, 2024, demonstrating the company’s ability to sustain operational investments while preserving capital flexibility to support continued technology development and manufacturing scale-up initiatives.
Cash and cash equivalents stood at $21.6 million at year-end 2025, compared to $25.4 million at the end of 2024, while available-for-sale securities totaled $314.8 million, compared to $302.1 million in the prior year, illustrating a capital allocation strategy that balances liquidity management with yield optimization within conservative investment parameters appropriate for a pre-commercial technology enterprise.
Contract assets and accounts receivable amounted to $9.6 million as of December 31, 2025, reflecting recognized revenue not yet billed or collected under active agreements, while total current liabilities were $16.8 million, indicating a relatively modest short-term obligation profile relative to total liquidity resources.
Capital Raising Activities and Investment Discipline
During the fourth quarter of 2025, Solid Power raised net proceeds of $56.0 million through sales of common stock under its at-the-market (ATM) offering program, bringing total net proceeds raised through the ATM program during 2025 to $88.8 million, closely aligned with the previously disclosed figure of approximately $89.4 million, reinforcing the company’s capital base while maintaining flexibility in timing and pricing of equity issuance.
Total capital expenditures for 2025 amounted to $10.2 million, primarily associated with planned construction and preparatory investments for the continuous electrolyte production pilot line, reflecting a measured approach to scaling manufacturing capabilities while avoiding premature large-scale capital commitments prior to completion of key validation milestones with automotive partners.
The company’s final cash investment for 2025, defined as cash used in operations combined with capital expenditures, totaled $84.5 million, positioning the result at the lower end of the company’s revised cash investment guidance range of $85 million to $95 million, underscoring fiscal discipline and cost control amid continued technical advancement and partner engagement.
Outlook and Strategic Objectives for 2026
Looking ahead to 2026, Solid Power intends to focus on commissioning its continuous electrolyte production pilot line, completing site acceptance testing and operational validation activities with SK On, expanding electrolyte sampling and qualification programs under joint evaluation agreements with Samsung SDI and BMW, and further optimizing electrolyte formulations to enhance performance metrics critical for automotive adoption, including energy density, cycle life, and safety characteristics under demanding operating conditions.
The company also plans to continue leveraging its capital resources prudently while exploring strategic pathways to commercialization that may include expanded licensing arrangements, additional joint development agreements, and incremental scale-up of electrolyte production capacity aligned with demonstrated partner demand and validation milestones, reinforcing its asset-light strategy centered on enabling partners to integrate solid-state technology within existing cell manufacturing ecosystems.
Positioning Within the Solid-State Battery Landscape
As global automotive manufacturers accelerate electrification strategies and seek next-generation battery technologies capable of delivering higher energy density, improved safety, and cost competitiveness relative to conventional lithium-ion systems, Solid Power’s sulfide-based solid electrolyte platform is positioned as a promising pathway to achieving these objectives, particularly through collaborative models that embed its materials and process expertise within established battery manufacturing operations rather than relying solely on vertically integrated production facilities.
By advancing pilot-scale production, validating technology within automotive test vehicles such as BMW’s i7 prototype program, and strengthening partnerships with leading battery manufacturers including Samsung SDI and SK On, Solid Power continues to transition from laboratory innovation toward practical, scalable implementation, reinforcing investor confidence in its disciplined capital management, technical roadmap execution, and collaborative commercialization strategy as it enters 2026 with a strengthened liquidity position and clearly defined operational milestones.
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