Solid Power Q3 2025 Earnings Report

Solid Power EPS Results

• Actual EPS: -$0.14
• Consensus EPS: -$0.17
• Beat/Miss: Beat by +$0.03
• One Year Ago EPS: N/A

Solid Power Revenue Results

• Actual Revenue: $4.56 million
• Expected Revenue: $3.50 million
• Beat/Miss: Beat by +$1.06 million
• YoY Revenue Growth: N/A

Solid Power Announcement Details

• Quarter: Q3 2025
• Date: 11/4/2025
• Time: After Market Closes
• Conference Call Date: Tuesday, November 4, 2025
• Conference Call Time: 4:30PM ET

Solid Power (NASDAQ:SLDP) (NASDAQ: SLDP) is a Colorado-based company specializing in the development and manufacturing of all-solid-state rechargeable battery cells for the electric vehicle (EV) and aerospace industries. Founded in 2012 as a spin-out from the University of Colorado Boulder, Solid Power has focused on advancing solid electrolytes and high-energy battery architectures to deliver improved safety, higher energy density and longer cycle life compared with traditional lithium-ion batteries.

The company’s core offerings include multilayer solid-state battery cells that utilize sulfide-based solid electrolytes and high-capacity cathode materials. Solid Power operates a pilot production line in Louisville, Colorado, where it manufactures sample cells and modules for testing by strategic partners. Its technology roadmap envisions scaling to larger formats suitable for passenger vehicles, commercial fleets and aerospace applications.

Solid Power has entered development agreements and joint programs with leading automotive OEMs and Tier 1 suppliers in North America, Europe and Asia. These collaborations aim to integrate Solid Power’s cells into next-generation EV platforms, with validation protocols emphasizing thermal stability, manufacturability and cost competitiveness. The company’s global partnerships underscore its ambition to support the transition to zero-emission transportation.

Headquartered in Louisville, Colorado, Solid Power is led by President and Chief Executive Officer Doug Campbell, who has guided the company through multiple funding rounds and development milestones. Under his leadership, Solid Power has expanded its research capabilities, optimized cell performance and advanced toward commercial readiness. The company continues to invest in its technology infrastructure and strategic alliances to position itself as a key supplier of solid-state batteries.

Solid Power Q3 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Strategic collaboration with Samsung SDI and BMW announced — Solid Power will supply sulfide-based solid electrolyte for Samsung SDI to integrate, and the three parties aim to develop and supply all-solid-state cells for evaluation vehicles.
• Positive Sentiment: Progress with SK On — site acceptance testing of the SK On pilot line was conducted and the line remains on target for completion by year-end, marking a key manufacturing milestone under their agreement.
• Negative Sentiment: Soft quarterly results and continued losses — Q3 revenue fell to $4.6 million from $7.5 million in Q2, while year-to-date operating loss was $74.3 million and net loss totaled $66.4 million ($0.37 per share), highlighting ongoing cash burn.
• Positive Sentiment: Liquidity and spending discipline — total liquidity increased to $300.4 million as of Sept 30, 2025, and management revised expected 2025 cash investment to $85–$95 million, signaling runway and tighter fiscal control.

Presentation

[Operator]

Good day and Welcome to the Solid Power third quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask a question. To ask a question, you may press star then one on a touch-tone phone. To draw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Charlie Van Goetz, Investor Relations. Please go ahead.

[Charlie Van Goetz, Head of Investor Relations at Solid Power]

Thank you, Operator. Welcome, everyone, and thank you for joining us today. I'm joined on today's call by Solid Power's President and Chief Executive Officer John Van Scoter and Chief Financial Officer Linda Heller. A copy of today's earnings release is available on the Investor Relations section of Solid Power's website, www.SolidPowerBattery.com. I'd like to remind you that parts of our discussion today will include forward-looking statements as defined by U.S. securities laws. 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 to reflect future events or circumstances.

[Charlie Van Goetz, Head of Investor Relations at Solid Power]

For a discussion of the risks and uncertainties that could cause actual results to differ materially from those expressed in today's forward-looking statements, please see Solid Power's most recent filings with the Securities and Exchange Commission, which can be found on the company's website at www.SolidPowerBattery.com. With that, let me turn it over to John Van Scoter.

[John Van Scoter, CEO and President at Solid Power]

Thank you, Charlie, and thank you all for joining us today. I am pleased to provide an update on our 2025 operational goals since our last earnings call. First, we recently announced a strategic collaboration with Samsung SDI and BMW under a joint evaluation agreement. We believe this collaboration represents a vote of confidence in our technology and the potential of solid-state batteries. Under this arrangement, Solid Power will supply sulfide-based solid electrolyte to Samsung SDI, which Samsung SDI will integrate into separator and/or catholyte and use to build cells, in each case subject to achievement of technical requirements. These cells will be evaluated based on performance parameters and requirements to be agreed between Samsung SDI and BMW Group. Ultimately, Solid Power, Samsung SDI, and BMW aim to develop and supply all solid-state battery cells for integration into a next generation of evaluation vehicles.

[John Van Scoter, CEO and President at Solid Power]

Together with Samsung SDI and BMW, we look forward to driving innovation in all solid-state battery technology. In addition, we believe this agreement underscores our electrolyte sampling efforts and our focus on identifying long-term customers. This quarter, we continue to execute on our agreements SK On. we conducted site acceptance testing of SK On pilot line, which remains on target for completion by the end of this year and is another key milestone under our line installation agreement SK On. during the quarter, we also made progress on our electrolyte development roadmap. We continued detailed design work for the planned installation of a continuous manufacturing pilot line for sulfide electrolyte production at SP2. We expect detailed design to be substantially complete later this year, with commissioning on track for 2026.

[John Van Scoter, CEO and President at Solid Power]

With that, I'll turn it over to Linda to review our financial results and provide an update on our progress towards achieving our financial discipline goal. Linda.

[Linda Heller, CFO at Solid Power]

Thank you, John. I'll start with Q3 and year-to-date results, beginning with revenue. During the third quarter of 2025, we generated revenue of $4.6 million compared to our Q2 2025 revenue of $7.5 million. Revenue recognized this quarter was driven primarily by SK On agreements as well as our government contracts. This brings revenue year-to-date to $18.1 million and an increase of $2.4 million over the same period in 2024. Operating expenses for the third quarter were $29 million, a decrease of $4.4 million compared to our second quarter of 2025 at $33.4 million. The reduction in expenses for the third quarter was primarily due to the nature of the work performed under SK On agreement. The third quarter was labor-focused in preparation for site acceptance testing, whereas the second quarter included significant equipment purchases for factory acceptance testing.

[Linda Heller, CFO at Solid Power]

Operating loss year-to-date was $74.3 million, and year-to-date net loss was $66.4 million or $0.37 per share. Capital expenditures totaled $0.6 million, primarily representing costs for the construction of our continuous electrolyte production pilot line. Turning to our balance sheet and liquidity during the quarter, our cash used for operations and capital expenditures was $14.9 million. This brings our total year-to-date cash investment to $61.2 million. Total liquidity increased to $300.4 million as of September 30th, 2025. This was primarily driven by proceeds from our at-the-market offering program as well as cash received from our government contracts. In addition, contract assets and contract receivables totaled $7.2 million, and total current liabilities were $16.6 million. During Q3, we remained fiscally disciplined, focused on realizing efficiencies and reducing operating costs while driving technology development and innovation.

[Linda Heller, CFO at Solid Power]

As a result of these efforts, we are revising our expected cash investment to $85 million-$95 million in 2025. I will now turn it back to John for some final thoughts.

[John Van Scoter, CEO and President at Solid Power]

Thank you, Linda. In closing, we're making progress towards our strategic objectives, and I'm excited about the potential of all solid-state battery technology. I want to sincerely thank our employees, partners, and stakeholders for their continued dedication and support. We will now take your questions. Operator.

[Operator]

Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. This concludes our question and answer session. I would like to turn the conference back over to John Van Scoter for any closing remarks.

[John Van Scoter, CEO and President at Solid Power]

Thank you for joining the call today and for your interest in Solid Power. We look forward to updating you again next quarter.

[Operator]

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now.

Participants

Executives

• Linda Heller, CFO
• John Van Scoter, CEO and President
• Charlie Van Goetz, Head of Investor Relations