Solid Power NASDAQ: SLDP executives highlighted progress on partner deployments and manufacturing scale-up efforts during the company’s first-quarter 2026 earnings call, while also detailing results that reflected milestone-driven revenue and continued investment in development.
SK On milestone completed; lines now operating on three continents
President and CEO John Van Scoter said the company “delivered a productive first quarter,” pointing first to Solid Power’s partnership with SK On. He said the company completed site acceptance testing (SAT) in early April, calling it “the final milestone of the Line Installation Agreement for SK On.”
With that step complete, Van Scoter said Solid Power’s technology is now being used on cell production lines in three regions: Solid Power’s facilities in Colorado, BMW’s facility in Germany, and SK On’s facility in Korea.
In response to an analyst question about what comes next with SK On after SAT, Van Scoter characterized the relationship as long-term and said the companies will shift into a new phase in which Solid Power supports SK On as it runs the line. He noted that, prior to SAT completion, Solid Power was running the line at SK On’s facility, but “now they’ve taken that over, and they are running the line.” He added that Solid Power expects to provide experts as needed to support SK On’s development work “through this year and out into next.”
Van Scoter also discussed the company’s electrolyte supply arrangements with SK On, noting that an R&D electrolyte supply agreement is part of a three-part agreement signed in 2024. He said Solid Power would expect that, once that R&D supply agreement is completed, the relationship would “transition to a long-term supply agreement with SK.” Asked about the timeline, Van Scoter said the agreement is “multi-years,” runs through 2027, and covers a total of 8 metric tons, suggesting investors consider the pace of SK On’s consumption rather than a fixed schedule.
Electrolyte deliveries and customer support efforts
Van Scoter said Solid Power continued supporting customers and partners by delivering electrolyte during the quarter. He said the company provided Samsung SDI with electrolyte under its three-way Joint Evaluation Agreement with BMW and “continued sampling with other customers during the quarter.”
Continuous pilot line and wet-process approach positioned as key differentiator
On Solid Power’s electrolyte development roadmap, Van Scoter said the installation of its continuous electrolyte manufacturing pilot line is expected to be “a critical inflection point” and “a clear differentiator” on its path to commercialization. He said factory acceptance testing for all key equipment is complete and construction is underway.
Van Scoter said the line is intended to enable a shift “from batch to continuous processing,” supporting near-term customer programs and delivering expected cost savings compared with current processes. He added that the pilot line is designed to allow the company to “de-risk and optimize processes in advance of full commercialization.”
Chief Financial Officer Linda Heller provided additional detail during the Q&A, saying Solid Power expects the SP 2.5 continuous processing line to be commissioned by the end of the year and that the company is “on track for that.” She also highlighted Solid Power’s use of wet-process technology for electrolyte production, describing it as a source of multiple advantages “from dry room utilization to size of the equipment,” which she said can drive “a very significant capital expenditure reduction,” as well as yield and other improvements.
Van Scoter added that the wet-processing approach is contributing to interest from potential joint venture partners in Korea, saying he views it as “a leading indicator of the advantage we have with our process.”
Focus on Korea demand; potential partnerships under evaluation
When asked about potential partnerships in North America, Van Scoter said current demand appears concentrated in Korea. “The demand that we see right now is really coming off the peninsula in Korea,” he said, adding that the company has not seen “anything really substantial here in States.”
He contrasted the current environment with earlier expectations, noting that Solid Power had planned its original DOE plant in North America but later shifted, citing changes in the North American landscape. “With the changes in the landscape here in North America, we shifted to just the SP 2.5, shifted to partnerships in Korea,” he said, while adding that Solid Power would like to invest in North America if demand strengthens.
Van Scoter also said Solid Power anticipates additional demand for sulfide electrolyte in Korea and is evaluating a potential partnership for commercial-scale production there. He said the company is assessing multiple potential partners and is “pleased with our progress to date.” More broadly, he said the company continues to explore partners with processing and scaling capabilities and capital support for construction of a 500-metric-ton electrolyte production facility.
Q1 financial results: milestone-driven revenue, continued investment
Heller reported revenue and grant income of $3.1 million in the first quarter of 2026, driven primarily by progress toward the SAT milestone under the SK On Line Installation Agreement and performance on an assistance agreement with the U.S. Department of Energy.
Operating expenses were $29.4 million, compared with $30.0 million in the first quarter of 2025. Heller attributed the decrease to timing of supplier and material shipments related to development activities. Operating loss was $26.3 million, and net loss was $13.0 million, or $0.06 per share.
Capital expenditures were $1.7 million in the quarter, “primarily representing costs for construction of the continuous electrolyte manufacturing pilot line,” Heller said. Asked to walk through 2026 CapEx, Heller said the company does not break out CapEx in guidance. She reiterated the $1.7 million Q1 figure and said it includes the impact of DOE reimbursement, noting the gross spending is higher but the net impact is $1.7 million. She also said the company’s largest capital expenditure in 2026 is SP 2.5, with grant money offsetting costs in financial statements.
On liquidity, Heller said Solid Power ended the quarter with total liquidity of $435.3 million, which reflected net proceeds of $121.3 million raised through a registered direct offering in January. She also reported contract assets and accounts receivable of $12.7 million and total current liabilities of $17.1 million.
In closing remarks, Van Scoter thanked employees and partners and said the company is “executing on our objectives with focus,” adding that he believes Solid Power is positioned to deliver progress through 2026.
About Solid Power NASDAQ: SLDP
Solid Power, Inc 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.
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