Solid Power, Inc.

Q1 2026 revenue and grant income were $3.1 million, driven mainly by progress toward the SK On site acceptance testing milestone and work under the DOE assistance agreement. Operating expenses were $29.4 million versus $30 million in Q1 2025; operating loss was $26.3 million; net loss was $13 million, or $0.06 per share. Capital expenditures were $1.7 million, primarily for construction of the continuous electrolyte production pilot line. Solid Power ended the quarter with $435.3 million of total liquidity, helped by $121.3 million of net proceeds from a registered direct offering in January. The company did not give quantified full-year revenue guidance on the call; instead, management said it expects the SP2.5 line to be commissioned by the end of the year and described 2026 as a period of continued investment in development and process improvements.

John Van Scoter characterized Q1 as a productive quarter with steady progress across operational and strategic priorities. He emphasized that finishing site acceptance testing for SK On is an important milestone and said the company now has cell production lines using its technology on three continents, which he framed as validation of the business model. He also stressed that the continuous electrolyte pilot line is a critical step toward commercialization and that Solid Power is actively pursuing partners for scaling, particularly in Korea.

Linda Heller said the quarter’s $3.1 million of revenue and grant income came primarily from the SK On milestone work and DOE assistance agreement. She noted operating expenses of $29.4 million, down slightly from $30 million a year ago, and said the decrease was due to timing of supplier and material shipments. She highlighted $1.7 million of capital expenditures in the quarter, the $435.3 million liquidity balance, $12.7 million of contract assets and accounts receivable, and $17.1 million of current liabilities, while reiterating a focus on financial discipline and selective investment in technology development and process improvements.

Analysts focused on whether Solid Power sees North American partnership opportunities, but management said meaningful demand is still coming from Korea and that it has not yet seen substantial demand in the U.S. despite tariffs, legislation, and defense-related compliance themes. Another major topic was capital efficiency: management said the SP2.5 line, the move from batch to continuous processing, and its wet-process electrolyte technology together should support meaningful capital expenditure and operating efficiency advantages at commercial scale. On SK On, management said the company will shift from running the line to supporting SK On as needed, with the relationship expected to evolve from the current R&D supply arrangement into a longer-term electrolyte supply agreement.