Solid Power, Inc.

Year-to-date revenue totaled $2.8 million. Second-quarter 2026 revenue was negative $300,000, impacted by a $1.2 million reversal from Q1 related to milestone payment assumptions in the SK On R&D license agreement; management said this adjustment was noncash. Operating expenses were $30 million, versus $29.4 million in Q1 2026. Operating loss was $30.3 million, net loss was $23.8 million, or $0.11 per share, and capital expenditures were $6.3 million. The company ended the quarter with total liquidity of $419.3 million, $3.2 million of contract assets and accounts receivable, $17.2 million of total current liabilities, and no debt. Looking ahead, management said the South Korea electrolyte JV is expected by year-end, Stage 2 ISO 9001 audit is targeted for the third quarter with certification expected by year-end, pilot line commissioning is expected to complete in Q4, and first output from the line is expected in Q1 next year.

John Van Scoter emphasized execution across customer programs, manufacturing scale-up, and strategic partnerships, framing the quarter as a step forward in commercialization. He said the company improved electrolyte performance with Samsung SDI and BMW, is optimistic about continued work with Samsung SDI, and sees growing industry interest in its South Korea JV discussions. His tone was confident and upbeat, repeatedly pointing to momentum, progress on milestones, and a path toward commercial readiness.

Linda Heller highlighted disciplined spending and a strong balance sheet. She said operating expenses were $30 million, essentially in line with Q1, while capex was $6.3 million, mainly for the continuous electrolyte pilot line. She also emphasized $419.3 million of total liquidity, no debt, and a focus on disciplined capital allocation while investing in commercialization and customer programs.

Analysts focused on the timing and scale-up of the continuous line, ISO 9001 certification, the potential new SK On collaboration, and the Samsung SDI/BMW joint evaluation work. Management said all major equipment is now in-house, commissioning starts in Q4, the line’s capacity is 45 metric tons when fully commissioned, and output is expected in Q1 next year. On Samsung SDI and BMW, the current Phase 1 contract is expected to expire at the end of September, but they expect to keep collaborating. The company also said the Q2 revenue reversal was noncash and did not imply a cash outflow or direct cost reversal.