Solid Power (NASDAQ:SLDP) used its fourth-quarter 2025 earnings call to outline progress on its electrolyte sampling strategy, development roadmap, and partner programs, while emphasizing continued financial discipline as it works toward commercialization of its solid-state battery technology.
2025 execution: sampling demand, partner activity, and technology milestones
President and CEO John Van Scoter said 2025 was “an important year of execution” against a set of near-term objectives that included advancing electrolyte innovation, ramping sampling activity, executing agreements with SK On, and maintaining disciplined capital spending.
Van Scoter also pointed to BMW’s May 2025 demonstration of solid-state battery technology in a BMW i7 test vehicle, describing it as a meaningful achievement in the partnership and noting Solid Power’s role in the effort.
Electrolyte roadmap: pilot line plans and capacity targets
Solid Power said it made progress toward installation of a continuous electrolyte production pilot line. In 2025, the company completed ordering long-lead equipment and conducted detailed design work for the line. Management expects to install and commission the continuous pilot line by the end of 2026.
Van Scoter described the continuous pilot line as intended to support small-volume customer programs and to help Solid Power “learn and optimize” manufacturing processes ahead of full commercialization. In prepared remarks, he added that the line is designed to expand annual electrolyte production capacity to up to 75 metric tons.
Looking further out, Solid Power said it plans in 2026 to pursue a potential partnership for commercial-scale electrolyte production in Korea. Van Scoter said the company intends to evaluate partners with process capabilities and capital to support construction of a facility capable of producing up to 500 metric tons of electrolyte annually, with Solid Power contributing technical expertise, intellectual property, and process knowledge.
SK On program: acceptance testing progress and next steps
Van Scoter said Solid Power continued executing under its agreements with SK On, including a research and development license, a line installation agreement, and an electrolyte supply agreement. The agreements are intended to enable SK On to develop solid-state cells based on Solid Power’s technology and operate a pilot cell manufacturing line using Solid Power’s electrolyte.
During 2025, Solid Power completed factory acceptance testing and was nearing completion of site acceptance testing at SK On’s facility. For 2026, management said it expects to complete site acceptance testing in the first quarter and then work with SK On on line validation activities. After site acceptance testing, Solid Power plans to begin delivering electrolyte to SK On to support validation efforts.
In the Q&A, CFO Linda Heller clarified that the line is installed at SK On’s facility in Korea and that SK On will largely run it independently once site acceptance testing is completed, with Solid Power providing support. She added that any additional capital improvements for that line would be SK On’s responsibility, though Solid Power would consider ways to assist if opportunities arise, citing the strength of its balance sheet.
Manufacturing cadence and customer interest: batch sizes and form factors
During Q&A, management provided color on cycle times for electrolyte production. Van Scoter said the company runs a variety of batch sizes that directly affect cycle times. At Solid Power’s Electrolyte Innovation Center, it can produce batches of 2 kilograms or less—depending on customer requests—with turnaround “in days.” At larger batch sizes, typically 40 to 50 kilograms at its current SP2 batch facility, cycle times run approximately one week, depending on batch size and specific process parameters being controlled.
Asked about diversification of cell form factors, Van Scoter said Solid Power has not yet seen significant diversification across engagements. He said the company could envision prismatic formats or others as newer segments beyond electric vehicles consider all-solid-state batteries, but added that current engagement is “primarily pouch” format and “primarily EV customers.”
Financial results and liquidity: 2025 performance and 2026 outlook
CFO Linda Heller reported 2025 revenue of $21.7 million, up $1.6 million from 2024. She attributed the increase primarily to work performed under the line installation agreement with SK On.
Operating expenses were $122.6 million in 2025 versus $125.5 million in 2024. Heller said the decrease reflected cost discipline, partially offset by investments in research and development and by equipment purchases and services related to SK On agreements. Operating loss for 2025 was $100.8 million, and net loss was $93.4 million, or $0.51 per share.
Capital expenditures were $10.2 million in 2025, primarily related to planned construction of the continuous electrolyte production pilot line. Cash investment—defined by the company as cash used in operations plus capital expenditures—totaled $84.5 million for 2025, which management said was at the lower end of revised guidance.
Solid Power ended 2025 with total liquidity of $336.5 million as of December 31, 2025, up $9 million from year-end 2024. Contract assets and accounts receivable were $9.6 million, and total current liabilities were $16.8 million. During the fourth quarter, the company raised $56 million in net proceeds through its at-the-market program, bringing total 2025 net proceeds from the ATM to $88.8 million.
For 2026, Heller guided to cash investment of $85 million to $100 million, reflecting continued investment in advancing the electrolyte development roadmap, including commissioning the continuous pilot line, while preserving liquidity.
Management also discussed capital-raising activity. Van Scoter said the company completed a $130 million registered direct offering “last month,” which he said strengthened liquidity and enhanced strategic flexibility. In Q&A, Heller said the company believes it is “well positioned” to support partners based on its liquidity and the proceeds from the offering, while continuing to monitor runway.
In discussing industry timelines, Van Scoter referenced SK On’s public comments at a pilot facility ribbon-cutting event, stating SK On had said it wanted start of production for its batteries in 2029, which he characterized as a one-year pull-in from prior statements. He said he would expect 2027 to be a strong cell development year, with 2028 “more mature” leading into a 2029 start of production, while noting SK On should speak to details.
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.
