Solid Power reports 2025 financial performance, highlighting progress in solid-state battery development, strategic partnerships, and commercialization milestones.
Solid Power, Inc, a leading developer of next-generation solid-state battery technology, has reported its operational and financial results for the full year ended December 31, 2025, while also outlining its strategic priorities and financial outlook for 2026. The company highlighted significant technological progress, expanding partnerships with global automotive and battery leaders, disciplined financial management, and continued investment in commercialization initiatives.
Strong Operational Momentum in 2025
According to President and Chief Executive Officer John Van Scoter, 2025 represented a pivotal year for the company as it continued advancing its solid-state battery (ASSB) platform toward scalable production and commercial deployment.
“2025 was a year of strong progress for Solid Power,” Van Scoter said. “We advanced our electrolyte technology and executed on our roadmap toward scalable production. We made encouraging progress with our partners on multiple fronts, ranging from BMW’s introduction of an i7 test vehicle featuring our cells and solid-state battery technology to our progress installing a pilot cell manufacturing line at SK On’s facility.”
Throughout the year, Solid Power strengthened its collaborative ecosystem, progressed its electrolyte innovation strategy, and laid the groundwork for pilot-scale manufacturing expansion.
Expanding Strategic Partnerships
One of the most significant developments during 2025 was the announcement of a Joint Evaluation Agreement with Samsung SDI and BMW. The agreement is focused on advancing the development and validation of all-solid-state batteries, marking an important milestone on the company’s commercialization path.
This collaboration underscores growing industry confidence in Solid Power’s sulfide-based solid electrolyte technology. By working directly with established automotive and battery manufacturing leaders, the company is accelerating validation cycles and integrating real-world performance feedback into its product development roadmap.
BMW’s introduction of an i7 test vehicle incorporating Solid Power’s cells and solid-state battery technology represents a tangible demonstration of progress from laboratory-scale innovation to vehicle-level application. Such testing initiatives provide invaluable insights into durability, safety, thermal performance, and energy density under real-world operating conditions.
Progress with SK On Installation
Solid Power also executed on its line installation agreement with SK On, completing factory acceptance testing (FAT) and nearing completion of site acceptance testing (SAT) at SK On’s facility. This milestone reflects steady advancement in transferring manufacturing know-how and enabling partners to evaluate cell production processes using Solid Power’s designs and materials.
The SK On agreement not only contributed to revenue growth in 2025 but also reinforced the company’s differentiated business model. Rather than competing as a large-scale battery manufacturer, Solid Power focuses on supplying its proprietary electrolyte materials and licensing its cell designs and production processes to established cell manufacturers.
This approach allows the company to leverage the global manufacturing footprint and operational expertise of partners while concentrating its own resources on materials innovation, process development, and intellectual property expansion.
Continuous Electrolyte Production Pilot Line
In 2025, Solid Power conducted detailed design work for a continuous electrolyte production pilot line, which it expects to install and commission by the end of 2026. This initiative represents a critical step toward scalable electrolyte manufacturing.
Transitioning from batch processes to continuous production is expected to improve efficiency, consistency, and cost competitiveness. The pilot line will serve as a bridge between laboratory-scale production and commercial-scale electrolyte supply, enabling process optimization, quality control refinement, and throughput validation.
Capital expenditures in 2025 totaled $10.2 million, primarily related to planned construction of this continuous electrolyte production pilot line.
Advancing Electrolyte Innovation
Throughout 2025, Solid Power continued to refine and improve its sulfide-based electrolyte material. Leveraging internal research insights as well as direct feedback from customers and strategic partners, the company advanced electrolyte performance, manufacturability, and integration compatibility.
The company’s Electrolyte Innovation Center plays a central role in this strategy, supporting cell research and development efforts aimed at enhancing product competitiveness. By continuously iterating on electrolyte composition and processing techniques, Solid Power aims to achieve improvements in:
- Energy density
- Cycle life
- Safety performance
- Cost efficiency
- Scalability for high-volume production
This sustained focus on materials science innovation remains the cornerstone of Solid Power’s long-term growth strategy.
Fiscal Discipline and Capital Strategy
Despite ongoing investment in research, pilot production infrastructure, and partnership execution, Solid Power maintained fiscal discipline in 2025.
The company’s final cash investment for the year — including cash used in operations and capital expenditures — totaled $84.5 million, coming in at the lower end of its revised guidance range of $85 million to $95 million.
To further strengthen its liquidity position, Solid Power raised significant capital through its at-the-market (ATM) offering program. During 2025, the company generated approximately $88.8 million in net proceeds through the sale of common stock under the ATM program, including $56.0 million raised during the fourth quarter alone.
2025 Financial Performance
For the full year 2025, Solid Power reported revenue of $21.7 million, representing an increase of $1.6 million compared to 2024. The revenue growth was primarily driven by work performed under the line installation agreement with SK On.
Operating expenses totaled $122.6 million in 2025, compared to $125.5 million in 2024. The modest decline reflects disciplined cost management, even as the company continued funding research and development initiatives and equipment purchases related to SK On agreements.
The company recorded an operating loss of $100.8 million and a net loss of $93.4 million, or $0.51 per share, for 2025. These results reflect continued investment in technology development and infrastructure necessary to support future commercialization.
Strong Liquidity Position
Solid Power ended the year with a strong balance sheet and liquidity profile.
As of December 31, 2025:
- Cash and cash equivalents totaled $21.6 million
- Available-for-sale securities totaled $314.8 million
- Total liquidity stood at $336.5 million
This represents an increase of $9.0 million compared to total liquidity of $327.5 million as of December 31, 2024.
In addition, contract assets and accounts receivable totaled $9.6 million at year-end, while total current liabilities were $16.8 million, reflecting a manageable near-term obligation profile.
The company’s strengthened liquidity position provides financial flexibility to continue executing on its development roadmap and pursuing strategic partnership opportunities.
2026 Outlook and Strategic Objectives
Looking ahead, Solid Power remains focused on key objectives designed to accelerate commercialization and strengthen its competitive position in the evolving battery landscape.
For 2026, the company expects cash investment — representing cash used in operations and capital expenditures — to be in the range of $85 million to $100 million.
Key strategic priorities for 2026 include:
- Strengthening relationships with existing partners through consistent execution
- Advancing electrolyte development and performance optimization
- Exploring partnership opportunities for commercial-scale electrolyte production
- Enhancing electrolyte product competitiveness via R&D initiatives
- Maintaining fiscal discipline while investing strategically in technology and process improvements
Van Scoter emphasized that commercialization remains central to the company’s mission in 2026.
“In 2026, we will continue to drive toward commercialization of our ASSB technology. We started the year off strong with a $130 million registered direct offering in January,” he said. “This funding surpassed our initial expectations and serves to strengthen our financial position, extend our runway, and support advancement of our electrolyte technology and progress toward commercialization.”
The January 2026 $130 million registered direct offering further bolsters Solid Power’s capital base, providing additional runway to advance its pilot production initiatives and deepen strategic collaborations.
Business Model Differentiation
Unlike many competitors pursuing vertically integrated battery manufacturing strategies, Solid Power differentiates itself through a materials- and licensing-focused model.
The company’s core technology centers on its sulfide-based solid electrolyte material. Rather than building gigafactories to produce finished battery packs, Solid Power aims to:
- Sell electrolyte materials directly to cell manufacturers
- License its cell designs and manufacturing processes
- Provide technical collaboration and support
This asset-light approach enables scalability through partnerships, reduces capital intensity relative to full-scale battery manufacturing, and positions the company as a key enabler within the broader electric vehicle (EV) and energy storage ecosystem.
Positioning for the Next Generation of EV Batteries
Solid-state batteries are widely regarded as a transformative advancement for electric vehicles and other high-performance applications. Compared to traditional lithium-ion batteries, solid-state batteries have the potential to offer:
- Higher energy density and extended driving range
- Improved safety due to non-flammable solid electrolytes
- Longer cycle life
- Faster charging capabilities
- Reduced total system costs over time
Solid Power’s sulfide-based electrolyte platform aims to deliver these benefits while remaining compatible with existing manufacturing infrastructure used by large battery producers.
As EV adoption accelerates globally and automakers seek performance improvements alongside cost reductions, scalable solid-state solutions could become a critical enabler of next-generation vehicle platforms.
Conference Call and Investor Engagement
Solid Power hosted a conference call on February 24, 2026, at 2:30 p.m. MT (4:30 p.m. ET) to discuss its financial results and strategic outlook. Participating in the call were CEO John Van Scoter and Chief Financial Officer Linda Heller.
A live audio webcast and replay are available through the company’s Investor Relations website.
