Solid Power, Inc.

Q2 2026 Earnings Call — August 4, 2026

Analyst: Jake Sikelski (Alliance Global Partners): Hi, John and Linda. Thanks for taking my question. So just starting with the continuous line, are there any major items you're still waiting on delivery of? And how should we think about the ramp up there to capacity in the coming quarters?

Executive: John (Title): Good to hear from you, Jay. Thank you for your question. We do not have any major equipment outstanding. The last major piece was installed. It's the rotary kiln. That was done in the May timeframe. So all equipment is in-house and in the process of being commissioned or hooked up, I should say. And then commissioning, as we have indicated, will start in the fourth quarter to be completed by the end of the year. So the capacity for that one line is 45 metric tons once it is fully commissioned. and we expect to output from that line in the first quarter of next year.

Analyst: Jake Sikelski (Alliance Global Partners): Okay, that's helpful. In switching gears to the ISO certification, you touched on it earlier. Can you just provide some color on the progress here and maybe the specific steps or milestones you need to reach by year end to kind of achieve that target for phase two?

Executive: John (Title): Sure. We started preparing for this audit beginning of last year, believe it or not, and the team assembled all of the outstanding specifications, work processes, and so forth that we needed to put in place in time for the Stage 1 audit. As reported, we completed that one-day audit in the quarter. It was very successful. There are no major findings. There's some minor things that we're following up on. and we're getting ready for, in the middle of this month, the Stage 2, which is a much more intense audit. It's a three-day audit. We'll have all of the subject matter experts and process owners that will be available those three days with the auditor. It's quite intense, but we're getting ready for that. And because there are no major findings in the Stage 1, we feel quite confident that anything that is called out in that stage two, that we will have time before the end of the year to complete those items, report those back to the auditor, and get the certification.

Analyst: Jake Sikelski (Alliance Global Partners): Understood. Okay. And then just lastly, on the new collaboration agreement that you're exploring with SK on, to the extent you're able to, are you able to provide any details on what the framework of a new collaboration agreement might look like at this stage, or is it a bit too early there?

Executive: John (Title): Yeah, Jake, I'm sorry. I wish I could report out more. I really can't right now. It's still early stages. So I think next quarter we'll be able to give you some more color on that. And certainly by the time we get the agreement in place, we'll be able to give you details on that. But right now, it's really in the very early stages of discussions.

Analyst: Jake Sikelski (Alliance Global Partners): Fair enough. I figured I'd try. I'll hop back into you. Thanks again.

Executive: John (Title): Thanks, Jake. Thank you.

Analyst: Sameer Joshi (HC Wainwright): Hey, good afternoon, John, Linda, Charlie. Thanks for taking my questions.

Executive: John (Title): Good afternoon.

Analyst: Sameer Joshi (HC Wainwright): On the joint evaluation agreements with Samsung, STI, and BMW, Are there any next steps that we should expect this year and then in the future? If you can just lay out what we should be looking out for, it would be helpful.

Executive: John (Title): Yeah, and as reported, Sameer, we expect that the original Phase 1 contract will expire at the end of September, but that we will continue to collaborate with both parties as we go forward. We are in the process of discussing what that will look like right now with both parties, but we expect based on the significant performance enhancements, quality enhancements that we achieved in phase one, along with the long-term cost roadmap that we have with our WEP process, that we'll find a way to continue to collaborate and to work with both Samsung SDI and BMW on an ongoing basis.

Analyst: Sameer Joshi (HC Wainwright): Okay, thanks. And then on the electrolyte production partnership that you're looking for in the Republic of Korea, is there, and you have indicated that you would achieve it by the end of the year, what gives you confidence? Like, if you could give us, provide some color, how we can get that confidence as well?

Executive: John (Title): Yeah, we have three parties that we've been actively discussing with for some time. All signs from all three of them remain positive. One of them we've advanced though quite far along with the draft term sheet actually that is in discussion right now with one of the parties. So that's what gives us the confidence that we'll have something done here in the short term and certainly by the end of the year.

Analyst: Sameer Joshi (HC Wainwright): Sounds really good, thanks. And then this last one We understand the reversal of certain revenues because of recognition issues. Were there any direct costs also that were associated with these that were reversed and that are reflected in the income statement?

Executive: John (Title): No. The revenue under these agreements is recognized over the contractual term of all three agreements in a revenue recognition model. The adjustment that we made is non-cash. It doesn't represent any sort of obligation or a cash outflow or any cost related to it.

Analyst: Sameer Joshi (HC Wainwright): Got it. Thanks for that clarification. I will step back in a few. Thanks.

Executive: John (Title): Thank you.

Analyst: Colin Rush (Oppenheimer): Thanks so much, guys. You know, could you talk a little bit about how you're tracking performance of the material and cells as you move forward with these arrangements and what that can do for your cost profile?

Executive: John (Title): Sure. Good to hear from you, Colin. As I think you know quite well, we're still in the early stages of cell design. Our customers are continuing to evolve their cell designs, their chemistries, their binders, their solvents. A lot of the work that has been done is around the Improving our performance in their chemistries, number one. Number two, we focus very heavily on quality, so lot-to-lot consistency and the tightness of certain specifications that are really, really important to our customers, things like particle size, et cetera. Each customer seems to have their own requirement there, so we're focused very heavily on controlling that and delivering to their expectations. Long-term cost, we believe we have a structural advantage with our wet process. We've done a lot of work through the joint venture partnership work with potential partners in Korea that have dry processes. And we've been able to actually benchmark our long-term roadmap against an equivalent capacity output for a dry process. And again, we believe quite strongly that we have a structural advantage there. So that would be my comments on the performance as well as long-term cost roadmap. We intend to be the costlier as we go through our commercialization phase and on up into ramp.

Analyst: Colin Rush (Oppenheimer): Excellent. That's super helpful. And then I guess the second question is really around customer development in the U.S. and potential for manufacturing domestically as we see increased demand. level of regionalization around the battery space. And obviously you guys have multiple options and multiple opportunities, you know, internationally as well. But just curious about the development of domestic customers and what they're looking for from a production perspective.

Executive: John (Title): Yeah, six months ago we started getting signals from the humanoid robotic companies, and since then it's picked up quite considerably there. There's a number of U.S. players that are expressing interest in all-cell state batteries because of the advantages in energy density, safety, and charge rate. So I would say some of those discussions are advancing with some of the leaders in the space right now domestically. We still do not see any domestic manufacturing of cells. at that scale, but that could change with the coming quarters. But we definitely have seen an uptick in humanoids since we last reported. We also have gotten a small amount of interest from defense and aerospace markets in the past quarter.

Analyst: Colin Rush (Oppenheimer): That's super helpful. Thanks so much, guys.

Executive: John (Title): This concludes our question and answer session. I would like to turn the conference back over to John Van Scoter for any closing remarks.

Executive: John (Title): Thank you for joining the call today and for your interest in Solid Power. We look forward to updating you again next quarter. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

Q1 2026 Earnings Call — May 5, 2026

Colin Russ (Oppenheimer & Co.): Thanks so much, guys. You know, could you talk a little bit about, you know, the potential, you know, for partnerships in North America that you're starting to see move forward given the amount of capacity that's underutilized right now for the auto space and, you know, the substantial amount of legislation and, you know, kind of you know, government involvement in terms of tariffs and, you know, the NDAA compliance for military applications that I'm sure you're seeing some level of demand for at this point. But just curious about the potential for you guys to look at partnerships and potentially start bringing something forward that we may not be thinking about just yet.

Management: Good afternoon, Colin, and thank you for that deep question. I'll be honest with you, the demand that we see right now is really coming off the peninsula in Korea. We have yet to see, despite all the things you described, anything really substantial here in the States. If we go back a couple of years, that was very different. We actually plan to do our original DOE plant here in North America. But with the changes in the landscape here in North America, we shifted to just the SB 2.5 and then shifted to partnerships in Korea. We certainly are well positioned, should that change, to come back and revisit that. We'd very much like to invest here in North America. But right now, we just don't see the demand.

Okay, perfect. And then can you talk a little bit about the capital efficiency that you guys are enabling for your customers at this point? I know it's substantial, but would love to get any detail you guys might be able to share on that.

Linda (Title): Okay. Hi, Colin. On the capital efficiency, there's really a two-pronged approach to that. There is first and foremost on SP 2.5. That's bringing the continuous processing, which is necessary for commercialization down the road, a commercialization scale. So we are shifting from a batch to the continuous processing. So we expect that line to be commissioned by the end of the year and are on track for that. The second is the actual processing technology that you use for electrolyte. And we use something known as wet process technology. That is able to, there's a variety of advantages to it from dry room utilization to size of the equipment that all leads to a very significant capital expenditure reduction by using that, as well as yield and other improvements to that as well. So between that and with the electrolyte production versus cell production, that in itself has tremendous capital efficiencies. So amongst those three, we feel like we're very well positioned to be able to drive costs at the commercial scale. The only thing I would add, Colin, is around the wet processing, that's one of the reasons we're getting, I think, such a strong uptake with potential JV partners in Korea. They see the advantage that Linda just described in terms of the capital efficiencies and so forth. So it's just, I think, a leading indicator of the advantage we have with our process.

Perfect. Thanks so much, guys.

Amit Dayal (HC Rainright): Hi, guys. Good afternoon. Thank you for taking my questions. Linda, sorry if I missed this, but can you maybe walk us through the CAPEX for 2026?

Management: We actually don't break out in our guidance the CAPEX individually. We did for Q1 for our CAPEX on terms of that we had 1.7 million on that, but that also includes the amount of the reimbursement from DOE that would be considered, so it's actually larger, but the net impact would be 1.7. The largest capital expenditure that we are making in 2026 is our 2.5, which we do have the grant money goes against that on our financial statements.

Thank you for that. And then, what are the next steps with SK on from here, you know, this post-site acceptance? How should we expect, you know, things to proceed from this point?

John (Title): Good afternoon, Amit. John here. Yeah, so we view our relationship with SK as a long-term relationship, like our others with BMW and so forth. So I think it's a multi-year as we go forward, but we'll be transitioning supporting them running the line from this point forward. To this point, prior to SAT completion, we were running the line in their facility. So now they've taken that over and they are running the line, but we'll bring in our experts as we need to to support their development efforts on their cell moving through this year and on into next. And then transition to ultimately an electrolyte supplier agreement with them. We do have an R&D electrolyte supply agreement as part of the three-part agreement we did in 2024, but we would expect once that's completed that we would transition to a long-term supply agreement with SK.

Okay. And then on the electrolyte supply agreement, John, what is the timeline? Is it six to nine months or a little bit sooner than that?

John: It's multi-years. It actually goes out through 27. It's for a total of eight metric tons. So however long it takes them to consume that, I guess, is the way I would encourage you to look at it as opposed to a timeframe.

Okay, understood. Thank you for that. Yeah, that's all I have for now. I'll take my questions off. Thank you so much.

Management: Thank you. Once again, if you have a question, please press star, then 1. This concludes our question and answer session. I would like to turn the conference back over to John Van Skoda for any closing remarks. Thank you for joining the call today and for your interest in Solid Power. We look forward to updating you again next quarter. Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Thank you.