Solid Power, Inc.

Q4 2025 Earnings Call — February 24, 2026

Colin Rush (Oppenheimer): Hey, guys. Thanks so much for getting me on. We know that you've been able to produce a set of incremental volumes of material and surely are collecting a fair amount of data around that process. Could you talk a little bit about your cycle times and evolving the manufacturing process at this point and what other levers you have within the platform to continue to accelerate some of that development?

Management: Sure. We run a variety of batch sizes, which will directly affect the cycle times. We have very rapid turnaround in our electrolyte innovation center. In that center, we do two kilograms or less, depending on what the customer request is. But we can turn those batches in days. When we get up to the larger batch sizes, we typically run between 40 and 50 kilograms in our current SP2 batch facility. And the cycle times on those run approximately a week, again, depending on batch size and the specific parameters that we're trying to control.

Excellent. And then as you look at the different form factors that could deploy the technology at the cell level, could you talk a little bit about efforts that you're seeing on the horizon and interest that you're seeing from incremental customers to diversify some of the form factors you're working on?

Management: A great question, but quite honestly, Colin, we haven't seen a great diversification yet, although we could envision as some of these newer segments beyond EV are considering all solid-state batteries that they could take prismatic format or others. Right now, it's primarily pouch across all of our engagements with primarily EV customers.

Colin Rush (Oppenheimer): Excellent. Thanks so much, guys.

Chris Pierce (Needham): Please go ahead with your question.

Chris Pierce (Needham): Hey, good afternoon. Just one. I guess if you're talking about, just want to make sure I heard you right, the FK on pilot line is up and running by the end of 2026. And what is that? How should we think about 27 and 28 as sort of we hear more about NSSB batteries in these vehicles and sort of not in the United States part of the world, but other parts of the world? I guess, should we think of 27 as a jumping off point? And if we do think of 27 as a jumping off point against the burn that you kind of got to this year, should we think about you guys as having enough capital to get to that jumping off point or are there still too many balls in the air to sort of have certainty around that?

Management: Chris, again, thanks for joining. Great questions. I'll take the first part and then let Linda address the second burn rate part of the question. SKON has specifically, when they did their ribbon cutting at the pilot facility last year, stated that they wanted to have SOP for their batteries in 2029. And that's a one-year pull-in from prior public statements around ASSBs. So I would envision, I'll let SK Han talk to the details, but just knowing what we know about the time it takes to get from where we are to 2029, I would expect 2027 to be, again, a strong development year at the cell level, and then probably 28 being more mature leading up to the SOP in 29.

And then, Chris, in terms of our runway, you have seen us shore this up. We did give guidance for this upcoming year of $85 to $100 million in terms of cash investment. And then if you look at where our ending liquidity is, plus with our proceeds from the RDO, we think we're well positioned to be able to work with our partners and support be sufficient on that, but we are continually looking at our runway and ensuring that we can be there for our partners.

Chris Pierce (Needham): Okay. Thanks and good luck.

Jake Sikelski (Alliance Global Partners): Please go ahead.

Jake Sikelski (Alliance Global Partners): Hey, John and Linda. Thanks for taking my questions.

Management: Thank you, Jake, for joining.

Jake Sikelski (Alliance Global Partners): That last question a bit. Looking at the pilot line and, you know, the strength and balance sheet, are you able to leverage the balance sheet at all to kind of accelerate the timeline for the line, or is it less dependent on capital availability?

Management: Well, Jake, it's Linda again. I believe we are in a good position in our balance sheet that if there were to be an opportunity that would allow us to shorten the timeline to be able to be in a commercial production, we certainly are there. We can make those long-term investments at this point in time. Obviously, we will continue to be opportunistic in the capital markets and as well focus on our own cash burn so that we should be in a good place.

For clarity's sake, though, the line is installed in SKM's facility in Korea, and they will begin running that line by themselves largely with our support once SAT is completed. So any additional capital improvements or those sort of things will be their responsibility for that line. But as Linda said, if there's something that we could do to assist, we'll certainly consider that moving forward because of the strength of our balance sheet.

Jake Sikelski (Alliance Global Partners): Got it. Okay. That's helpful. And then just on existing partnerships, can you just touch on any upcoming milestones you might keep an eye out for as those processes move forward this year?

Management: Well, I think we've established through the announcement last fall with BMW and SDI our preferred approach moving forward to expand these partnerships, where we are dealing directly with the OEMs to create the demand in the platforms, but then really have the tier one battery partners step in and provide the batteries with us providing the material and some of the expertise to achieve performance targets. So that's our preferred model going forward, and we would like to duplicate that in other areas as we move forward.

I would also, though, point to the comments earlier in the prepared remarks, and that is around our intention to explore potential JV partnerships around the electrolyte manufacturing in Korea with a target of a 500 metric ton annually capacity through a partnership, with Solid Power bringing the technical expertise, the IP, the process knowledge, and then relying on the partner from a manufacturing and capital standpoint. So that would be the other partnership that I would point to for 2026. I'll look for some developments there as we move through the year.

Jake Sikelski (Alliance Global Partners): Makes sense. That's all from my end. Thanks again.

Management: This concludes our question and answer session. I would like to turn the call back over to John VanSkoder, President and CEO, for any closing remarks.

John VanSkoder (President and CEO): 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.

Q3 2025 Earnings Call — November 4, 2025

Charlie Van Gotthuis (Investor Relations): Good day and welcome to the Solid Power 3rd Quarter 2025 Earnings Conference Call. I'm joined on today's call by Solid Power's President and Chief Executive Officer, John Van Scoder, and Chief Financial Officer, Linda Heller. A copy of today's earnings release is available on the Investor Relations section of Solid Power's website, www.solidpowerbattery.com. I'd like to remind you that parts of our discussion today will include forward-looking statements as defined by U.S. securities laws. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Solid Power disclaims any duty to update any forward-looking statements to reflect future events or circumstances. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those expressed in today's forward-looking statements, please see Solid Power's most recent filings with the Securities and Exchange Commission, which can be found on the company's website at www.solidpowerbattery.com. With that, let me turn it over to John VanSkoder.

John Van Scoder (President and CEO): Thank you, Charlie, and thank you all for joining us today. I am pleased to provide an update on our 2025 operational goals since our last earnings call. First, we recently announced a strategic collaboration with Samsung SDI and BMW under a joint evaluation agreement. We believe this collaboration represents a vote of confidence in our technology and the potential of solid-state batteries. Under this arrangement, Solid Power will supply sulfide-based solid electrolyte to Samsung SDI, which Samsung SDI will integrate into separator and or catholite and use to build cells, in each case subject to achievement of technical requirements. These cells will be evaluated based on performance parameters and requirements to be agreed between Samsung SDI and BMW Group. Ultimately, Solid Power, Samsung SDI, and BMW aim to develop and supply all solid-state battery cells for integration into a next generation of evaluation vehicles. Together with Samsung SDI and BMW, we look forward to driving innovation in all solid-state battery technology.

In addition, we believe this agreement underscores our electrolyte sampling efforts and our focus on identifying long-term customers. This quarter, we continue to execute on our agreements with SKON. We conducted site acceptance testing of the SKON pilot line, which remains on target for completion by the end of this year and is another key milestone under our line installation agreement with SKON. During the quarter, we also made progress on our electrolyte development roadmap. We continued detailed design work for the planned installation of a continuous manufacturing pilot line for sulfide electrolyte production at SB2. We expect detailed design to be substantially complete later this year with commissioning on track for 2026. With that, I'll turn it over to Linda to review our financial results and provide an update on our progress towards achieving our financial discipline goal.

Linda Heller (CFO): Thank you, John. I'll start with Q3 and year-to-date results beginning with revenue. During the third quarter of 2025, we generated revenue of $4.6 million compared to our Q2 2025 revenue of $7.5 million. Revenue recognized this quarter was driven primarily by our SKON agreements as well as our government contracts. This brings revenue year-to-date to $18.1 million, an increase of $2.4 million over the same period in 2024. Operating expenses for the third quarter were $29 million, a decrease of $4.4 million compared to our second quarter of 2025 at $33.4 million. The reduction in expenses for the third quarter was primarily due to the nature of the work performed under our SKON agreement. The third quarter was labor focused in preparation for site acceptance testing, whereas the second quarter included significant equipment purchases for factory acceptance testing. Operating loss year-to-date was $74.3 million, and year-to-date net loss was $66.4 million, or 37 cents per share. Capital expenditures totaled $0.6 million, primarily representing costs for the construction of our continuous electrolyte production pilot line.

Turning to our balance sheet and liquidity, during the quarter, our cash used for operations and capital expenditures was $14.9 million. This brings our total year-to-date cash investment to $61.2 million. Total liquidity increased to $300.4 million as of September 30, 2025. This was primarily driven by proceeds from our at-the-market offering program as well as cash received from our government contracts. In addition, contract assets and contract receivables totaled $7.2 million and total current liabilities were $16.6 million. During Q3, we remained fiscally disciplined, focused on realizing efficiencies and reducing operating costs while driving technology development and innovation. As a result of these efforts, we are revising our expected cash investment to $85 to $95 million in 2025. I will now turn it back to John for some final thoughts.

John Van Scoder (President and CEO): Thank you, Linda. In closing, we're making progress towards our strategic objectives, and I'm excited about the potential of all solid-state battery technology. I want to sincerely thank our employees, partners, and stakeholders for their continued dedication and support. We will now take your questions.

Operator: Thank you. We will now begin the question and answer session.

Analyst: Can you provide more details on the collaboration with Samsung SDI and BMW? What specific milestones are you targeting?

John Van Scoder (President and CEO): Certainly. The collaboration is focused on developing solid-state battery cells for next-generation evaluation vehicles. We are targeting specific performance parameters that will be agreed upon with Samsung SDI and BMW. Our goal is to have the first cells ready for evaluation by the end of 2026.

Analyst: What are the main challenges you foresee in the development of the continuous manufacturing pilot line?

Linda Heller (CFO): The main challenges include ensuring that the technology meets the required performance standards and scaling up production efficiently. We are confident in our team's ability to address these challenges, and we are on track for commissioning in 2026.

Analyst: Can you elaborate on the expected cash investment revision? What factors led to this change?

Linda Heller (CFO): The revision to our expected cash investment to $85 to $95 million in 2025 reflects our ongoing efforts to manage costs while investing in key technology developments. We have identified areas where we can achieve efficiencies without compromising our strategic goals.

John Van Scoder (President and CEO): Thank you for your questions. We appreciate your interest in Solid Power and look forward to updating you again next quarter.

Operator: This concludes our question and answer session. I would like to turn the conference back over to John Van Scoder for any closing remarks.

John Van Scoder (President and CEO): 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.

Operator: The conference has now concluded. Thank you for attending today's presentation.