Solid Power, Inc. reported its full‑year 2025 financial results, posting $21.7 million in revenue, a $100.8 million operating loss, and $336.5 million in total liquidity as of December 31 2025.
Revenue rose $1.6 million, or 7.5 % YoY, to $21.7 million, driven almost entirely by work under the line‑installation agreement with SK On. The company’s CFO, Linda Heller, noted that the year‑over‑year growth was driven primarily by that agreement, reflecting continued execution against its customer programs.
Operating expenses fell to $122.6 million from $125.5 million in 2024, a result of disciplined cost management that partially offset investments in R&D and equipment for the SK On agreements. The operating loss widened to $100.8 million, compared with a $105.3 million loss in 2024 and a $90.6 million loss in 2023.
Total liquidity increased to $336.5 million, up $9 million from the end of 2024, giving the company a robust cash runway. The company raised $56 million in net proceeds from an at‑the‑market offering in the fourth quarter, bringing total ATM proceeds for 2025 to $88.8 million. Capital expenditures for the year were $10.2 million, mainly for the continuous electrolyte production pilot line.
President and CEO John Van Scoter said, "2025 was a year of strong progress for Solid Power. 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." CFO Heller added, "We expect 2026 cash investment, representing cash used in operations and capital expenditures, to be in the range of $85 million to $100 million."
The market reaction was muted, reflecting investors’ focus on the company’s continued losses and pre‑commercial status. Analysts noted that while the company beat revenue expectations in the fourth quarter—$3.63 million versus a consensus of $2.55 million—the overall loss of $93.4 million, or $-0.51 per share, exceeded the consensus loss of $-0.52 per share.
Solid Power remains an R&D‑stage company focused on developing solid‑state battery technology. Its financial health is supported by strong liquidity and recent equity offerings, providing runway for continued development. The company’s trajectory is centered on commercialization, with key partnerships with SK On, Samsung SDI, BMW, and Ford being critical for its success. The modest revenue growth and ongoing losses underscore the long timeline and high risk associated with bringing a new battery technology to market, but the company’s progress on electrolyte technology and pilot line installation signals momentum toward eventual commercialization.
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