Nasdaq:SLDP
Solid Power, Inc.
A developer of all-solid-state batteries for electric vehicles and energy storage systems seeking to revolutionize battery technology.
Key Metrics
Investment Thesis
Bull Case
SLDP offers exposure to the transformative all-solid-state battery market with a first-mover advantage that could redefine EV range and safety standards. The company's ability to raise substantial capital ($89.5M from financing) demonstrates strong investor confidence in its long-term technology roadmap despite current losses. If commercialization timelines are met, SLDP could capture significant margins in the premium EV segment.
Bear Case
The company reports a retained earnings deficit of -$274.9M and consistent negative net income, indicating that operational profitability remains distant. High operating expenses of $122.6M relative to revenue of $21.7M suggest extreme inefficiency typical of pre-revenue technology firms but dangerous for valuation multiples. Investors may fear dilution from repeated share issuances as the company struggles to convert its technological IP into scalable, cash-flow-positive operations.
About Solid Power, Inc.
Solid Power, Inc. (SLDP) is a leading developer of advanced all-solid-state batteries designed for next-generation electric vehicles and energy storage systems. The company operates primarily in the high-growth battery technology sector, targeting automotive OEMs and grid-scale applications with its proprietary solid electrolyte materials. With strong cash flow from financing activities exceeding $89M, SLDP is positioned to fund its aggressive R&D pipeline while navigating early-stage commercialization.
Analysis
Management Discussion
Management successfully attracted $91.2M through common share issuances to offset significant cash burn from operations of $73.4M, resulting in a net increase in long-term investments and marketable securities. While revenue grew steadily from $11.8M in 2022 to $21.7M in 2025, the company continues to incur heavy losses driven by high research and development expenditures of $72.5M and capital expenditures of $10.2M.
Industry Overview
The global solid-state battery industry is experiencing rapid growth driven by demand for higher energy density and safer EV powertrains, yet it remains in an early commercialization phase. Competitors include traditional battery giants transitioning to solid-state chemistry as well as specialized startups racing to secure gigawatt-scale manufacturing partnerships.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $11.8M | $17.4M | $20.1M | $21.7M |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $11.8M | $17.4M | $20.1M | $21.7M |
| Operating Expenses | $70.9M | $108.0M | $125.5M | $122.6M |
| Operating Income | $-59.1M | $-90.6M | $-105.3M | $-100.8M |
| R&D | $38.6M | $54.7M | $73.3M | $72.5M |
| G&A | $19.0M | $25.6M | $31.8M | $29.4M |
| Marketing | $3.7M | — | — | — |
| Stock-Based Comp | $8.7M | $10.4M | $12.0M | $9.0M |
| D&A | $5.2M | $12.0M | $16.5M | $18.4M |
| Amortization | $9.0K | $15.0K | $15.0K | $22.0K |
| Other OpEx | $9.6M | $27.7M | $20.3M | $20.6M |
| Non-Operating Income | $49.3M | $25.1M | $10.1M | $7.3M |
| Interest Expense | $42.0K | $84.0K | — | — |
| Interest Income | $4.7M | $20.3M | $17.7M | $13.2M |
| Pre-Tax Income | $-9.8M | $-65.5M | $-95.2M | $-93.5M |
| Income Tax | $-227.0K | $2.0K | $1.2M | $-8.0K |
| Continuing Ops | $-9.6M | $-65.6M | $-96.4M | $-93.5M |
| Discontinued Ops | $0 | $2.0K | $-133.0K | $65.0K |
| Net Income | $-9.6M | $-65.5M | $-96.5M | $-93.4M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $-9.6M | $-65.5M | $-96.5M | $-93.4M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $327.8M | $183.1M | $125.2M | $267.4M |
| Cash & Equivalents | $50.1M | $34.5M | $25.4M | $21.6M |
| Marketable Securities | $273.0M | $141.5M | $92.8M | $229.2M |
| Accounts Receivable | — | — | — | $2.2M |
| Prepaid Expenses | $2.9M | $5.5M | $5.6M | $7.0M |
| Other Current Assets | $1.8M | $1.6M | $1.4M | $7.5M |
| Long-Term Assets | $266.6M | $349.7M | $323.0M | $187.7M |
| PP&E (Net) | $82.8M | $99.2M | $97.2M | $86.3M |
| Intangibles | $1.1M | $1.6M | $2.1M | $2.2M |
| Goodwill | $0 | — | — | — |
| Operating Leases | $7.7M | $7.2M | $7.5M | $6.7M |
| LT Securities | $0 | $0 | — | — |
| LT Investments | $173.0M | $239.6M | $210.4M | $87.0M |
| Other LT Assets | $2.1M | $2.1M | $5.8M | $5.5M |
| Total Assets | $594.4M | $532.8M | $448.2M | $455.1M |
| Current Liabilities | $20.7M | $15.9M | $20.0M | $16.8M |
| Current Debt | $7.0K | — | — | — |
| Current Leases | $549.0K | $626.0K | $833.0K | $861.0K |
| Other Current Liab | $20.2M | $15.3M | $19.1M | $15.9M |
| Long-Term Liabilities | $18.3M | $13.6M | $18.0M | $22.1M |
| LT Operating Leases | $8.6M | $8.0M | $8.0M | $7.1M |
| Other LT Liab | $9.7M | $5.6M | $9.9M | $15.0M |
| Total Liabilities | $39.1M | $29.5M | $37.9M | $38.9M |
| Shareholders' Equity | $555.4M | $503.3M | $410.3M | $415.7M |
| Retained Earnings | $-19.1M | $-84.6M | $-181.2M | $-274.9M |
| AOCI | $-3.2M | $-559.0K | $39.0K | $354.0K |
| Total L&E | $594.4M | $532.8M | $448.2M | $455.1M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-9.6M | $-65.5M | $-96.5M | $-93.4M |
| Non-Cash Adjustments | $-26.3M | $1.5M | $29.9M | $15.5M |
| Working Capital Changes | $2.0M | $5.8M | $2.8M | $4.5M |
| Cash from Operations | $-33.8M | $-58.3M | $-63.9M | $-73.4M |
| Capital Expenditures | $58.3M | $34.5M | $15.9M | $10.2M |
| Cash from Investing | $-430.0M | $42.5M | $64.2M | $-19.9M |
| Share Buybacks | — | — | $9.1M | $3.6M |
| Cash from Financing | $485.0K | $173.0K | $-9.4M | $89.5M |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $-463.3M | $-15.6M | $-9.1M | $-3.8M |
| Beginning Cash | $513.4M | $50.1M | $34.5M | $25.4M |
| Ending Cash | $50.1M | $34.5M | $25.4M | $21.6M |
Frequently Asked Questions
How does Solid Power, Inc. make money?
Revenue is derived primarily from the sale of solid-state battery cells and modules for electric vehicles, as well as licensing agreements and material sales for energy storage applications. The company also generates income through research and development grants or collaborations with strategic industry partners focused on next-generation power density.
What are the main risks for SLDP?
The company faces substantial cash burn with an operating loss of $93.4M and a net change in cash of -$3.8M, raising concerns about long-term runway without additional financing. Success depends on scaling manufacturing capabilities to meet automotive volume requirements while maintaining cost competitiveness against established liquid electrolyte suppliers. Regulatory hurdles regarding battery safety standards and potential shifts in government subsidies for EVs could impact future demand projections.
What is SLDP's competitive advantage?
SLDP possesses a unique proprietary technology stack that eliminates liquid electrolytes, offering superior safety profiles and higher energy density compared to conventional lithium-ion batteries. The company has secured significant capital inflows via share issuances totaling $91.2M, providing the liquidity necessary to scale production without immediate profitability pressure.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.