Solid Power — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported total revenue and grant income of $1.2 million for the third quarter of 2026, compared to $4.6 million in the same period of 2025.
• Revenue of $243,000 was primarily driven by performance on SK On agreements, while grant income of $981,000 was driven by assistance from the U.S. Department of Energy.
• Operating expenses increased to $31.1 million in Q3 2026 from $30.0 million in Q2 2026, attributed to strategic consulting fees supporting commercial readiness.
• Reported an operating loss of $29.8 million and a net loss of $24.4 million ($0.11 per share) for the quarter.
• Cash investments totaled $21.5 million in Q3 2026, bringing year-to-date cash investments to $56.6 million.
• Total liquidity as of September 30, 2026, was $397.6 million, comprising $23.3 million in cash and cash equivalents and $374.3 million in available-for-sale securities.
• Contract assets and accounts receivable stood at $6.2 million, while total current liabilities were $18.8 million.
• The company maintains a debt-free balance sheet.
• Capital expenditures for the quarter were $4.7 million, primarily for the construction and equipment of the MOBIUS™ line.

Guidance and Future Outlook:

• Management reduced the full-year 2026 cash investment guidance to a range of $75 million to $85 million, down from the previous range of $85 million to $100 million.
• The revised outlook reflects a focus on driving innovation, building internal capabilities, supporting partners and customers, and optimizing expenses.
• Full commissioning of the MOBIUS™ continuous electrolyte production line is expected by year-end 2026.
• ISO 9001 certification is on track for completion by year-end 2026 following the completion of Stage 2.

Business Segments and Product Lines:

• Introduced materials into the MOBIUS™ continuous electrolyte production line, which will add 45 metric tons of annual capacity, increasing total annual capacity to 75 metric tons.
• Provided electrolyte material to key customers Samsung SDI and SK On during the third quarter.
• Advanced discussions with leading battery material manufacturing companies regarding a potential joint venture for commercial-scale electrolyte production in the Republic of Korea.
• Expanded collaboration opportunities for electrolyte technology beyond electric vehicles into drone, defense, and humanoid robotics applications.

Market and Competitive Landscape:

• The company's business model focuses on selling electrolyte material to cell manufacturers and licensing cell designs and manufacturing processes, distinguishing it from competitors who plan to be commercial battery manufacturers.
• Solid Power aims to be a leading producer and distributor of sulfide-based solid electrolyte material for EVs and other applications.
• Existing relationships with Tier 1 companies are facilitating expansion into non-EV markets.

Risks and Challenges:

• Risks include the uncertainty of R&D success, the ability to achieve technological objectives required by partners, and the ability to commercialize technology ahead of competitors.
• As a research and development stage company, there is a history of financial losses with an expectation of incurring significant expenses and continuing losses for the foreseeable future.
• Risks involve the non-exclusive nature of partnerships, the ability to secure new business relationships, and the ability to negotiate joint ventures or commercial agreements on reasonable terms.
• Potential risks include delays in financing, permitting, constructing, or operating facilities, as well as supply chain interruptions and changes in market conditions.
• Dependence on government contracts and grants, including the risk of funding reductions, delays, or changes in government priorities.
• Risks related to protecting intellectual property, data security incidents, and changes in applicable laws or regulations.

Management Commentary and Tone:

• John Van Scoter, President and CEO, stated the third quarter was marked by continued progress in advancing electrolyte technology and expanding strategic relationships.
• Management expressed excitement regarding the commissioning of the MOBIUS™ production line.
• Van Scoter noted that while EVs remain the primary focus ("north star"), the company is actively pursuing new markets in non-EV applications such as humanoid robotics, drones, and defense.
• Discussions regarding a potential joint venture in the Republic of Korea are ongoing to establish commercial-scale manufacturing capabilities.

Other Key Points:

• Total assets increased to $505.4 million as of September 30, 2026, from $455.1 million as of December 31, 2025.
• Total stockholders' equity increased to $478.8 million as of September 30, 2026, from $415.7 million as of December 31, 2025.
• The number of shares issued and outstanding increased to 228.3 million as of September 30, 2026, from 201.2 million as of December 31, 2025.
• A registered direct offering generated $121.3 million in proceeds during the nine months ended September 30, 2026.
• The company hosts a conference call with CEO John Van Scoter and CFO Linda Heller to discuss results.