10-Q · May 6, 2026
Solid Power, Inc. reported Q1 2026 revenue of $3.07 million, exceeding consensus estimates and reflecting a decline of 49% year-over-year. The company also registered a narrower EPS loss of -$0.06 compared to an…
Earnings analysis · 10-Q
SLDP earnings analysis
Filed August 5, 2026 · Our reading of the company's report
The latest report
Solid Power's Q2 operating results deteriorated sharply: revenue was negative $1.017 million following a $1.2 million milestone-related reversal, total revenue and grant income declined 104%, and operating loss widened…
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Solid Power's Q2 operating results deteriorated sharply: revenue was negative $1.017 million following a $1.2 million milestone-related reversal, total revenue and grant income declined 104%, and operating loss widened 17% to $30.289 million. The net loss nonetheless narrowed 6% to $23.821 million, supported by a $2.250 million warrant-fair-value gain and higher interest income. The balance sheet remains the principal offset, with $419.326 million of liquidity and no debt, while management maintained its pilot-line timetable and stated it remains on track with current-year cash-investment guidance.
Reported figures
- Earnings per share
- $-0.11
- Segment
- One reportable segment; Q2 2026 revenue was $(1.017) million.
What stood out
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Net loss narrowed despite weaker operations
Net loss attributable to common stockholders narrowed 6% year over year to $23.821 million in Q2 2026 from $25.338 million, aided by $6.320 million of nonoperating income versus a $0.137 million expense a year earlier.
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Liquidity rose to $419.3 million, with no debt
Total liquidity increased $82.876 million from year-end to $419.326 million at June 30, 2026, comprising $24.284 million of cash and $395.042 million of available-for-sale securities; the company reported no debt.
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Operating cash burn improved year over year
Six-month operating cash use improved $13.561 million year over year to $27.173 million, versus $40.734 million in the prior-year period, driven by payment timing and $4.5 million higher partner collections.
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Pilot-line milestones remain on schedule
The continuous electrolyte pilot line remains on schedule for equipment acceptance testing by the end of Q3 2026 and plant validation/operational startup in Q4 2026. DOE funding under the assistance agreement can provide up to $50 million.
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SK On installation milestone completed
The company completed the SK On line-installation agreement in April 2026 and received its associated final milestone payment in May 2026; it is negotiating a new collaboration agreement with SK On.
What to watch
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Revenue reversal drove negative quarterly revenue
Q2 revenue was negative $1.017 million, down $7.502 million (116%) from $6.485 million a year earlier, after a $1.2 million cumulative catch-up reversal of previously recognized SK On revenue.
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Management expects continued revenue decline
Total revenue and grant income fell $7.808 million, or 104%, year over year to negative $0.268 million. Management expects revenue recognition for the remainder of 2026 to continue decreasing relative to prior-year periods.
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Operating loss widened as overhead increased
Operating loss widened 17% to $30.289 million from $25.871 million, as R&D increased 6% to $19.363 million and SG&A increased 29% to $8.539 million.
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Continued cash use and rising capex
The company used $27.173 million in operating cash flow in the first six months and expects capital expenditures to increase during the remainder of 2026 as pilot-line construction continues.
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No new risk-factor changes, funding risk remains
Item 1A states there were no material changes to risk factors since the 2025 Form 10-K; nevertheless, the company says it may require additional funding before electrolyte sales or licensing generate adequate cash flow.
Management's outlook
No revenue or EPS outlook was quantified in the 10-Q. Management said it remains on track to deliver cash investments within its current-year guidance range; the numeric range was not stated in the supplied 10-Q text.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.