STI earnings analysis
What we found in STI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Solidion Technology reported minimal revenue of $85,426 for the quarter ending March 31, 2026, a stark contrast to no revenue reported in the same quarter last year. Despite this revenue growth, the company continued to face significant challenges, with a net loss of $1,430,668 and an EPS of -10.99. Operating expenses decreased, yet the lack of substantial sales and material weaknesses in internal controls raise concerns about the company's future viability.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Compared to Prior Year
- The company reported revenue of $85,426 in Q1 2026, compared to $0 in Q1 2025.
- Reduced Operating Expenses
- Operating expenses decreased by $1,274,646 to $1,858,023 for the three months ended March 31, 2026.
- Grants Received from U.S. Government
- Solidion received three grants from U.S. government agencies, aiding its R&D efforts and potentially enhancing its financial position.
- Cash Burn Reduced in Operating Activities
- Cash used in operating activities was reduced to $141,863 in Q1 2026 from $2,342,278 in the prior year.
- Strategic Partnerships for Battery Component Development
- Solidion entered a non-binding MOU potentially adding $4-6 million in revenue over the next year.
- High-energy Prototype Cell Development
- Successfully developed a cylindrical cell achieving 305 Wh/kg energy density, significantly higher than competitors.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Continued Losses and Going Concern
- Accumulated deficit of $164,803,207 raises substantial doubt about the company's ability to continue operations.
- Material Weaknesses in Internal Control
- Management identified material weaknesses in the internal controls that could lead to financial misstatements.
- Volatility and Uncertainty in Future Revenues
- Revenue generation remains highly uncertain; significant revenue is not expected until commercialization is completed.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-10.99
What they said about what is next.
No explicit numeric guidance provided; management discusses plans for scaling manufacturing but lacks specific forecasts.
The filing reads worse than the one before it.
What came before.
- 10-K · April 15, 2026
- Solidion positions itself as an advanced battery-technology developer with a broad IP portfolio (>345 active patents) and prototypes showing technical promise (305 Wh/kg cylindrical cell; 100 mAh pouch cells with…
- 10-Q · November 20, 2025
- Solidion reported Q3 2025 net sales of $9,350 (up from $4,000 in Q2 2025 and $0 in Q3 2024) and a GAAP loss per share of $(1.33). Gross profit was $5,029 (gross margin 53.8%), but the company recorded an operating loss…
- 10-Q · May 21, 2025
- Solidion reported net income of $9,194,630 for the quarter ended March 31, 2025, driven by a $12,417,450 non-cash gain on the change in fair value of derivative liabilities. The company generated no revenue (Net sales…
- 10-Q · November 19, 2024
- Solidion reported no revenue for Q3 2024 (net sales $0) and a Q3 net loss of $6,636,679 (EPS $(0.07)), driven by $4.19M of operating expenses and large non-cash derivative and equity issuance items. Balance sheet…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing STI makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever