Filings/SLDP/10-Q

Source document

EDGAR
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KPIsSections19

Income flow

Headline metrics
Revenue — GREEN$2.8M-79.3% YoY
Net income — GREEN-$36.8M+9.0% YoY
Net margin — GREEN-1313.7%
Operating margin — RED-2019.0%
Red flags5 red1 orange
Liquidity4
RED
Negative operating cash flowoperating_cf_burn
The company is burning cash from operations — sustainability depends on financing.
RED
Net margin -1313.7%net_margin_sharply_negative
Net income margin below -5% — profitability materially negative vs revenue.
RED
Cash conversion (CFO/Rev) -968.7%cash_conversion_weak
CFO/Revenue below 0 — operating model not generating cash despite revenue.
RED
Cash runway ~0.9 yearscash_runway_low
At current burn rate, cash covers less than 2 years — may require near-term financing.
Dilution · capital1
RED
SBC/Revenue 208.2%sbc_revenue_high
Stock-based compensation exceeds 25% of revenue — materially dilutive.
Concentration1
ORANGE
R&D/Revenue 1323.0%rd_intensity_high
R&D exceeds 40% of revenue — sustainable only if growth trajectory justifies the investment.
Income Statement
Income Statement
MetricValueFlag
EPS (diluted)$-0.17GREEN
Net Income-$36.8MGREEN
Net Margin-1313.7%GREEN
Operating Margin-2019.0%RED
R&D % Revenue1323.0%GREEN
Revenue$2.8MGREEN
Revenue (quarter)-$268,000GREEN
Balance Sheet
Balance Sheet
MetricValueFlag
Broad Liquidity$242.4MGREEN
Cash$24.3MGREEN
Current Ratio14.61GREEN
Total Assets$527.1MGREEN
Total Equity$501.7MGREEN
Cash Flow
Cash Flow
MetricValueFlag
Cash Conversion (CFO/Rev)-9.69GREEN
Free Cash Flow-$35.1MGREEN
Operating CF-$27.2MGREEN
SBC % Revenue208.2%GREEN

Sections in this filing

MD&A

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations ​ The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the condensed consolidated financial statements and related notes thereto included elsewhere in this Report. The following discussion contains forward-looking statements that reflect future plans, estimates, beliefs, and expected performance. For additional discussion, see “Cautionary Note Regarding Forward-Looking Statements” above. The forward-looking statements are dependent upon events, risks, and uncertainties that may be outside of our control. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed elsewhere in this Report, and in “Part I, Item 1A. Risk Factors” of the 2025 Form 10-K, as such descriptions may be updated or amended in future filings we make with the SEC . Unless indicated otherwise, the following discussion and analysis of results of operations and financial condition and liquidity relates to our current continuing operations and should be read in conjunction with the consolidated financial statements and notes thereto of this Report and the 2025 Form 10-K. We do not undertake, and expressly disclaim, any obligation to publicly update any forward-looking statements, whether as a result of new information, new developments, or otherwise, except to the extent that such disclosure is required by applicable law. Overview Solid Power is a U.S.-based leader in solid-state battery technology and manufacturing processes. Our core technology is a sulfide-based solid electrolyte material, which replaces the liquid or gel electrolyte used in traditional lithium-ion battery cells. We believe our electrolyte technology has the potential to enable a step-change improvement in battery cell performance beyond what is currently achievable in conventional lithium-ion battery cells, including improved energy density, battery life, and safety performance. We are currently targeting the battery electric vehicle market due to the size and perceived demand for next generation battery technology but believe our technologies can have a broader application a