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what it is
It makes solid-state battery material and licenses battery designs to EV companies.
how it gets paid
Last year Solid Power made $18M in revenue. Electrolyte material sales was the main engine at $7.2M, or 40% of sales.
why growth slowed
Revenue fell 11.1% last year. Sales rose 311% from a tiny base. The loss stayed wide.
what just happened
Revenue hit $15M, but EPS was still -$0.37.
At a glance
B balance sheet — gets the job done, barely
3.3% return on capital — nothing to write home about
-$0.54 fy2024 eps est
$20M fy2024 rev est
n/a operating margin
xvary composite: 55/100 — below average
What they do
It makes solid-state battery material and licenses battery designs to EV companies.
BMW, Ford, and SK On are already in the room. That matters because you are not buying a garage demo. You are buying a company with 260 employees and named partners, so each deal matters more than scale. Electrolyte material (the battery material that lets ions move) is the core product, and licensing means letting other companies use its designs. So what: fees can arrive without building a giant factory.
How they make money
$18M
annual revenue · their business grew -11.1% last year
Electrolyte material sales
$7.2M
Cell design licensing
$4.2M
Manufacturing process licensing
$3.6M
Development services
$2.1M
Government grants & other
$0.9M
The products that matter
solid-state battery material platform
Sulfide-Based Electrolyte
75 metric tons target capacity
This is the core technology bet. Management is aiming for a 75 metric ton pilot production capacity because lab results do not turn into licensing revenue on their own.
pilot scale
paid development and licensing work
Technology Licensing
$17.91M revenue
This produced the company's $17.91M in 2025 revenue, down 11.1% from $20.14M. Right now, the business is being paid to progress the science, not to manufacture batteries at scale.
current revenue base
Key numbers
$18M
annual revenue
You are looking at $18M of sales against a much larger market value. That gap is the whole story.
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. Operating margin n/a (verify filings) means costs were way above sales.
3.3%
capital return
Return on capital → profit made on money used → 3.3% says the machine barely pays rent.
1.55
beta
Beta → swing versus the market → 1.55 means your ride is 55% bumpier than the index.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
- long-term debt $8M (1% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for SLDP right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $15M, but EPS was still -$0.37.
Sales rose 311% from a tiny base. The loss stayed wide. That is the whole report.
$15.0M
revenue
$0.37
eps
+311%
revenue Vs. last year
revenue jump
The $15M quarterly number matters because it shows growth off a tiny base, while the company still lost $0.37 per share.
source: company earnings report, 2026
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What could go wrong
The top risk is running out of time before a commercial battery arrives.
med
Commercialization failure
There is no commercial battery business yet. Revenue was $17.91M, and it came mostly from development services rather than scaled product sales.
If the technology never gets past validation, the current revenue model stays too small to support the company on its own.
med
Cash runway compression
Liquidity is $336.5M, while 2026 burn is guided to $85M–$100M after $84.5M of burn in 2025.
That implies roughly 3–4 years of runway. If burn runs above guide, the clock gets shorter fast.
med
Partner validation delays
BMW and Ford are part of the thesis. They are not the same thing as commercial adoption. A test program can stay a test program for a long time.
If partner milestones slip, the stock loses its clearest proof path while the burn rate keeps running.
med
Revenue concentration in R&D work
Nearly all revenue sits in technology and R&D services, and that line fell 11.1% from $20.14M to $17.91M.
If even the paid-development revenue base shrinks, Solid Power becomes more dependent on external capital while waiting for a licensing model.
With $336.5M of liquidity and $85M–$100M of expected 2026 burn, Solid Power is spending roughly 5x annual revenue to stay in the race.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q1 2026 earnings window
Estimated for May 5–12, 2026. You want updated liquidity, burn, and any movement on partner testing milestones.
the key trend
Does paid development revenue re-accelerate
Technology and R&D services fell 11.1% to $17.91M. If that line keeps shrinking, the commercial story is moving backward, not forward.
metric
Cash burn versus the $85M–$100M guide
A sustained run-rate above $100M would pull the 3–4 year runway closer and make another raise feel less optional.
risk
75 metric ton pilot line progress
Pilot capacity is one of the few concrete bridge points between research and a real supply relationship. Delays here matter more than press-release language.
Analyst rankings
risk profile
above average
risk rank 2 — safer than roughly 80% of stocks.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for SLDP is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$5
current price
n/a
target midpoint · n/a from current
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