third quarter 2026
Filed Nov 3, 2026Solid Power reported third-quarter revenue and grant income of $1.2 million, a net loss of $24.4 million, and reduced its 2026 cash investment guidance to $75 million to $85 million.
The company advanced MOBIUS commissioning, customer electrolyte deliveries, and potential commercial partnerships while reducing expected cash investments, but revenue and grant income remained $1.2 million and the company recorded a $24.4 million net loss.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30GAAP | $ 243 | – | – |
| Grant income, three months ended September 30GAAP | $981K | – | – |
| Total revenue and grant income, three months ended September 30GAAP | $1.22M | – | – |
| Direct costs, three months ended September 30GAAP | $2.53M | – | – |
| Research and development expense, three months ended September 30GAAP | $18.72M | – | – |
| Selling, general and administrative expense, three months ended September 30GAAP | $9.81M | – | – |
| Total operating expenses, three months ended September 30GAAP | $31.06M | – | – |
| Operating loss, three months ended September 30GAAP | −$29.84M | – | – |
| Interest income, three months ended September 30GAAP | $3.98M | – | – |
| Change in fair value of warrant liabilities, three months ended September 30GAAP | $1.57M | – | – |
| Pretax loss, three months ended September 30GAAP | −$24.24M | – | – |
| Net loss attributable to common stockholders, three months ended September 30GAAP | −$24.35M | – | – |
| Basic and diluted loss per share, three months ended September 30GAAP | $ (0.11 ) | – | – |
| Weighted average shares outstanding, basic and diluted, three months ended September 30GAAP | 228,196,750 | – | – |
| Revenue, nine months ended September 30GAAP | $1.33M | – | – |
| Grant income, nine months ended September 30GAAP | $2.70M | – | – |
| Total revenue and grant income, nine months ended September 30GAAP | $4.03M | – | – |
| Total operating expenses, nine months ended September 30GAAP | $90.50M | – | – |
| Operating loss, nine months ended September 30GAAP | −$86.47M | – | – |
| Net loss attributable to common stockholders, nine months ended September 30GAAP | −$61.20M | – | – |
| Basic and diluted loss per share, nine months ended September 30GAAP | $ (0.27 ) | – | – |
| Net cash and cash equivalents used in operating activities, nine months ended September 30GAAP | −$43.97M | – | – |
| Purchases of property, plant and equipment, net, nine months ended September 30GAAP | −$12.61M | – | – |
| Cash investments, three months ended September 30other | $21.5M | – | – |
| Cash investments, year-to-dateother | $56.6M | – | – |
| Capital expenditures, three months ended September 30other | $4.7M | – | – |
2026 outlook
- NoteCash investment guidance: $75 million to $85 million
Capital returns
- Proceeds from the registered direct offering, net of fees: $ 121,345 for the nine months ended September 30, 2026.
- Repurchase of shares of common stock: $ — for the nine months ended September 30, 2026.
What drove it
- Third-quarter revenue largely consisted of performance on the SK On agreements.
- Grant income was driven by the U.S. Department of Energy assistance agreement funding a portion of MOBIUS construction.
- Operating expenses increased versus the second quarter due to strategic consulting fees supporting commercial readiness objectives.
- The company introduced materials into its MOBIUS™ continuous electrolyte production line and expects full commissioning by year-end 2026.
- MOBIUS™ is expected to add 45 metric tons of annual electrolyte production capacity and increase total annual capacity to 75 metric tons.
- Solid Power provided electrolyte material to Samsung SDI and SK On during the third quarter.
Concerns
- Total revenue and grant income was $ 1,224 for the third quarter of 2026, compared with $ 4,560 for the third quarter of 2025.
- The company reported an operating loss of $ (29,840 ) and a net loss attributable to common stockholders of $ (24,353 ) in the third quarter.
- Research and development expense was $ 18,724 in the third quarter and selling, general and administrative expense was $ 9,810.
- Full MOBIUS™ commissioning is expected by year-end 2026 rather than completed as of the reporting date.
- The potential joint venture for commercial-scale electrolyte production in the Republic of Korea remained under discussion.
What to watch
- Full commissioning of the MOBIUS™ continuous electrolyte production line by year-end 2026.
- Execution of a potential joint venture with battery material manufacturing companies for commercial-scale electrolyte production in the Republic of Korea.
- Progress toward ISO 9001 certification by year-end 2026.
- Electrolyte material activity with Samsung SDI, SK On, and other customers.
- Cash investments against revised 2026 guidance of $75 million to $85 million.
- Development of electrolyte technology opportunities in drone, defense, and humanoid robotics applications.
Balance sheet and cash flow
- Total liquidity as of September 30, 2026: $ 397,561.
- Cash and cash equivalents as of September 30, 2026: $ 23,278.
- Available-for-sale securities as of September 30, 2026: $ 374,283.
- Contract assets and accounts receivable as of September 30, 2026: $ 6.2 million.
- Total current liabilities as of September 30, 2026: $18.8 million.
- Solid Power continues to have no debt.
- Total assets as of September 30, 2026: $ 505,424.
- Total liabilities as of September 30, 2026: $ 26,225.
- Net cash and cash equivalents used in operating activities: $ (43,967 ) for the nine months ended September 30, 2026.
- Net cash and cash equivalents provided by financing activities: $ 118,750 for the nine months ended September 30, 2026.
Analysis
Solid Power reported third-quarter total revenue and grant income of $ 1,224, including revenue of $ 243 and grant income of $ 981. Revenue largely reflected performance on the SK On agreements, while grant income was associated with a U.S. Department of Energy assistance agreement funding a portion of MOBIUS™ construction. The company also delivered electrolyte material to Samsung SDI and SK On during the quarter. For the nine months ended September 30, total revenue and grant income was $ 4,029, including revenue of $ 1,331 and grant income of $ 2,698.
Management, verbatim
The third quarter was marked by continued progress advancing our electrolyte technology and expanding our strategic relationships. We were excited to recently announce that commissioning of MOBIUS™, our next-generation continuous electrolyte production line, is underway.
John Van Scoter, President and Chief Executive Officer of Solid Power
We also advanced discussions regarding a potential joint venture in the Republic of Korea as we plan to establish commercial-scale electrolyte manufacturing capabilities. While EVs will continue to be our north star as we scale up, we are also actively pursuing new markets for our technology.
John Van Scoter, President and Chief Executive Officer of Solid Power
Not in the filing
stated, not guessed- Gross margin and gross profit were not reported.
- No reportable operating segments or segment revenue were disclosed.
- Non-GAAP financial measures were not reported.
- Quarterly operating cash flow and quarterly free cash flow were not reported.
- Dividend information was not reported.
- Revenue, gross margin, operating expense, and tax-rate guidance were not reported.
- A previous-release outlook section was not provided, so no comparison of actual results against prior guidance is included.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.