second quarter 2026
Filed Aug 4, 2026Solid Power reported second-quarter revenue and grant income of ($0.3) million after a $1.2 million cumulative catch-up revenue reversal, while maintaining its $85 to $100 million current-year cash-investment guidance and reporting total liquidity of $419.3 million.
Operational milestones and liquidity remained constructive, but second-quarter revenue and grant income was negative following a $1.2 million revenue reversal and the company reported a $30.3 million operating loss and $23.8 million net loss.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue and grant incomeGAAP | ($0.3) million | – | – |
| Revenue and grant incomeGAAP | $2.8 million | – | – |
| Operating expensesGAAP | $30.0 million | – | – |
| Operating lossGAAP | $30.3 million | – | – |
| Net lossGAAP | $23.8 million | – | – |
| Net loss per shareGAAP | $0.11 per share | – | – |
| Capital expendituresGAAP | $6.3 million | – | – |
| Total liquidityother | $419.3 million | – | – |
| Cash and cash equivalentsGAAP | $ 24,284 | – | – |
| Available-for-sale securitiesother | $ 395,042 | – | – |
| Contract assets and accounts receivablesother | $ 3.2 million | – | – |
| Total current liabilitiesGAAP | $17.2 million | – | – |
current year outlook
- NoteCash investments within the current year guidance range of $85 to $100 million.
- NoteEquipment acceptance testing, targeted for completion in the third quarter.
- NotePlant validation and operational startup remain planned for the fourth quarter of 2026.
- NoteStage 2 of the ISO 9001 certification process scheduled for the third quarter.
What drove it
- Revenue and grant income recognized included revenue from the collaboration agreement with SK On and grant income from the assistance agreement with the U.S. Department of Energy.
- Solid Power recorded a $1.2 million reversal of previously recognized revenue through a cumulative catch-up adjustment driven by changed assumptions related to certain milestone payments.
- The company successfully completed the Line Installation Agreement with SK On and received the associated milestone payment.
- Electrolyte performance improved through work under the Joint Evaluation Agreement with Samsung SDI and BMW.
- Installation of major equipment for the continuous manufacturing pilot line continued to advance.
- Capital expenditures primarily represented costs for construction of the continuous electrolyte production pilot line.
Concerns
- Second-quarter revenue and grant income was ($0.3) million after the $1.2 million reversal of previously recognized revenue.
- Second-quarter operating loss was $30.3 million and net loss was $23.8 million.
- Solid Power is in negotiations for a new collaboration agreement with SK On.
- Discussions regarding a potential joint venture for commercial-scale electrolyte production in the Republic of Korea remain ongoing.
- Equipment acceptance testing, plant validation, operational startup, and ISO 9001 certification remain future milestones.
What to watch
- Completion of equipment acceptance testing targeted for the third quarter.
- Stage 2 of the ISO 9001 certification process scheduled for the third quarter.
- Plant validation and operational startup planned for the fourth quarter of 2026.
- Progress in negotiations for a new collaboration agreement with SK On.
- Progress in discussions with industry-leading partners regarding a potential joint venture for commercial-scale electrolyte production in the Republic of Korea.
- Cash investments relative to the $85 to $100 million current-year guidance range.
Balance sheet and cash flow
- Total liquidity as of June 30, 2026, was $ 419.3 million.
- Cash and cash equivalents were $ 24,284 as of June 30, 2026, compared to $ 21,607 as of December 31, 2025.
- Available-for-sale securities were $ 395,042 as of June 30, 2026, compared to $ 314,843 as of December 31, 2025.
- As of June 30, 2026, contract assets and accounts receivables were $ 3.2 million and total current liabilities were $17.2 million.
- Solid Power continues to have no debt financing.
- Second quarter 2026 capital expenditures totaled $ 6.3 million, primarily representing costs for construction of the continuous electrolyte production pilot line.
- Total assets were $ 527,068 as of June 30, 2026, compared to $ 455,092 as of December 31, 2025.
- Total liabilities were $ 24,919 as of June 30, 2026, compared to $ 38,918 as of December 31, 2025.
- Total stockholders’ equity was $ 501,743 as of June 30, 2026, compared to $ 415,704 as of December 31, 2025.
Analysis
Solid Power's reported revenue and grant income was ($0.3) million in the second quarter of 2026, reflecting a $1.2 million reversal of previously recognized revenue through a cumulative catch-up adjustment. The company attributed that adjustment to a change in assumptions related to certain milestone payments. Revenue and grant income for the first half of 2026 was $2.8 million and included collaboration revenue from SK On and grant income under an assistance agreement with the U.S. Department of Energy.
The cost base remained substantial relative to reported revenue. Operating expenses were $30.0 million in the second quarter, compared with $29.4 million in the first quarter, with expenses described as largely consistent. The company reported a second-quarter operating loss of $30.3 million, net loss of $23.8 million, and net loss of $0.11 per share.
Operational execution centered on commercial readiness. Solid Power reported improved electrolyte performance through its Joint Evaluation Agreement with Samsung SDI and BMW, completed the Line Installation Agreement with SK On and received its associated milestone payment, and continued negotiations for a new collaboration agreement. Major-equipment installation for the continuous manufacturing pilot line was advancing, with equipment acceptance testing targeted for the third quarter and plant validation and operational startup planned for the fourth quarter of 2026.
Liquidity was $419.3 million as of June 30, 2026, and the company stated that it continues to have no debt financing. Second-quarter capital expenditures totaled $6.3 million, primarily for construction of the continuous electrolyte production pilot line. Management reiterated that cash investments remain on track to fall within the current-year guidance range of $85 to $100 million. The key reported tension is between the liquidity available to fund commercialization milestones and the negative quarterly revenue result caused by the milestone-related catch-up reversal, alongside continuing operating losses.
Management, verbatim
During the second quarter, we made real progress against our strategic priorities, including our partner relationships, JV opportunities and operational capabilities,
John Van Scoter, President and Chief Executive Officer
We remain on track in advancing our new continuous manufacturing line and are progressing towards ISO 9001 certification as we further strengthen our commercial readiness and quality management system. We are also encouraged by the performance of our electrolyte in the first half of the year. Together, these milestones and our strong liquidity position reinforce our confidence in our differentiated technology, our ability to execute, and our path toward commercialization.
John Van Scoter, President and Chief Executive Officer
Not in the filing
stated, not guessed- The filing text is truncated before the condensed consolidated statements of operations and comprehensive income tables; detailed income-statement line items and comparative periods are not available in the provided document.
- Prior-year second-quarter revenue and grant income.
- Prior-quarter revenue and grant income.
- Year-over-year and quarter-over-quarter percentage changes for revenue and grant income.
- Gross profit, gross margin, and cost of revenue.
- Operating-expense components.
- Prior-year and prior-quarter operating loss.
- Prior-year and prior-quarter net loss and net loss per share.
- Diluted weighted-average shares outstanding.
- Non-GAAP financial measures and reconciliations.
- Operating cash flow.
- Free cash flow.
- Cash investment incurred during the period.
- Share repurchases, dividends, or other capital-return activity.
- Segment revenue and segment profitability.
- Revenue, gross-margin, operating-expense, and tax-rate guidance.
- Prior outlook for comparison with actual results.
AlphaAI analysis generated 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 cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.