Q3 2025 Solid Power Inc Earnings Call

Speaker #1: Good day and the Solid Power . Third quarter 2025 Earnings Conference Call . All participants will be in listen only mode . Should you need assistance , please signal a conference specialist by pressing the star key , followed by zero .

Speaker #1: After today's presentation , there will be an opportunity to ask question , to ask a question . You may press star , then one on your touchtone phone .

Speaker #1: To withdraw your question , please press star . Then two . Please note this event is being recorded . I would now like to turn the conference over to Charlie Van Gotas , investor Relations .

Speaker #1: Please go ahead .

Speaker #2: Thank you . Operator . Welcome , everyone , and thank you for joining us today . I'm joined on today's call by Solid Power, Inc. President and Chief Executive Officer John Van

Speaker #2: Scotter welcome to and Chief Financial Officer , Linda Heller . A copy of today's earnings release is available on the Investor Relations section of Solid Power's website .

Speaker #2: WW Solid Power, Inc. . I'd like to remind you that parts of our discussion today will include forward looking statements as defined by US securities laws .

Speaker #2: These forward looking statements are based on management's current expectations and assumptions about future events , and are based on currently available information as to the outcome and timing of future events .

Speaker #2: Except as otherwise required by applicable law , Solid Power, Inc. disclaims any duty to update any forward looking statements to reflect future events or circumstances for a discussion of the risks and uncertainties that could cause actual results to differ materially from those expressed in today's forward looking statements , please see Solid Power, Inc. most recent filings with the Securities and Exchange Commission , which can be found on the company's website at .

Speaker #2: With that , let me turn it over to John van Scotter .

Speaker #3: Thank you , Charlie , and thank you all for joining us today . I am pleased to provide an update on our 2025 operational goals .

Speaker #3: Since our last earnings call . First , we recently announced a strategic collaboration with Samsung SDI and BMW under a joint evaluation agreement .

Speaker #3: We believe this collaboration represents a vote of confidence in our technology and the potential of solid state batteries . Under this arrangement , solid power will supply sulfide based solid electrolyte to Samsung SDI , which Samsung SDI will integrate into separator and or catholyte , and use to cells .

Speaker #3: In each case subject to achievement of technical requirements . These cells will be evaluated based on performance parameters and requirements to be agreed between Samsung SDI and BMW Group .

Speaker #3: Ultimately , solid power Samsung SDI and BMW aim to develop and supply all solid state battery cells for integration into a next generation of evaluation vehicles , together with Samsung SDI and BMW , we look forward to driving innovation in all solid state battery technology .

Speaker #3: In addition , we believe this agreement underscores our electrolyte sampling efforts and our focus on identifying long term customers . This quarter , we continued to execute on our agreements with SK on .

Speaker #3: We conducted site acceptance testing of the Skagen Pilot line , which remains on target for completion by the end of this year and is another key milestone under our line installation agreement with Skagen .

Speaker #3: During the quarter , we also made progress on our electrolyte development roadmap . We continued detailed design work for the planned installation of a continuous manufacturing pilot line for sulfide electrolyte production at Sb2 .

Speaker #3: We expect detailed design to be substantially complete later this year , with commissioning on track for 2026 . With that , I'll turn it over to Linda to review our financial results and provide an update on our progress towards achieving our financial discipline goal .

Speaker #3: Linda .

Speaker #4: Thank you . John . I'll start with Q3 and year to date results beginning with revenue . During the third quarter of 2025 , we generated revenue of $4.6 million compared to our Q2 2025 revenue of $7.5 million .

Speaker #4: Revenue recognized this quarter was driven primarily by our SK on agreements as well as our government contracts . This brings revenue year to date to $18.1 million , an increase of 2.4 million over the same period in 2020 .

Speaker #4: For operating expenses for the third quarter were $29 million , a decrease of $4.4 million compared to our second quarter of 2025 . At $33.4 million , the reduction in expenses for the third quarter was primarily due to the nature of the work performed under our ESC on agreement .

Speaker #4: The third quarter was labor focused and preparation for site acceptance testing , whereas the second quarter , included significant equipment purchases for factory acceptance testing .

Speaker #4: Operating loss . Year to date was $74.3 million , and year to date net loss was $66.4 million , or $0.37 per share .

Speaker #4: Capital expenditures totaled $0.6 million , primarily representing costs for the construction of our continuous electrolyte production pilot line . Turning to our balance sheet and liquidity .

Speaker #4: During the quarter , our cash used for operations and capital expenditures was $14.9 million . This brings our total year to date cash investment to $61.2 million .

Speaker #4: Total liquidity increased to $300.4 million as of September 30th , 2025 . This was primarily driven by proceeds from our at the market offering program , as well as cash received from our government contracts .

Speaker #4: In addition , contract assets and contract receivables totaled $7.2 million and total current liabilities were $16.6 million . During Q3 , we remained fiscally disciplined , focused on realizing efficiencies and reducing operating costs while driving technology development and innovation .

Speaker #4: As a result of these efforts , we are revising our expected cash investment to 85 to $95 million in 2025 . I will now turn it back to John for some final thoughts .

Speaker #3: Thank you Linda . In closing , we're making progress towards our strategic objectives and I'm excited about the potential of all solid state battery technology .

Speaker #3: I want to sincerely thank our partners and stakeholders for their continued dedication and support. We will now take your questions. Operator.

Speaker #3: employees

Speaker #1: Thank you . We will now begin the question and answer session . To ask a question , you may press star , then one on your touchtone phone .

Speaker #1: If you are using a speakerphone , please pick up your handset before pressing the keys . If at any time your question has been addressed and you would like to withdraw your question , please press star then two .

Speaker #1: At this time , we will pause momentarily to assemble our roster .

Speaker #1: This concludes our question and answer session . I would like to turn the conference back over to John John Scoter for any closing remarks .

Speaker #5: Thank you for joining the call today and for your interest in solid power . We look forward to updating you again next quarter .