Full Year 2025 Solid Power Inc Earnings Call

February 24, 2026

In this call.

All participants will be in listen only mode.

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After todays presentation, there will be an opportunity to ask questions.

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Please note this event is being recorded.

I would now like to turn the conference over to Charlie Van gets Investor Relations Analyst. Please go ahead.

Yeah.

Thank you operator, welcome everyone and thank you for joining US today I'm joined on today's call are solid powers, President and Chief Executive Officer, John <unk> and <unk>.

<unk> Financial Officer, Linda Howard.

A copy of today's earnings release is available on the Investor Relations section of solid Power's website, Www dot solid battery dot com.

I'd like to remind you that parts of our discussion today will include forward looking statements as defined by the U S. Securities laws. 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.

Except as otherwise required by applicable law solid power 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 southern Power's most recent filings with the Securities and Exchange Commission, which can be found on the company's website at www Dot solid power battery Dot com.

With that let me turn it over to John and Scott.

Thank you Charlie and thank you all for joining us today.

We see strong and meaningful progress in 2025.

Marking an important year of execution for solid power.

At the outset of the year, we set clear near term objectives.

To drive continued innovation and performance in our electrolyte technology.

Advance our electrolyte development roadmap.

Random sampling activity, while identifying and engaging long term customers.

Execute against our agreements with <unk>.

And maintain a disciplined approach to capital spending.

I'm proud of our progress our team delivered across each of these priorities.

Throughout the year, we translated strategy into tangible milestones.

And strengthened our technical foundation.

Collectively our achievements in 2025 advanced our path towards commercialization and positioned us to enter the next phase of growth.

Starting with the electrolyte sampling we continued our standpoint efforts and saw demand for multiple generations of our material from both existing and new customers.

In October 2025, we announced a joint evaluation agreement with Samsung SDI and BMW.

To advance the development of all solid state batteries.

We view this agreement as validation of our electrolyte sampling efforts.

After announcing the agreement we began executing under the agreement and.

And providing electrolyte to STI for use in the joint evaluation activities.

Turning to our electrolyte development roadmap, we made progress towards installation of our continuous electrolyte production pilot line.

In 2025, we finished ordering long lead equipment and conducted detailed design for the line.

Speaker #1: An advanced R&D path towards commercialization positioned us to enter the next phase of growth. Starting with electrolyte sampling, we continued our sampling efforts and saw demand for multiple generations of our material from both existing and new customers.

We expect to install and commission. This line by the end of 2026.

Speaker #1: I will now turn the call back to John.

Speaker #2: Thank you, Linda. As we look ahead to 2026, we remain focused on disciplined execution, continued advancement of our electrolyte technology, and maintaining a strong financial position as we work towards commercialization.

This line is designed to support a small volume customer programs.

And allow us to learn and optimize the manufacturing processes ahead of full commercialization.

Speaker #1: In October 2025, we announced a joint evaluation agreement with Samsung SDI and BMW, to advance the development of all solid-state batteries. We view this agreement as validation of our electrolyte sampling efforts.

With respect to educate on we continue to execute under our agreements.

Speaker #2: First, we intend to strengthen relationships with our partners through continued execution, in 2026 we expect to continue providing Samsung SDI, with Electrolyte under the Joint Evaluation Agreement, while also continuing to develop our technology and pursuing electrolyte innovation.

A research and development license align installation agreement.

And in electrolyte supply agreement.

These agreements are designed to enable <unk> to develop solid state cells based on our technology and to operate a pilot scale manufacturing line using our electrified.

Speaker #1: After announcing the agreement, we began executing under the agreement and providing electrolyte to SDI for use in the joint evaluation activities. Turning to our electrolyte development roadmap, we made progress towards installation of our continuous electrolyte production pilot line.

Speaker #2: We also expect to complete site acceptance testing of the SKON line in the first quarter of 2026. Following site acceptance testing, we plan to work with SKON to conduct validation activities for the line and begin delivering electrolyte to SKON to support the validation efforts.

In 2025, we completed factory acceptance testing and neared completion of site acceptance testing at SK <unk> facility.

Speaker #1: In 2025, we finished ordering long-lead equipment and conducted detailed design for the line. We expect to install and commission this line by the end of 2026.

This progress demonstrates our ability to deliver against key technical milestones and support our partners.

Speaker #2: Second, we will continue executing on our electrolyte development roadmap. We expect to commission our continuous electrolyte production line by the end of 2026, which we designed to expand our annual electrolyte production capacity to up to 75 metric tons.

B efforts.

Speaker #1: This line is designed to support small-volume customer programs and allow us to learn and optimize the manufacturing processes ahead of full commercialization. With respect to SKON, we continue to execute under our agreements.

Moving onto electrolyte innovation and performance.

During 2025, we deepened our understanding of our electrolytic performance.

Identified the process engineering and electrolyte improvements.

And work to tailor, our electrolyte to meet customer specifications.

Speaker #2: This year we also intend to pursue a potential partnership for commercial-scale electrolyte production in Korea. To complement our technical expertise we plan to evaluate potential partners with process capabilities and capital to support construction of a facility capable of producing up to 500 metric tons of electrolyte annually.

We made this progress through our focus enhancing feedback between ourselves and electrolyte teams and productive customer feedback.

Speaker #1: A research and development license, a line installation agreement, and an electrolyte supply agreement—these agreements are designed to enable SKON to develop solid-state cells based on our technology and to operate a pilot cell manufacturing line using our electrolyte.

Additionally, ourselves and solid state battery technology were demonstrated in a BMW seven test vehicle in May 2025.

Speaker #1: In 2025, we completed factory acceptance testing and neared completion of site acceptance testing at SKON's facility. This progress demonstrates our ability to deliver against key technical milestones and support our partners ASSB efforts.

Bmw's introduction of this test vehicle marked a meaningful achievement in our partnership and we are proud of our role in this accomplishment.

Speaker #2: Third, we are focused on advancing our electrolyte product competitiveness. During 2026 we will continue to enhance our understanding of how our electrolyte performs relative to other sulfide electrolyte products, to enable customer success in utilizing our electrolyte.

With that I'll turn it over to Linda to review, our financial results and provide an update of our financial discipline goal.

Linda.

Thank you John we delivered revenue of 21 7 million in 2025, an increase of $1 6 million compared to 2020 for the year over year growth was driven primarily by work performed under our line installation agreement with SK on reflecting continued execute.

Speaker #1: innovation and performance, during 2025, we deepened our understanding of our electrolyte performance identified process engineering and electrolyte improvements and worked to tailor our electrolyte to meet Moving on to electrolyte Slight development roadmap, including commissioning our continuous pilot line while maintaining financial discipline and preserving liquidity.

Against our customer programs.

Operating expenses for the year were $122 6 million compared to $125 5 million in 2020 for the year over year decrease reflects our cost discipline, partially offset by investments in research and development as well as equipment purchases and serve.

<unk> has performed in support of the SK on agreements.

Operating loss for 2025 was $108 million and net loss was $93 4 million or <unk> 51 per share.

Turning to capital expenditures 2025, Capex totaled $10 $2 million, primarily representing costs associated with planned construction of our continuous electrolyte production pilot line.

Cash investment, which is comprised of cash used in operations and capital expenditures totaled $84 5 million for fiscal year 2025. This came in at the lower end of our revised cash investment guidance, reflecting our continued focus on prioritization and disciplined capital allocation.

Moving to the balance sheet, our total liquidity as of December 31, 2025, with $336 $5 million, an increase of $9 million compared to year end 2024.

As of December 31, 2025 contract assets and accounts receivable were $9 6 million and total current liabilities was $16 8 million.

During the fourth quarter, we raised $56 million of net proceeds under our at the market or ATM program, bringing total 2025 net proceeds from the ATM to $88 $8 million.

Looking ahead, we expect 2026 cash investment representing cash used in operations and capital expenditures to be in the range of 85 million to $100 million.

This outlook reflects our continued focus on investing in and advancing our electrolyte development roadmap, including commissioning our continuous pilot line, while maintaining financial discipline and preserving liquidity.

I'll now turn the call back to John.

Thank you Linda as we look ahead to 2026, we remain focused on disciplined execution.

<unk> advancement of our electrolyte technology, and maintaining a strong financial position as we work towards commercialization.

First we intend to strengthen relationships with our partners through continued execution.

In 2026, we expect to continue providing Samsung SDI with electrolyte under the joint evaluation agreement.

While also continuing to develop our technology and pursuing electrolyte innovation.

We also expect to complete the site acceptance testing of the SK online in the first quarter of 2026.

Following site acceptance testing, we plan to work with SK to conduct validation activities for the line and begin delivering electrolyte GSK on to support the validation efforts.

Linda: our electrolyte development roadmap, including commissioning our continuous pilot line while maintaining financial discipline and preserving liquidity. I will now turn the call back to John.

[Company Representative] (Solid Power): our electrolyte development roadmap, including commissioning our continuous pilot line while maintaining financial discipline and preserving liquidity. I will now turn the call back to John.

Second we will continue executing on our electrolyte development roadmap.

John Van Scoter: Thank you, Linda. As we look ahead to 2026, we remain focused on disciplined execution, continued advancement of our electrolyte technology, and maintaining a strong financial position as we work towards commercialization. First, we intend to strengthen relationships with our partners through continued execution. In 2026, we expect to continue providing Samsung SDI with electrolyte under the Joint Evaluation Agreement, while also continuing to develop our technology and pursuing electrolyte innovation. We also expect to complete site acceptance testing of the SK On line in Q1 of 2026. Following site acceptance testing, we plan to work with SK On to conduct validation activities for the line and begin delivering electrolyte to SK On to support the validation efforts. Second, we will continue executing on our electrolyte development roadmap.

We expect to commission, our continuous electrolyte production line by the end of 2026.

Which we designed to expand our annual electrolyte production capacity to up to 75 metric tons.

This year, we also intend to pursue a potential partnership for commercial scale electrolyte production in Korea.

To complement our technical expertise, we plan to evaluate potential partners with process capabilities and capital to support construction of a facility capable of producing up to 500 metric tons of electrolyte annually.

Third we are focused on advancing our electrolytic product competitiveness.

During 2026, we will continue to enhance our understanding of how our electrolyte performs relative to other sulfide electrified products to enable customer success in utilizing our electuary.

John Van Scoter: We expect to commission our continuous electrolyte production line by the end of 2026, which we designed to expand our annual electrolyte production capacity to up to 75 metric tons. This year, we also intend to pursue a potential partnership for commercial scale electrolyte production in Korea. To complement our technical expertise, we plan to evaluate potential partners with process capabilities and capital to support construction of a facility capable of producing up to 500 metric tons of electrolyte annually. Third, we are focused on advancing our electrolyte product competitiveness. During 2026, we will continue to enhance our understanding of how our electrolyte performs relative to other sulfide electrolyte products, to enable customer success in utilizing our electrolyte. We believe this will support our efforts to develop competitive, differentiated products and secure long-term customers.

We believe this will support our efforts to develop a competitively differentiated products.

And secure long term customers.

To support these efforts, we will utilize our electrolyte innovation center or EIC to develop improve and test electrolyte manufacturing processes as well as electric light products.

We also intend to continue focusing on our cell research and development activities on improving our understanding of how and why our electrolyte performs in the solid state cell and using that knowledge to help our electrolyte customers improve their cell development.

Finally, we expect to remain fiscally disciplined.

We believe maintaining and using our strong balance sheet to best position solar power to reach commercialization is critical for our success.

During 2026, we intend to balance extending our runway through financial discipline with investing appropriately in technology development and process improvements.

John Van Scoter: To support these efforts, we will utilize our Electrolyte Innovation Center, or EIC, to develop, improve, and test electrolyte manufacturing processes as well as electrolyte products. We also intend to continue focusing on our cell research and development activities, on improving our understanding of how and why our electrolyte performs in a solid-state cell, and using that knowledge to help our electrolyte customers improve their cell development. Finally, we expect to remain fiscally disciplined. We believe maintaining and using our strong balance sheet to best position Solid Power to reach commercialization is critical for our success. During 2026, we intend to balance extending our runway through financial discipline, with investing appropriately in technology development and process improvements. In support of this objective, we successfully completed a $130 million registered direct offering last month, which further strengthened our liquidity and enhanced our strategic flexibility.

In support of this objective, we successfully completed a $130 million registered direct offering last month.

Which further strengthened our liquidity and enhanced our strategic flexibility.

We believe this capital positions us to execute on our objectives, while preserving optionality as we progress towards commercialization.

I would like to thank our employees.

<unk> and stakeholders for their continued commitment and support.

We also intend to continue focusing on our cell research and development activities, on improving our understanding of how and why our electrolyte performs in the solid-state cell, and using that knowledge to help our electrolyte customers improve their cell development.

We remain focused on disciplined execution and look forward to continued progress in 2026.

Finally, we expect to remain fiscally disciplined.

We will now take your questions.

Operator.

We will now begin the question and answer session to ask a question you May Press Star then one on a touchtone phone.

We Believe maintaining and using our strong balance sheet to best position. Solid power to reach. Commercialization is critical for our success.

If you were 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 the question. Please press Star then two.

During 2026, we intend to balance extending our Runway through financial discipline with investing appropriately in technology development and process improvements.

At this time, we will pause momentarily to assemble roster.

In support of this objective, we successfully completed a $130 million registered direct offering last month.

Yeah.

John Van Scoter: We believe this capital positions us to execute on our objectives while preserving optionality as we progress towards commercialization. I would like to thank our employees, partners, and stakeholders for their continued commitment and support. We remain focused on disciplined execution and look forward to continued progress in 2026. We will now take your questions. Operator?

Which further strengthened our liquidity and enhanced our strategic flexibility.

Our first question comes from Colin Rusch with Oppenheimer. Please go ahead.

Hey, guys. Thanks, so much for getting me on.

We know that you've been able to produce a set of incremental volumes of material and truly are collecting.

we believe this Capital Physicians us to execute on our objectives, while preserving optionality, as we progress towards commercialization,

Your amount of data around that process could you talk a little bit about your cycle times on and evolve in the manufacturing process at this point and what other levers you have within the platform to continue to accelerate some of that development.

I would like to thank our employees, partners, and stakeholders for their continued commitment and support.

We remain focused on discipline execution and look forward to continued progress in 2026.

We will now take your questions.

Operator.

Yeah.

Operator: We will now begin the question-and-answer session. To ask a question, you may press star then one on a touch-tone phone. 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 the question, please press star then two. At this time, we will pause momentarily to assemble our roster. Our first question comes from Colin Rusch with Oppenheimer. Please go ahead.

Thanks for joining the call.

Sure.

We will now begin the question and answer session.

We've run a variety of batch sizes, which will directly affect the cycle times.

To ask a question, you may press star then 1 on a touchtone phone.

Very rapid turnaround in our electrical I'd innovation Center.

If you are using a speaker-phone, please pick up your handset before pressing the keys.

And that center, we do two kilograms or less depending on what the customer request is.

if at any time your question has been addressed and you would like to withdraw the question,

Please press star. Then 2

But we can turn those batches.

At this time, we will pause momentarily to assemble our roster.

In days.

When we get up to the larger batch sizes and we typically run between 40 and 50 kilograms in our current SP to batch facility.

Colin Rusch: Hey, guys. Thanks so much for getting me on. You know, we know that you've been able to produce a set of incremental volumes of material and surely are collecting a fair amount of data around that process. You know, could you talk a little bit about your cycle times on evolving the manufacturing process at this point, and what other levers you have within the platform to continue to accelerate some of that development?

Our first question comes from Colin Rusch with Oppenheimer. Please go ahead.

And the cycle times on those run approximately a week again dependent on batch size in the specific parameters, we're trying to control.

Excellent and then as you look at the different form factors.

Deploy the technology at the cell level could you talk a little bit about.

Efforts that youre seeing on the horizon and interest that you're seeing from incremental customers to diversify some of the form factors youre working on.

Um, you know, we know that you've been able to to produce a a set of incremental volumes of material and and surely are collecting, uh, fair amount of data around that process, you know, could you talk a little bit about your cycle times on an evolving? The, the manufacturing process at this point and and what other levers you have within the platform to continue to accelerate some of that development?

A great question.

John Van Scoter: ning, Colin. Sure. We run a variety of batch sizes, which will directly affect the cycle times. We have very rapid turnaround in our Electrolyte Innovation Center. In that center, we do 2 kilograms or less, depending on what the customer request is. But we can turn those batches in days. When we get up to the larger batch sizes, and we typically run between 40 and 50 kilograms in our current SP2 batch facility, and the cycle times on those run approximately a week, again, depending on batch size and the specific parameters that we're trying to control.

Quite honestly collyn, we haven't seen a great diversification yet.

Although we could envision as some of these newer segments beyond the edr, considering all solid state batteries that they could take.

<unk> format or others right now, it's primarily pouch across all of our engagements with primarily E&P customers.

Excellent. Thanks, so much guys.

Uh, thanks for joining, Colin. Um, sure. Uh, we run a variety of batch sizes, which will directly affect the cycle time. Uh, we have very rapid turnaround in our electrolyte Innovation Center. Uh, in that center, we do 2 kilograms or less, depending on what the customer request is. Uh, but we can turn those batches in days.

Our next question comes from Chris Pierce with Needham. Please go ahead with your question.

Hey, good afternoon, just one.

I guess, if you're talking about just want to make sure I heard you right at the SK on pilot line is up and running by the end of 2026.

Colin Rusch: Excellent. As you look at the different form factors that could deploy the technology at the cell level, could you talk a little bit about, you know, efforts that you're seeing on the horizon and interest that you're seeing from incremental customers to diversify some of the form factors you're working on?

Uh, when we get up to the larger batch sizes, and we typically run between 40 and 50 kilograms in our current SP2 batch facility, uh, and the cycle times on those run, approximately a week again, depending on batch size and the specific parameters that we're trying to control.

And what does that how should we think about 'twenty seven and 28 as sort of we hear more about.

SSP batteries or in these vehicles and sort of not in the United States part of the world, but other parts of the World I guess should we think of 27 as a jumping off point and if you think of 27 has been jumping off point.

Excellent. And then as you look at the different form factors that could deploy the technology at the cell level, could you talk a little bit about, you know, efforts that you're seeing on the horizon and interest that you're seeing from incremental customers to diversify some of the form factors you're working on?

John Van Scoter: A great question. Quite honestly, Colin, we haven't seen a great diversification yet. Although we could envision as some of these newer segments beyond EV are considering all-solid-state batteries, that they could take prismatic format or others. Right now, it's primarily pouch across all of our engagements with primarily EV customers.

The burn that you've kind of guided to for this year should we think about you guys as having enough capital to get to that jumping off point or are they are still too many balls in the air to sort of have certainty around that.

A great question. Uh, but quite honestly Colin we haven't seen a great diversification yet.

Yeah.

Chris again, thanks for joining great questions I'll take the first part and then let Linda address the second.

Burn rate part of the question.

Colin Rusch: Excellent. Thanks so much, guys.

Uh, although we could Envision as some of these newer segments Beyond Ed, are considering all solid state batteries that they could take, uh, Prismatic format or or others right now. It's, it's primarily, uh, pouch across all of our engagements, uh, with, uh, primarily EV customers.

Excellent. Thanks so much guys.

Essakane has specifically.

Operator: Our next question comes from Chris Pierce with Needham. Please go ahead with your question.

When they did their ribbon cutting at the pilot facility last year stated that they wanted to have sought.

Our next question comes from Chris Pierce with nem.

Chris Pierce: Hey, good afternoon. Just one. Just wanna make sure I heard you right. If the SK On pilot line is up and running by the end of 2026, how should we think about 27 and 28 as sort of we hear more about ASSP batteries, you know, in these vehicles and sort of not in the United States part of the world, but other parts of the world? I guess, should we think of 27 as a jumping-off point? If we do think of 27 as a jumping-off point, against the burn that you kinda guided to for this year, should we think about you guys as having enough capital to get to that jumping-off point, or are there still too many balls in the air to sort of have certainty around that?

Please go ahead with your question.

For the batteries in 2029, and that's a one year pull in from prior public statements around Asp's.

So I would envision I'll, let S K.

Hey, good afternoon, just one. Um, I guess if you're talking about, just want to make sure I heard you right, that the FK on pilot line is up and running by the end of 2026.

I've talked to the details, but just knowing what we know about the time it takes to get.

And what is that? How should we think about 27 and 28? As sort of we hear more about

From where we are to 2029 I would expect 2027 to be again, a strong development year.

At the cell level, and then probably 'twenty eight being a more mature leading up to the Sop in 2011.

And then.

Chris in terms of our runway.

<unk> seen US sure this up we did get.

ASB batteries, you know, in these vehicles and sort of not in the United States part of the world, but other parts of the world, I I guess should we think of 27 as a jumping off point? And if we do think of 27 as a jumping off point against the burn that you kind of got at 2 for this year, should we think about you guys as having enough Capital to get to that jumping off point or or is there still too many balls in the air to sort of have certainty around that?

John Van Scoter: Chris Pierce, again, thanks for joining. Great questions. I'll take the first part and then let Linda address the second, burn rate part of the question. SK On has specifically, when they did their ribbon cutting at the pilot facility last year, stated that they wanted to have SOP for the batteries in 2029, and that's a 1-year pull-in from prior public statements around ASSBs. I would envision, I'll let SK On talk to the details, but just knowing what we know about the time it takes to get from where we are to 2029, I would expect 2027 to be, again, a strong development year at the cell level, and then probably 28 being more mature leading up to that SOP in 2029.

Guidance for this upcoming year of $85 million to $100 million in terms of cash investment and then if you look at where our ending liquidity is plus with our proceeds from the Rd, We think we're well positioned.

To be able to work with our partners.

<unk>.

The decision on that but we are continually looking at our one layne and ensuring that we can be there for our partners.

Okay, Thanks, and good luck.

Our next question comes from Jake Zukowski with Alliance Global Partners. Please go ahead.

Hey, John Amanda Thanks for taking my questions.

So just building I can't Jaguar joining.

Thank you Jacob.

That last question.

Linda: Chris, in terms of our runway, you have seen us shore this up. We did give guidance for this upcoming year of $85 to $100 million in terms of cash investment. If you look at where our ending liquidity is, plus with our proceeds from the RDO, we think we're well positioned to be able to work with our partners and be sufficient on that, but we are continually looking at our runway and ensuring that we can be there for our partners.

Uh, Chris again, thanks for joining, uh, great questions. Um, I'll take the first part and then let Linda address the second, um, burn rate part of the question. Um, skon has specifically, uh, when they did their ribbon cutting at the pilot facility last year, stated that they wanted to have sop for the batteries in 2029, and that's a 1 year, pull in from prior public statements around asbs. Um, so I would Envision. I'll, I'll let SK on, uh, talk to the details, but just knowing what we know about the time it takes to get, uh, from where we are to 2029. I would expect 2027 to be again a strong development year, uh, to sell level and then probably 28 being a more mature, leading up to the SOP in 2009.

[Company Representative] (Solid Power): Chris, in terms of our runway, you have seen us shore this up. We did give guidance for this upcoming year of $85 to $100 million in terms of cash investment. If you look at where our ending liquidity is, plus with our proceeds from the RDO, we think we're well positioned to be able to work with our partners and be sufficient on that, but we are continually looking at our runway and ensuring that we can be there for our partners.

Looking at the pilot line in the strength and balance sheet are you able to leverage.

The balance sheet at all to kind of accelerate.

The timeline for the line or is it less dependent on capital availability.

Well Jacobs Linda again, I believe we are in good position in our balance sheet that if there were to be an opportunity that would allow us to shorten the timeline to be able to be in commercial production.

And then, uh, Chris in terms of our Runway, um, you have seen us sure this up, we did give guidance for this upcoming year of 85 to 100 million in terms of cash investment. And then, if you look at where our ending liquidity is, plus, with our proceeds from the RDO, we think we're well positioned

To, um, be able to work with our partners. And, and—

Chris Pierce: Okay. Thanks, and good luck.

Be sufficient on that. But we are continually looking at our Runway and ensuring that we can be there for our partners.

We certainly are there.

Okay, thank you. Good luck.

We can make those long term investments at this point in time.

Operator: Our next question comes from Jake Cikowski with Alliance Global Partners. Please go ahead.

Obviously, we will continue to be opportunistic in the capital markets and as well focus on our own cash burn so that.

Jake Cikowski: Hey, John and Linda, thanks for taking my questions.

Our next question comes from Jake Sakowski with Alliance Global Partners. Please go ahead.

Hey, John and Linda, thanks for taking my questions.

We should be in a good place.

John Van Scoter: Thank you, Jake, for joining.

Jake Cikowski: Of course.

um, so just building

John Van Scoter: Thank you, Jake, for joining.

For clarity sake, though the line is installed in Fkm's facility in Korea.

Jake Cikowski: That last question a bit, looking at the pilot line and, you know, the strength and balance sheet, are you able to leverage the balance sheet at all to kind of accelerate the timeline for the line, or is it less dependent on capital availability?

And they will begin running that line.

By themselves largely with our support.

Once.

Is completed so any additional capital improvements or those sorts of things will be their responsibility for that line, but as Linda said, if there's something that we can do to assist we'll certainly consider that moving forward because of the strength of our balance sheet.

Of course, thank you joining. That last question of the, um, looking at the pilot line and, you know, the strength and balance sheet. Are you able to leverage, um, the balance sheet at all to kind of accelerate the timeline for for the line? Or is it less dependent on Capital availability?

Linda: Well, Jake, it's Linda again. I believe we are in a good position in our balance sheet that if there were to be an opportunity that would allow us to shorten the timeline to be able to be in a commercial production, we certainly are there. We can make those long-term investments at this point in time. Obviously, we will continue to be opportunistic in the capital markets and as well, focus on our own cash burn so that, we should be in a good place.

[Company Representative] (Solid Power): Well, Jake, it's Linda again. I believe we are in a good position in our balance sheet that if there were to be an opportunity that would allow us to shorten the timeline to be able to be in a commercial production, we certainly are there. We can make those long-term investments at this point in time. Obviously, we will continue to be opportunistic in the capital markets and as well, focus on our own cash burn so that, we should be in a good place.

Got it okay. That's helpful.

And then just on existing partnerships can you just touch on any upcoming milestones you might keep an eye out for those.

We are in a good position in our balance sheet that if there were to be an opportunity that would allow us to shorten the timeline to be able to be in a commercial production.

Those processes move forward.

Sure.

Well I think we've established through the announcement last fall with BMW and SDI, our preferred approach moving forward to expand these partnerships, where we are dealing directly with the.

We certainly are there. We can make those long-term investments at this point in time. Obviously, we will continue to be opportunistic in the capital markets and as well focus on our own cash burn so that we should be in a good place.

John Van Scoter: For clarity's sake, though, the line is installed in SK On's facility in Korea, and they will begin running that line by themselves, largely with our just support, once SAT is completed. Any additional capital improvements or those sort of things will be their responsibility for that line. As Linda said, if there's something that we can do to assist, we'll certainly consider that moving forward because of the strength of our balance sheet.

The Oems to create the demand.

In the platforms, but then really have the tier one battery.

Partners step in and provide the batteries with us providing material and some of the expertise to achieve performance targets.

That's our preferred model going forward.

We would like to duplicate that in other areas as we move forward.

I would also point to the comments earlier.

For clarity’s sake, though the line is installed in SK On’s facility in Korea—uh, and they will begin running that line up by themselves, largely with just our support—uh, once SAT is completed. So, any additional capital improvements or those sorts of things will be their responsibility for that line. But as Linda said, if there’s something that we can do to assist, uh, we’ll certainly consider that moving forward because of the strength of our balance sheet.

Prepared remarks, and that is around our intention to explore potential JV partnerships around the electrolyte Manny.

Jake Cikowski: Got it. Okay, that's helpful. Just on existing partnerships, can you just touch on, you know, any upcoming milestones we might keep an eye out for, as those processes move forward, this year?

Manufacturing in Korea.

With a target of a 500 metric ton annually capacity.

Got it. Okay, that's helpful. Um, and then, just on existing Partnerships, can you just touch on? You know, any upcoming Milestones, you might keep an eye out for, um, as as those processes move forward. Uh, this year,

John Van Scoter: Well, I think we've established through the announcement last fall with BMW and SDI, our preferred approach moving forward to expand these partnerships, where we are dealing directly with the OEMs, to create the demand in the platforms, but then really have the tier one battery partners step in and provide the batteries with us providing the material and some of the expertise to achieve performance targets. That's our preferred model going forward, and we would like to duplicate that in other areas, as we move forward. I would also, though, point to the comments earlier in the prepared remarks, and that is around our intention to explore potential JV partnerships around the electrolyte.

Through a partnership with.

With solid power, bringing the technical expertise VIP.

<unk> knowledge, and then relying on the partner from a manufacturing and capital standpoint, so that would be the other partnership that I would point to for 2026 and look for some developments there as we move through the year.

Makes sense, that's all from my end thanks again.

This concludes our question and answer session I would like to turn the call back over to John <unk>, President and CEO for any closing remarks.

Yes.

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

John Van Scoter: manufacturing in Korea, with a target of a 500 metric ton annually capacity, through a partnership with Solid Power, bringing the technical expertise, the IP, and the process knowledge, and then relying on the partner from a manufacturing and capital standpoint. That would be the other partnership that I would point to for 2026, and look for some developments there as we move through the year.

The conference has now concluded. Thank you for attending today's presentation you may now disconnect.

I think we've established through uh, the announcement last fall with BMW and SDI our preferred approach. Moving forward, to expand these Partnerships where we are dealing directly with the, uh, the oems, uh, to create the demand, um, in the platforms. But then really have the Tier 1 battery, uh, Partners step in, uh, and provide, uh, the batteries with us, providing the material, and some of the expertise to achieve performance targets. Uh, so that's, that's our preferred model going forward and we would like to do duplicate that in other areas, uh, as, as we move forward. Um, I I would also though point to the comments earlier, uh, in the prepared remarks, and that is around Our intention to explore potential, JD Partnerships around the electrolyte, uh, Manufacturing in Korea, uh, with the target of a 500 metric ton and

really capacity, um, through a partnership, uh, with solid power bringing, uh, the technical expertise, the IP, the process knowledge, and then relying on the partner from a manufacturing, uh, and capital standpoint. So that would be the other partnership that I would point to for 2026. I look for some developments there as we move through the year.

Jake Cikowski: Makes sense. That's all from my end. Thanks again.

Makes sense. That's all for my end. Thanks again.

Operator: This concludes our question and answer session. I would like to turn the call back over to John Van Scoter, President and CEO, for any closing remarks.

Includes our question and answer.

I would like to turn the call back over to John Scoter, president and CEO, for any closing remarks.

John Van Scoter: Thank you for joining the call today and for your interest in Solid Power. We look forward to updating you again next quarter.

Thank you for joining.

Solid Power. We look forward to updating you again next quarter.

Operator: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

Conference is now concluded.

Thank you for attending today.

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