Executive Summary

Q1 2024 delivered no revenue and a net loss of $29.77M, driven predominantly by non-operating items: $8.18M fair value loss on derivative liabilities and $17.82M loss recorded upon issuance of common stock and warrants related to the March private placement .
Operating loss was $3.76M as the company scales R&D and public-company infrastructure; diluted EPS was a loss of $0.38 on 78.2M weighted average shares .
Solidion completed the Honeycomb Battery Company merger and began trading on Nasdaq (symbol STI), positioning its advanced anode materials and solid-state battery roadmap for commercialization; management emphasized progress despite market conditions .
Key near-term risk catalysts: Nasdaq delinquency notice for late 10-Q filing (addressed June 6–7), going-concern disclosure, substantial derivative liabilities ($41.81M at Q1) and short-term notes payable ($2.19M) that can drive earnings volatility and funding needs .

What Went Well and What Went Wrong

What Went Well

Successful business combination closed February 2, 2024; commenced trading on Nasdaq Global Market under “STI,” enabling capital markets access and corporate scaling .
Management highlighted commercialization progress in battery materials (graphite and silicon-rich anodes) and solid-state battery platforms, reiterating process-friendly electrolytes compatible with existing Li-ion lines to accelerate time-to-market .
CEO tone constructive: “Despite challenging market conditions, Solidion is making progress towards commercialization of its suite of battery materials products. There are opportunities to enter the market organically, or through existing sector participants.” .

What Went Wrong

Nasdaq delinquency notice on May 31 (late Q1 10-Q filing), though the company filed on June 6–7 and remains listed; highlights early-stage reporting controls and timing risk .
Material weakness in internal control over financial reporting (insufficient technical accounting resources for complex/non-routine transactions), contributing to the late filing and elevating execution risk in near term .
No revenue recognized in Q1 2024, and sizable non-cash/non-operating losses from derivative liabilities and private placement warrant accounting created large GAAP net loss, emphasizing earnings volatility and need for funding .

Financial Results

Metric	Q1 2023	Q1 2024	Q2 2024
Revenue ($USD Millions)	$0.0003	$0.0000	N/A
Net Income (Loss) ($USD Millions)	$(1.742)	$(29.766)	$22.018
Diluted EPS ($USD)	$(0.02)	$(0.38)	$0.23
Operating Loss ($USD Millions)	$(1.742)	$(3.759)	$(2.9) (loss from continuing ops)

Notes:

Q1 2024 net loss includes $8.18M fair value change on derivative liabilities and $17.82M loss on issuance of common stock and warrants .
Q2 2024 net income and EPS primarily reflect favorable change in derivative liabilities; operating performance remained a loss from continuing operations .

Segment and KPIs

Segment reporting: Company operates as a single reportable segment reviewed by the CEO (CODM) .

KPI / Balance Sheet Item	Q1 2023	Q1 2024
Cash and Cash Equivalents ($USD)	$20,422	$1,823,601
Derivative Liabilities ($USD)	N/A	$41,811,450
Convertible Notes ($USD)	N/A	$527,500
Short-term Notes Payable ($USD)	N/A	$2,188,769
Total Liabilities ($USD)	N/A	$49,130,893
Stockholders’ Equity (Deficit) ($USD)	N/A	$(40,630,758)

Guidance Changes

No formal financial guidance (revenue, margins, OpEx, OI&E, tax rate, segment guidance, dividends) was provided in Q1 2024 materials.

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Quarter	Not provided	Not provided	Maintained: none provided
Gross Margin	FY/Quarter	Not provided	Not provided	Maintained: none provided
OpEx	FY/Quarter	Not provided	Not provided	Maintained: none provided
EPS	FY/Quarter	Not provided	Not provided	Maintained: none provided

Earnings Call Themes & Trends

No Q1 2024 earnings call transcript was available in the document set searched; we scanned the catalog and did not find a Q1 2024 call transcript for Solidion. We relied on Q1 2024 10-Q and press releases and included prior-quarter context where available – (no transcript returned).

Topic	Previous Mentions (Q-2: Q3 2023)	Previous Mentions (Q-1: Q4 2023)	Current Period (Q1 2024)	Trend
Corporate status / listing	SPAC prior to merger; trust redemptions; prep for business combination –	Not available in this set	Merger closed; began trading on Nasdaq; symbol STI	Transition from SPAC to operating company
Commercialization roadmap	N/A in SPAC context	Not available	Emphasis on advanced anode materials and Gen1–Gen3 solid-state battery plans; process-friendly electrolytes –	Strategy articulated; early execution phase
Controls/reporting	SPAC controls effective as of Q3 2023 –	Not available	Material weakness disclosed for technical accounting and period-end process	Control risk increased; remediation underway
Funding/liquidity	SPAC trust balance and redemptions	Not available	Private placement completed (Mar 13–15); derivative liabilities and short-term notes; going concern –	Higher complexity and near-term funding needs
Regulatory/listing	Nasdaq minimum holders deficiency (Oct 2023)	Not available	Nasdaq delinquency notice for late Q1 10-Q; company filed and remains listed	Listing risks monitored; filings caught up

Management Commentary

“Despite challenging market conditions, Solidion is making progress towards commercialization of its suite of battery materials products. There are opportunities to enter the market organically, or through existing sector participants.” — Jaymes Winters, CEO .
Roadmap emphasizes near-term commercialization: advanced anode materials are in final product development; solid-state lithium-ion (Gen 1), lithium metal (Gen 2), and lithium-sulfur (Gen 3) targeted with process-friendly electrolytes to leverage existing manufacturing infrastructure –.

Q&A Highlights

No Q1 2024 earnings call transcript was found; therefore, Q&A themes, guidance clarifications, and tone shifts from prior calls were not available in the materials searched (we checked for “earnings-call-transcript” across Q1 2024 and found none for Solidion in the catalog) –.

Estimates Context

Wall Street consensus via S&P Global Capital IQ was unavailable for NUBI/STI due to missing CIQ mapping; we were unable to retrieve consensus EPS/revenue estimates for Q1 2024. If estimates are required for benchmarking, custom mapping to SPGI would be needed before retrieval (tool error observed) [SpgiEstimatesError].

Key Takeaways for Investors

Earnings volatility likely: large derivative liabilities ($41.81M at Q1) and warrant/FPA remeasurements materially swing GAAP EPS/NI period-to-period (Q1 loss; Q2 GAAP profit) independent of operating progress; monitor derivative liability and FPA terms closely .
Execution and funding risk elevated: going-concern language, limited cash ($1.82M), short-term notes ($2.19M) and need for additional capital (equity/debt/grants) to scale manufacturing and R&D .
Regulatory/listing watchpoints: late Q1 filing triggered Nasdaq notice; controls/material weakness remediation must progress to avoid future delays; listing currently intact .
Strategic narrative constructive: leveraging process-friendly solid-state electrolytes and advanced anodes to compress time-to-market via existing Li-ion lines could be a differentiator if funding and partnerships are secured –.
Revenue timeline uncertain: no Q1 revenue recognized and commercialization remains pre-revenue; investors should expect operating losses and cash burn until manufacturing scale-up/joint ventures convert to sales .
Near-term trading implications: headline catalysts will likely be financing events, derivative liability movements, control remediation updates, and any commercialization/customer milestones; fundamental re-rate depends on converting roadmap into contracted revenues .

Solidion Technology Inc. (NUBI)·Q1 2024 Earnings Summary