Executive Summary

Operationally constructive but financially mixed: total revenue and grant income fell sequentially to $4.6M as milestone timing shifted from equipment-heavy factory tests in Q2 to labor-focused site acceptance in Q3, while operating expenses declined to $29.0M, narrowing operating loss vs Q2 .
Liquidity strengthened to $300.4M after raising $32.9M via the ATM program; cash and cash equivalents rose to $47.3M as of 9/30/25 .
Strategic momentum: Solid Power announced a Joint Evaluation Agreement with Samsung SDI and BMW to advance all-solid-state batteries; SK On pilot line site acceptance testing remained on schedule for year-end completion .
Guidance: 2025 cash investment outlook reduced to $85–$95M from prior expectations (prior range not previously disclosed in earnings materials), reflecting cost discipline while continuing to fund electrolyte and pilot-line progress .
Estimate context: S&P Global consensus for Q3 2025 EPS and revenue was not available for SLDP at this time, so beat/miss vs Street cannot be assessed (S&P Global data unavailable).

What Went Well and What Went Wrong

What Went Well

Strategic partnerships progressed: Joint Evaluation Agreement with Samsung SDI and BMW validates technology and aims to develop cells for next-gen evaluation vehicles; management called it a “meaningful advancement” toward commercialization .
Execution milestones: SK On pilot line reached site acceptance testing, tracking for completion by year-end; electrolyte pilot line detailed design continued, with commissioning on track for 2026 .
Strengthened liquidity: Total liquidity increased to $300.4M, supported by $32.9M of ATM proceeds in Q3, enhancing funding for development while lowering 2025 cash investment guidance .

What Went Wrong

Sequential revenue decline: Total revenue and grant income decreased to $4.6M from $7.5M in Q2 due to milestone mix shift (Q2 factory acceptance testing vs. Q3 labor-focused site acceptance); revenue recognized was primarily from SK On and government contracts .
Continued losses: Net loss widened slightly to $(25.9)M vs. $(25.3)M in Q2, with basic/diluted loss per share at $(0.14), highlighting ongoing R&D-stage cost structure relative to limited revenue streams .
Non-operating volatility: Change in fair value of warrant liabilities swung to a $(3.5)M expense in Q3 from a $1.6M gain in Q2, contributing to a negative non-operating result in Q3 .

Financial Results

Income Statement Snapshot – Sequential (Q1→Q3 2025)

Metric ($USD Millions, except per-share)	Q1 2025	Q2 2025	Q3 2025
Revenue	$6.016	$6.485	$3.732
Grant Income	N/A (not disclosed)	$1.055	$0.828
Total Revenue & Grant Income	$6.016	$7.540	$4.560
Operating Expenses	$30.045	$33.411	$28.982
Operating Loss	$(24.029)	$(25.871)	$(24.422)
Net Loss	$(15.151)	$(25.338)	$(25.867)
Basic/Diluted EPS	$(0.08)	$(0.14)	$(0.14)

Notes: Q1 did not separately present grant income lines in the press release tables; Q3 total revenue & grant income equals $4.560M (revenue $3.732M + grant $0.828M) .

Year-over-Year – Q3 2025 vs Q3 2024

Metric ($USD Millions, except per-share)	Q3 2024	Q3 2025
Revenue	$4.651	$3.732
Grant Income	$0.000	$0.828
Total Revenue & Grant Income	$4.651	$4.560
Operating Expenses	$32.242	$28.982
Operating Loss	$(27.591)	$(24.422)
Net Loss	$(22.419)	$(25.867)
Basic/Diluted EPS	$(0.13)	$(0.14)

Drivers: Q3’25 revenue mix leaned to labor-focused site acceptance testing and government contracts, vs Q3’24 with no grant income, while opex declined YoY due to lower direct costs; however, net loss increased YoY partly reflecting non-operating items (warrant liability fair value) .

Balance Sheet & Liquidity KPIs

KPI	Q1 2025	Q2 2025	Q3 2025
Cash & Cash Equivalents ($M)	$29.5	$26.2	$47.3
Available-for-Sale Securities ($M)	$270.1	$253.6	$253.1
Total Liquidity ($M)	$299.6	$279.8	$300.4
Capex ($M, quarter)	$2.4	$2.6	$0.6

Additional cash flow context: In Q3, cash used for operations and capex was $14.9M; YTD cash investment $61.2M . Q2 commentary cited $14.4M invested into operations and $2.6M into capex during the quarter .

Segment Breakdown and Margins

Segment reporting: None disclosed; Solid Power operates as an R&D-centric solid-state battery technology platform with revenue largely from partner milestones and grants .
Gross/EBITDA margins: Not presented in earnings materials; operating loss and opex trends shown above .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Investment (uses of cash in 2025)	FY 2025	Not previously quantified in prior earnings press releases	$85M–$95M	Lowered vs prior expectation (management: “reduced its expectation”)

Notes: No revenue, margin, tax, or segment-specific quantitative guidance ranges were provided in the Q3 materials; qualitative 2025 objectives maintained (electrolyte innovation, pilot-line installation start, partner/customer commitments, financial discipline) .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 & Q2 2025)	Current Period (Q3 2025)	Trend
Partnerships & Customers	Q1: SK On factory acceptance near completion; increased electrolyte sampling . Q2: BMW i7 test vehicle powered by SLDP cells; SK On factory acceptance completed; active sampling to strategic customers .	JEA with Samsung SDI & BMW to co-develop ASSB cells; supply electrolyte to Samsung SDI for cells evaluated with BMW; SK On site acceptance testing on schedule .	Expanding OEM relationships; moving from milestones to collaborative evaluation.
Electrolyte Pilot Line	Q1: Detailed design of equipment; commissioning targeted 2026 . Q2: Detailed design in process; long-lead equipment ordered; 2026 still on track .	Detailed design continued; commissioning remains on track for 2026 .	Execution steady; schedule intact.
Liquidity & Capital	Q1 liquidity $299.6M; capex $2.4M . Q2 liquidity $279.8M; capex $2.6M; share repurchases ~$3.6M .	Liquidity $300.4M; raised $32.9M via ATM; lowered 2025 cash investment guidance .	Balance sheet reinforced; tighter spend profile.
Revenue Drivers	Q1: Revenue primarily from SK On agreements . Q2: Revenue driven by factory acceptance milestone under SK On .	Revenue driven by SK On agreements and government contracts; sequential decline due to milestone mix/labor focus .	Milestone-phased revenue; volatility quarter-to-quarter.
Government/Regulatory	Q2: $3.3M DOE reimbursements for pilot line cited on call .	Continued progress on DOE-supported pilot-line plan (design work ongoing) .	Ongoing support; execution phase.

Management Commentary

CEO on strategic progress: “This Joint Evaluation Agreement marks meaningful advancement in Solid Power’s path toward commercialization… We believe this collaboration validates the strength of our technology” (re Samsung SDI & BMW JEA) .
CEO on development roadmap: Detailed design for a continuous electrolyte pilot line is ongoing; commissioning remains on track for 2026 .
CFO on opex drivers: “Operating expenses for the third quarter were $29 million… reduction… due to the nature of the work performed under [the] SK On agreement. The third quarter was labor-focused… whereas the second quarter included significant equipment purchases” .
CFO on liquidity actions: Total liquidity rose to $300.4M, aided by ATM proceeds; contract assets/receivables totaled $7.2M; current liabilities $16.6M .

Selected quotes:

“Together with Samsung SDI and BMW, we look forward to driving innovation in all solid-state battery technology” – CEO .
“We are revising our expected cash investment to $85–$95 million in 2025” – CFO .

Q&A Highlights

The available transcript records no substantive Q&A; the operator opened Q&A but the session concluded without questions and answers being provided in the transcript .

Estimates Context

S&P Global consensus for Q3 2025 Primary EPS and Revenue was not available for SLDP at this time; as a result, we cannot determine beat/miss vs consensus for the quarter (values retrieved from S&P Global were unavailable).
Given milestone-tied revenue and early-stage profile, Street coverage may be limited; investors should focus on execution milestones (SK On site acceptance, JEA with Samsung SDI/BMW) and cash investment trajectory .

Key Takeaways for Investors

Strategic credibility improved with the Samsung SDI/BMW JEA; partnership breadth now spans BMW and SK On and should enhance validation and pathways to evaluation vehicles .
Revenue volatility is expected near term due to milestone timing; Q3 sequential decline was anticipated given a shift from equipment-heavy factory tests to labor-focused site acceptance .
Cost discipline is tangible: opex down sequentially and 2025 cash investment guidance cut to $85–$95M, extending runway while funding critical initiatives .
Liquidity is robust at $300.4M, bolstered by $32.9M ATM proceeds; this provides flexibility to complete SK On milestones and commission the electrolyte pilot line by 2026 .
Near-term catalysts: completion of SK On site acceptance (by year-end), progress under the JEA (electrolyte shipments, cell evaluations), and continued electrolyte sampling wins .
Medium-term thesis: successful pilot-line commissioning and partner-led cell validations could transition SLDP from R&D-stage to initial commercial revenue pathways centered on electrolyte sales and licensing .

References

Q3 2025 8-K & Press Release: revenue/opex/loss, liquidity, cash investment guidance, JEA with Samsung SDI/BMW .
Q3 2025 Earnings Call Transcript: revenue drivers, opex dynamics, liquidity commentary .
Q2 2025 Press Release & 8-K: revenue and milestone context, liquidity; financial tables .
Q2 2025 Earnings Call: DOE reimbursement, investment cadence .
Q1 2025 Press Release: revenue, liquidity, pilot-line plan .

Solid Power, Inc. (SLDP)·Q3 2025 Earnings Summary