Solid Power, Inc. Q1 FY2026 earnings call

• Partnership with SKON: Completed site acceptance testing in early April, with cell production lines using their technology on three continents (Colorado, Germany, Korea). Continued supporting customers and partners with electrolyte delivery, including Samsung SDI under a joint evaluation agreement. - Electrolyte development roadmap: Installation of continuous electrolyte manufacturing pilot line is a critical inflection point. Factory acceptance testing for key equipment complete, construction underway. Wet processing methodology offers scalability, yield, and capital efficiencies. Exploring potential partners for 500 metric ton electrolyte production facility, considering Korea. - Leveraging Electrolyte Innovation Center or EIC and cell capabilities for product and process development to deliver differentiated electrolyte products and secure long-term customers.

In the first quarter of 2026, revenue and grant income were $3.1 million. Operating expenses were $29.4 million, resulting in an operating loss of $26.3 million and a net loss of $13 million or six cents per share. Capital expenditures totaled $1.7 million during the quarter. Liquidity position remained strong with total liquidity of $435.3 million at the end of the quarter, contract assets and accounts receivable were $12.7 million, and total current liabilities were $17.1 million.

• No specific detailed guidance on CAPEX for 2026 beyond mentioning largest capital expenditure is SP 2.5 with grant money against it on financial statements. - Viewed relationship with SK as long-term, transitioning to support them running the line after site acceptance testing, with transition to electrolyte supplier agreement expected, multi-year in nature.

Q: Talk about potential partnerships in North America given underutilized auto capacity, legislation, etc.

A: Demand currently from Korea, yet to see substantial in US. Plan was to do DOE plant in North America but shifted to Korea partnerships, but well positioned to revisit if landscape changes.

Q: Talk about capital efficiency for customers.

A: Two-pronged approach: SP 2.5 bringing continuous processing for commercialization, and wet process technology for electrolyte production offering capital expenditure reduction, yield improvements, etc.

Q: Walk through CAPEX for 2026.

A: Don't break out in guidance individually, Q1 CAPEX was $1.7 million including DOE reimbursement net impact.

Q: Next steps with SKON post-site acceptance.

A: View as long-term relationship, transitioning to support them running the line, bringing in experts to support cell development, transition to electrolyte supplier agreement multi-year.

Q: Timeline for electrolyte supply agreement with SK.

A: Multi-year, goes out through 2027 for 8 metric tons, based on their consumption.