Swisscom profit drops 23% as Vodafone Italia costs weigh on results
Solid Power Inc. (SLDP) reported its third-quarter 2025 earnings, revealing a revenue shortfall that led to a significant drop in its stock price. The company posted an earnings per share (EPS) of -$0.14, in line with forecasts, but its revenue of $4.6 million fell short of the expected $5 million, marking an 8.8% miss. Following the earnings announcement, Solid Power’s stock fell by 12.54% in after-hours trading, closing at $6.03.
Key Takeaways
- Solid Power’s Q3 revenue of $4.6 million missed expectations by 8.8%.
- The company’s stock dropped 12.54% in after-hours trading following the report.
- Strategic collaborations with Samsung SDI and BMW continue to support solid-state battery development.
Company Performance
Solid Power’s performance in the third quarter of 2025 showed a decline in revenue to $4.6 million from $7.5 million in the previous quarter. Despite this quarterly drop, the company has seen a year-to-date revenue increase to $18.1 million, up $2.4 million compared to 2024. The company continues to focus on its strategic collaborations with Samsung SDI and BMW, aiming to advance its solid-state battery technology.
Financial Highlights
- Revenue: $4.6 million, down from $7.5 million in Q2 2025.
- EPS: -$0.14, meeting the forecast.
- Operating expenses: $29 million, a decrease of $4.4 million from Q2.
- Year-to-date net loss: $66.4 million, equivalent to $0.37 per share.
Earnings vs. Forecast
Solid Power’s revenue of $4.6 million fell short of the forecasted $5 million, resulting in an 8.8% revenue surprise. The EPS of -$0.14 matched expectations, indicating stable earnings performance despite the revenue miss.
Market Reaction
Following the earnings release, Solid Power’s stock experienced a decline of 12.54% in after-hours trading, closing at $6.03. This movement reflects investor concerns over the revenue shortfall. The stock’s price is now closer to its 52-week low of $0.68, indicating a cautious market sentiment.
Outlook & Guidance
Solid Power continues to focus on its solid-state battery technology development, with plans for a pilot line commissioning in 2026. The company remains committed to maintaining financial discipline and cost management while advancing its strategic partnerships.
Executive Commentary
CEO John Van Scoter emphasized the importance of strategic collaborations, stating, "We believe this collaboration represents a vote of confidence in our technology." CFO Linda Heller highlighted fiscal discipline, noting, "During Q3, we remained fiscally disciplined."
Risks and Challenges
- Revenue shortfalls could impact investor confidence and stock performance.
- The ongoing development of solid-state battery technology poses execution risks.
- Macroeconomic pressures may affect operational costs and profitability.
Solid Power’s Q3 2025 earnings report underscores the challenges of meeting revenue expectations amid strategic shifts and ongoing technology development. The company’s ability to navigate these challenges will be crucial in maintaining investor confidence and achieving its long-term objectives.
Full transcript - Solid Power Inc (SLDP) Q3 2025:
Conference Operator: Good day and welcome to 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. After today’s presentation, there will be an opportunity to ask a question. To ask a question, you may press star then one on a touch-tone phone. To draw 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 Goetz, Investor Relations. Please go ahead.
Charlie Van Goetz, Investor Relations, Solid Power: Thank you, Operator. Welcome, everyone, and thank you for joining us today. I’m joined on today’s call by Solid Power’s President and Chief Executive Officer John Van Scoter 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, www.SolidPowerBattery.com. I’d like to remind you that parts of our discussion today will include forward-looking statements as defined by 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 Solid Power’s most recent filings with the Securities and Exchange Commission, which can be found on the company’s website at www.SolidPowerBattery.com. With that, let me turn it over to John Van Scoter.
John Van Scoter, President and Chief Executive Officer, Solid Power: Thank you, Charlie, and thank you all for joining us today. I am pleased to provide an update on our 2025 operational goals since our last earnings call. First, we recently announced a strategic collaboration with Samsung SDI and BMW under a joint evaluation agreement. 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 build cells, 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. 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. In addition, we believe this agreement underscores our electrolyte sampling efforts and our focus on identifying long-term customers. This quarter, we continue to execute on our agreements with SK On. We conducted site acceptance testing of the SK On 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 SK On. 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. 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. Linda.
Linda Heller, Chief Financial Officer, Solid Power: 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. 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 and an increase of $2.4 million over the same period in 2024. 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 SK On agreement. The third quarter was labor-focused in preparation for site acceptance testing, whereas the second quarter included significant equipment purchases for factory acceptance testing.
Operating loss year-to-date was $74.3 million, and year-to-date net loss was $66.4 million or $0.37 per share. 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 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. Total liquidity increased to $300.4 million as of September 30, 2025. This was primarily driven by proceeds from our at-the-market offering program as well as cash received from our government contracts. 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.
As a result of these efforts, we are revising our expected cash investment to $85-$95 million in 2025. I will now turn it back to John for some final thoughts.
John Van Scoter, President and Chief Executive Officer, Solid Power: 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. I want to sincerely thank our employees, partners, and stakeholders for their continued dedication and support. We will now take your questions. Operator.
Conference Operator: Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your 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 your question, please press star then two. At this time, we will pause momentarily to assemble our roster. This concludes our question and answer session. I would like to turn the conference back over to John Van Scoter for any closing remarks.
John Van Scoter, President and Chief Executive Officer, Solid Power: Thank you for joining the call today and for your interest in Solid Power. We look forward to updating you again next quarter.
Conference Operator: Thank you. The conference has now concluded. Thank you for attending today’s presentation. You may now.
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