Solid Power, Inc.
SLDP Nasdaq Miscellaneous Electrical Machinery, Equipment & Supplies Financials FY2020–FY2025
Revenue
Total sales reported in the income statement.
$21.7M
8.0%
vs prior year
Operating margin
Operating income as a share of revenue.
−463.7%
59.4 pts
Net income
Profit after all expenses, interest and tax.
−$93.4M
Free cash flow
Cash from operations minus capital spending.
−$83.6M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.46 EPS (TTM)
What Solid Power, Inc. does
No business description yet.
- Legal name
- Solid Power, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001104659-26-019435
0001844862
Revenue and margins
Solid Power, Inc. had $21.7M of revenue in fiscal 2025, up 8.0% on the year before.
FY20
Revenue $2.1M
FY21
Revenue $2.7M
FY22
Revenue $11.8M
FY23
Revenue $17.4M
FY24
Revenue $20.1M
FY25
Revenue $21.7M
Q3 '23
Revenue $6.4M
Q4 '23
Revenue $2.3M
Q1 '24
Revenue $6.0M
Q2 '24
Revenue $5.1M
Q3 '24
Revenue $4.7M
Q4 '24
Revenue $4.5M
Q1 '25
Revenue $6.0M
Q2 '25
Revenue $7.5M
Q3 '25
Revenue $4.6M
Q4 '25
Revenue $3.6M
Q1 '26
Revenue $3.1M
Q2 '26
Revenue −$0.3M
FY20
Gross —
Operating −551.3%
Net −683.5%
FCF −523.8%
FY21
Gross —
Operating −978.8%
Net 667.1%
FCF −1,403.3%
FY22
Gross —
Operating −501.5%
Net −81.1%
FCF −781.4%
FY23
Gross —
Operating −520.5%
Net −376.5%
FCF −532.9%
FY24
Gross —
Operating −523.0%
Net −479.3%
FCF −396.4%
FY25
Gross —
Operating −463.7%
Net −429.5%
FCF −384.4%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating −337.7%
Net −237.9%
FCF −372.1%
Q4 '23
Gross —
Operating −1,092.1%
Net −811.3%
FCF −494.1%
Q1 '24
Gross —
Operating −433.1%
Net −356.2%
FCF −556.3%
Q2 '24
Gross —
Operating −530.8%
Net −438.9%
FCF −305.8%
Q3 '24
Gross —
Operating −593.2%
Net −482.0%
FCF −271.5%
Q4 '24
Gross —
Operating −561.1%
Net −686.5%
FCF −416.5%
Q1 '25
Gross —
Operating −399.4%
Net −251.8%
FCF −476.1%
Q2 '25
Gross —
Operating −343.1%
Net −336.0%
FCF −227.2%
Q3 '25
Gross —
Operating −535.6%
Net −567.3%
FCF −325.4%
Q4 '25
Gross —
Operating −730.1%
Net −745.1%
FCF −633.0%
Q1 '26
Gross —
Operating −857.3%
Net −424.0%
FCF −664.6%
Q2 '26
Gross —
Operating 11,301.9%
Net 8,888.4%
FCF 5,478.4%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income −$14.4M
FY21
Net income $18.1M
FY22
Net income −$9.6M
FY23
Net income −$65.5M
FY24
Net income −$96.5M
FY25
Net income −$93.4M
Q3 '23
Net income −$15.1M
Q4 '23
Net income −$19.0M
Q1 '24
Net income −$21.2M
Q2 '24
Net income −$22.3M
Q3 '24
Net income −$22.4M
Q4 '24
Net income −$30.6M
Q1 '25
Net income −$15.2M
Q2 '25
Net income −$25.3M
Q3 '25
Net income −$25.9M
Q4 '25
Net income −$27.1M
Q1 '26
Net income −$13.0M
Q2 '26
Net income −$23.8M
FY20
Diluted EPS −$0.21
FY21
Diluted EPS $0.11
FY22
Diluted EPS −$0.05
FY23
Diluted EPS −$0.37
FY24
Diluted EPS −$0.54
FY25
Diluted EPS −$0.51
Q3 '23
Diluted EPS −$0.08
Q4 '23
Diluted EPS −$0.11
Q1 '24
Diluted EPS −$0.12
Q2 '24
Diluted EPS −$0.13
Q3 '24
Diluted EPS −$0.13
Q4 '24
Diluted EPS −$0.16
Q1 '25
Diluted EPS −$0.08
Q2 '25
Diluted EPS −$0.14
Q3 '25
Diluted EPS −$0.14
Q4 '25
Diluted EPS −$0.15
Q1 '26
Diluted EPS −$0.06
Q2 '26
Diluted EPS −$0.11
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital −564.6%
Return on equity −371.3%
Return on assets −101.2%
FY21
Return on capital —
Return on equity 6.4%
Return on assets 5.7%
FY22
Return on capital −20.1%
Return on equity −1.7%
Return on assets −1.6%
FY23
Return on capital —
Return on equity −12.4%
Return on assets −11.6%
FY24
Return on capital —
Return on equity −21.1%
Return on assets −19.7%
FY25
Return on capital —
Return on equity −22.6%
Return on assets −20.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$83.6M in fiscal 2025, −384.4% of revenue. Cash from operations minus capital spending.
FY20
Free cash flow −$11.0M
FY21
Free cash flow −$38.1M
FY22
Free cash flow −$92.1M
FY23
Free cash flow −$92.8M
FY24
Free cash flow −$79.8M
FY25
Free cash flow −$83.6M
Q3 '23
Free cash flow −$23.7M
Q4 '23
Free cash flow −$11.6M
Q1 '24
Free cash flow −$33.1M
Q2 '24
Free cash flow −$15.5M
Q3 '24
Free cash flow −$12.6M
Q4 '24
Free cash flow −$18.6M
Q1 '25
Free cash flow −$28.6M
Q2 '25
Free cash flow −$17.1M
Q3 '25
Free cash flow −$14.8M
Q4 '25
Free cash flow −$23.0M
Q1 '26
Free cash flow −$20.4M
Q2 '26
Free cash flow −$14.7M
FY20
Cash from operations −$10.0M
Capital spending $1.0M
FY21
Cash from operations −$25.4M
Capital spending $12.6M
FY22
Cash from operations −$33.8M
Capital spending $58.3M
FY23
Cash from operations −$58.3M
Capital spending $34.5M
FY24
Cash from operations −$63.9M
Capital spending $15.9M
FY25
Cash from operations −$73.4M
Capital spending $10.2M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$15.3M
Capital spending $8.3M
Q4 '23
Cash from operations −$6.6M
Capital spending $5.0M
Q1 '24
Cash from operations −$29.1M
Capital spending $4.1M
Q2 '24
Cash from operations −$11.1M
Capital spending $4.4M
Q3 '24
Cash from operations −$9.9M
Capital spending $2.8M
Q4 '24
Cash from operations −$13.9M
Capital spending $4.7M
Q1 '25
Cash from operations −$26.3M
Capital spending $2.4M
Q2 '25
Cash from operations −$14.4M
Capital spending $2.7M
Q3 '25
Cash from operations −$14.3M
Capital spending $0.6M
Q4 '25
Cash from operations −$18.4M
Capital spending $4.6M
Q1 '26
Cash from operations −$18.8M
Capital spending $1.7M
Q2 '26
Cash from operations −$8.4M
Capital spending $6.3M
Cash from operations
Capital spending
Dividends, buybacks and share count
Solid Power, Inc. returned $3.6M to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks $9.1M
FY25
Dividends —
Buybacks $3.6M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks —
Q4 '23
Dividends —
Buybacks —
Q1 '24
Dividends —
Buybacks $4.9M
Q2 '24
Dividends —
Buybacks $3.4M
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $0.8M
Q1 '25
Dividends —
Buybacks —
Q2 '25
Dividends —
Buybacks $3.6M
Q3 '25
Dividends —
Buybacks $0.0M
Q4 '25
Dividends —
Buybacks $0.0M
Q1 '26
Dividends —
Buybacks —
Q2 '26
Dividends —
Buybacks —
Dividends
Buybacks
FY20
Diluted shares —
FY21
Diluted shares —
FY22
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably Solid Power, Inc. can carry it.
FY20
Cash $5.0M
Debt $2.7M
FY21
Cash $589M
Debt $0.1M
FY22
Cash $323M
Debt $0.9M
FY23
Cash $176M
Debt —
FY24
Cash $118M
Debt —
FY25
Cash $251M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $589M | $323M | $176M | $118M | $251M |
| Debt incl. finance leases | $0.1M | $0.9M | — | — | — |
| Debt / equity | 0.0x | 0.0x | — | — | — |
| Interest coverage | −67.4x | −1,407.6x | −1,078.8x | −2,289.8x | −4,033.3x |
| Current ratio | 71.0x | 15.8x | 11.5x | 6.3x | 15.9x |
| Quick ratio | 71.0x | 15.8x | 11.5x | 6.3x | 15.9x |
| Total assets | $618M | $594M | $533M | $448M | $455M |
| Total liabilities | $59.0M | $39.1M | $29.5M | $37.9M | $38.9M |
| Shareholders' equity | $559M | $555M | $503M | $410M | $416M |
| Net debt (− = net cash) | −$589M | −$322M | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | ✓ | ✕ | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✓ | — | — | — |
| Current ratio rose | — | ✓ | ✕ | ✕ | ✕ | ✓ |
| Share count didn't rise | — | — | — | — | — | — |
| Gross margin rose | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✓ | ✓ | ✓ | ✓ |
| F-score | — / 3 | 4 / 7 | 2 / 7 | — / 6 | — / 6 | — / 6 |
| Accruals ratio | −30.8% | 13.8% | 4.0% | −1.3% | −6.7% | −4.4% |
| Altman Z'' | −9.75 | 15.82 | 17.54 | 18.34 | 10.00 | 11.37 |
6 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $2.1M | $2.7M | $11.8M | $17.4M | $20.1M | $21.7M |
| Research and development | $9.6M | $17.1M | $38.6M | $54.7M | $73.3M | $72.5M |
| Operating income | −$11.6M | −$26.5M | −$59.1M | −$90.6M | −$105M | −$101M |
| Interest expense | $0.4M | $0.4M | $0.0M | $0.1M | $0.0M | $0.0M |
| Pretax income | −$14.3M | $18.1M | −$9.8M | −$65.5M | −$95.2M | −$93.5M |
| Income tax | $0.1M | −$0.0M | −$0.2M | $0.0M | $1.2M | −$0.0M |
| Net income | −$14.4M | $18.1M | −$9.6M | −$65.5M | −$96.5M | −$93.4M |
| Net income to common | −$14.4M | $12.7M | −$9.6M | −$65.5M | −$96.5M | −$93.4M |
| Diluted EPS | −$0.21 | $0.11 | −$0.05 | −$0.37 | −$0.54 | −$0.51 |
| Cash flow | ||||||
| Cash from operations | −$10.0M | −$25.4M | −$33.8M | −$58.3M | −$63.9M | −$73.4M |
| Capital expenditure | $1.0M | $12.6M | $58.3M | $34.5M | $15.9M | $10.2M |
| Free cash flow | −$11.0M | −$38.1M | −$92.1M | −$92.8M | −$79.8M | −$83.6M |
| Depreciation and amortization | $2.1M | $2.4M | $5.2M | $12.0M | $16.5M | $18.4M |
| Stock-based compensation | $0.2M | $2.7M | $8.7M | $10.4M | $12.0M | $9.0M |
| Share buybacks | — | — | — | — | $9.1M | $3.6M |
| Dividends and buybacks | — | — | — | — | $9.1M | $3.6M |
| Balance sheet | ||||||
| Cash and short-term investments | $5.0M | $589M | $323M | $176M | $118M | $251M |
| Total debt | $2.7M | $0.1M | $0.0M | — | — | — |
| Finance lease liabilities | — | — | $0.9M | $0.9M | $0.6M | $0.3M |
| Loans, net | — | — | — | — | $4.3M | $4.4M |
| Current assets | $5.5M | $594M | $328M | $183M | $125M | $267M |
| Current liabilities | $1.8M | $8.4M | $20.7M | $15.9M | $20.0M | $16.8M |
| Property and equipment, net | $8.5M | $22.1M | $82.8M | $99.2M | $97.2M | $86.3M |
| Goodwill | — | — | $0.0M | — | — | — |
| Intangible assets | $0.2M | $0.6M | $1.1M | $1.7M | $2.1M | $2.2M |
| Total assets | $14.2M | $618M | $594M | $533M | $448M | $455M |
| Total liabilities | $10.3M | $59.0M | $39.1M | $29.5M | $37.9M | $38.9M |
| Shareholders' equity | $3.9M | $559M | $555M | $503M | $410M | $416M |
| Margins | ||||||
| Operating margin | −551.3% | −978.8% | −501.5% | −520.5% | −523.0% | −463.7% |
| EBITDA margin | −453.0% | −891.8% | −457.6% | −451.8% | −441.3% | −378.9% |
| Net margin | −683.5% | 667.1% | −81.1% | −376.5% | −479.3% | −429.5% |
| FCF margin | −523.8% | −1,403.3% | −781.4% | −532.9% | −396.4% | −384.4% |
| Returns | ||||||
| Return on capital | −564.6% | — | −20.1% | — | — | — |
| Return on capital employed | −93.8% | −4.4% | −10.3% | −17.5% | −24.6% | −23.0% |
| Return on equity | −371.3% | 6.4% | −1.7% | −12.4% | −21.1% | −22.6% |
| Return on assets | −101.2% | 5.7% | −1.6% | −11.6% | −19.7% | −20.7% |
| Return on tangible equity | −396.7% | 2.3% | −1.7% | −13.1% | −23.6% | −22.6% |
| Growth | ||||||
| Revenue growth | — | 29.0% | 334.7% | 47.7% | 15.7% | 8.0% |
| Net income growth | — | — | −152.8% | — | — | — |
| EPS growth | — | — | −145.5% | — | — | — |
| Financial health | ||||||
| Debt / equity | 0.7x | 0.0x | 0.0x | — | — | — |
| Interest coverage | −32.1x | −67.4x | −1,407.6x | −1,078.8x | −2,289.8x | −4,033.3x |
| Current ratio | 3.0x | 71.0x | 15.8x | 11.5x | 6.3x | 15.9x |
| Quick ratio | 3.0x | 71.0x | 15.8x | 11.5x | 6.3x | 15.9x |
| Capital allocation | ||||||
| Capex / revenue | 48.5% | 465.2% | 494.5% | 198.2% | 79.2% | 46.9% |
| Stock comp / revenue | 8.7% | 100.1% | 73.6% | 59.6% | 59.4% | 41.3% |
| Quality scores | ||||||
| Piotroski F-score | — | 4.0 | 2.0 | — | — | — |
| Altman Z'' | −9.8 | 15.8 | 17.5 | 18.3 | 10.0 | 11.4 |
| Accruals ratio | −30.8% | 13.8% | 4.0% | −1.3% | −6.7% | −4.4% |
Source: SEC EDGAR XBRL filings (CIK 0001844862). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.