Despite a high current ratio of 14.61, the company's cash position has been depleted to $24.3M from a peak of $47.3M, and a cumulative retained earnings deficit of -$311.6M underscores significant historical value erosion.
Solid Power, Inc. (SLDP) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 251.38M | 267.43M | 125.24M | 183.12M | 327.81M | 594.38M | 5.48M | 11.16M |
| Cash & Short-Term Investments | 242.44M | 251.21M | 118.2M | 176.04M | 323.08M | 589.33M | 4.97M | 10.63M |
| Cash Only | 24.28M | 47.29M | 25.41M | 34.54M | 50.12M | 513.45M | 4.97M | 10.63M |
| Short-Term Investments | 218.15M | 203.93M | 92.78M | 141.5M | 272.96M | 75.89M | 0 | 0 |
| Accounts Receivable | 3.19M | 2.15M | 1.39M | 1.55M | 1.84M | 829K | 277K | 272.17K |
| Days Sales Outstanding | 225.08 | 36.17 | 25.25 | 32.56 | 56.97 | 111.57 | 48.08 | 43.65 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 5.76M | 14.06M | 5.65M | 5.52M | 2.89M | 0 | 0 | 0 |
| Total Non-Current Assets | 285.69M | 190.35M | 323.01M | 349.67M | 266.64M | 23.3M | 8.73M | 9.68M |
| Property, Plant & Equipment | 90.46M | 95.95M | 105.55M | 107.4M | 91.41M | 22.08M | 8.48M | 9.46M |
| Fixed Asset Turnover | 0.11x | 0.23x | 0.19x | 0.16x | 0.13x | 0.12x | 0.25x | 0.24x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.16M | 2.06M | 2.07M | 1.65M | 1.11M | 619K | 248K | 216.58K |
| Long-Term Investments | 464.16M | 50.43M | 210.4M | 239.57M | 172.97M | 0 | 0 | 0 |
| Other Non-Current Assets | 5.21M | 39.22M | 4.99M | 1.06M | 1.15M | 602K | 0 | 0 |
| Total Assets | 527.07M | 457.78M | 448.25M | 532.79M | 594.45M | 617.68M | 14.21M | 20.84M |
| Asset Turnover | 0.02x | 0.05x | 0.04x | 0.03x | 0.02x | 0.00x | 0.15x | 0.11x |
| Asset Growth % | 55.2% | 2.13% | -15.87% | -10.37% | -3.76% | 4247.72% | -31.81% | - |
| Total Current Liabilities | 17.21M | 16.8M | 19.97M | 15.88M | 20.73M | 8.37M | 1.84M | 1.68M |
| Accounts Payable | 7.01M | 8.34M | 8.12M | 6.46M | 11.33M | 4.33M | 202K | 256.65K |
| Days Payables Outstanding | 168.01 | 147.46 | 146.19 | 84.96 | 430.98 | 513.83 | 44.15 | 51.43 |
| Short-Term Debt | 913K | 1.04M | 0 | 0 | 7K | 120K | 1.24M | 676.2K |
| Deferred Revenue (Current) | 2.24M | 436K | 3.15M | 829K | 4.05M | 500K | 38K | 459.39K |
| Other Current Liabilities | 1.99M | 6.98M | 7.58M | 7.59M | 3.27M | 1.15M | 295K | 242.15K |
| Current Ratio | 14.61x | 15.92x | 6.27x | 11.53x | 15.81x | 71.05x | 2.97x | 6.62x |
| Quick Ratio | 14.61x | 15.92x | 6.27x | 11.53x | 15.81x | 71.05x | 2.97x | 6.62x |
| Cash Conversion Cycle | 57.07 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 7.71M | 24.81M | 17.97M | 13.58M | 18.34M | 50.65M | 8.49M | 6.25M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 10K | 5.1M | 5.73M |
| Capital Lease Obligations | 28.18M | 7.22M | 8.29M | 8.55M | 9.22M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 2.69M | 2.69M | 0 | 0 | 0 | 226K | 252K | 134.64K |
| Other Non-Current Liabilities | 1.09M | 14.91M | 9.68M | 5.03M | 9.12M | 50.41M | 3.14M | 381.24K |
| Total Liabilities | 25.32M | 41.61M | 37.94M | 29.46M | 39.07M | 59.02M | 10.34M | 7.93M |
| Total Debt | 7.53M | 8.26M | 9.41M | 9.55M | 10.05M | 130K | 6.34M | 6.41M |
| Net Debt | -16.75M | -39.03M | -16.01M | -24.98M | -40.07M | -513.32M | 1.36M | -4.22M |
| Debt / Equity | 0.02x | 0.02x | 0.02x | 0.02x | 0.02x | 0.00x | 1.64x | 0.50x |
| Debt / EBITDA | -0.09x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.19x | - | - | - | - | - | - | - |
| Interest Coverage | -454.25x | -3735.72x | -2071.30x | -779.35x | -231.90x | 46.86x | -32.11x | -140.32x |
| Total Equity | 501.74M | 416.17M | 410.31M | 503.33M | 555.37M | 558.66M | 3.87M | 12.9M |
| Equity Growth % | 55.88% | 1.43% | -18.48% | -9.37% | -0.59% | 14328.33% | -69.99% | - |
| Book Value per Share | 2.22 | 2.25 | 2.29 | 2.83 | 3.18 | 3.33 | 0.06 | 0.08 |
| Total Shareholders' Equity | 501.74M | 415.7M | 410.31M | 503.33M | 555.37M | 558.66M | 3.87M | 12.9M |
| Common Stock | 23K | 20K | 18K | 18K | 18K | 17K | 7K | 721 |
| Retained Earnings | -311.63M | -274.9M | -181.17M | -84.64M | -19.09M | -9.54M | -27.63M | -16.2M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.6M | 354K | 39K | -559K | -3.16M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying SLDP stock.
As of 2025, Solid Power, Inc. (SLDP) had total assets of $457.8M including $267.4M in current assets.
Solid Power, Inc. (SLDP) carries total debt of $8.3M, offset by $251.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Solid Power, Inc. (SLDP) has total shareholders' equity (book value) of $415.7M ($2.25 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Solid Power, Inc. (SLDP) reported a current ratio of 15.92x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Cash burn outpaces asset base
Metrics are mathematically derived from official filings.
Asset Base Eroding from Cash Burn
Solid Power's total assets have contracted by 1.5% over the last ten quarters, from $516.2M to $527.1M, a trend driven by persistent operating losses that are depleting cash reserves faster than they are being replenished by any operational activity.
The balance sheet trajectory is defined by the steady erosion of cash, which has fallen from $47.3M in 2025Q3 to $24.3M in 2026Q2, directly funding the company's negative operating cash flow. This pattern suggests the business is in a pre-commercialization phase where the asset base is being consumed to fund R&D and overhead, with no visible inflection point in the provided data.
High Current Ratio Masks Cash Depletion
Despite a current ratio of 14.61 in 2026Q2, Solid Power's cash position has declined to $24.3M, representing a significant reduction from the $47.3M peak in 2025Q3, indicating that the liquidity buffer is being actively drawn down to fund operations.
The exceptionally high current ratio is a function of minimal current liabilities ($25.3M) rather than a robust cash position. The primary liquidity risk is the absolute level of cash, which has been halved in three quarters. Based on the reported cash burn, investors should monitor the quarterly cash decline to estimate the remaining runway without external financing.
Equity Value Eroded by Accumulated Deficits
Solid Power's total equity of $501.7M is supported by a cumulative deficit of $311.6M in retained earnings, as reported in the 2026Q2 balance sheet, indicating that shareholder value has been significantly eroded by historical and ongoing operating losses.
The equity base is almost entirely composed of paid-in capital, as retained earnings are deeply negative. This structure implies the company has been funded almost exclusively by equity issuances to date. The continued expansion of the deficit suggests that future equity raises, if needed, could be highly dilutive to existing shareholders.
Deferred Revenue Collapse Signals Demand Issues
Deferred revenue has plummeted from $10.1M in 2024Q2 to just $1.2M in 2026Q2, a trend that, when combined with negative reported revenue, suggests a severe deterioration in customer prepayments and future contracted business.
This metric is a critical forward indicator for a pre-revenue or early-revenue industrial company. The near-total evaporation of deferred revenue, coupled with the negative revenue figure, implies that the company's commercialization pipeline may be stalling or that prior customer commitments are not being renewed. This warrants further investigation into the nature of the company's customer contracts and revenue recognition.