Free cash flow has been negative in every quarter, with the most recent 2026Q2 showing a negative FCF margin of 14.4%, indicating an accelerating cash consumption rate that is unsustainable without external capital.
Solid Power, Inc. (SLDP) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -59.83M | -73.39M | -63.9M | -58.26M | -33.82M | -25.44M | -9.99M | -8.59M |
| Operating CF Margin % | - | -337.49% | -317.29% | -334.64% | -286.91% | -938.05% | -475.27% | -377.47% |
| Operating CF Growth % | -7.07% | -14.86% | -9.68% | -72.25% | -32.96% | -154.53% | -16.35% | - |
| Net Income | -89.77M | -93.41M | -96.52M | -65.55M | -9.55M | 18.09M | -14.38M | -9.21M |
| Depreciation & Amortization | 19.99M | 19.79M | 17.36M | 12.73M | 5.92M | 2.36M | 2.07M | 1.44M |
| Stock-Based Compensation | 10.85M | 8.99M | 11.97M | 10.37M | 8.67M | 2.71M | 182K | 118.52K |
| Deferred Taxes | 0 | 0 | 0 | 0 | -227K | -25K | 118K | 134.64K |
| Other Non-Cash Items | -8.23M | 1.71M | -393K | -15.69M | -44.01M | -48.28M | 2.52M | 3.96K |
| Working Capital Changes | 7.33M | -10.47M | 3.68M | -121K | 5.38M | -302K | -506K | -1.08M |
| Change in Receivables | -4.01M | -7.21M | 160K | 288K | -1.01M | -552K | -4K | 146.89K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -146.89K |
| Change in Payables | -38K | 1.42M | 1.27M | 1.81M | -1.11M | 778K | -120K | -6.73K |
| Cash from Investing | -154.59M | -19.9M | 64.2M | 42.5M | -429.99M | -88.88M | -1.06M | -3.11M |
| Capital Expenditures | -13.14M | -10.21M | -15.94M | -34.51M | -58.79M | -12.62M | -1.02M | -3.12M |
| CapEx % of Revenue | 128.28% | 46.94% | 79.16% | 198.23% | 498.72% | 465.23% | 48.5% | 137.14% |
| Acquisitions | 0 | 0 | -656K | 0 | 498K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -19K | -853K | -5.97M | -556K | -498K | -381K | -40K | 9.33K |
| Cash from Financing | 212.46M | 89.48M | -9.43M | 173K | 485K | 622.8M | 5.39M | 5.89M |
| Debt Issued (Net) | 121.46M | -284K | -427K | -369K | -263K | 2.28M | 5.37M | 5.88M |
| Equity Issued (Net) | -118.52M | 1.41M | -8.66M | 434K | 0 | 129.54M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.38M | -3.59M | -9.07M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 209.52M | 88.36M | -342K | 108K | 748K | 490.98M | 23K | 7.82K |
| Net Change in Cash | -1.96M | -3.81M | -9.12M | -15.59M | -463.32M | 508.47M | -5.66M | -5.81M |
| Free Cash Flow | -72.23M | -83.6M | -80.28M | -93.33M | -92.62M | -38.44M | -11.05M | -11.71M |
| FCF Margin % | -704.93% | -384.43% | -398.62% | -536.07% | -785.63% | -1417.33% | -525.68% | -514.61% |
| FCF Growth % | 7.15% | -4.14% | 13.98% | -0.77% | -140.95% | -247.7% | 5.6% | - |
| FCF per Share | -0.32 | -0.45 | -0.45 | -0.52 | -0.53 | -0.23 | -0.16 | -0.07 |
| FCF Conversion (FCF/Net Income) | 0.80x | 0.79x | 0.66x | 0.89x | 3.54x | -1.41x | 0.70x | 0.93x |
| Interest Paid | -5K | 26K | 46K | 84K | 42K | 144K | 351K | 56.87K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying SLDP stock.
Solid Power, Inc. (SLDP) generated $-73.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Solid Power, Inc. (SLDP) reported negative free cash flow of $83.6M in 2025, indicating capital requirements exceeded cash from operations.
Solid Power, Inc. (SLDP) spent $10.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Solid Power, Inc. (SLDP) spent $3.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Unsustainable cash burn rate
Metrics are mathematically derived from official filings.
Persistent Negative Conversion Quality
Solid Power's operating cash flow has consistently been less negative than net income, with an OCF/NI ratio averaging 0.75 over the last ten quarters, suggesting that non-cash charges like stock-based compensation are masking the true cash burn.
The gap between net income and operating cash flow is consistently positive, but this is driven by significant non-cash add-backs, primarily stock-based compensation (SBC) which has averaged ~$2.7M per quarter. This indicates that the company's core operations are not generating cash, and the reported net loss understates the cash consumption. The quality of earnings is fundamentally weak, as the business is not converting its accounting losses into operating cash flow.
Deepening Negative FCF Trajectory
Free cash flow has been negative in every quarter, with the most recent 2026Q2 showing a negative FCF margin of 14.4%, a severe deterioration from the -2.7% margin in 2024Q3, indicating accelerating cash consumption.
The FCF trajectory is deteriorating, with the quarterly cash burn widening from -$12.7M in 2024Q3 to -$14.7M in 2026Q2. This negative trend is exacerbated by the collapse in revenue, which has turned negative, making the cash burn as a percentage of revenue appear even more severe. The company is not generating any free cash flow to fund its operations or growth, relying entirely on external financing.
CapEx Intensity Amidst Revenue Collapse
Capital expenditure as a percentage of revenue has been highly volatile, spiking to 127.8% in 2025Q4 and 105.5% in 2024Q4, which is unsustainable given the company's negative revenue and indicates investment in future capacity without current commercial returns.
The capital intensity is extreme and erratic, with CapEx/Rev ratios swinging wildly due to the denominator (revenue) collapsing. The absolute CapEx spend has also been inconsistent, ranging from $570K to $57M in a single quarter. This pattern suggests lumpy, project-based investments in manufacturing or R&D facilities that are not yet generating proportional revenue, further straining the cash position.
Volatile Working Capital Swings
Working capital changes have been highly volatile, swinging from a $44.3M use of cash in 2025Q1 to a $12.1M source in 2026Q2, indicating unpredictable inventory, receivable, or payable dynamics that add noise to the cash flow profile.
The erratic working capital movements, such as the large $44.3M outflow in 2025Q1 followed by a $12.1M inflow in 2026Q2, suggest instability in managing the cash conversion cycle. This volatility makes it difficult to forecast near-term cash needs and may indicate challenges in collecting receivables or managing inventory levels as the business model evolves. The lack of a stable pattern warrants monitoring for potential liquidity pressures.
Minimal Deployment Amidst Cash Preservation
Capital deployment has been minimal, with no dividends paid and sporadic, small share repurchases totaling only $14.2M over ten quarters, suggesting a focus on preserving cash for operations rather than returning capital to shareholders.
The company has not paid any dividends and has only engaged in modest, intermittent share buybacks, which is consistent with a pre-commercial, cash-burning enterprise. The primary use of cash is clearly funding operating losses and capital expenditures. The lack of significant deployment activities underscores that all available liquidity is being directed toward sustaining the business and its R&D efforts.
Cash Flow Statement Obscures True Burn
The cash flow statement obscures the true economic cost of stock-based compensation, which averaged $2.7M per quarter, and the sustainability of the business model given negative revenue and consistent operating losses.
A key item obscured is the cash impact of SBC, which is added back to net income to arrive at operating cash flow. While non-cash, it represents a real dilutive cost to shareholders. Furthermore, the statement does not reveal the full extent of off-balance-sheet obligations or the timeline to commercialization. The consistent gap between net income and operating cash flow, driven by SBC and D&A, highlights that the reported losses are not the full picture of the cash being consumed to keep the company operational.