Revenue has deteriorated to -$1.0M in 2026Q2, while gross margins have turned negative in seven of the last ten quarters, indicating a fundamental cost structure challenge where R&D spending of $19.4M dwarfs all commercial activity.
Solid Power, Inc. (SLDP) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 10.25M | 21.75M | 20.14M | 17.41M | 11.79M | 2.71M | 2.1M | 2.28M |
| Revenue Growth % | -54.79% | 7.98% | 15.67% | 47.68% | 334.7% | 28.96% | -7.59% | - |
| Cost of Goods Sold | 20.16M | 20.65M | 20.28M | 27.73M | 9.59M | 3.07M | 1.67M | 1.82M |
| COGS % of Revenue | - | 94.95% | 100.72% | 159.28% | 81.36% | 113.31% | 79.41% | 80.04% |
| Gross Profit | -9.91M | 1.1M | -145K | -10.32M | 2.2M | -361K | 433K | 454.31K |
| Gross Margin % | -96.69% | 5.05% | -0.72% | -59.28% | 18.64% | -13.31% | 20.59% | 19.96% |
| Gross Profit Growth % | - | 857.24% | 98.6% | -569.78% | 708.59% | -183.37% | -4.69% | - |
| Operating Expenses | 97.66M | 101.93M | 105.19M | 80.3M | 61.32M | 26.18M | 12.03M | 9.7M |
| OpEx % of Revenue | - | 468.71% | 522.31% | 461.22% | 520.11% | 965.52% | 571.85% | 426.27% |
| Selling, General & Admin | 26.15M | 29.42M | 31.85M | 25.55M | 22.72M | 9.08M | 2.43M | 1.54M |
| SG&A % of Revenue | - | 135.27% | 158.14% | 146.75% | 192.76% | 334.92% | 115.64% | 67.84% |
| Research & Development | 72.26M | 72.51M | 73.34M | 54.75M | 38.59M | 9.59M | 7.51M | 7.24M |
| R&D % of Revenue | - | 333.44% | 364.17% | 314.47% | 327.36% | 353.76% | 357.01% | 318.16% |
| Other Operating Expenses | -749K | 0 | 0 | 0 | 0 | 7.51M | 2.09M | 916.57K |
| Operating Income | -107.57M | -100.83M | -105.33M | -90.62M | -59.12M | -26.55M | -11.59M | -9.25M |
| Operating Margin % | -1049.75% | -463.66% | -523.03% | -520.51% | -501.48% | -978.83% | -551.26% | -406.31% |
| Operating Income Growth % | - | 4.27% | -16.24% | -53.28% | -122.7% | -128.98% | -25.37% | - |
| EBITDA | -87.86M | -81.02M | -88.87M | -78.66M | -53.94M | -24.19M | -9.53M | -7.81M |
| EBITDA Margin % | -857.41% | -372.55% | -441.28% | -451.8% | -457.57% | -891.81% | -452.97% | -343.06% |
| EBITDA Growth % | -4.42% | 8.83% | -12.98% | -45.82% | -123.03% | -153.89% | -22.01% | - |
| D&A (Non-Cash Add-back) | 19.71M | 19.81M | 16.46M | 11.96M | 5.18M | 2.36M | 2.07M | 1.44M |
| EBIT | -98.12M | -93.39M | -95.28M | -65.47M | -9.74M | 18.46M | -11.59M | -8.33M |
| Net Interest Income | 14.33M | 13.18M | 17.63M | 20.18M | 8.43M | -338K | -333K | 172.95K |
| Interest Income | 14.55M | 13.2M | 17.67M | 20.27M | 8.48M | 56K | 28K | 232.32K |
| Interest Expense | 216K | 25K | 46K | 84K | 42K | 394K | 361K | 59.37K |
| Other Income/Expense | 17.72M | 7.41M | 10.01M | 25.07M | 49.34M | 44.61M | -2.66M | 172.95K |
| Pretax Income | -89.85M | -93.42M | -95.33M | -65.55M | -9.78M | 18.07M | -14.26M | -9.07M |
| Pretax Margin % | -876.82% | -429.57% | -473.34% | -376.5% | -82.98% | 666.19% | -677.94% | -398.71% |
| Income Tax | -77K | -8K | 1.19M | 0 | -227K | -25K | 118K | 134.64K |
| Effective Tax Rate % | 0.09% | 0.01% | -1.25% | 0% | 2.32% | -0.14% | -0.83% | -1.48% |
| Net Income | -89.77M | -93.41M | -96.52M | -65.55M | -9.55M | 18.09M | -14.38M | -9.21M |
| Net Margin % | -876.07% | -429.53% | -479.27% | -376.5% | -81.05% | 667.11% | -683.55% | -404.63% |
| Net Income Growth % | 4.02% | 3.22% | -47.25% | -586.02% | -152.81% | 225.86% | -56.11% | - |
| Net Income (Continuing) | -89.77M | -93.41M | -96.52M | -65.55M | -9.55M | 18.09M | -14.38M | -9.21M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.40 | -0.51 | -0.54 | -0.37 | -0.05 | 0.08 | -0.21 | -0.06 |
| EPS Growth % | 11.54% | 5.56% | -45.95% | -575.18% | -172.58% | 135.95% | -281.82% | - |
| EPS (Basic) | - | -0.51 | -0.54 | -0.37 | -0.05 | 0.08 | -0.21 | -0.06 |
| Diluted Shares Outstanding | 225.97M | 184.9M | 179.4M | 178.01M | 174.37M | 167.56M | 69.89M | 167.56M |
| Basic Shares Outstanding | 225.97M | 184.9M | 179.4M | 178.01M | 174.37M | 167.56M | 69.89M | 167.56M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SLDP stock.
For fiscal year 2025, Solid Power, Inc. (SLDP) reported total revenue of $21.7M. This represents a 855.6% increase compared to $2.3M in 2019.
Solid Power, Inc. (SLDP) reported a net loss of $93.4M for the fiscal year ending 2025.
Solid Power, Inc. (SLDP) reported an operating income of $-100.8M, resulting in an operating profit margin of -463.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Solid Power, Inc. (SLDP) generated $1.1M in gross profit for the year, representing a gross profit margin of 5.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Negative revenue and gross margins
Metrics are mathematically derived from official filings.
Revenue Collapse into Negative Territory
Solid Power's revenue has deteriorated from $6.0M in 2024Q1 to a negative $1.0M in 2026Q2, representing a severe contraction that suggests fundamental challenges in its commercialization efforts and customer demand.
The company's revenue trajectory shows a clear deceleration from modest growth in early 2024 to consistent declines, culminating in negative revenue in the most recent quarter. This pattern indicates that Solid Power is not merely experiencing cyclical weakness but appears to be facing structural issues in generating sustainable commercial revenue from its solid-state battery technology.
Structural Negative Gross Margins
Gross margins have deteriorated from 27.9% in 2024Q1 to 3.1% in 2026Q2, with the company reporting negative gross profit in seven of the last ten quarters, suggesting fundamental cost structure challenges.
The persistent negative gross margins indicate that Solid Power's cost of goods sold consistently exceeds its revenue, which is unsustainable for any manufacturing business. This pattern suggests the company may be incurring significant production costs without corresponding commercial sales, or its pricing power is severely limited relative to its cost structure.
R&D Dominates Cost Structure
Research and development expenses consistently represent 60-70% of total operating expenses, with R&D spending of $19.4M in 2026Q2 dwarfing the company's negative revenue of $1.0M.
Solid Power's cost structure is heavily weighted toward R&D, which appears to be the primary driver of operating losses. The company's SG&A expenses have shown some discipline, declining from $8.6M in 2024Q1 to $8.5M in 2026Q2, but this has been insufficient to offset the substantial R&D investment required for technology development.
Operating Leverage Working in Reverse
Operating losses have remained relatively stable around $25-30M quarterly despite revenue declining from $6.0M to negative $1.0M, indicating that cost reductions have not kept pace with revenue deterioration.
The company's operating leverage appears to be working in reverse, as operating losses have not improved proportionally with revenue declines. This suggests that Solid Power's cost structure has significant fixed components that cannot be easily reduced, creating a challenging path to profitability even if revenue were to recover.
Sustainability of Cash Burn
With consistent quarterly losses exceeding $20M and negative revenue, investors should question the sustainability of Solid Power's cash position and the timeline for achieving commercial viability.
The most significant analytical challenge to Solid Power's income statement narrative is the sustainability of its current cash burn rate. The company is generating negative revenue while incurring substantial operating losses, which suggests it may require additional financing or strategic partnerships to continue operations. The negative gross margins indicate that even if revenue were to increase, the company would need to fundamentally restructure its cost base to achieve profitability.