Solid Power, Inc. (SLDP) | Investment Case

1. Company Snapshot

1.a. Company Description

Solid Power, Inc.focuses on the development and commercialization of all-solid-state battery cells and solid electrolyte materials for the battery-powered electric vehicle market in the United States.The company was founded in 2011 and is headquartered in Louisville, Colorado.

Show Full description

1.b. Last Insights on SLDP

Solid Power, Inc.'s recent performance was driven by the successful execution of its business strategy, as evident from its Q1 2025 earnings call. The company's CEO, John Van Scoter, highlighted the strong demand for its solid-state battery technology, which has enabled it to secure significant partnerships and collaborations. Additionally, Solid Power's focus on scaling up its manufacturing capabilities has led to improved production efficiency, further solidifying its position in the market. The company's commitment to innovation and its ability to adapt to changing market conditions have been key drivers of its recent success.

1.c. Company Highlights

Last Price	3.44
Change Percentage	2.84%
Open	3.35
Previous Close	3.35
Market Cap ( Millions)	636
Volume	1843637.51
Year High	8.86
Year Low	1.07
M A 50	3.27
M A 200	4.42

FCF Yield	-13.14%
Dividend Yield	0.00%
ROE	-23.87%
Debt / Equity	1.99%
Net Debt / EBIDTA	47.31%
Price To Book	1.53
Price Earnings Ratio	-6.82
Price To FCF	-7.61
Price To sales	29.25
EV / EBITDA	-7.24

2. Solid Power's 2025 Earnings: Progress on All-Solid-State Batteries

Solid Power's financial performance in 2025 was marked by revenue growth, with $21.7 million in revenue, a $1.6 million increase from 2024. The company's EPS loss was $0.14, beating estimates of a $0.16 loss. Operating expenses for the year were $122.6 million, resulting in an operating loss of $100.8 million, a significant portion of which was attributed to investments in advancing its all-solid-state battery technology. The company's cash position as of December 31, 2025, stood at $336.5 million, with a cash investment of $84.5 million for the fiscal year.

Publication Date: Mar -09

                                    📋 Highlights
                                    Revenue Growth:
                                                Solid Power reported $21.7 million in 2025 revenue, a $1.6 million increase from 2024.
Production Milestone:
                                                The company is on track to install and commission its continuous electrolyte production pilot line by late 2026, expanding capacity to 75 metric tons annually.
Strategic Partnerships:
                                                Announced joint evaluation agreements with Samsung SDI and BMW, and completed testing at SK On’s facility to advance all-solid-state battery development.
Operating Financials:
                                                2025 operating expenses totaled $122.6 million, resulting in an operating loss of $100.8 million.
Liquidity and Funding:
                                                The company maintained $336.5 million in liquidity as of December 2025, with $84.5 million invested in 2025 and plans for $85–$100 million in 2026 capital expenditures.

                                

Operational Highlights

Solid Power made significant progress in executing its plans in 2025, including completing the detailed design for its continuous electrolyte production pilot line and ordering long lead equipment, with plans to install and commission the line by the end of 2026. As John Van Scoter, President and Chief Executive Officer, highlighted during the earnings call, the company is focused on advancing its electrolyte development road map and strengthening relationships with partners. The company also announced a joint evaluation agreement with Samsung SDI and BMW to advance the development of all-solid-state batteries.

Outlook and Guidance

For 2026, Solid Power expects to continue its investments in its all-solid-state battery technology, with a cash investment of $85 million to $100 million. The company plans to commission its continuous electrolyte production line by the end of 2026, which is designed to expand its annual electrolyte production capacity to up to 75 metric tons. Analysts estimate revenue growth of 10.0% for the next year. With a current P/S Ratio of 26.49, the market is pricing in significant growth expectations.

Valuation Metrics

The company's valuation metrics indicate a high-growth profile, with a P/S Ratio of 26.49 and an EV/EBITDA of -6.51. The ROE and ROIC were -23.87% and -22.81%, respectively, reflecting the company's investment phase. The current valuation suggests that the market is expecting significant future growth, with analysts estimating a revenue growth rate of 10.0% for the next year.

3. NewsRoom

Solid Power, Inc. Announces Timing of First Quarter 2026 Earnings Release and Conference Call

Apr -21

Source: businesswire.com

QuantumScape Vs Solid Power: Structuring The Trade Around Relative Risks

Apr -15

Source: seekingalpha.com

Solid Power (NASDAQ:SLDP) versus BorgWarner (NYSE:BWA) Head-To-Head Comparison

Apr -10

Source: defenseworld.net

CVA Family Office LLC Reduces Stock Position in Solid Power, Inc. $SLDP

Mar -27

Source: defenseworld.net

Can Solid Power Cash In on a 900-Mile Electric Car Battery?

Mar -26

Source: fool.com

Solid Power: Place Your Bets

Mar -13

Source: seekingalpha.com

Solid Power, Inc. (SLDP) Q4 2025 Earnings Call Transcript

Feb -24

Source: seekingalpha.com

Solid Power Reports Full Year 2025 Results

Feb -24

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (30.47%)

6. Segments

Solid-state Battery Technology

Expected Growth: 30.47%

Solid-state Battery Technology from Solid Power, Inc. is driven by increasing demand for electric vehicles, growing need for energy storage, and advancements in material science. The company's proprietary technology enables higher energy density, faster charging, and improved safety, positioning it for significant growth in the rapidly expanding EV and clean energy markets.

7. Detailed Products

All-Solid-State Batteries

Solid-state batteries that replace the liquid electrolyte with a solid material, enhancing safety, energy density, and charging speed.

High-Energy Density Cells

Advanced lithium-ion battery cells with high energy density, enabling longer driving ranges and improved performance.

Solid-State Battery Management Systems

Advanced battery management systems designed to optimize the performance and safety of solid-state batteries.

Lithium-Metal Anodes

High-performance lithium-metal anodes that enable higher energy density and improved battery life.

Solid-State Electrolytes

Advanced solid-state electrolytes that enhance safety, energy density, and charging speed in lithium-ion batteries.

8. Solid Power, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Solid Power, Inc. has a moderate threat of substitutes due to the presence of alternative energy storage solutions.

Bargaining Power Of Customers

Solid Power, Inc. has a low bargaining power of customers due to its strong brand reputation and limited customer concentration.

Bargaining Power Of Suppliers

Solid Power, Inc. has a moderate bargaining power of suppliers due to its dependence on a few key suppliers for critical components.

Threat Of New Entrants

Solid Power, Inc. has a high threat of new entrants due to the growing demand for energy storage solutions and the relatively low barriers to entry.

Intensity Of Rivalry

Solid Power, Inc. operates in a highly competitive industry with intense rivalry among established players, leading to a high intensity of rivalry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	1.86%
Debt Cost	3.95%
Equity Weight	98.14%
Equity Cost	12.89%
WACC	12.72%
Leverage	1.90%

11. Quality Control: Solid Power, Inc. passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Pioneer Power Solutions

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Value: 8.3

Growth: 4.2

Quality: 7.1

Yield: 5.0

Momentum: 1.5

Volatility: 1.3

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Volatility: 0.0

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Solid Power

A-Score: 4.1/10

Value: 6.9

Growth: 3.2

Quality: 4.0

Yield: 0.0

Momentum: 10.0

Volatility: 0.7

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Growth: 5.2

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Yield: 0.0

Momentum: 3.0

Volatility: 0.3

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Value: 9.4

Growth: 1.1

Quality: 3.8

Yield: 0.0

Momentum: 1.0

Volatility: 0.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

28.08%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

12.72%

Solid Power, Inc. - US83422N1054

1. Company Snapshot

1.a. Company Description

Solid Power, Inc.focuses on the development and commercialization of all-solid-state battery cells and solid electrolyte materials for the battery-powered electric vehicle market in the United States.The company was founded in 2011 and is headquartered in Louisville, Colorado.

1.b. Last Insights on SLDP

1.c. Company Highlights

More Volatile

Weak Momentum

Average Quality

Earnings Miss

Revenues Beats

Fairly Valued

Cheaper

Stable Momentum

Revenues Miss

Earnings Beats

Average Growth

Strong Momentum

Lower Growth

2. Solid Power's 2025 Earnings: Progress on All-Solid-State Batteries

Operational Highlights

Outlook and Guidance

Valuation Metrics

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (30.47%)

6. Segments

Solid-state Battery Technology

Expected Growth: 30.47%

7. Detailed Products

All-Solid-State Batteries

High-Energy Density Cells

Solid-State Battery Management Systems

Lithium-Metal Anodes

Solid-State Electrolytes

8. Solid Power, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Solid Power, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.44$

Current Price

3.44$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA