One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Solid Power, Inc.
SLDP · NMS · Consumer Cyclical · Auto Parts
Current price
$1.99
52-week range
$1.91 - $8.02
Market cap
$454.94M
Balance sheet
Healthy
-4,033.28x Concerning
Net cash $227.84M. Interest coverage shows how many times profit covers the interest bill.
What stands out
0 Rewards
3 Risks
0 rewards · 3 risks
- Risk Operating margin compressed from -501.5% to -12279.8% over 3 years.
- Risk Return on equity was -20.5% last year — the company lost money on shareholders' equity.
- Risk Insider ownership is only 9.5% (peer median: 12.4%).
What this company does
Solid Power, Inc.
Solid Power develops a new kind of battery for electric cars that uses solid materials instead of liquid. This technology is still being researched and developed, so the company doesn't make a lot of money from selling batteries yet, but it's important because better batteries could make electric cars more popular and safer. The money it does have mainly comes from investments and partnerships, not from selling products to lots of customers.
How the company got here
Solid Power was founded in 2011 by researchers from the University of Colorado Boulder, aiming to develop advanced solid-state battery technology. The company's early years were focused on proving that their sulfide-based solid electrolyte could be manufactured into practical battery products. Significant validation and capital came from partnerships with major automotive companies like BMW and Ford in the late 2010s. Solid Power became a public company in December 2021 through a merger with a special purpose acquisition company (SPAC), allowing it to raise further funds for development and expansion. The company has since focused on scaling its electrolyte production and technology transfer with partners, rather than building large-scale manufacturing facilities itself.
What it actually does
Solid Power develops and manufactures solid-state battery technologies, primarily for electric vehicles (EVs). Unlike traditional lithium-ion batteries that use liquid electrolytes, Solid Power's batteries use a solid material, which they believe offers advantages in energy density, safety, and lifespan. Their technology centers around a proprietary sulfide-based solid electrolyte. The company's business model involves producing this electrolyte material, developing prototype battery cells, and licensing its technology to larger manufacturing partners.
Sulfide Solid Electrolyte Materials
This is Solid Power's core product and a key differentiator. They develop and produce sulfide-based solid electrolyte materials, which are the crucial component in their all-solid-state batteries. This material replaces the flammable liquid electrolytes found in conventional lithium-ion batteries, aiming to improve safety and performance. Solid Power can sell this electrolyte material as a standalone product to partners or use it in their own battery cell development.
Prototype All-Solid-State Battery Cells
Solid Power manufactures prototype all-solid-state battery (ASSB) cells for testing and validation. These cells are designed to showcase the capabilities of their solid electrolyte technology, particularly for automotive applications. They have produced cells with silicon-based designs and are exploring lithium-metal anode technologies. These prototypes are used for internal research, evaluation by potential partners, and to refine their manufacturing processes.
What management is betting on now
Solid Power's current strategy focuses on a capital-efficient approach to commercialization, emphasizing the production and sale of their proprietary solid electrolyte materials and licensing their cell designs and manufacturing processes. They are deepening collaborations with automotive giants like BMW and Ford, aiming for technology transfer and joint development rather than immediately investing in massive, standalone battery factories. This strategy allows them to leverage their partners' existing manufacturing scale while focusing on their core innovation in solid electrolyte chemistry and cell design.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$-18.57M
FY2025 Q1
$-28.64M
FY2025 Q2
$-17.13M
FY2025 Q3
$-14.84M
FY2025 Q4
$-22.99M
FY2026 Q1
$-20.42M
FY2026 Q2
$-14.68M
FY2026 Q3
$-21.47M
Revenue
$1.22M
Net income
$-24.35M
Diluted EPS
-0.11
Operating cash flow
$-16.79M
Free cash flow
$-21.47M
Fetching…
Sources
Revenue
$-268.00K
Net income
$-23.82M
Diluted EPS
-0.11
Operating cash flow
$-8.42M
Free cash flow
$-14.68M
Fetching…
Sources
Revenue
$3.07M
Net income
$-13.03M
Diluted EPS
-0.06
Operating cash flow
$-18.75M
Free cash flow
$-20.42M
Fetching…
Sources
Revenue
$3.63M
Net income
$-27.05M
Diluted EPS
-0.15
Operating cash flow
$-18.39M
Free cash flow
$-22.99M
Fetching…
Sources
Revenue
$4.56M
Net income
$-25.87M
Diluted EPS
-0.14
Operating cash flow
$-14.27M
Free cash flow
$-14.84M
Fetching…
Sources
Revenue
$7.54M
Net income
$-25.34M
Diluted EPS
-0.14
Operating cash flow
$-14.44M
Free cash flow
$-17.13M
Fetching…
Sources
Revenue
$6.02M
Net income
$-15.15M
Diluted EPS
-0.08
Operating cash flow
$-26.29M
Free cash flow
$-28.64M
Fetching…
Sources
Revenue
$4.46M
Net income
$-30.62M
Diluted EPS
-0.16
Operating cash flow
$-13.87M
Free cash flow
$-18.57M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $1.99
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $227.8M - more cash than debt. Interest coverage -4033.3x.
Net debt
$-227.84M
Interest coverage
-4,033.28x
Solid Power, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
SLDP
BASELINE
Solid Power, Inc.
Total debt $7.43M Interest coverage -4,033.28x This is the baseline the peer rows are being compared against.
Total debt $65.05M Interest coverage -231.78x Neither company has much profit cushion over interest right now.
Total debt $541.72M Interest coverage -8.21x Neither company has much profit cushion over interest right now.
Total debt $7.14M Interest coverage -8.85x Neither company has much profit cushion over interest right now.
Total debt $6.38M Interest coverage -1,438.88x Neither company has much profit cushion over interest right now.
What you should know
The case for and against SLDP
0 Rewards
3 Risks
Rewards
Risks
-
Operating margin compressed from -501.5% to -12279.8% over 3 years.
-
Return on equity was -20.5% last year — the company lost money on shareholders' equity.
-
Insider ownership is only 9.5% (peer median: 12.4%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-4.41x
P/B
0.95x
P/S
116.59x
EV/EBITDA
-2.41x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
-260.2%
Operating margin
-12,279.8%
Net margin
0.0%
ROE
-20.5%
ROA
-15.3%
Health
Liquidity and balance-sheet strength
Debt / equity
0.02x
Current ratio
13.19x
Quick ratio
12.86x
Total debt
$7.43M
Total cash
$235.27M
Growth
How the business has been compounding
Revenue TTM
$7.66M
Revenue 5Y CAGR
68.3%
EPS TTM
-0.41
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-62.36M
Free CF TTM
$-83.60M
FCF margin
-1,091.4%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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