Financial Data and Key Metrics Changes - In Q1 2025, the company generated revenue of $6 million, a slight increase from $5.9 million in Q1 2024, primarily driven by the SK On agreement and milestone execution [9] - Operating expenses decreased to $30 million, down by $1.7 million compared to Q1 2024, attributed to lower direct labor costs [9] - The operating loss was $24 million, with a net loss of $15 million or 8 cents per share [10] - Total liquidity at the end of the quarter was $300 million, with contract receivables of $2.2 million and total current liabilities of $10.4 million [10][11] Business Line Data and Key Metrics Changes - The company is focused on electrolyte development, with plans to install a continuous manufacturing pilot line at SP2, expected to expand production capacity to 75 metric tons per year [4] - The company is close to completing factory acceptance testing for the SK On line, a key milestone in their line installation agreement [6] - There is ongoing innovation in the Electrolyte Innovation Center, which is being used to develop and test production processes [7] Market Data and Key Metrics Changes - Customer engagement and electrolyte sampling activities have shown positive trends, indicating demand for multiple generations of the electrolyte from both existing and potential new customers [8] Company Strategy and Development Direction - The company aims to balance financial discipline with appropriate investments in technology development and process improvement [11] - The strategic focus includes executing agreements with Eskayon for solid state cell development and ramping up electrolyte sampling to identify long-term customers [5][7] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the transition from traditional lithium-ion to solid-state battery technology, highlighting the importance of customer feedback in driving electrolyte performance improvements [6][8] - The company anticipates significant electrolyte revenue growth starting as early as 2027, with the bulk of revenues expected around 2029 and beyond [20] Other Important Information - The company received $1.5 million in reimbursements under an agreement with the U.S. Department of Energy during the quarter [5][22] Q&A Session Summary Question: How to think about 2025 revenue and timing around revenue from customers for electrolytes? - Management indicated that 2025 revenue is primarily driven by collaborative arrangements, particularly with SK On, and government contracts, with electrolyte sampling at a lower level [15][16] Question: What is the trajectory of revenues potentially beyond 2025? - Management noted that customers are in early stages of cell development, with increased sampling but not large quantities yet, and significant revenue is expected around 2027 to 2030 [19][20] Question: Update on the DOE grant? - Management clarified that the $1.5 million received is a grant, not a loan, and that is the current status [22]

[Solid Power First Quarter 2025 Results](index=1&type=section&id=Solid%20Power%20Reports%20First%20Quarter%202025%20Results) [Business and Financial Highlights](index=1&type=section&id=Business%20and%20Financial%20Highlights) The company reported stable revenue, progressed on key operational goals, and maintained a strong liquidity position of $299.6 million - Key operational achievements in Q1 2025 include advancing the electrolyte pilot line design, nearing completion of the SK On pilot cell line, and receiving increased customer demand for electrolyte[7](index=7&type=chunk) - Capital expenditures for Q1 2025 totaled **$2.4 million**, primarily for the construction of the continuous electrolyte production pilot line[8](index=8&type=chunk) Q1 Financial Comparison | Financial Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $6.0 million | $6.0 million | | Operating Expenses | $30.0 million | $31.7 million | | Operating Loss | $24.0 million | $25.8 million | | Net Loss | $15.1 million | $21.2 million | | Loss Per Share | $0.08 | $0.12 | Liquidity Position | Liquidity (in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $29,454 | $25,413 | | Available-for-sale securities | $270,134 | $302,057 | | **Total liquidity** | **$299,588** | **$327,470** | [2025 Outlook](index=2&type=section&id=2025%20Outlook) The company reaffirmed its 2025 objectives, focusing on electrolyte innovation, technology roadmap execution, and maintaining financial discipline - Key objectives for 2025 include driving electrolyte innovation, executing the technology roadmap, fulfilling partner commitments, and maintaining financial discipline while investing in technology[9](index=9&type=chunk)[12](index=12&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) The report includes forward-looking statements subject to significant risks and uncertainties, cautioning readers against undue reliance - The report contains forward-looking statements concerning financial guidance and future performance, which are based on current expectations and not guarantees of future results[13](index=13&type=chunk) - The company identifies numerous risks that could cause actual results to differ, including **R&D success**, a **history of financial losses**, and **delays in facility construction**[13](index=13&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) The statements detail the company's financial position, with total assets of $419.4 million and a net loss of $15.2 million for Q1 2025 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Summary | Balance Sheet (in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total current assets | $249,277 | $125,236 | | **Total assets** | **$419,390** | **$448,250** | | Total current liabilities | $10,429 | $19,970 | | **Total liabilities** | **$22,275** | **$37,936** | | **Total stockholders' equity** | **$397,072** | **$410,280** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss%20(Unaudited)) Statement of Operations Summary | Statement of Operations (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | $6,016 | $5,953 | | Total operating expenses | $30,045 | $31,734 | | Operating Loss | $(24,029) | $(25,781) | | **Net Loss** | **$(15,151)** | **$(21,207)** | | Basic and diluted loss per share | $(0.08) | $(0.12) | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) Cash Flow Summary | Cash Flows (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(26,291) | $(29,065) | | Net cash provided by investing activities | $30,499 | $13,639 | | Net cash used in financing activities | $(167) | $(5,092) | | **Net increase (decrease) in cash** | **$4,041** | **$(20,518)** | | **Cash and cash equivalents at end of period** | **$29,454** | **$14,019** |

Core Viewpoint - Samsung SDI has achieved a significant breakthrough in solid-state battery technology with its silver-based solid-state battery, which boasts an energy density of 900 Wh/L, surpassing the current mainstream lithium-ion batteries that range from 600-700 Wh/L [2] Technological Breakthroughs and Innovations - The core of this technology lies in the use of silver-carbon (Ag-C) composite anode materials, which offer higher chemical stability and electronic conductivity compared to traditional lithium metal anodes, significantly reducing the risk of lithium dendrite formation and enhancing battery cycle life and safety [2] - Samsung has also improved the contact between the electrode and electrolyte through hot isostatic pressing technology, further enhancing the battery's power and cycle life [2] Industry Outlook and Applications - Samsung plans to achieve mass production of the silver-based solid-state battery by 2027 and has already delivered the first batch of products for testing to customers [4] - The high performance of this battery is expected to be first applied in high-end luxury electric vehicles, such as Toyota's Lexus, which features a 9-minute ultra-fast charging technology and a battery lifespan exceeding 20 years, greatly enhancing the user experience of electric vehicles [4] - Beyond electric vehicles, Samsung's silver-based solid-state battery technology may expand into high-end fields such as aviation, energy storage, and consumer electronics, with smaller versions suitable for wearable devices and other flexible-shaped applications [4] Safety and Environmental Advantages - Solid-state batteries have inherent advantages over traditional liquid lithium-ion batteries, including structural stability, high-temperature resistance, and the absence of flammable electrolytes [5] - Samsung's all-solid-state design prevents liquid leakage or electrolyte evaporation during charge and discharge processes, significantly enhancing vehicle safety [5] - The silver-carbon composite anode exhibits high reversibility and low volume expansion during electrochemical reactions, further reducing the risk of battery lifespan shortening, which means less frequent battery replacements during the vehicle's lifecycle, contributing to a lower carbon footprint [5] Strategic Positioning and Market Competition - Samsung positions its silver-based solid-state battery technology as a key power system for the next generation of high-end electric vehicles, aiming to secure a technological edge in the global power battery supply chain [7] - Competing companies, including Toyota, Nissan, QuantumScape, and Solid Power, are also racing for the first-mover advantage in solid-state batteries, while Samsung's choice of "silver-carbon anode + sulfide electrolyte" technology seeks to balance performance, safety, and process maturity [7] Challenges and Future Prospects - Despite significant progress in the research and industrialization of silver-based solid-state batteries, Samsung faces challenges such as solid electrolyte interface stability, cost control of silver materials, and standardization of manufacturing processes [8] - The company is addressing these issues by developing high-compatibility interface layers, optimizing silver usage, and ensuring consistent performance across different battery batches [8] - Overall, Samsung's silver-based solid-state battery technology not only offers higher energy density and faster charging speeds for electric vehicles but also significantly enhances safety and environmental friendliness, with the potential to reshape the electric vehicle market landscape and usher in a new era of sustainable development as mass production plans advance [8] Industry Trends and Developments - Major global economies have incorporated solid-state battery technology research and industrialization into national strategic planning, increasing policy support and research investment [9] - China has made significant breakthroughs in solid-state battery technology, with a reported production capacity of 5.2 GWh for solid-state/semi-solid batteries by 2024 [9] - However, the commercialization of solid-state battery technology still faces challenges, including the need to improve ionic conductivity of solid electrolytes, optimize electrode/electrolyte interface stability, and develop large-scale production processes [9]

Core Viewpoint - Ford is actively developing a disruptive battery chemistry, the Lithium Manganese Rich (LMR) battery, aimed at achieving lower costs and longer range for electric vehicles by 2030 [6][10][23]. Group 1: Battery Development and Innovation - Ford initially offered Nickel Manganese Cobalt (NMC) batteries and later introduced Lithium Iron Phosphate (LFP) batteries in 2023, with LMR batteries being the next significant advancement [6][12]. - The LMR battery is expected to provide higher safety, stability, and energy density compared to nickel-based batteries, leading to longer driving ranges [8][19]. - Ford's Ion Park research center in Michigan is focused on innovative battery materials and manufacturing processes, aiming to reduce costs across all aspects of battery technology [12][14]. Group 2: Market Position and Goals - Ford's overarching goal is to address two major barriers to electric vehicle adoption: high purchase prices and range anxiety [10][23]. - The company aims to achieve unprecedented cost reductions with the LMR battery, which is crucial for achieving price parity with gasoline vehicles [8][20]. - Ford's electric vehicle sales increased by 11.5% year-over-year in Q1 2025, indicating a strengthening momentum in the electric vehicle market [21]. Group 3: Competitive Landscape and Challenges - The LMR battery technology is seen as a potential game-changer, with the possibility of reducing or eliminating the need for cobalt, thus lowering procurement costs [20]. - Other companies are also researching similar battery formulations, but Ford claims to have addressed key challenges such as voltage decay and gas generation that have hindered LMR commercialization [27][29]. - Despite the advancements, experts remain cautious about the LMR battery's long-term viability due to historical challenges in energy density and thermal stability [26][32].