Financial Data and Key Metrics Changes - The company reported revenue of $21.7 million in 2025, an increase of $1.6 million compared to 2024, primarily driven by work under the line installation agreement with SK On [8] - Operating expenses decreased to $122.6 million in 2025 from $125.5 million in 2024, reflecting cost discipline [8] - The operating loss for 2025 was $100.8 million, and the net loss was $93.4 million, or $0.51 per share [8] - Total liquidity as of December 31, 2025, was $336.5 million, an increase of $9 million compared to year-end 2024 [9] Business Line Data and Key Metrics Changes - The company continued its electrolyte sampling efforts, seeing demand from both existing and new customers [5] - A Joint Evaluation Agreement was announced with Samsung SDI and BMW to advance the development of All-Solid-State Batteries, validating the company's electrolyte sampling efforts [5] - The company made progress on its electrolyte development roadmap, including the installation of a continuous electrolyte production pilot line expected to be commissioned by the end of 2026 [6][12] Market Data and Key Metrics Changes - The company is focused on strengthening relationships with partners and expects to continue providing Samsung SDI with electrolyte under the Joint Evaluation Agreement [11] - The company plans to pursue a potential partnership for commercial scale electrolyte production in Korea, targeting a facility capable of producing up to 500 metric tons of electrolyte annually [12][14] Company Strategy and Development Direction - The company aims to maintain a disciplined approach to capital and spending while advancing its electrolyte technology and preparing for commercialization [4][11] - The strategy includes enhancing electrolyte product competitiveness and developing differentiated products to secure long-term customers [13][14] - The company intends to balance extending its runway through financial discipline with appropriate investments in technology development [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute on its objectives while preserving optionality as it progresses towards commercialization [15] - The company expects 2026 to be a year of strong development at the cell level, with 2027 anticipated as a significant year for advancements in solid-state batteries [22] Other Important Information - The company raised $56 million of net proceeds under its At the Market program in the fourth quarter, bringing total net proceeds for 2025 to $88.8 million [9][10] - Cash investment for 2026 is expected to be in the range of $85 million to $100 million, reflecting a continued focus on advancing the electrolyte development roadmap [10] Q&A Session Summary Question: Can you discuss cycle times and evolving the manufacturing process? - The company runs a variety of batch sizes affecting cycle times, with rapid turnaround for small batches and approximately one week for larger batches [16] Question: What about diversification of form factors at the cell level? - Currently, the company has not seen significant diversification, primarily working with pouch formats for EV customers [17] Question: How should we think about 2027 and 2028 regarding ASSB batteries? - Management expects 2027 to be a strong development year, with 2028 being more mature leading up to the start of production in 2029 [22] Question: Is the company well-positioned for capital needs? - The company believes it is well-positioned with its liquidity and proceeds from the recent offering to support its partners [23] Question: Can the balance sheet be leveraged to accelerate the pilot line timeline? - The company is in a good position to make long-term investments if opportunities arise to shorten the timeline for commercial production [31]