Solid Power Inc (SLDP) 2025 Q3 法說會逐字稿

Good day and welcome to the Solid Power third-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加Solid Power 2025年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Charlie Van Goetz, Investor Relations, please go ahead.

現在我將會議交給投資人關係部門的查理·範·戈茨，請他開始吧。

Thank you, operator. Welcome everyone. And thank you for joining us today. I'm joined on today's call by Solid Power's President and Chief Executive Officer, John Van Scoter; and Chief Financial Officer, Linda Heller. A copy of today's earnings release is available on the Investor Relations section of Solid Power's website, www.solidpowerbattery.com.

謝謝接線生。歡迎各位。感謝您今天蒞臨本節目。今天與我一同參加電話會議的有 Solid Power 的總裁兼執行長 John Van Scoter 和財務長 Linda Heller。今天的收益報告副本可在 Solid Power 網站 www.solidpowerbattery.com 的投資者關係部分取得。

I'd like to remind you that parts of our discussion today will include forward-looking statements as defined by US Securities Laws. These forward-looking statements are based on management's current expectations and assumptions about future events, and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Solid Power disclaims any duty to update any forward-looking statements to reflect future events or circumstances.

我想提醒各位，我們今天討論的部分內容將包含美國證券法定義的前瞻性陳述。這些前瞻性陳述是基於管理階層對未來事件的當前預期和假設，並且是基於目前可獲得的有關未來事件結果和時間的資訊。除適用法律另有規定外，Solid Power 不承擔任何更新任何前瞻性聲明以反映未來事件或情況的義務。

For a discussion of the risks and uncertainties that could cause actual results to differ materially from those expressed in today's forward-looking statements, please see Solid Power's most recent filings with the Securities and Exchange Commission, which can be found on the company's website at www.solidpowerbattery.com.

有關可能導致實際結果與今天前瞻性聲明中表達的結果存在重大差異的風險和不確定性的討論，請參閱 Solid Power 向美國證券交易委員會提交的最新文件，這些文件可在公司網站 www.solidpowerbattery.com 上找到。

With that, let me turn it over to John Van Scoter.

接下來，我將把麥克風交給約翰‧範‧史考特。

Thank you, Charlie, and thank you all for joining us today. I am pleased to provide an update on our 2025 operational goals since our last earnings call.

謝謝你，查理，也謝謝今天所有到場的各位。我很高興向大家報告一下自上次財報電話會議以來，我們 2025 年的營運目標。

First, we recently announced a strategic collaboration with Samsung SDI and BMW under a joint evaluation agreement. We believe this collaboration represents a vote of confidence in our technology and the potential of solid-state batteries.

首先，我們最近宣布與三星SDI和寶馬根據聯合評估協議進行策略合作。我們相信，此次合作體現了對我們技術和固態電池潛力的信任。

Under this arrangement, Solid Power will supply sulfide-based solid electrolyte to Samsung SDI, which Samsung SDI will integrate into separator and/or catholyte and use to build cells, in each case, subject to achievement of technical requirements. These cells will be evaluated based on performance parameters and requirements to be agreed between Samsung SDI and BMW Group. Ultimately, Solid Power, Samsung SDI, and BMW aim to develop and supply all solid-state battery cells for integration into a next generation of evaluation vehicles. Together with Samsung SDI and BMW, we look forward to driving innovation in all solid-state battery technology.

根據這項安排，Solid Power 將向三星 SDI 提供硫化物基固體電解質，三星 SDI 會將該電解質整合到隔膜和/或陰極液中，並用於製造電池，但前提是必須達到技術要求。這些電池將根據三星SDI和寶馬集團商定的性能參數和要求進行評估。最終，Solid Power、三星SDI和寶馬的目標是開發和供應全固態電池，以整合到下一代評估車輛中。我們期待與三星SDI和BMW攜手，推動全固態電池技術的創新。

In addition, we believe this agreement underscores our electrolyte sampling efforts and our focus on identifying long-term customers. This quarter, we continued to execute on our agreements with SK On. We conducted site acceptance testing of the SK On pilot line, which remains on target for completion by the end of this year and is another key milestone under our line installation agreement with SK On.

此外，我們相信這項協議凸顯了我們在電解液取樣方面的努力以及我們對尋找長期客戶的重視。本季度，我們繼續履行與SK On的協議。我們對SK On的試點生產線進行了現場驗收測試，該項目仍按計劃於今年年底完成，這是我們與SK On的生產線安裝協議下的另一個重要里程碑。

During the quarter, we also made progress on our electrolyte development roadmap. We continued detailed design work for the planned installation of a continuous manufacturing pilot line for sulfide electrolyte production at [SP2]. We expect detailed design to be substantially complete later this year, with commissioning on track for 2026.

本季度，我們在電解液開發路線圖方面也取得了進展。我們繼續進行詳細設計工作，並計劃在某地安裝一條連續式硫化物電解液生產試驗線。[SP2]我們預計詳細設計將於今年稍後基本完成，調試工作將於 2026 年按計劃進行。

With that, I'll turn it over to Linda to review our financial results and provide an update on our progress towards achieving our financial discipline goal. Linda?

接下來，我將把發言權交給琳達，由她來回顧我們的財務業績，並報告我們在實現財務紀律目標方面取得的進展。琳達？

Thank you, John. I'll start with Q3 and year-to-date results, beginning with revenue.

謝謝你，約翰。我將從第三季和年初至今的業績開始，首先從收入說起。

During the third quarter of 2025, we generated revenue of $4.6 million, compared to our Q2 2025 revenue of $7.5 million. Revenue recognized this quarter was driven primarily by our SK On agreements, as well as our government contracts. This brings revenue year to date to $18.1 million, an increase of $2.4 million over the same period in 2024.

2025 年第三季度，我們的營收為 460 萬美元，而 2025 年第二季的營收為 750 萬美元。本季確認的收入主要來自我們與 SK On 的協議以及我們的政府合約。這使得今年迄今的收入達到 1,810 萬美元，比 2024 年同期增加了 240 萬美元。

Operating expenses for the third quarter were $29 million, a decrease of $4.4 million, compared to our second quarter of 2025 at $33.4 million. The reduction in expenses for the third quarter was primarily due to the nature of the work performed under our SK On agreement. The third quarter was labor focused in preparation for site acceptance testing, whereas, the second quarter included significant equipment purchases for factory acceptance testing.

第三季的營運費用為 2,900 萬美元，比 2025 年第二季的 3,340 萬美元減少了 440 萬美元。第三季支出減少主要是由於我們在與 SK On 簽訂的協議下所進行的工作的性質所致。第三季主要集中於勞動投入，為現場驗收測試做準備；而第二季則包括為工廠驗收測試採購大量設備。

Operating loss year to date was $74.3 million, and year-to-date net loss was $66.4 million. or $0.37 per share.

今年迄今的營業虧損為 7,430 萬美元，今年迄今的淨虧損為 6,640 萬美元，即每股虧損 0.37 美元。

Capital expenditures totaled $0.6 million, primarily representing costs for the construction of our continuous electrolyte production pilot line.

資本支出總計 0.6 億美元，主要用於建造我們的連續電解液生產試驗線。

Turning to our balance sheet and liquidity, during the quarter, our cash used for operations and capital expenditures was $14.9 million. This brings our total year-to-date cash investment $61.2 million. Total liquidity increased to $300.4 million as of September 30, 2025. This was primarily driven by proceeds from our at-the-market offering program, as well as cash received from our government contracts. In addition, contract assets and contract receivables totaled $7.2 million, and total current liabilities were $16.6 million.

再來看我們的資產負債表和流動性，本季我們用於營運和資本支出的現金為 1,490 萬美元。這使得我們今年迄今的現金投資總額達到 6,120 萬美元。截至 2025 年 9 月 30 日，總流動資金增加至 3.004 億美元。這主要得益於我們以市價發行計畫的收益，以及我們從政府合約中獲得的現金。此外，合約資產和合約應收款總額為 720 萬美元，流動負債總額為 1,660 萬美元。

During Q3, we remained fiscally disciplined, focused on realizing efficiencies and reducing operating costs while driving technology development and innovation. As a result of these efforts, we are revising our expected cash investment to $85 million to $95 million in 2025.

第三季度，我們保持了財政紀律，專注於提高效率和降低營運成本，同時推動技術發展和創新。經過這些努力，我們將 2025 年的預期現金投資金額調整為 8,500 萬美元至 9,500 萬美元。

I will now turn it back to John for some final thoughts.

現在我把麥克風交還給約翰，讓他做最後的總結。

Thank you, Linda. In closing, we're making progress towards our strategic objectives, and I'm excited about the potential of all solid-state battery technology. I want to sincerely thank our employees, partners, and stakeholders for their continued dedication and support.

謝謝你，琳達。最後，我們正朝著策略目標穩步前進，我對全固態電池技術的潛力感到興奮。我衷心感謝我們的員工、合作夥伴和利害關係人一直以來的奉獻和支持。

We will now take your questions. Operator?

現在開始回答各位的問題。操作員？

(Operator Instructions) At this time, we will pause momentarily to assemble our roster.

（操作說明）此時，我們將暫停片刻，整理我們的人員名單。

This concludes our question-and-answer session. I would like to turn the conference back over to John Van Scoter for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給約翰·範·斯科特，請他作總結發言。

Thank you for joining the call today and for your interest in Solid Power. We look forward to updating you again next quarter. Thank you.

感謝您今天參加電話會議，也感謝您對Solid Power的關注。我們期待下季再次向您報告最新情況。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。