Solid Power, Inc. (SLDP) 2026 Q2 法說會逐字稿

Good day, and welcome to the Solid Power second-quarter 2026 earnings conference call. (Operator Instructions) Note this event is being recorded.

大家好，歡迎參加 Solid Power 2026 年第二季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Charlie Van Goethe in Investor Relations. Please go ahead.

現在我想把會議交給投資人關係部的 Charlie Van Goethe。請開始。

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. I'd like to remind you that parts of our discussion today will include forward-looking statements as defined by US Securities Laws.

謝謝您，接線員。歡迎各位，感謝今天加入我們。今天與我一同出席電話會議的有 Solid Power 總裁兼執行長 John Van Scoter，以及財務長 Linda Heller。今日的財報新聞稿可於 Solid Power 官網投資人關係專區取得，www.solidpowerbattery.com。我想提醒各位，我們今天討論的部分內容將包含依照美國證券法所定義的前瞻性陳述。

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.

這些前瞻性陳述係基於管理層對未來事件的目前預期與假設，並以目前可得資訊為基礎，涉及未來事件結果與時間點。除非適用法律另有要求，Solid Power 不承擔更新任何前瞻性陳述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.

關於可能導致實際結果與今日前瞻性陳述所表達內容出現重大差異的風險與不確定性之討論，請參閱 Solid Power 最近向美國證券交易委員會提交的文件，可於公司網站 www.solidpowerbattery.com 查閱。

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

接下來，讓我把時間交給 John Van Scoter。

Thank you, Charlie, and thank you all for joining us today. We delivered another quarter of strong execution, advancing key strategic initiatives, and reinforcing our position as a leader in solid-state battery materials. During the quarter, we improved the performance of our electrolyte through work under the Joint Evaluation Agreement with Samsung SDI and BMW, while providing electrolyte shipments to support their development activities.

謝謝你，Charlie，也謝謝各位今天加入我們。我們在本季再次展現強勁的執行力，推進關鍵策略性計畫，並鞏固我們作為固態電池材料領導者的地位。本季期間，我們在與 Samsung SDI 與 BMW 的聯合評估協議（Joint Evaluation Agreement）下持續投入工作，提升電解質的性能，同時提供電解質出貨以支援其開發活動。

Based on performance and cost, we are optimistic about continuing to work with Samsung SDI for potential use of our electrolyte in EVs and other potential applications of ASSB technologies. We remain committed to supporting our partners as they advance towards commercialization. Turning to our electrolyte manufacturing roadmap, we continued to advance discussions with prospective joint venture partners for commercial-scale electrolyte production in South Korea.

基於性能與成本考量，我們對於持續與 Samsung SDI 合作、使我們的電解質有機會用於電動車（EV）以及 ASSB 技術的其他潛在應用，抱持樂觀態度。我們仍致力於支持合作夥伴邁向商業化。談到我們的電解質製造路線圖，我們持續推進與潛在合資夥伴就於南韓進行商業規模電解質生產的討論。

Korea remains one of the most active markets for all-solid-state battery development, and we believe a partnership with an industry-leading company would accelerate market adoption while providing manufacturing scale and market access. We're pleased with the progress of these discussions and believe they reflect growing industry interest in our technology and commercialization strategy.

南韓仍是全固態電池開發最活躍的市場之一，我們相信與產業領先公司建立合作關係，將可加速市場採用，同時提供製造規模與市場通路。我們對這些討論的進展感到滿意，並認為這反映出產業對我們技術與商業化策略日益增加的興趣。

Based on the progress we've made to date, we remain on track and expect to announce a joint venture by the end of the year. Execution of our continuous manufacturing pilot line remains on schedule and represents one of the most important milestones in our commercialization journey. During the quarter, we advanced installation of major process equipment, piping, and electrical infrastructure and are preparing for equipment acceptance testing, which remains on track for completion in the third-quarter.

基於目前取得的進展，我們仍按計畫推進，並預期在年底前宣布成立合資公司。我們的連續式製造試點產線執行仍依進度進行，這是我們商業化旅程中最重要的里程碑之一。本季期間，我們推進主要製程設備、管線與電力基礎設施的安裝，並正準備進行設備驗收測試，預計仍可如期於第三季完成。

We continue to expect plant validation and operational start-up in the fourth-quarter. This pilot line is designed to demonstrate the scalability and efficiency of our proprietary wet process technology and positions us in the transition from batch to continuous production, an important step towards commercial-scale manufacturing.

我們仍預期在第四季完成工廠驗證並啟動營運。此試點產線旨在展示我們專有濕式製程技術的可擴展性與效率，並使我們得以從批次生產轉向連續式生產，這是邁向商業規模製造的重要一步。

Operational excellence remains a core priority as we prepare for commercial readiness. During the quarter, we successfully completed Stage 1 of our ISO 9001 certification process and remain on track to complete the Stage 2 audit in the third-quarter, with certification expected by year-end. Achieving ISO 9001 certification will further enhance our quality systems, strengthen customer confidence, and support the commercial readiness of our electrolyte business.

在我們為商業化就緒做準備之際，營運卓越仍是核心優先事項。本季期間，我們成功完成 ISO 9001 認證流程的第一階段，並仍按計畫於第三季完成第二階段稽核，預計於年底前取得認證。取得 ISO 9001 認證將進一步強化我們的品質系統、提升客戶信心，並支持我們電解質業務的商業化就緒。

Finally, we successfully completed the Line Installation Agreement with SK On and received the associated milestone payment during the quarter. This accomplishment represents another successful milestone in our collaboration and highlights our ability to execute key customer commitments while supporting the advancement of next-generation battery technologies.

最後，我們已成功完成與 SK On 的產線安裝協議（Line Installation Agreement），並於本季收到相應的里程碑款項。此成果代表我們合作中的另一項成功里程碑，並凸顯我們在支持下一代電池技術推進的同時，具備履行關鍵客戶承諾的執行能力。

We're currently negotiating with SK On regarding a new collaboration agreement, which we believe underscores the growing demand for our technology and reflects our continued commitment to expanding strategic partnerships that drive long-term value. Overall, we are pleased with the progress achieved during the quarter.

我們目前正就新的合作協議與 SK On 進行協商；我們相信這凸顯市場對我們技術日益增加的需求，並反映我們持續致力於擴大可驅動長期價值的策略夥伴關係。整體而言，我們對本季所取得的進展感到滿意。

We continue to execute against our commercialization roadmap across our customer programs, manufacturing scale-up initiatives, strategic partnership discussions, and operational readiness efforts. We believe the momentum we are building today positions Solid Power to capitalize on the significant opportunities emerging within the all-solid-state battery market and create long-term value for our shareholders.

我們持續依照商業化路線圖執行，涵蓋客戶專案、製造擴產計畫、策略夥伴關係討論，以及營運就緒相關工作。我們相信，當前累積的動能使 Solid Power 能把握全固態電池市場浮現的重大機會，並為股東創造長期價值。

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

接下來，我把時間交給 Linda，請她回顧我們的財務結果，並更新我們在財務紀律目標上的進展。Linda？

Thank you, John. Year-to-date revenue totals $2.8 million, reflecting our ongoing progress under the US Department of Energy Assistance Agreement and revenue from our collaboration agreements with SK On. During the second-quarter of 2026, our revenue was negative $300,000. Current quarter revenue was impacted by a reversal of revenue from the first-quarter of $1.2 million, driven by a change in our assumptions within certain milestone payments connected to our SK On research and development license agreement.

謝謝你，John。年初至今營收合計 280 萬美元，反映我們在美國能源部（US Department of Energy）援助協議（Assistance Agreement）下的持續進展，以及與 SK On 合作協議所帶來的營收。2026 年第二季，我們的營收為負 30 萬美元。本季營收受到第一季 120 萬美元營收回轉（reversal）的影響，主因是我們對與 SK On 研發授權協議相關之特定里程碑款項的部分假設有所變更。

As we continue advancing our commercialization initiatives, operating expenses were $30 million during the second-quarter, compared to $29.4 million in the first-quarter of 2026. Expenses remained well controlled and are generally consistent quarter-over-quarter, despite continued investments in technology development, customer programs, and manufacturing scale-up activities.

隨著我們持續推進商業化計畫，第二季營業費用為 3,000 萬美元，較 2026 年第一季的 2,940 萬美元增加。儘管我們持續投資於技術開發、客戶專案與製造擴產活動，費用仍維持良好控管，且整體而言與前一季大致一致。

Operating loss for the quarter was $30.3 million, and net loss was $23.8 million, or 11 cents per share, reflecting our continued investment in long-term growth opportunities and commercialization readiness. Capital expenditures totaled $6.3 million during the quarter, primarily related to construction of our new continuous electrolyte production pilot line.

本季營業損失為 3,030 萬美元，淨損為 2,380 萬美元，或每股 11 美分，反映我們持續投資於長期成長機會與商業化就緒。本季資本支出合計 630 萬美元，主要與我們新的連續式電解質生產試點產線建置相關。

This strategic investment remains an important milestone in our manufacturing roadmap and is expected to play a key role in demonstrating our scalable, commercial-ready production capabilities. Turning to our balance sheet and liquidity, Solid Power's financial position remains a significant strength. We ended the quarter with total liquidity of $419.3 million, providing substantial financial flexibility and significant runway to execute our strategic priorities.

這項策略性投資仍是我們製造藍圖中的重要里程碑，預期將在展示我們可擴充、具商業化就緒的量產能力方面扮演關鍵角色。接著談到資產負債表與流動性，Solid Power 的財務狀況仍是一項顯著優勢。本季末我們的總流動性為 4.193 億美元，提供充足的財務彈性與顯著的資金跑道，以執行我們的策略優先事項。

In addition, contract assets and accounts receivable totaled $3.2 million, total current liabilities were $17.2 million, and we continue to have no debt, reflecting a healthy balance sheet and a strong liquidity profile. Overall, we remain focused on disciplined capital allocation while continuing to invest in strategic initiatives that support long-term growth. We believe our strong balance sheet provides financial capability to execute our commercialization strategy and support our customers' development programs.

此外，合約資產與應收帳款合計為 320 萬美元，流動負債總額為 1,720 萬美元，且我們仍維持零負債，反映出健康的資產負債表與強勁的流動性概況。整體而言，我們仍專注於嚴謹的資本配置，同時持續投資於支持長期成長的策略性計畫。我們相信，強健的資產負債表提供了執行商業化策略並支援客戶開發計畫所需的財務能力。

I will now turn the call back to John.

我現在把電話交回給 John。

Thank you, Linda. In closing, I want to thank our employees, customers, partners, and shareholders for their continued support and confidence in Solid Power. The progress we've achieved this quarter reflects the strength of our team, the value of our technology, and our disciplined focus on execution. As we look ahead, we are entering an important phase of our commercialization journey.

謝謝你，Linda。在結語中，我要感謝我們的員工、客戶、合作夥伴與股東，持續對 Solid Power 的支持與信心。我們本季所取得的進展，反映了團隊的實力、技術的價值，以及我們對執行的嚴謹專注。展望未來，我們正進入商業化旅程中的重要階段。

With strong customer and partner engagement, continued advancement of our manufacturing capabilities, robust balance sheet, and growing commercial opportunities, we believe Solid Power is well positioned to deliver meaningful milestones and create long-term value. While there is still important work ahead, we are encouraged by the momentum we are building and remain confident in our ability to execute against our strategy and advance the adoption of all-solid-state battery technology. Thank you for your time today. We look forward to updating you on our continued progress in the quarters ahead.

在客戶與合作夥伴高度投入、製造能力持續提升、資產負債表穩健以及商業機會日益增加的情況下，我們相信 Solid Power 已具備良好條件，可達成具意義的里程碑並創造長期價值。雖然前方仍有重要工作要完成，但我們對正在累積的動能感到鼓舞，並對我們依策略執行、推動全固態電池技術採用的能力保持信心。感謝各位今天撥冗參與。我們期待在未來幾季向各位更新我們持續的進展。

(Operator Instructions) Jake Sekelsky, Alliance Global Partners.

（接線員指示）Jake Sekelsky，Alliance Global Partners。

Just starting with the continuous line, are there any major items that you're still waiting on delivery of, and how should we think about the ramp-up there to capacity in the coming quarters?

先從連續式產線開始，是否還有任何主要項目仍在等待交付？以及我們應該如何看待未來幾季產能爬坡至滿載的進度？

Good to hear from you, Jake. Thank you for your question. We do not have any major equipment outstanding. The last major piece was installed. It's the rotary kiln. That was done in the May timeframe. So all equipment is in-house and in the process of being commissioned, or hooked up, I should say. And then commissioning, as we have indicated, will start in the fourth-quarter to be completed by the end of the year.

很高興聽到你的聲音，Jake。謝謝你的提問。我們沒有任何尚未到位的主要設備。最後一項主要設備已完成安裝。那是旋轉窯。大約在 5 月完成。因此所有設備都已在廠內，並正在進行試運轉（commissioning），或我應該說正在完成接線與連接。接著如我們所指出的，試運轉將在第四季開始，並於年底前完成。

The capacity for that one line is 45 metric tons once it is fully commissioned, and we expect to output from that line in the first-quarter of next year.

該單一產線在完成全面試運轉後的產能為 45 公噸，我們預期明年第一季可由該產線開始產出。

Okay, that's helpful. And switching gears to the ISO certification, you touched on it earlier. Can you just provide some color on the progress here and maybe the specific steps or milestones you need to reach by year-end to kind of achieve that target for Stage 2?

好的，這很有幫助。另外切換到 ISO 認證，你先前有提到。你能否補充一些進度細節，以及到年底前為了達成第二階段（Stage 2）目標，需要完成的具體步驟或里程碑？

Sure. We started preparing for this audit beginning of last year, believe it or not, and the team assembled all of the outstanding specifications, work processes, and so forth that we needed to put in place in time for the Stage 1 audit. As reported, we completed that 1-day audit in the quarter. It was very successful. There are no major findings.

當然。不瞞你說，我們從去年年初就開始為這次稽核做準備，團隊彙整了所有尚缺的規格、作業流程等，並在第一階段（Stage 1）稽核前及時建置到位。如同我們所報告的，我們在本季完成了為期 1 天的稽核。結果非常成功。沒有任何重大缺失。

There's some minor things that we're following up on, and we're getting ready for, in the middle of this month, the Stage 2, which is a much more intense audit. It's a three-day audit, and we'll have all of the subject matter experts and process owners that will be available those three days with the auditor. It's quite intense. But we're getting ready for that.

有一些小項目我們正在跟進，並且正準備在本月中進行第二階段（Stage 2），這將是更為嚴格的稽核。這是一個為期三天的稽核，這三天我們會安排所有主題專家與流程負責人與稽核員一起配合。強度相當高。但我們正在為此做準備。

And because there are no major findings in the Stage 1, we feel quite confident that anything that is called out in that Stage 2, that we will have time before the end of the year to complete those items, report those back to the auditor, and get the certification.

而且由於第一階段沒有重大缺失，我們相當有信心：第二階段若有任何被點出的事項，我們都能在年底前完成，回報稽核員，並取得認證。

Understood. Okay. And then just lastly, you know, on the new collaboration agreement that you're exploring with SK On, to the extent you're able to, are you able to provide any details on, you know, what the framework of a new collaboration agreement might look like at this stage, or is it a bit too early there?

了解。好的。最後一個問題，關於你們正在與 SK On 探討的新合作協議，在你能分享的範圍內，是否可以提供一些細節，例如目前階段新合作協議的架構可能會是什麼樣子？還是現在談這個還太早？

Yes, Jake, I'm sorry. I wish I could report out more. I really can't right now. It's still early stages. So, I think next quarter we'll be able to give you some more color on that. And certainly, by the time we get the agreement in place, we'll be able to give you details on that. But right now, it's really in the very early stages of discussions.

是的，Jake，很抱歉。我希望我能提供更多資訊。但目前真的不行。仍在早期階段。所以我想下個季度我們應該能提供更多脈絡。當然，等協議正式到位時，我們也能提供相關細節。但就目前而言，確實還在非常初期的討論階段。

Fair enough. I figured I'd try. I'll hop back into queue. Thanks again.

可以理解。我想說試著問問看。我會回到排隊等候。再次感謝。

Thanks, Jake. Thank you.

謝謝你，Jake。謝謝。

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C. Wainwright。

On the joint evaluation agreements with Samsung SDI and BMW, are there any new agreements, next steps that we should expect in this year, and then in the future, you can just lay out what we should be looking out for would be helpful.

關於與 Samsung SDI 和 BMW 的共同評估協議，今年是否會有任何新的協議或下一步值得我們期待？另外就未來而言，如果你能概述一下我們應該關注哪些事項，會很有幫助。

Yes, and as reported, Sameer, we expect that the original Phase 1 contract will expire at the end of September, and that we will continue to collaborate with both parties as we go forward. We are in the process of discussing what that will look like right now with both parties, but we expect, based on the significant performance enhancements, quality enhancements that we achieved in Phase 1, along with the long-term cost roadmap that we have with our wet process, that we'll find a way to continue to collaborate and to work with both Samsung SDI and BMW on an ongoing basis.

是的，而且如先前所報導的，Sameer，我們預期原本的第一階段合約將於九月底到期，並且在往前推進的過程中，我們將持續與雙方合作。我們目前正與雙方討論接下來的合作樣貌，但我們預期，基於我們在第一階段所達成的顯著性能提升與品質提升，再加上我們濕法製程的長期成本路線圖，我們將能找到方式持續合作，並與 Samsung SDI 及 BMW 以持續性的基礎共同推進。

Okay, thanks. And then on the electrolyte production partnership that you're looking for in the Republic of Korea. Is there-- and you have indicated that you would achieve it by the end of the year. What gives you confidence? Like if you could give us, provide some color, how we can get that confidence as well.

好的，謝謝。接著關於你們在韓國尋找的電解質生產合作夥伴。是否有——而你們也表示會在年底前達成。是什麼讓你們有信心？如果可以的話，能否多提供一些背景說明，讓我們也能理解這份信心從何而來。

Yes, we have three parties that we've been actively discussing with for some time. All signs from all 3 of them remain positive. One of them we've advanced, though, quite far along with the draft term sheet, actually, that is in discussion right now with one of the parties. So that's what gives us the confidence that we'll have something done here in the short term and certainly by the end of the year.

是的，我們一直與三方積極洽談已有一段時間。來自這三方的各項跡象仍然都很正面。其中一方我們已推進得相當深入，實際上目前正與其中一方就一份條款清單草案進行討論。因此，這就是我們有信心能在短期內、並且確定在年底前完成相關安排的原因。

Sounds really good, thanks. And then this last one, we understand the reversal of certain revenues. Was there any direct costs also that were associated with these that were reversed and that are reflected in the income statement?

聽起來非常好，謝謝。最後一個問題，我們理解某些營收的回轉。是否也有任何與此直接相關的成本被一併回轉，並反映在損益表中？

No, the revenue under these agreements is recognized over the contractual term of all three agreements in a revenue recognition model. The adjustment that we made is non-cash. It doesn't represent any sort of obligation or a cash outflow, or any cost related to it.

沒有，這些協議下的營收是依照營收認列模型，在三份協議的整個合約期間內分期認列。我們所做的調整為非現金項目。它不代表任何形式的義務或現金流出，也不涉及任何相關成本。

Got it. Thanks for that clarification. I will step back into queue. Thanks.

了解。謝謝你的釐清。我回到排隊序列。謝謝。

Colin Rusch, Oppenheimer.

Colin Rusch，Oppenheimer。

Could you talk a little bit about how you're tracking performance of the material and cells as you move forward with these arrangements and what that can do for your cost profile?

你能否談談在推進這些安排的同時，你們如何追蹤材料與電芯的性能表現，以及這對你們的成本結構可能帶來什麼影響？

Sure, sure. Good to hear from you, Colin. Yes, as I think you know quite well, we're still in the early stages of cell design. Our customers are continuing to evolve their cell designs, their chemistries, their binders, their solvents. And so a lot of the work that has been done is around improving our performance in their chemistries, number one.

當然，當然。很高興聽到你的提問，Colin。是的，如你所熟知的，我們仍處於電芯設計的早期階段。我們的客戶持續在演進他們的電芯設計、化學體系、黏結劑與溶劑。因此，目前已完成的許多工作，首先是圍繞在提升我們在他們化學體系中的性能表現。

Number two, we focus very heavily on quality, so lot-to-lot consistency, and the tightness of certain specifications that are really, really important to our customers, things like particle size, et cetera. Each customer seems to have their own requirement there. So we're focused very heavily on controlling that and delivering to their expectations.

第二，我們非常重視品質，因此包括批次間一致性，以及某些對客戶極其重要之規格的嚴謹度，例如粒徑等等。每位客戶在這方面似乎都有各自的要求。因此我們非常專注於控制這些項目，並交付符合他們期望的產品。

Long-term cost, we believe we have a structural advantage with our wet process. We've done a lot of work through the joint venture partnership work with potential partners in Korea that have dry processes, and we've been able to actually benchmark our long-term roadmap against an equivalent capacity output for a dry process. And again, we believe quite strongly that we have a structural advantage there.

就長期成本而言，我們相信濕法製程讓我們具備結構性優勢。我們透過與韓國採用乾法製程之潛在合作夥伴的合資合作，做了大量工作，並且能夠以相同產能輸出為基準，將我們的長期路線圖與乾法製程進行對標比較。同樣地，我們相當堅信我們在這方面具有結構性優勢。

So that would be my comments on the performance as well as long-term cost roadmap. We intend to be the cost leader as we go through our commercialization phase and ramp.

以上就是我對性能表現以及長期成本路線圖的看法。在商業化階段與產能爬坡過程中，我們的目標是成為成本領導者。

Excellent. That's super helpful. And then I guess the second question is really around customer development in the US and potential for manufacturing domestically as we see an increased level of regionalization around the battery space. And obviously, you guys have multiple options and multiple opportunities, you know, internationally as well. But just curious about the development of domestic customers and what they're looking for from a production perspective.

非常好。這非常有幫助。接著我想第二個問題主要是關於美國的客戶開發，以及在電池產業區域化程度提高之際，於美國本土製造的可能性。顯然你們在國際上也有多種選項與多個機會。但我想了解的是，本土客戶的開發進展，以及他們從生產角度在尋求什麼。

Yes, six months ago we started getting signals from the humanoid robotic companies, and since then it's picked up quite considerably there. There's a number of US players that are expressing interest in all-solid-state batteries because of the advantages in energy density, safety, and charge rate. So I would say some of those discussions are advancing with some of the leaders in the space right now domestically.

是的，六個月前我們開始收到來自人形機器人公司的訊號，之後這方面的動能顯著增加。有多家美國業者因能量密度、安全性與充電速率等優勢，對全固態電池表達興趣。因此我會說，這些討論中有一部分正與目前國內該領域的一些領先者推進中。

We still do not see any domestic manufacturing of cells at that scale, but that could change with the coming quarters. But we definitely have seen an uptick in humanoids since we last reported. We also have gotten a small amount of interest from defense and aerospace markets in the past quarter.

我們仍未看到在那種規模下的本土電芯製造，但未來幾個季度可能會有所改變。不過，自我們上次報告以來，我們確實看到人形機器人領域的興趣上升。在過去一個季度，我們也收到來自國防與航太市場少量的興趣。

That's super helpful. Thanks so much, guys.

這非常有幫助。非常感謝，各位。

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

問答環節到此結束。我想把電話會議交回給 John Van Scoter，請他做結語。

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

感謝各位今天加入電話會議，並對 Solid Power 的關注。我們期待在下個季度再次向各位更新。

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

本次電話會議到此結束。感謝各位出席今天的簡報。