Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Solid Power, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
2.1
2.71
11.8
17.4
20.1
21.7
Research and development
9.59
17.1
38.6
54.7
73.3
72.5
Selling, general and administrative
31.8
29.4
Selling and marketing
1.21
3.43
3.69
General and administrative
1.23
5.66
22.7
25.6
31.8
Operating expenses
13.7
29.3
70.9
108
125
123
Operating income
-11.6
-26.5
-59.1
-90.6
-105
-101
Interest expense
0.36
0.39
0.04
0.08
0.05
0.03
Interest income
0.03
0.06
8.48
20.3
17.7
13.2
Other non-operating income
-2.66
44.6
49.3
25.1
10.1
7.35
Pre-tax income
-14.3
18.1
-9.78
-65.5
-95.2
-93.5
Income tax
0.12
-0.03
-0.23
0
1.19
-0.01
Net income
-14.4
18.1
-9.56
-65.5
-96.5
-93.4
EBITDA
-9.53
-24.2
-53.9
-78.7
-88.9
-82.4
EPS, basic
-0.21
0.13
-0.05
-0.37
-0.54
-0.51
EPS, diluted
-0.21
0.11
-0.05
-0.37
-0.54
-0.51
Shares, basic (weighted)
69.2
95.5
174
178
179
185
Shares, diluted (weighted)
69.2
95.5
174
178
179
185
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
4.97
513
50.1
34.5
25.4
21.6
Short-term investments
0
75.9
273
142
92.8
229
Receivables
1.39
2.16
Other current assets
0.23
4.22
2.89
5.52
5.65
7
Total current assets
5.48
594
328
183
125
267
Property, plant and equipment
8.48
22.1
82.8
99.2
97.2
86.3
Lease right-of-use assets
7.73
7.15
7.49
6.73
Goodwill
0
Intangible assets
0.25
0.62
1.11
1.65
2.07
2.17
Long-term investments
0
173
240
210
87
Other non-current assets
0.6
1.15
1.06
1.58
1.06
Total assets
14.2
618
594
533
448
455
Accounts payable
4.33
10.1
Accrued liabilities
4.53
Deferred revenue
0.04
0.5
0.05
0
3.15
0.2
Short-term debt
1.24
0.12
0.01
Total current liabilities
1.84
8.37
20.7
15.9
20
16.8
Long-term debt
1.49
0.01
Lease liabilities
8.62
8
8.02
7.13
Other non-current liabilities
0.32
0.39
0.8
1.21
1.11
Total liabilities
10.3
59
39.1
29.5
37.9
38.9
Total debt
2.72
0.13
0.01
Paid-in capital
31.5
568
578
589
591
690
Retained earnings
-27.6
-9.54
-19.1
-84.6
-181
-275
Other comprehensive income
-3.16
-0.56
0.04
0.35
Shareholders' equity
3.87
559
555
503
410
416
Total equity
3.87
559
555
503
410
416
Total liabilities and equity
14.2
618
594
533
448
455
Shares outstanding
69.9
168
176
179
180
201
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-14.4
18.1
-9.56
-65.5
-96.5
-93.4
Depreciation and amortization
2.07
2.36
5.18
12
16.5
18.4
Stock-based compensation
0.18
2.71
8.67
10.4
12
8.99
Deferred income tax
0.12
-0.03
-0.23
Change in receivables
0.16
0.28
Change in payables
-0.12
0.78
-1.11
1.81
1.27
1.42
Cash from operations
-10
-25.4
-33.8
-58.3
-63.9
-73.4
Capital expenditures
-1.02
-12.6
-58.3
-34.5
-15.9
-10.2
Purchases of investments
-75.9
-562
-328
-216
-278
Sales and maturities of investments
190
405
303
269
Cash from investing
-1.06
-88.9
-430
42.5
64.2
-19.9
Debt issued
0.92
0.96
Debt repaid
-0.68
-3.56
-0.12
-0.01
Stock issued
0.02
195
0.82
0.22
0.27
91.2
Share buybacks
-9.07
-3.59
Cash from financing
5.4
623
0.49
0.17
-9.43
89.5
Net change in cash
-5.66
508
-463
-15.6
-9.12
-3.81
Free cash flow
-11
-38.1
-92.1
-92.8
-79.8
-83.6
Interest paid
0.35
0.14
0.04
0.08
0.05
0.03
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.39 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-978.2%
Operating income / revenue.
EBITDA margin
-807.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-811.5%
Pre-tax income / revenue.
Net margin
-816.4%
Net income / revenue.
FCF margin
-663.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-544.1%
Cash from operations / revenue.
Return on equity (ROE)
-17.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-17.0%
Net income / average total assets.
Return on invested capital (ROIC)
-17.8%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
657.2%
Research and development expense / revenue.
Stock-based pay / revenue
98.6%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
119.1%
Capital expenditures / revenue.
D&A / revenue
170.7%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
8.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
22.6%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
59.6%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
1.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-9.2%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
154.8%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
1.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-8.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
100.0%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
3.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
2.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
21.7%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
14.6x
Current assets / current liabilities.
Quick ratio
14.3x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
14.1x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.05
Revenue / diluted weighted shares.
FCF per share
-$0.32
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.26
Cash from operations / diluted weighted shares.
Book value per share
$2.21
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
49.6x
Market cap / revenue.
P/B
1.09x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.09x
Market cap / tangible book value, when positive.
EV/Sales
27.5x
Enterprise value / revenue.
FCF yield
-13.4%
Free cash flow / market cap.
Earnings yield
-16.5%
Net income / market cap (the inverse of P/E).
What was Solid Power, Inc.'s revenue in fiscal 2025?
Solid Power, Inc. reported revenue of $21.7M for fiscal 2025, 8% higher than the year before.
Was Solid Power, Inc. profitable in fiscal 2025?
No. It reported a net loss of $93.4M.
How much free cash flow did Solid Power, Inc. generate in fiscal 2025?
Cash from operations of $73.4M minus capital expenditures of $10.2M left free cash flow of -$83.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.