# Solid Power, Inc. (SLDP) Informational only - not investment advice. CIK: 0001844862 SIC: 3690 Miscellaneous Electrical Machinery, Equipment & Supplies SIC breadcrumb: [Manufacturing](/division/D/) > [Electronic And Other Electrical Equipment And Components, Except Computer Equipment](/major-group/36/) > [SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies](/industry/3690/) Latest 10-K filed: 2026-02-25 SEC page: https://www.sec.gov/edgar/browse/?CIK=1844862 Filing source: https://www.sec.gov/Archives/edgar/data/1844862/000110465926019435/sldp-20251231x10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-25 · accession 0001104659-26-019435 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001844862.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 21,747,000 USD | 2025 | verified | | Net income | -93,410,000 USD | 2025 | verified | | Assets | 455,092,000 USD | 2025 | verified | | Free cash flow | -83,602,000 USD | 2025 | computed | | Revenue YoY | +7.98% | 2025 | computed | | ROE | -22.47% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | SLDP | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -81.1% | 3.6% | 0 | 11 | | Revenue growth | 8.0% | 8.0% | 50 | 13 | | FCF margin | -384.4% | -7.1% | 0 | 13 | | ROE | -22.5% | -1.1% | 25 | 13 | | ROA | -20.5% | -0.5% | 17 | 13 | | Liabilities / equity | 0.09 | 1.04 | 0 | 13 | | Current ratio | 15.92 | 3.37 | 92 | 14 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3690 Miscellaneous Electrical Machinery, Equipment & Supplies, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 21747000 | USD | 2025 | 2026-02-25 | | Net income | -93410000 | USD | 2025 | 2026-02-25 | | Assets | 455092000 | USD | 2025 | 2026-02-25 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001844862.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 2,103,000 | | 11,789,000 | 17,410,000 | 20,139,000 | 21,747,000 | | Net income | | -14,375,000 | 18,092,000 | -9,555,000 | -65,549,000 | -96,520,000 | -93,410,000 | | Operating income | | -11,593,000 | -26,546,000 | -59,119,000 | -90,620,000 | -105,333,000 | -100,832,000 | | Diluted EPS | | -0.21 | 0.11 | -0.05 | -0.37 | -0.54 | -0.51 | | Operating cash flow | | -9,995,000 | -25,440,000 | -33,824,000 | -58,261,000 | -63,899,000 | -73,393,000 | | Capital expenditures | | 1,020,000 | 12,617,000 | 58,296,000 | 34,512,000 | 15,942,000 | 10,209,000 | | Share buybacks | | | | | | 9,072,000 | 3,592,000 | | Assets | | 14,207,000 | 617,680,000 | 594,446,000 | 532,792,000 | 448,250,000 | 455,092,000 | | Liabilities | | 10,335,000 | 59,015,000 | 39,074,000 | 29,457,000 | 37,936,000 | 38,918,000 | | Stockholders' equity | -16,196,000 | 3,872,000 | 558,665,000 | 555,372,000 | 503,335,000 | 410,280,000 | 415,704,000 | | Cash and cash equivalents | | 4,974,000 | 513,447,000 | 50,123,000 | 34,537,000 | 25,413,000 | 21,607,000 | | Free cash flow | | -11,015,000 | -38,057,000 | -92,120,000 | -92,773,000 | -79,841,000 | -83,602,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | -81.05% | | | | | Return on equity | | -371.26% | 3.24% | -1.72% | -13.02% | -23.53% | -22.47% | | Return on assets | | -101.18% | 2.93% | -1.61% | -12.30% | -21.53% | -20.53% | | Liabilities / equity | | 2.67 | 0.11 | 0.07 | 0.06 | 0.09 | 0.09 | | Current ratio | | 2.97 | 71.05 | 15.81 | 11.53 | 6.27 | 15.92 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001844862.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | -0.07 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | -0.11 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | -0.07 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 6,366,000 | -15,142,000 | -0.08 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 2,347,000 | -19,042,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 5,953,000 | -21,207,000 | -0.12 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 5,075,000 | -22,274,000 | -0.13 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 4,651,000 | -22,419,000 | -0.13 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 4,460,000 | -30,620,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 6,016,000 | -15,151,000 | -0.08 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 7,540,000 | -25,338,000 | -0.14 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 4,560,000 | -25,867,000 | -0.14 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 3,631,000 | -27,055,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 3,073,000 | -13,028,000 | -0.06 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | | -23,821,000 | -0.11 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from SLDP's latest 10-K: [/company/SLDP/business/](/company/SLDP/business/). ## Risk Factors Verbatim Item 1A Risk Factors from SLDP's latest 10-K: [/company/SLDP/risk-factors/](/company/SLDP/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1844862/000110465926090634/sldp-20260630x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-08-05 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations ​ The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the condensed consolidated financial statements and related notes thereto included elsewhere in this Report. The following discussion contains forward-looking statements that reflect future plans, estimates, beliefs, and expected performance. For additional discussion, see “Cautionary Note Regarding Forward-Looking Statements” above. The forward-looking statements are dependent upon events, risks, and uncertainties that may be outside of our control. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed elsewhere in this Report, and in “Part I, Item 1A. Risk Factors” of the 2025 Form 10-K, as such descriptions may be updated or amended in future filings we make with the SEC. Unless indicated otherwise, the following discussion and analysis of results of operations and financial condition and liquidity relates to our current continuing operations and should be read in conjunction with the consolidated financial statements and notes thereto of this Report and the 2025 Form 10-K. We do not undertake, and expressly disclaim, any obligation to publicly update any forward-looking statements, whether as a result of new information, new developments, or otherwise, except to the extent that such disclosure is required by applicable law. Overview Solid Power is a U.S.-based leader in solid-state battery technology and manufacturing processes. Our core technology is a sulfide-based solid electrolyte material, which replaces the liquid or gel electrolyte used in traditional lithium-ion battery cells. We believe our electrolyte technology has the potential to enable a step-change improvement in battery cell performance beyond what is currently achievable in conventional lithium-ion battery cells, including improved energy density, battery life, and safety performance. We are currently targeting the battery electric vehicle market due to the size and perceived demand for next generation battery technology but believe our technologies can have a broader application as the market matures. ​ 2026 Development Objectives We made progress on our 2026 development objectives as the solid-state battery landscape continues to evolve. Below is a summary of recent progress towards our goals. [[GREPCENT_TABLE]] [["","\u25cf","Strengthen relationships with our partners through continued execution \u2013 We completed the line installation agreement with SK On Co., Ltd. (\u201cSK On\u201d) in April 2026, and received the associated milestone payment in May 2026. We are currently negotiating with SK On regarding a new collaboration agreement, which would replace or amend the existing research and development technology license agreement with SK On (the \u201cSK On R&D license\u201d)."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Continue executing on our electrolyte development roadmap \u2013 We continued construction on our continuous manufacturing pilot line for sulfide electrolyte production. Installation of major equipment continues to advance in preparation for equipment acceptance testing, which remains on track for completion by the end of the third quarter of 2026. Plant validation and operational startup remain planned for the fourth quarter of 2026. Separately, we advanced discussions with industry leading partners regarding a potential joint venture for commercial-scale electrolyte production in the Republic of Korea. Finally, we completed the Stage 1 audit for ISO 9001 certification."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Promote electrolyte product competitiveness \u2013 We improved our performance and provided shipments of electrolyte under our Joint Evaluation Agreement with Samsung SDI Co., Ltd. and BMW AG and continued sampling electrolyte to other customers. As the initial phase of our joint evaluation agreement expires September 30, 2026, we are optimistic, based on our electrolyte\u2019s performance and cost, about continuing to work with Samsung SDI for possible use in electric vehicles and other potential applications of ASSB technologies."]] [[/GREPCENT_TABLE]] 23 Table of Contents [[GREPCENT_TABLE]] [["","\u25cf","Remain fiscally disciplined \u2013 We remained fiscally disciplined, balancing financial discipline with appropriate investments in technology developments and process improvements. We remain on track to deliver cash investments within our current year guidance range. See \u201c\u2014Results of Operations\u201d and \u201c\u2014Liquidity and Capital Resources\u201d for more information."]] [[/GREPCENT_TABLE]] Key Factors Affecting Operating Results We are a research and development-stage company and have not generated cash flows through the sale of our electrolyte or licensing of our cell designs to adequately cover our costs. Our ability to commercialize our products depends on several factors that present significant opportunities but also pose material risks and challenges, including those discussed in the “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” sections of this Report, which are incorporated by reference. Prior to reaching commercialization, we must improve our products to ensure they meet the performance requirements of our customers. We also will have to negotiate commercial agreements with our customers on terms and conditions that are mutually acceptable. To satisfy anticipated demand, we will need to scale production of our electrolyte. All of these will take time, require capital, and affect our operating results. Since many factors are difficult to quantify, our actual operating results may be different than currently anticipated. Revenue generated to date has primarily come from performance on research and development licensing agreements, line installation agreement, and government contracts. We will need to continue to deploy substantial capital to expand our production capabilities and engage in research and development programs. We also expect to continue to incur administrative expenses as a publicly traded company. In addition to meeting our development goals, commercialization and future growth and demand for our products are highly dependent upon consumers adopting EVs. The market for new energy vehicles is still rapidly evolving due to emerging technologies, competitive pricing, government regulation and industry standards, and changing consumer demands and behaviors. Basis of Presentation We currently conduct our business through one operating segment and one reportable segment. As a research and development company with no commercial operations, our activities to date have been limited and were conducted primarily in the United States and the Republic of Korea. Our historical results are reported under U.S. generally accepted accounting principles and in U.S. dollars. 24 Table of Contents Results of Operations Comparison of the Three and Six Months Ended June 30, 2026 to the Three and Six Months Ended June 30, 2025 During the three and six months ended June 30, 2026, our capital and operational investments supported our key 2026 development objectives. [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1844862/000110465926019435/sldp-20251231x10k.htm Complete FY 2025 MD&A: /company/SLDP/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-25 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Report. The following discussion contains forward-looking statements that reflect future plans, estimates, beliefs, and expected performance. For additional discussion, see “Cautionary Note Regarding Forward-Looking Statements” above. The forward-looking statements are dependent upon events, risks, and uncertainties that may be outside of our control. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed elsewhere in this Report under “Part I, Item 1A. Risk Factors,” as such descriptions may be updated or amended in future filings we make with the SEC. Unless indicated otherwise, the following discussion and analysis of financial condition and results of operations should be read in conjunction with the consolidated statements and notes thereto in this Report. We do not undertake, and expressly disclaim, any obligation to publicly update any forward-looking statements, whether as a result of new information, new developments or otherwise, except to the extent that such disclosure is required by applicable law. Overview Solid Power is a U.S.-based leader in solid-state battery technology and manufacturing processes. Our core technology is a sulfide-based solid electrolyte material, which replaces the liquid or gel electrolyte used in traditional lithium-ion battery cells. We believe our electrolyte technology has the potential to enable a step-change improvement in battery cell performance beyond what is currently achievable in conventional lithium-ion battery cells, including improved energy density, battery life, and safety performance. We are currently targeting the EV market due to the size and perceived demand for next generation battery technology but believe our technologies can have a broader application as they mature. ​ Key Factors Affecting Operating Results We are a research and development-stage company and have not generated cash flows through the sale of our electrolyte or licensing of our cell designs to adequately cover our costs. Our ability to commercialize our products depends on several factors that present significant opportunities but also pose material risks and challenges, including those discussed in the “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” sections of this Report, which are incorporated by reference. Prior to reaching commercialization, we must improve our products to ensure they meet the performance requirements of our customers. We also will have to negotiate commercial agreements with our customers on terms and conditions that are mutually acceptable. To satisfy anticipated demand, we will need to scale production of our electrolyte. All of these will take time, require capital, and affect our operating results. Since many factors are difficult to quantify, our actual operating results may be different than currently anticipated. Revenue generated to date has primarily come from performance on research and development licensing agreements, the line installation agreement, and government contracts. We will need to continue to deploy substantial capital to expand our production capabilities and engage in research and development programs. We also expect to continue to incur administrative expenses as a publicly traded company. Solid Power, Inc. | 2025 Form 10-K | 36 Table of Contents In addition to meeting our development goals, commercialization and future growth and demand for our products are highly dependent upon consumers adopting EVs. The market for new energy vehicles is still rapidly evolving due to emerging technologies, competitive pricing, government regulation and industry standards, and changing consumer demands and behaviors. Basis of Presentation We currently conduct our business through one operating segment and one reportable segment. As a research and development company with no commercial operations, our activities to date have been limited and conducted primarily in the United States and the Republic of Korea. Our historical results are reported under U.S. generally accepted accounting principles (“GAAP”) and in U.S. dollars. Results of Operations During the year ended December 31, 2025, our capital and operational investments supported our 2025 development objectives. Revenue and Grant Income [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Year Ended December 31,","\u200b","\u200b","\u200b","\u200b","\u200b"],["(in thousands)","\u200b","2025","\u200b \u200b \u200b","2024","\u200b \u200b \u200b","Change","\u200b \u200b \u200b","%"],["Government","\u200b","$","5,958","\u200b","$","2,732","\u200b","$","3,226","\u200b","118","%"],["Collaborative","\u200b","\u200b","15,789","\u200b","\u200b","17,407","\u200b","\u200b","(1,618)","\u200b","(9)","%"],["Total revenue and grant income","\u200b","$","21,747","\u200b","$","20,139","\u200b","$","1,608","\u200b","8","%"]] [[/GREPCENT_TABLE]] ​ ​ Revenue recognized for the year ended December 31, 2025 consisted of performance on our non-government contracts as well as certain government contracts. Grant income recognized consisted of performance on the Assistance Agreement. Revenue and grant income increased $1.6 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily driven by the performance on our Assistance Agreement. We recognized $15.8 million and $17.4 million of collaborative revenue for the years ended December 31, 2025 and 2024, respectively, which primarily consisted of performance on the SK On Agreements. During the year ended December 31, 2025, we completed factory acceptance testing and neared completion of site acceptance testing of the SK On Line under the line installation agreement. We have substantially completed the deliverables for site acceptance testing of the SK On Line and expect site acceptance to be complete in the first quarter of 2026. We recognized $6.0 million and $2.7 million of government revenue for the years ended December 31, 2025 and 2024, respectively. Government revenue and government grant income consisted primarily of grant income from the Assistance Agreement. During the year ended December 31, 2025, we conducted detailed design of the continuous electrolyte production pilot line. Grant income is recognized on the non-capital costs of the project. While there can be no assurance that we will continue to receive funding under our government contracts and grants in the amounts we expect or at all, we may continue to recognize grant income as we execute on the Assistance Agreement and construct a pilot electrolyte line using a continuous manufacturing process. ​ Operating Expenses ​ [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","Year Ended December 31,","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["(in thousands)","2025","\u200b \u200b \u200b","2024","\u200b \u200b \u200b","Change","\u200b \u200b \u200b","%"],["Direct costs","$","20,649","\u200b","$","20,284","\u200b","$","365","\u200b","2","%"],["Research and development","\u200b","72,513","\u200b","\u200b","73,341","\u200b","\u200b","(828)","\u200b","(1)","%"],["Selling, general and administrative","\u200b","29,417","\u200b","\u200b","31,847","\u200b","\u200b","(2,430)","\u200b","(8)","%"],["Total operating expenses","$","122,579","\u200b","$","125,472","\u200b","$","(2,893)","\u200b","(2)","%"]] [[/GREPCENT_TABLE]] ​ Operating expenses decreased $2.9 million in the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to a decrease in our selling, general and administrative costs as a result of a decrease in external contractors and outside consultants. ​ ​ ​ Solid Power, Inc. | 2025 Form 10-K | 37 Table of Contents Direct Costs Direct costs consisted of costs incurred to support execution of our collaborative and government agreements. Direct costs remained consistent for the year ended December 31, 2025 compared to December 31, 2024. The majority of the direct costs during the years ended December 31, 2025 and 2024 were driven by the services provided and equipment purchased by Dahae Energy Co., Ltd. (“Dahae”), a strategic partner serving as installer of the SK On Line. Direct costs during the year ended December 31, 2025 included materials and internal labor to support site acceptance testing at SK On’s facility under the line installation agreement. We expect direct costs to continue to correlate with our recognized revenue as we complete site acceptance testing and continue to execute on the project milestones supporting construction of our continuous electrolyte production pilot line. Research and Development Research and development-related operating expenses largely consisted of employee compensation and employee benefit costs incurred to maintain our skilled workforce, including engineers, scientists, operators, chemists, and technicians. Total research and development costs remained consistent during the year ended December 31, 2025 compared to the same period ended December 31, 2024. Selling, General and Administrative Selling, general and administrative expenses were largely comprised of employee compensation and personnel related costs for our administrative functions as well as costs driven by insurance and regulatory requirements. Selling, general and administrative expenses decreased by $2.4 million in the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to a decrease in stock-based compensation expense as a result of forfeitures of unvested stock options and restricted stock units. The decrease of selling, general and administrative expenses was also driven by the decision to reduce external contractor and consultant support. Overall, we expect operating expenses for 2026 to remain consistent with 2025 as we continue to execute on our objectives and focus on cost reduction efforts to offset overall rising costs. ​ Nonoperating Income and Expense ​ [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","Year Ended December 31,","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["(in thousands)","2025","\u200b \u200b \u200b","2024","\u200b \u200b \u200b","Change","\u200b \u200b \u200b","%"],["Interest income","$","13,204","\u200b","$","17,671","\u200b","$","(4,467)","\u200b","(25)","%"],["Change in fair value of warrant liabilities","\u200b","(5,146)","\u200b","\u200b","(4,508)","\u200b","\u200b","(638)","\u200b","14","%"],["Interest expense","\u200b","(25)","\u200b","\u200b","(46)","\u200b","\u200b","21","\u200b","(46)","%"],["Other expense","\u200b","(684)","\u200b","\u200b","(2,977)","\u200b","\u200b","2,293","\u200b","(77)","%"],["Total nonoperating income and expense","$","7,349","\u200b","$","10,140","\u200b","$","(2,791)","\u200b","(28)","%"]] [[/GREPCENT_TABLE]] ​ Nonoperating income and expense includes interest income, the non-cash impact from the change in the fair value of our warrant liabilities, and other irregular items, such as the gain or loss on asset sales and impacts from transacting in foreign currency. For the year ended December 31, 2025, nonoperating income and expense decreased $2.8 million compared to the year ended December 31, 2024 primarily due to a decrease in in [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/SLDP/mda/fy2025/ All MD&A years: /company/SLDP/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/SLDP/mda/fy2024/): filed 2025-02-28; accession 0001558370-25-001874 (https://www.sec.gov/Archives/edgar/data/1844862/000155837025001874/sldp-20241231x10k.htm) - [FY 2023 MD&A](/company/SLDP/mda/fy2023/): filed 2024-02-28; accession 0001558370-24-001906 (https://www.sec.gov/Archives/edgar/data/1844862/000155837024001906/sldp-20231231x10k.htm) - [FY 2022 MD&A](/company/SLDP/mda/fy2022/): filed 2023-03-01; accession 0001104659-23-026961 (https://www.sec.gov/Archives/edgar/data/1844862/000110465923026961/sldp-20221231x10k.htm) - [FY 2021 MD&A](/company/SLDP/mda/fy2021/): filed 2022-03-23; accession 0001104659-22-036796 (https://www.sec.gov/Archives/edgar/data/1844862/000110465922036796/dcrc-20211231x10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 3690 Miscellaneous Electrical Machinery, Equipment & Supplies) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/SLDP.md · JSON record: /company/SLDP.json · verified financials: /company/SLDP/financials.json / /company/SLDP/financials.csv · machine TOC for the whole site: /llms.txt