SLDPWMEDIUM SIGNALOPERATIONAL10-K

SLDPW is transitioning from pilot facility planning to active commissioning of its electrolyte manufacturing line while expanding its solid-state battery cell development focus.

The company has moved from intending to begin facility engineering in 2025 to expecting to commission a pilot electrolyte line by end of 2026, indicating meaningful progress in scaling manufacturing capabilities. The expanded research focus on lithium metal, anode-free cells, and nickel/cobalt-free designs suggests a broader strategic approach to next-generation battery technology development.

Comparing 2026-02-25 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

The financial picture shows mixed signals with cash declining modestly from $25.4M to $21.6M and operating cash flow burn worsening slightly to -$73.4M. Positively, total debt dropped substantially from $130K to $7K and accounts receivable grew meaningfully to $2.2M, potentially indicating increased customer activity. Capital expenditures declined to $10.2M while share buybacks were reduced significantly, suggesting more conservative cash management as the company progresses through its development phase.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+100%
$42K→$84K

Interest expense surged 100% — significant debt increase or rising rates materially impacting earnings.

Total Debt
Balance Sheet
-94.6%
$130K→$7K

Debt reduced 94.6% — deleveraging strengthens balance sheet and reduces financial risk.

Share Buybacks
Cash Flow
-60.4%
$9.1M→$3.6M

Buyback activity reduced 60.4% — capital being redeployed elsewhere or cash conservation underway.

Accounts Receivable
Balance Sheet
+54.7%
$1.4M→$2.2M

Receivables surged 54.7% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Capital Expenditure
Cash Flow
-36%
$15.9M→$10.2M

Capex reduced 36% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Current Liabilities
Balance Sheet
-15.9%
$20.0M→$16.8M

Current liabilities reduced — improved short-term financial position and working capital health.

Cash & Equivalents
Balance Sheet
-15%
$25.4M→$21.6M

Cash decreased 15% — monitor burn rate and upcoming capital needs.

Operating Cash Flow
Cash Flow
-14.9%
-$63.9M→-$73.4M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-28
ADDED
220,578,327 shares of common stock were issued and outstanding as of February 23, 2026.
By the end of 2026, we expect to commission a pilot electrolyte line using a continuous manufacturing process.
While our cell research and development efforts are focused on electrolyte product competitiveness, our research and development teams are also working on lithium metal and anode-free cells.
Longer-term, we may pursue the development of a nickel- and cobalt-free battery cell design that could remove certain costly materials.
We currently produce our solid-state cells on pre-pilot and pilot cell manufacturing lines.
2025 Business Highlights Drove electrolyte innovation and performance through feedback from cell development and customers .
In 2025, we focused our cell research and development efforts on enhancing the feedback between our cell and electrolyte teams, with the ultimate goal of developing a superior understanding of how and why our electrolyte performs in a solid-state cell and using that knowledge to help our electrolyte customers improve their cell development.
We also sampled electrolyte to potential customers, partners, and industry leaders and received productive customer feedback.
Through this focus and our sampling efforts, we improved our understanding of our electrolyte performance, identified process engineering and electrolyte improvements, and worked to tailor our electrolyte to meet customers specifications.
In January 2025, we entered into an assistance agreement (as amended in May 2025, the Assistance Agreement ) with the U.S.
REMOVED
181,992,040 shares of common stock were issued and outstanding as of February 26, 2025.
(f/k/a Decarbonization Plus Acquisition Corporation III) and its consolidated subsidiaries.
In 2025, we intend to begin facility engineering and construction of a pilot electrolyte line using a continuous manufacturing process, which is expected to be commissioned in mid-2026.
Our research and development teams are also working on lithium metal and anode-free cells.
Longer-term, we intend to pursue the development of a nickel- and cobalt-free battery cell that could remove those costly and difficult to obtain materials.
We currently produce solid-state cells ranging from 0.2 Ah to 60 Ah on pre-pilot and pilot cell manufacturing lines.
2024 Business Highlights Deepened our relationship with SK On.
We entered into a series of agreements with SK On in January 2024 with the goal of strengthening our relationship.
The agreements include a research and development technology license agreement (the SK On R D license ), line installation agreement, and electrolyte supply agreement (collectively, the SK On Agreements ).
During 2024, we conducted trainings with SK On personnel, designed a pilot cell manufacturing line for installation at SK On s facility (the SK On Line ), and began ordering and testing equipment for the SK On Line.
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