Solid Power (SLDP) TTM Loss Of US$93.4 Million Tests High Growth Narratives

Solid Power (SLDP) closed out FY 2025 with Q4 revenue of US$2.6 million and a basic EPS loss of US$0.14, alongside a trailing twelve month EPS loss of US$0.51 on revenue of US$17.9 million. This keeps the focus firmly on how quickly the business can scale against ongoing losses. Over recent quarters, the company has seen quarterly revenue move from US$4.5 million in Q4 2024 to US$6.0 million in Q1 2025, US$6.5 million in Q2 2025, US$3.7 million in Q3 2025 and US$2.6 million in Q4 2025, while basic EPS losses shifted between US$0.17 and US$0.08 per share across the same stretch. With trailing net income still deeply negative, this set of results keeps attention on how quickly margins can improve if revenue growth expectations are met.

See our full analysis for Solid Power.

With the latest numbers on the table, the next step is to compare this earnings profile with the major narratives around Solid Power's growth potential and risk profile, and to consider where those stories might need updating.

See what the community is saying about Solid Power

TTM loss of US$93.4 million keeps profitability distant

• Over the last twelve months, Solid Power recorded total revenue of US$17.9 million against a net loss of US$93.4 million, so every dollar of revenue still sits next to more than five dollars of loss.
• Bears point to this revenue and loss mix as backing their concern that commercial progress is slow compared with spending, since quarterly net losses stayed in a tight range around US$25 million to US$27 million through 2025 while revenue slipped from US$6.0 million in Q1 to US$2.6 million in Q4.
  • This pattern supports the bearish view that heavy operating costs and high R&D can keep margins deeply negative even as the company reports partnerships and pilot lines.
  • It also fits the caution that the business is forecast to remain unprofitable for at least three years, so near term metrics are still more about cash burn than earnings progress.

Bears warn that these losses could matter more than the headlines around technology milestones, so it is worth seeing how they build that case in full: 🐻 Solid Power Bear Case

P/S of 44.8x prices in strong growth hopes

• The stock is trading at a P/S of 44.8x, compared with 0.5x for peers and 0.8x for the US Auto Components industry, which means investors are paying a much higher multiple of current revenue than is typical in the sector.
• What stands out for bullish investors is that this high multiple sits alongside forecasts for revenue to grow around 48.9% per year, which they argue could justify paying up if that growth and eventual margin improvement come through.
  • Bullish narratives lean on partnerships with BMW and SK On and pilot electrolyte capacity to argue that high growth could eventually improve earnings power relative to the current loss of US$93.4 million over the last year.
  • At the same time, the valuation gap to peers echoes bearish worries that the share price already reflects a lot of that growth story, even though analysts do not expect profitability within the next three years.

Bulls argue that this kind of valuation only makes sense if you focus on the longer term story, so it can help to see how they connect these numbers to their thesis: 🐂 Solid Power Bull Case

EPS loss of US$0.51 vs high revenue growth forecasts

• On a trailing basis, basic EPS is a loss of US$0.51, while forecasts call for revenue to grow at about 48.9% a year over the referenced period, so expectations lean heavily on sales expansion even though per share results are still firmly negative.
• The balanced, or consensus, narrative tries to square this by highlighting both the growth angle and the risks, and the current data gives fuel to both sides.
  • On one hand, the combination of analyst revenue growth forecasts and existing OEM partnerships fits the idea that Solid Power could build a larger top line over time.
  • On the other, the history of growing losses over roughly five years and recent shareholder dilution matches the more cautious view that growth may not automatically translate into better EPS any time soon.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Solid Power on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of strong expectations and ongoing losses leaves you unsure, take a moment to review the full picture for yourself and weigh the trade off between potential and risk. Then check out 1 key reward and 2 important warning signs to see what stands out most for you.

See What Else Is Out There

Solid Power is still pairing relatively small revenue with a US$93.4 million TTM loss and a very high P/S multiple against peers, keeping risk elevated.

If you want something that does not lean so heavily on future expectations, take a look at 80 resilient stocks with low risk scores to quickly short list companies with more measured risk profiles.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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