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πŸ“„ Earnings Call Transcript λ²ˆμ—­ κ²°κ³Ό

?λ±€ Presentation

Original Translation
Solid Power, Inc. (SLDP) Q4 2025 Earnings Call February 24, 2026 4:30 PM EST

Company Participants

John Van Scoter - CEO, President & Director
Linda Heller - CFO, Treasurer & Secretary

Conference Call Participants

Colin Rusch - Oppenheimer & Co. Inc., Research Division
Christopher Pierce - Needham & Company, LLC, Research Division
Jacob Sekelsky - Alliance Global Partners, Research Division

Presentation

Operator

Good day, and welcome to the Solid Power Fourth Quarter 2025 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to [ Charlie Van Gother ], Investor Relations analyst. Please go ahead.		**μ†”λ¦¬λ“œ νŒŒμ›Œ (Solid Power, Inc.) (SLDP) 2025λ…„ 4λΆ„κΈ° 싀적 λ°œν‘œ 컨퍼런슀 콜**
2026λ…„ 2μ›” 24일 동뢀 ν‘œμ€€μ‹œ μ˜€ν›„ 4μ‹œ 30λΆ„

**νšŒμ‚¬ μ°Έμ„μž**

μ‘΄ 반 μŠ€μ½”ν„° (John Van Scoter) - 졜고경영자(CEO), 사μž₯ κ²Έ 이사
λ¦°λ‹€ ν—¬λŸ¬ (Linda Heller) - μ΅œκ³ μž¬λ¬΄μ±…μž„μž(CFO), 재무 λ‹΄λ‹Ήμž κ²Έ λΉ„μ„œ

**컨퍼런슀 콜 μ°Έμ„μž**

콜린 λŸ¬μ‰¬ (Colin Rusch) - μ˜€νŽœν•˜μ΄λ¨Έ μ•€ μ½” (Oppenheimer & Co. Inc.), λ¦¬μ„œμΉ˜ λΆ€λ¬Έ
ν¬λ¦¬μŠ€ν† νΌ ν”Όμ–΄μŠ€ (Christopher Pierce) - λ‹ˆλ€ μ•€ μ»΄νΌλ‹ˆ (Needham & Company, LLC), λ¦¬μ„œμΉ˜ λΆ€λ¬Έ
제이μ½₯ μ„ΈμΌˆμŠ€ν‚€ (Jacob Sekelsky) - μ–ΌλΌμ΄μ–ΈμŠ€ κΈ€λ‘œλ²Œ νŒŒνŠΈλ„ˆμŠ€ (Alliance Global Partners), λ¦¬μ„œμΉ˜ λΆ€λ¬Έ

**λ°œν‘œ**

**μ‚¬νšŒμž**
μ•ˆλ…•ν•˜μ‹­λ‹ˆκΉŒ. μ†”λ¦¬λ“œ νŒŒμ›Œμ˜ 2025λ…„ 4λΆ„κΈ° 싀적 λ°œν‘œ 컨퍼런슀 μ½œμ— μ˜€μ‹  것을 ν™˜μ˜ν•©λ‹ˆλ‹€. [μ‚¬νšŒμž 지침] λ³Έ ν–‰μ‚¬λŠ” λ…ΉμŒλ˜κ³  μžˆμŒμ„ μ•Œλ €λ“œλ¦½λ‹ˆλ‹€. 이제 투자자 관계 λ‹΄λ‹Ή μ• λ„λ¦¬μŠ€νŠΈμΈ [찰리 반 고더]λ‹˜κ»˜ 마이크λ₯Ό λ„˜κΈ°κ² μŠ΅λ‹ˆλ‹€. λ§μ”€ν•΄μ£Όμ‹­μ‹œμ˜€.
Unknown Executive

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 U.S. securities laws.		λ„€, κ΅ν™˜μ›λ‹˜, κ³ λ§™μŠ΅λ‹ˆλ‹€.

μ—¬λŸ¬λΆ„, μ•ˆλ…•ν•˜μ‹­λ‹ˆκΉŒ. 였늘 저희와 ν•¨κ»˜ ν•΄μ£Όμ…”μ„œ κ°μ‚¬ν•©λ‹ˆλ‹€. 였늘 컨퍼런슀 μ½œμ—λŠ” μ†”λ¦¬λ“œ νŒŒμ›Œμ˜ 사μž₯ κ²Έ 졜고경영자(CEO)인 μ‘΄ 반 μŠ€μ½”ν„°λ‹˜κ³Ό μ΅œκ³ μž¬λ¬΄μ±…μž„μž(CFO)인 λ¦°λ‹€ ν—¬λŸ¬λ‹˜μ΄ ν•¨κ»˜ν•˜κ³  κ³„μ‹­λ‹ˆλ‹€.

였늘 싀적 λ°œν‘œ μžλ£ŒλŠ” μ†”λ¦¬λ“œ νŒŒμ›Œ μ›Ήμ‚¬μ΄νŠΈ(www.solidpowerbattery.com)의 투자자 관계(IR) μ„Ήμ…˜μ—μ„œ ν™•μΈν•˜μ‹€ 수 μžˆμŠ΅λ‹ˆλ‹€.

였늘 저희 λ…Όμ˜μ˜ μΌλΆ€μ—λŠ” λ―Έκ΅­ μ¦κΆŒλ²•μ— 따라 μ •μ˜λœ 미래예츑 μ§„μˆ μ΄ 포함될 수 μžˆμŒμ„ μƒκΈ°μ‹œμΌœ λ“œλ¦¬κ³ μž ν•©λ‹ˆλ‹€.
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. 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.μ΄λŸ¬ν•œ 미래 예츑 μ§„μˆ μ€ κ²½μ˜μ§„μ˜ 미래 사건에 λŒ€ν•œ ν˜„μž¬μ˜ κΈ°λŒ€μ™€ 가정을 기반으둜 ν•˜λ©°, 미래 μ‚¬κ±΄μ˜ κ²°κ³Ό 및 μ‹œκΈ°μ— κ΄€ν•œ ν˜„μž¬ 이용 κ°€λŠ₯ν•œ 정보에 κ·Όκ±°ν•˜κ³  μžˆμŠ΅λ‹ˆλ‹€. κ΄€λ ¨ λ²•κ·œμ— μ˜ν•΄ 달리 μš”κ΅¬λ˜λŠ” 경우λ₯Ό μ œμ™Έν•˜κ³ , Solid PowerλŠ” 미래 μ‚¬κ±΄μ΄λ‚˜ 상황을 λ°˜μ˜ν•˜κΈ° μœ„ν•œ μ–΄λ– ν•œ 미래 예츑 μ§„μˆ λ„ μ—…λ°μ΄νŠΈν•  의무λ₯Ό λΆ€μΈν•©λ‹ˆλ‹€. 였늘 λ°œν‘œλœ 미래 예츑 μ§„μˆ μ— λͺ…μ‹œλœ λ‚΄μš©κ³Ό μ‹€μ œ κ²°κ³Όκ°€ μ‹€μ§ˆμ μœΌλ‘œ λ‹¬λΌμ§ˆ 수 μžˆλŠ” 원인이 될 수 μžˆλŠ” μœ„ν—˜κ³Ό λΆˆν™•μ‹€μ„±μ— λŒ€ν•œ μžμ„Έν•œ λ‚΄μš©μ€ Solid Powerκ°€ μ¦κΆŒκ±°λž˜μœ„μ›νšŒ(SEC)에 μ œμΆœν•œ κ°€μž₯ 졜근 κ³΅μ‹œ 자료λ₯Ό μ°Έμ‘°ν•˜μ‹­μ‹œμ˜€. ν•΄λ‹Ή μžλ£ŒλŠ” νšŒμ‚¬ μ›Ήμ‚¬μ΄νŠΈ(www.solidpowerbattery.com)μ—μ„œ 확인할 수 μžˆμŠ΅λ‹ˆλ‹€.
With that, let me turn it over to John Van Scoter. John Van Scoter
CEO, President & Director

Thank you, Charlie, and thank you all for joining us today. We made strong and meaningful progress in 2025, marking an important year of execution for Solid Power. At the outset of the year, we set clear near-term objectives to drive continued innovation and performance in our electrolyte technology, advance our electrolyte development road map, ramp sampling activity while identifying and engaging long-term customers, execute against our agreements with SK On and maintain a disciplined approach to capital and spending. I'm proud of our progress our team delivered across each of these priorities.		**μ‘΄ λ°΄ μŠ€μ½”ν„° (CEO, 사μž₯ κ²Έ 이사):**

μ°°λ¦¬λ‹˜, κ°μ‚¬ν•©λ‹ˆλ‹€. 였늘 저희와 ν•¨κ»˜ ν•΄μ£Όμ‹  λͺ¨λ“  λΆ„λ“€κ»˜λ„ κ°μ‚¬λ“œλ¦½λ‹ˆλ‹€.

μ €ν¬λŠ” 2025년에 κ°•λ ₯ν•˜κ³  의미 μžˆλŠ” 진전을 μ΄λ£¨μ—ˆμœΌλ©°, μ†”λ¦¬λ“œ νŒŒμ›Œμ—κ²Œ μ€‘μš”ν•œ μ‹€ν–‰μ˜ ν•œ ν•΄μ˜€μŠ΅λ‹ˆλ‹€. μ—°μ΄ˆμ— μ €ν¬λŠ” λ‹€μŒκ³Ό 같은 λͺ…ν™•ν•œ 단기 λͺ©ν‘œλ₯Ό μ„€μ •ν–ˆμŠ΅λ‹ˆλ‹€. μ „ν•΄μ§ˆ 기술의 지속적인 ν˜μ‹ κ³Ό μ„±λŠ₯ ν–₯상 좔진, μ „ν•΄μ§ˆ 개발 λ‘œλ“œλ§΅ 진전, μž₯κΈ° 고객 발꡴ 및 ν˜‘λ ₯κ³Ό λ™μ‹œμ— μƒ˜ν”Œλ§ ν™œλ™ ν™•λŒ€, SK온과의 계약 이행, 그리고 자본 및 μ§€μΆœμ— λŒ€ν•œ 규율 μžˆλŠ” μ ‘κ·Ό 방식 μœ μ§€μž…λ‹ˆλ‹€. μ €λŠ” 저희 νŒ€μ΄ μ΄λŸ¬ν•œ 각 μš°μ„ μˆœμœ„ μ „λ°˜μ— 걸쳐 λ‹¬μ„±ν•œ 진전에 λŒ€ν•΄ μžλž‘μŠ€λŸ½κ²Œ μƒκ°ν•©λ‹ˆλ‹€.
Throughout the year, we translated strategy into tangible milestones and strengthened our technical foundation. Collectively, our achievements in 2025 advanced our path towards commercialization and positioned us to enter the next phase of growth. Starting with electrolyte sampling, we continued our sampling efforts and saw demand for multiple generations of our material from both existing and new customers. In October 2025, we announced a joint evaluation agreement with Samsung SDI and BMW to advance the development of all solid-state batteries. We view this agreement as validation of our electrolyte sampling efforts.연쀑, μš°λ¦¬λŠ” μ „λž΅μ„ ꡬ체적인 μ΄μ •ν‘œλ‘œ κ΅¬ν˜„ν–ˆμœΌλ©° 기술 κΈ°λ°˜μ„ κ°•ν™”ν–ˆμŠ΅λ‹ˆλ‹€. μ’…ν•©μ μœΌλ‘œ, 2025λ…„ 우리의 성과듀은 μƒμš©ν™”λ₯Ό ν–₯ν•œ 우리의 길을 μ§„μ „μ‹œμΌ°μœΌλ©°, λ‹€μŒ μ„±μž₯ λ‹¨κ³„λ‘œ μ§„μž…ν•  수 μžˆλŠ” μž…μ§€λ₯Ό λ‹€μ‘ŒμŠ΅λ‹ˆλ‹€. μ „ν•΄μ§ˆ μƒ˜ν”Œλ§μ„ μ‹œμž‘μœΌλ‘œ, μš°λ¦¬λŠ” μƒ˜ν”Œλ§ λ…Έλ ₯을 μ§€μ†ν–ˆμœΌλ©° κΈ°μ‘΄ 고객과 μ‹ κ·œ 고객 λͺ¨λ‘λ‘œλΆ€ν„° 우리 μ†Œμž¬μ˜ μ—¬λŸ¬ μ„ΈλŒ€μ— λŒ€ν•œ μˆ˜μš”λ₯Ό ν™•μΈν–ˆμŠ΅λ‹ˆλ‹€. 2025λ…„ 10μ›”, μš°λ¦¬λŠ” μ‚Όμ„±SDI 및 BMW와 전고체 배터리 κ°œλ°œμ„ μ§„μ „μ‹œν‚€κΈ° μœ„ν•œ 곡동 평가 계약을 λ°œν‘œν–ˆμŠ΅λ‹ˆλ‹€. μš°λ¦¬λŠ” 이 계약을 우리의 μ „ν•΄μ§ˆ μƒ˜ν”Œλ§ λ…Έλ ₯에 λŒ€ν•œ μœ νš¨μ„± κ²€μ¦μœΌλ‘œ 보고 μžˆμŠ΅λ‹ˆλ‹€.
After announcing the agreement, we began executing under the agreement and providing electrolyte to SDI for use in the joint evaluation activities. Turning to our electrolyte development road map. We made progress towards installation of our continuous electrolyte production pilot line. In 2025, we finished ordering long lead equipment and conducted detailed design for the line. We expect to install and commission this line by the end of 2026. This line is designed to support small volume customer programs and allow us to learn and optimize the manufacturing processes ahead of full commercialization.ν˜‘μ•½ λ°œν‘œ ν›„, μ €ν¬λŠ” ν˜‘μ•½ 이행을 μ‹œμž‘ν–ˆμœΌλ©° 곡동 평가 ν™œλ™μ— μ‚¬μš©ν•˜κΈ° μœ„ν•΄ SDI에 전해앑을 κ³΅κΈ‰ν–ˆμŠ΅λ‹ˆλ‹€.

μ €ν¬μ˜ μ „ν•΄μ•‘ 개발 λ‘œλ“œλ§΅μ— λŒ€ν•΄ λ§μ”€λ“œλ¦¬κ² μŠ΅λ‹ˆλ‹€. μ €ν¬λŠ” 연속 μ „ν•΄μ•‘ 생산 파일럿 라인 μ„€μΉ˜μ— 진전을 μ΄λ£¨μ—ˆμŠ΅λ‹ˆλ‹€. 2025년에 μ €ν¬λŠ” μž₯κΈ° 쑰달 μž₯λΉ„ 주문을 μ™„λ£Œν–ˆμœΌλ©° ν•΄λ‹Ή 라인에 λŒ€ν•œ 상세 섀계λ₯Ό μ§„ν–‰ν–ˆμŠ΅λ‹ˆλ‹€. μ €ν¬λŠ” 2026λ…„ λ§κΉŒμ§€ 이 라인을 μ„€μΉ˜ν•˜κ³  μ‹œμš΄μ „ν•  κ²ƒμœΌλ‘œ μ˜ˆμƒν•©λ‹ˆλ‹€. 이 라인은 μ†ŒλŸ‰ 고객 ν”„λ‘œκ·Έλž¨μ„ μ§€μ›ν•˜κ³ , 본격적인 상업화에 μ•žμ„œ 제쑰 곡정을 ν•™μŠ΅ν•˜κ³  μ΅œμ ν™”ν•  수 μžˆλ„λ‘ μ„€κ³„λ˜μ—ˆμŠ΅λ‹ˆλ‹€.
With respect to SK ON, we continue to execute under our agreements, a research and development license, a line installation agreement and an electrolyte supply agreement. These agreements are designed to enable SK On to develop solid-state cells based on our technology and to operate a pilot cell manufacturing line using our electrolyte. In 2025, we completed factory acceptance testing and near completion of site acceptance testing at SK On's facility. This progress demonstrates our ability to deliver against key technical milestones and support our partners' ASSB efforts. Moving on to electrolyte innovation and performance.SK ONκ³Ό κ΄€λ ¨ν•˜μ—¬ λ§μ”€λ“œλ¦¬μžλ©΄, μ €ν¬λŠ” 연ꡬ 개발 λΌμ΄μ„ μŠ€, 라인 μ„€μΉ˜ 계약, μ „ν•΄μ§ˆ 곡급 계약 λ“± μ €ν¬μ˜ μ—¬λŸ¬ 계약듀을 μ§€μ†μ μœΌλ‘œ μ΄ν–‰ν•˜κ³  μžˆμŠ΅λ‹ˆλ‹€. μ΄λŸ¬ν•œ 계약듀은 SK ON이 저희 κΈ°μˆ μ„ 기반으둜 전고체 전지λ₯Ό κ°œλ°œν•˜κ³ , 저희 μ „ν•΄μ§ˆμ„ μ‚¬μš©ν•˜μ—¬ 파일럿 μ…€ 제쑰 라인을 μš΄μ˜ν•  수 μžˆλ„λ‘ μ„€κ³„λ˜μ—ˆμŠ΅λ‹ˆλ‹€.

2025년에 μ €ν¬λŠ” SK ON μ‹œμ„€μ—μ„œ 곡μž₯ 인수 ν…ŒμŠ€νŠΈ(FAT)λ₯Ό μ™„λ£Œν–ˆμœΌλ©°, ν˜„μž₯ 인수 ν…ŒμŠ€νŠΈ(SAT)λŠ” 거의 μ™„λ£Œ 단계에 μžˆμŠ΅λ‹ˆλ‹€. μ΄λŸ¬ν•œ 진전은 핡심 기술 μ΄μ •ν‘œλ₯Ό λ‹¬μ„±ν•˜κ³  νŒŒνŠΈλ„ˆμ‚¬μ˜ ASSB(전고체 배터리) 개발 λ…Έλ ₯을 μ§€μ›ν•˜λŠ” μ €ν¬μ˜ λŠ₯λ ₯을 μž…μ¦ν•©λ‹ˆλ‹€.

λ‹€μŒμœΌλ‘œ μ „ν•΄μ§ˆ ν˜μ‹  및 μ„±λŠ₯에 λŒ€ν•΄ λ§μ”€λ“œλ¦¬κ² μŠ΅λ‹ˆλ‹€.
During 2025, we deepened our understanding of our electrolyte performance, identified process engineering and electrolyte improvements and work to tailor our electrolyte to meet customer specifications. We made this progress through our focus on enhancing feedback between our cell and electrolyte teams and productive customer feedback. Additionally, our cells and solid-state battery technology were demonstrated in a BMW i7 test vehicle in May 2025. BMW's introduction of this test vehicle marked a meaningful achievement in our partnership, and we're proud of our role in this accomplishment.2025λ…„ ν•œ ν•΄ λ™μ•ˆ, λ‹Ήμ‚¬λŠ” μ „ν•΄μ§ˆ μ„±λŠ₯에 λŒ€ν•œ 이해도λ₯Ό μ‹¬ν™”ν•˜κ³ , 곡정 μ—”μ§€λ‹ˆμ–΄λ§ 및 μ „ν•΄μ§ˆ κ°œμ„  사항을 νŒŒμ•…ν–ˆμœΌλ©°, 고객 사양을 μΆ©μ‘±μ‹œν‚€κΈ° μœ„ν•΄ λ‹Ήμ‚¬μ˜ μ „ν•΄μ§ˆμ„ λ§žμΆ€ν™”ν•˜λŠ” μž‘μ—…μ„ μ§„ν–‰ν–ˆμŠ΅λ‹ˆλ‹€. λ‹Ήμ‚¬λŠ” μ…€ νŒ€κ³Ό μ „ν•΄μ§ˆ νŒ€ κ°„μ˜ ν”Όλ“œλ°± κ°•ν™” 및 생산적인 고객 ν”Όλ“œλ°±μ— μ§‘μ€‘ν•˜μ—¬ μ΄λŸ¬ν•œ 진전을 μ΄λ£¨μ—ˆμŠ΅λ‹ˆλ‹€.

λ˜ν•œ, 2025λ…„ 5μ›”μ—λŠ” λ‹Ήμ‚¬μ˜ μ…€ 및 전고체 배터리 기술이 BMW i7 ν…ŒμŠ€νŠΈ μ°¨λŸ‰μ— μ‹œμ—°λ˜μ—ˆμŠ΅λ‹ˆλ‹€. BMW의 이 ν…ŒμŠ€νŠΈ μ°¨λŸ‰ κ³΅κ°œλŠ” λ‹Ήμ‚¬μ™€μ˜ νŒŒνŠΈλ„ˆμ‹­μ— μžˆμ–΄ 의미 μžˆλŠ” μ„±κ³Όλ₯Ό κΈ°λ‘ν–ˆμœΌλ©°, λ‹Ήμ‚¬λŠ” μ΄λŸ¬ν•œ 성과에 λ‹Ήμ‚¬μ˜ 역할이 μžˆμ—ˆμŒμ— μžλΆ€μ‹¬μ„ λŠλ‚λ‹ˆλ‹€.
With that, I'll turn it over to Linda to review our financial results and provide an update on our financial discipline goal. Linda? Linda Heller
CFO, Treasurer & Secretary

Thank you, John. We delivered revenue of $21.7 million in 2025, an increase of $1.6 million compared to 2024. The year-over-year growth was driven primarily by work performed under our line installation agreement with SK On, reflecting continued execution against our customer programs. Operating expenses for the year were $122.6 million compared to $125.5 million in 2024.		**μ‘΄ (John):**
그럼 이제 λ¦°λ‹€μ—κ²Œ 재무 싀적 검토와 재무 규율 λͺ©ν‘œ μ—…λ°μ΄νŠΈλ₯Ό λΆ€νƒλ“œλ¦¬κ² μŠ΅λ‹ˆλ‹€. λ¦°λ‹€?

**λ¦°λ‹€ ν—¬λŸ¬ (Linda Heller)**
μ΅œκ³ μž¬λ¬΄μ±…μž„μž(CFO), 재무 λ‹΄λ‹Ή 이사 κ²Έ 법인 λΉ„μ„œ

μ‘΄, κ°μ‚¬ν•©λ‹ˆλ‹€. λ‹Ήμ‚¬λŠ” 2025년에 2,170만 λ‹¬λŸ¬μ˜ λ§€μΆœμ„ κΈ°λ‘ν–ˆμœΌλ©°, μ΄λŠ” 2024λ…„ λŒ€λΉ„ 160만 λ‹¬λŸ¬ μ¦κ°€ν•œ μˆ˜μΉ˜μž…λ‹ˆλ‹€. μ΄λŸ¬ν•œ μ „λ…„ λŒ€λΉ„ μ„±μž₯은 주둜 SK On과의 라인 μ„€μΉ˜ 계약에 따라 μˆ˜ν–‰λœ μž‘μ—…μ— νž˜μž…μ€ λ°”κ°€ μ»ΈμŠ΅λ‹ˆλ‹€. μ΄λŠ” λ‹Ήμ‚¬μ˜ 고객 ν”„λ‘œκ·Έλž¨μ΄ μ§€μ†μ μœΌλ‘œ μ΄ν–‰λ˜κ³  μžˆμŒμ„ λ°˜μ˜ν•©λ‹ˆλ‹€. μ—°κ°„ μ˜μ—… λΉ„μš©μ€ 1μ–΅ 2,260만 λ‹¬λŸ¬λ‘œ, 2024λ…„μ˜ 1μ–΅ 2,550만 λ‹¬λŸ¬ λŒ€λΉ„ κ°μ†Œν–ˆμŠ΅λ‹ˆλ‹€.
The year-over-year decrease reflects our cost discipline partially offset by investments in research and development as well as equipment purchases and services performed in support of the SK On agreements. Operating loss for 2025 was $100.8 million and net loss was $93.4 million or $0.51 per share. Turning to capital expenditures. 2025 CapEx totaled $10.2 million, primarily representing costs associated with planned construction of our continuous electrolyte production pilot line. Cash investment, which is comprised of cash used in operations and capital expenditures totaled $84.5 million for fiscal year 2025.μ „λ…„ λŒ€λΉ„ κ°μ†ŒλŠ” λ‹Ήμ‚¬μ˜ λΉ„μš© 관리 λ…Έλ ₯을 λ°˜μ˜ν•˜λ©°, μ΄λŠ” 연ꡬ 개발 νˆ¬μžμ™€ SK On 계약 지원을 μœ„ν•œ μž₯λΉ„ ꡬ맀 및 μ„œλΉ„μŠ€ 제곡으둜 인해 λΆ€λΆ„μ μœΌλ‘œ μƒμ‡„λ˜μ—ˆμŠ΅λ‹ˆλ‹€. 2025λ…„ μ˜μ—… 손싀은 1μ–΅ 80만 λ‹¬λŸ¬μ˜€μœΌλ©°, μˆœμ†μ‹€μ€ 9,340만 λ‹¬λŸ¬, 즉 μ£Όλ‹Ή 0.51λ‹¬λŸ¬λ₯Ό κΈ°λ‘ν–ˆμŠ΅λ‹ˆλ‹€.

자본 μ§€μΆœμ— λŒ€ν•΄ λ§μ”€λ“œλ¦¬κ² μŠ΅λ‹ˆλ‹€. 2025λ…„ 자본 μ§€μΆœ(CapEx)은 총 1,020만 λ‹¬λŸ¬μ˜€μœΌλ©°, μ΄λŠ” 주둜 λ‹Ήμ‚¬μ˜ 연속 μ „ν•΄μ•‘ 생산 파일럿 라인 건섀 κ³„νšκ³Ό κ΄€λ ¨λœ λΉ„μš©μ΄μ—ˆμŠ΅λ‹ˆλ‹€. μ˜μ—… ν™œλ™μ— μ‚¬μš©λœ ν˜„κΈˆκ³Ό 자본 μ§€μΆœλ‘œ κ΅¬μ„±λœ ν˜„κΈˆ νˆ¬μžλŠ” 2025 νšŒκ³„μ—°λ„μ— 총 8,450만 λ‹¬λŸ¬μ˜€μŠ΅λ‹ˆλ‹€.
This came in at the lower end of our revised cash investment guidance, reflecting our continued focus on prioritization and disciplined capital allocation. Moving to the balance sheet. Our total liquidity as of December 31, 2025, was $336.5 million, an increase of $9 million compared to year-end 2024. As of December 31, 2025, contract assets and accounts receivable were $9.6 million and total current liabilities was $16.8 million. During the fourth quarter, we raised $56 million of net proceeds under our at-the-market or ATM program, bringing total 2025 net proceeds from the ATM to $88.8 million.μ΄λŠ” μˆ˜μ •λœ ν˜„κΈˆ 투자 κ°€μ΄λ˜μŠ€μ˜ ν•˜λ‹¨μ— λΆ€ν•©ν•˜λŠ” μˆ˜μ€€μœΌλ‘œ, μš°μ„ μˆœμœ„ 지정과 규율 μžˆλŠ” 자본 배뢄에 λŒ€ν•œ λ‹Ήμ‚¬μ˜ 지속적인 집쀑을 λ°˜μ˜ν•©λ‹ˆλ‹€.

λ‹€μŒμœΌλ‘œ λŒ€μ°¨λŒ€μ‘°ν‘œλ₯Ό μ‚΄νŽ΄λ³΄κ² μŠ΅λ‹ˆλ‹€. 2025λ…„ 12μ›” 31일 κΈ°μ€€ λ‹Ήμ‚¬μ˜ 총 μœ λ™μ„±μ€ 3μ–΅ 3,650만 λ‹¬λŸ¬λ‘œ, 2024λ…„ 말 λŒ€λΉ„ 900만 λ‹¬λŸ¬ μ¦κ°€ν–ˆμŠ΅λ‹ˆλ‹€. 2025λ…„ 12μ›” 31일 κΈ°μ€€ 계약 μžμ‚°κ³Ό 맀좜 μ±„κΆŒμ€ 960만 λ‹¬λŸ¬μ˜€μœΌλ©°, 총 μœ λ™ λΆ€μ±„λŠ” 1,680만 λ‹¬λŸ¬μ˜€μŠ΅λ‹ˆλ‹€. 4λΆ„κΈ° λ™μ•ˆ λ‹Ήμ‚¬λŠ” ATM(μ‹œμž₯κ°€ λ°œν–‰) ν”„λ‘œκ·Έλž¨μ„ 톡해 5,600만 λ‹¬λŸ¬μ˜ μˆœμˆ˜μ΅μ„ μ‘°λ‹¬ν–ˆμœΌλ©°, 이둜써 2025λ…„ ATM을 ν†΅ν•œ 총 μˆœμˆ˜μ΅μ€ 8,880만 λ‹¬λŸ¬κ°€ λ˜μ—ˆμŠ΅λ‹ˆλ‹€.
Looking ahead, we expect 2026 cash investment, representing cash used in operations and capital expenditures to be in the range of $85 million to $100 million. This outlook reflects our continued focus on investing and advancing our electrolyte development road map, including commissioning our continuous pilot line while maintaining financial discipline and preserving liquidity. I will now turn the call back to John. John Van Scoter
CEO, President & Director

Thank you, Linda. As we look ahead to 2026, we remain focused on disciplined execution, continued advancement of our electrolyte technology and maintaining a strong financial position as we work towards commercialization.		λ„€, 2026λ…„ ν˜„κΈˆ νˆ¬μžμ•‘μ€ μ˜μ—…ν™œλ™ ν˜„κΈˆ μ§€μΆœκ³Ό 자본적 μ§€μΆœμ„ ν¬ν•¨ν•˜μ—¬ 8천5백만 λ‹¬λŸ¬μ—μ„œ 1μ–΅ λ‹¬λŸ¬ λ²”μœ„κ°€ 될 κ²ƒμœΌλ‘œ μ˜ˆμƒν•©λ‹ˆλ‹€. μ΄λŸ¬ν•œ 전망은 저희가 재무 κ·œμœ¨μ„ μœ μ§€ν•˜κ³  μœ λ™μ„±μ„ ν™•λ³΄ν•˜λ©΄μ„œ, 연속 파일럿 라인 가동을 ν¬ν•¨ν•œ μ „ν•΄μ§ˆ 개발 λ‘œλ“œλ§΅μ— λŒ€ν•œ 투자 및 λ°œμ „μ— μ§€μ†μ μœΌλ‘œ μ§‘μ€‘ν•˜κ³  μžˆμŒμ„ λ°˜μ˜ν•©λ‹ˆλ‹€.

이제 μ‘΄μ—κ²Œ 마이크λ₯Ό λ„˜κΈ°κ² μŠ΅λ‹ˆλ‹€.

**μ‘΄ λ°΄ μŠ€μ½”ν„° (CEO, 사μž₯ κ²Έ 이사)**

λ¦°λ‹€, κ°μ‚¬ν•©λ‹ˆλ‹€. 2026년을 내닀보며, μ €ν¬λŠ” 상업화λ₯Ό μœ„ν•΄ λ…Έλ ₯ν•˜λŠ” κ³Όμ •μ—μ„œ 원칙에 μž…κ°ν•œ μ‹€ν–‰, μ „ν•΄μ§ˆ 기술의 지속적인 λ°œμ „, 그리고 κ°•λ ₯ν•œ 재무 μƒνƒœ μœ μ§€μ— 계속 집쀑할 κ²ƒμž…λ‹ˆλ‹€.
First, we intend to strengthen relationships with our partners through continued execution. In 2026, we expect to continue providing Samsung SDI with electrolyte under the joint evaluation agreement while also continuing to develop our technology and pursuing electrolyte innovation. We also expect to complete site acceptance testing of the SK On line in the first quarter of 2026. Following site acceptance testing, we plan to work with SK On to conduct validation activities for the line and begin delivering electrolyte to SK On to support the validation efforts. Second, we will continue executing on our electrolyte development road map.첫째둜, λ‹Ήμ‚¬λŠ” 지속적인 사업 좔진을 톡해 νŒŒνŠΈλ„ˆλ“€κ³Όμ˜ 관계λ₯Ό κ°•ν™”ν•˜κ³ μž ν•©λ‹ˆλ‹€. 2026λ…„μ—λŠ” 곡동 평가 ν˜‘μ•½μ— μ˜κ±°ν•˜μ—¬ μ‚Όμ„±SDI에 전해앑을 μ§€μ†μ μœΌλ‘œ 곡급할 κ²ƒμœΌλ‘œ μ˜ˆμƒν•˜λ©°, λ™μ‹œμ— λ‹Ήμ‚¬μ˜ 기술 κ°œλ°œμ„ μ§€μ†ν•˜κ³  μ „ν•΄μ•‘ ν˜μ‹ μ„ 좔ꡬ할 κ²ƒμž…λ‹ˆλ‹€. λ˜ν•œ 2026λ…„ 1λΆ„κΈ°μ—λŠ” SK온 라인에 λŒ€ν•œ ν˜„μž₯ 인수 ν…ŒμŠ€νŠΈ(Site Acceptance Testing)λ₯Ό μ™„λ£Œν•  κ²ƒμœΌλ‘œ μ˜ˆμƒν•©λ‹ˆλ‹€. ν˜„μž₯ 인수 ν…ŒμŠ€νŠΈ μ™„λ£Œ ν›„μ—λŠ” SK온과 ν˜‘λ ₯ν•˜μ—¬ ν•΄λ‹Ή 라인에 λŒ€ν•œ μœ νš¨μ„± 검사 ν™œλ™μ„ μˆ˜ν–‰ν•˜κ³ , μœ νš¨μ„± 검사λ₯Ό μ§€μ›ν•˜κΈ° μœ„ν•΄ SKμ˜¨μ— μ „ν•΄μ•‘ 곡급을 μ‹œμž‘ν•  κ³„νšμž…λ‹ˆλ‹€. λ‘˜μ§Έλ‘œ, λ‹Ήμ‚¬λŠ” μ „ν•΄μ•‘ 개발 λ‘œλ“œλ§΅μ„ μ§€μ†μ μœΌλ‘œ 좔진할 κ²ƒμž…λ‹ˆλ‹€.
We expect to commission our continuous electrolyte production line by the end of 2026 which we designed to expand our annual electrolyte production capacity to up to 75 metric tons. This year, we also intend to pursue a potential partnership for commercial scale electrolyte production in Korea. To complement our technical expertise, we plan to evaluate potential partners with process capabilities and capital to support construction of a facility capable of producing up to 500 metric tons of electrolyte annually. Third, we are focused on advancing our electrolyte product competitiveness.λ„€, λ‹€μŒμ€ ν•΄λ‹Ή μ˜μ–΄ λ¬Έμž₯의 ν•œκ΅­μ–΄ λ²ˆμ—­μž…λ‹ˆλ‹€.

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λ‹Ήμ‚¬λŠ” 2026λ…„ λ§κΉŒμ§€ 연속 μ „ν•΄μ•‘ 생산 라인을 가동할 κ²ƒμœΌλ‘œ μ˜ˆμƒν•˜λ©°, μ΄λŠ” μ—°κ°„ μ „ν•΄μ•‘ 생산 λŠ₯λ ₯을 μ΅œλŒ€ 75ν†€κΉŒμ§€ ν™•μž₯ν•˜λ„λ‘ μ„€κ³„λ˜μ—ˆμŠ΅λ‹ˆλ‹€. μ˜¬ν•΄ λ‹Ήμ‚¬λŠ” ν•œκ΅­μ—μ„œ 상업적 규λͺ¨μ˜ μ „ν•΄μ•‘ 생산을 μœ„ν•œ 잠재적 νŒŒνŠΈλ„ˆμ‹­ λ˜ν•œ 좔진할 κ³„νšμž…λ‹ˆλ‹€. λ‹Ήμ‚¬μ˜ 기술 전문성을 λ³΄μ™„ν•˜κΈ° μœ„ν•΄, μ—°κ°„ μ΅œλŒ€ 500ν†€μ˜ 전해앑을 생산할 수 μžˆλŠ” μ‹œμ„€ 건섀을 지원할 곡정 μ—­λŸ‰κ³Ό μžλ³Έμ„ κ°–μΆ˜ 잠재적 νŒŒνŠΈλ„ˆλ₯Ό 평가할 μ˜ˆμ •μž…λ‹ˆλ‹€. μ…‹μ§Έλ‘œ, λ‹Ήμ‚¬λŠ” μ „ν•΄μ•‘ μ œν’ˆ 경쟁λ ₯을 κ°•ν™”ν•˜λŠ” 데 μ£Όλ ₯ν•˜κ³  μžˆμŠ΅λ‹ˆλ‹€.
During 2026, we will continue to enhance our understanding of how electrolyte performs relative to other sulfide electrolyte products to enable customer success in utilizing our electrolyte. We believe this will support our efforts to develop competitive differentiated products and secure long-term customers. To support these efforts, we will utilize our Electrolyte Innovation Center, or EIC, to develop, improve and test electrolyte manufacturing processes as well as electrolyte products.2026λ…„μ—λŠ” 저희 μ „ν•΄μ•‘μ˜ μ„±λŠ₯이 λ‹€λ₯Έ 황화물계 μ „ν•΄μ•‘ μ œν’ˆλ“€κ³Ό λΉ„κ΅ν•˜μ—¬ 어떀지 이해λ₯Ό μ‹¬ν™”ν•˜μ—¬, 고객듀이 당사 전해앑을 μ„±κ³΅μ μœΌλ‘œ ν™œμš©ν•  수 μžˆλ„λ‘ 지원할 κ²ƒμž…λ‹ˆλ‹€. μ €ν¬λŠ” μ΄λŸ¬ν•œ λ…Έλ ₯이 경쟁λ ₯ μžˆλŠ” μ°¨λ³„ν™”λœ μ œν’ˆμ„ κ°œλ°œν•˜κ³  μž₯κΈ° 고객을 ν™•λ³΄ν•˜λŠ” 데 κΈ°μ—¬ν•  것이라고 λ―ΏμŠ΅λ‹ˆλ‹€. μ΄λŸ¬ν•œ λ…Έλ ₯을 μ§€μ›ν•˜κΈ° μœ„ν•΄, μ €ν¬λŠ” μ „ν•΄μ•‘ ν˜μ‹  μ„Όν„°(EIC)λ₯Ό ν™œμš©ν•˜μ—¬ μ „ν•΄μ•‘ 제쑰 κ³΅μ •λΏλ§Œ μ•„λ‹ˆλΌ μ „ν•΄μ•‘ μ œν’ˆμ„ 개발, κ°œμ„  및 ν…ŒμŠ€νŠΈν•  κ²ƒμž…λ‹ˆλ‹€.
We also intend to continue focusing on our cell research and development activities on improving our understanding of how and why our electrolyte performs in the solid-state cell and using that knowledge to help our electrolyte customers improve their cell development. Finally, we expect to remain fiscally disciplined. We believe maintaining and using our strong balance sheet to best position Solid Power to reach commercialization is critical for our success. During 2026, we intend to balance extending our runway through financial discipline, with investing appropriately in technology development and process improvements.μ €ν¬λŠ” λ˜ν•œ μ…€ 연ꡬ 개발 ν™œλ™μ— μ§€μ†μ μœΌλ‘œ 집쀑할 κ³„νšμ΄λ©°, μ΄λŠ” λ‹Ήμ‚¬μ˜ μ „ν•΄μ§ˆμ΄ 전고체 μ…€μ—μ„œ μ–΄λ–»κ²Œ, 그리고 μ™œ μ„±λŠ₯을 λ°œνœ˜ν•˜λŠ”μ§€μ— λŒ€ν•œ 이해도λ₯Ό 높이고, κ·Έ 지식을 ν™œμš©ν•˜μ—¬ μ „ν•΄μ§ˆ κ³ κ°μ‚¬λ“€μ˜ μ…€ 개발 κ°œμ„ μ„ λ•λŠ” 데 쀑점을 λ‘˜ κ²ƒμž…λ‹ˆλ‹€.

λ§ˆμ§€λ§‰μœΌλ‘œ, μ €ν¬λŠ” μž¬μ •μ  κ·œμœ¨μ„ μœ μ§€ν•  κ²ƒμœΌλ‘œ μ˜ˆμƒν•©λ‹ˆλ‹€. λ‹Ήμ‚¬μ˜ νƒ„νƒ„ν•œ μž¬λ¬΄μƒνƒœν‘œλ₯Ό μœ μ§€ν•˜κ³  ν™œμš©ν•˜μ—¬ Solid Powerκ°€ 상업화λ₯Ό λ‹¬μ„±ν•˜λŠ” 데 졜적의 κΈ°λ°˜μ„ λ§ˆλ ¨ν•˜λŠ” 것이 λ‹Ήμ‚¬μ˜ 성곡에 맀우 μ€‘μš”ν•˜λ‹€κ³  λ―ΏμŠ΅λ‹ˆλ‹€. 2026λ…„ λ™μ•ˆ, μ €ν¬λŠ” μž¬μ •μ  κ·œμœ¨μ„ 톡해 운영 μ—¬λ ₯을 μ—°μž₯ν•˜λŠ” 것과 기술 개발 및 곡정 κ°œμ„ μ— μ μ ˆν•˜κ²Œ νˆ¬μžν•˜λŠ” 것 μ‚¬μ΄μ—μ„œ κ· ν˜•μ„ 맞좜 κ³„νšμž…λ‹ˆλ‹€.
In support of this objective, we successfully completed a $130 million registered direct offering last month which further strengthened our liquidity and enhanced our strategic flexibility. We believe this capital positions us to execute on our objectives while preserving optionality as we progress towards commercialization. I would like to thank our employees, partners and stakeholders for their continued commitment and support. We remain focused on disciplined execution and look forward to continued progress in 2026. We will now take your questions. Operator?μ΄λŸ¬ν•œ λͺ©ν‘œλ₯Ό λ’·λ°›μΉ¨ν•˜κΈ° μœ„ν•΄, μ§€λ‚œλ‹¬ 1μ–΅ 3천만 λ‹¬λŸ¬ 규λͺ¨μ˜ 등둝 직접 곡λͺ¨λ₯Ό μ„±κ³΅μ μœΌλ‘œ μ™„λ£Œν•˜μ—¬ λ‹Ήμ‚¬μ˜ μœ λ™μ„±μ„ λ”μš± κ°•ν™”ν•˜κ³  μ „λž΅μ  μœ μ—°μ„±μ„ 높일 수 μžˆμ—ˆμŠ΅λ‹ˆλ‹€. μ €ν¬λŠ” 이 자본이 상업화λ₯Ό μΆ”μ§„ν•˜λŠ” κ³Όμ •μ—μ„œ μ„ νƒμ˜ 폭을 μœ μ§€ν•˜λ©΄μ„œ λ‹Ήμ‚¬μ˜ λͺ©ν‘œλ₯Ό μ„±κ³΅μ μœΌλ‘œ μ‹€ν–‰ν•  수 μžˆλŠ” κΈ°λ°˜μ„ λ§ˆλ ¨ν•΄ 쀄 것이라고 λ―ΏμŠ΅λ‹ˆλ‹€.

λ‹Ήμ‚¬μ˜ μž„μ§μ›, νŒŒνŠΈλ„ˆ 및 μ΄ν•΄κ΄€κ³„μž μ—¬λŸ¬λΆ„μ˜ 지속적인 ν—Œμ‹ κ³Ό 지원에 깊이 κ°μ‚¬λ“œλ¦½λ‹ˆλ‹€. μ €ν¬λŠ” 규율 μžˆλŠ” 싀행에 계속 μ£Όλ ₯ν•  것이며, 2026년에도 지속적인 λ°œμ „μ„ κΈ°λŒ€ν•©λ‹ˆλ‹€.

이제 μ§ˆμ˜μ‘λ‹΅ μ‹œκ°„μ„ κ°–κ² μŠ΅λ‹ˆλ‹€. μ§„ν–‰μžλ‹˜?

πŸ“Œ μš”μ•½

Solid Power (SLDP) Q4 2025 싀적 λ°œν‘œ μš”μ•½:

* **재무 μ„±κ³Ό 및 규율:** 2025λ…„ 맀좜 2,170만 λ‹¬λŸ¬, μˆœμ†μ‹€ 9,340만 λ‹¬λŸ¬λ₯Ό κΈ°λ‘ν–ˆμœΌλ©°, ν˜„κΈˆ 투자(운영 및 CapEx)λŠ” κ°€μ΄λ˜μŠ€ ν•˜λ‹¨μΈ 8,450만 λ‹¬λŸ¬λ‘œ κ°•λ ₯ν•œ 재무 κ·œμœ¨μ„ λ³΄μ—¬μ£Όμ—ˆμŠ΅λ‹ˆλ‹€. μœ λ™μ„±μ€ 3μ–΅ 3,650만 λ‹¬λŸ¬λ‘œ κ²¬κ³ ν•˜λ©°, 졜근 1μ–΅ 3천만 λ‹¬λŸ¬μ˜ 직접 곡λͺ¨λ₯Ό 톡해 λ”μš± κ°•ν™”λ˜μ—ˆμŠ΅λ‹ˆλ‹€.
* **μ£Όμš” νŒŒνŠΈλ„ˆμ‹­ 및 기술 검증:** 2025λ…„ μ‚Όμ„±SDI 및 BMWμ™€μ˜ 곡동 평가 계약을 μ²΄κ²°ν•˜μ—¬ μ „ν•΄μ§ˆ 기술의 μœ νš¨μ„±μ„ μž…μ¦ν–ˆμœΌλ©°, SK온과의 ν˜‘λ ₯μ—μ„œλŠ” 파일럿 라인의 곡μž₯ 인수 ν…ŒμŠ€νŠΈ(FAT)λ₯Ό μ™„λ£Œν•˜λ©° νŒŒνŠΈλ„ˆμ‹­ 이행에 진전을 λ³΄μ˜€μŠ΅λ‹ˆλ‹€.
* **생산 λ‘œλ“œλ§΅ 및 μ „λž΅μ  ν™•μž₯:** 2026λ…„ λ§κΉŒμ§€ μ—°κ°„ μ΅œλŒ€ 75톀 규λͺ¨μ˜ 연속 μ „ν•΄μ§ˆ 생산 파일럿 라인을 가동할 κ³„νšμ΄λ©°, μ—°κ°„ μ΅œλŒ€ 500톀 규λͺ¨μ˜ μƒμ—…μš© μ „ν•΄μ§ˆ 생산을 μœ„ν•΄ ν•œκ΅­ λ‚΄ 잠재적 νŒŒνŠΈλ„ˆμ‹­μ„ λͺ¨μƒ‰ν•  것이라고 λ°œν‘œν–ˆμŠ΅λ‹ˆλ‹€.
* **2026λ…„ 전망 및 κ²½μ˜μ§„ νƒœλ„:** 2026λ…„ ν˜„κΈˆ 투자 κ°€μ΄λ˜μŠ€λŠ” 8,500만~1μ–΅ λ‹¬λŸ¬λ‘œ, 기술 개발 νˆ¬μžμ™€ 상업화λ₯Ό μœ„ν•œ 규율 μžˆλŠ” 자본 배뢄을 지속할 κ²ƒμž„μ„ μ‹œμ‚¬ν•˜λ©°, κ²½μ˜μ§„μ€ νŒŒνŠΈλ„ˆμ‹­κ³Ό 미래 μ„±μž₯에 λŒ€ν•΄ μžμ‹ κ° μžˆλŠ” νƒœλ„λ₯Ό λ³΄μ˜€μŠ΅λ‹ˆλ‹€.

??Q&A

Original Translation
Operator: [Operator Instructions] Our first question comes from Colin Rusch with Oppenheimer.**Operator:** 첫 번째 μ§ˆλ¬Έμ€ μ˜€νŽœν•˜μ΄λ¨Έ(Oppenheimer)의 콜린 λŸ¬μ‰¬(Colin Rusch) μ• λ„λ¦¬μŠ€νŠΈ(Analyst)κ»˜μ„œ ν•΄μ£Όμ‹œκ² μŠ΅λ‹ˆλ‹€.
Colin Rusch: Oppenheimer & Co. Inc., Research Division We know that you've been able to produce a set of incremental volumes of material and truly are collecting a fair amount of data around that process. Could you talk a little bit about your cycle times and evolving the manufacturing process at this point? And what other levers you have within the platform to continue to accelerate some of that development?**Colin Rusch:** κ·€μ‚¬κ»˜μ„œ 좔가적인 μƒμ‚°λŸ‰(incremental volumes)을 μ„±κ³΅μ μœΌλ‘œ λ‹¬μ„±ν•˜μ…¨κ³ , κ·Έ κ³Όμ •μ—μ„œ μƒλ‹Ήν•œ μ–‘μ˜ 데이터λ₯Ό μˆ˜μ§‘ν•˜κ³  계신 κ²ƒμœΌλ‘œ μ•Œκ³  μžˆμŠ΅λ‹ˆλ‹€. ν˜„μž¬ μ‹œμ μ—μ„œ 사이클 νƒ€μž„(cycle time)κ³Ό 제쑰 곡정(manufacturing process)의 λ°œμ „ λ°©ν–₯에 λŒ€ν•΄ μ’€ 더 μžμ„Ένžˆ μ„€λͺ…ν•΄ μ£Όμ‹œκ² μŠ΅λ‹ˆκΉŒ? λ˜ν•œ, κ·ΈλŸ¬ν•œ κ°œλ°œμ„ μ§€μ†μ μœΌλ‘œ κ°€μ†ν™”ν•˜κΈ° μœ„ν•΄ ν”Œλž«νΌ λ‚΄μ—μ„œ ν™œμš© κ°€λŠ₯ν•œ λ‹€λ₯Έ μˆ˜λ‹¨(levers)은 무엇이 μžˆλŠ”μ§€ κΆκΈˆν•©λ‹ˆλ‹€.
John Van Scoter: CEO, President & Director Thanks for joining, Colin. Sure. We've run a variety of batch sizes, which will directly affect the cycle times. We have a very rapid turnaround in our electrolyte innovation center. In that center, we do 2 kilograms or less depending on what the customer request is but we can turn those batches in days. When we look to the larger batch sizes, and we typically run between 40 and 50 kilograms in our current SP2 batch facility, and the cycle times on those run approximately a week, again, depending on batch size and the specific parameters that we're trying to control.**John Van Scoter:** 콜린, 질문 κ°μ‚¬ν•©λ‹ˆλ‹€. λ„€.

μ €ν¬λŠ” λ‹€μ–‘ν•œ 배치 μ‚¬μ΄μ¦ˆ(batch sizes)둜 μž‘μ—…μ„ 진행해 μ™”μœΌλ©°, μ΄λŠ” 사이클 νƒ€μž„(cycle times)에 직접적인 영ν–₯을 λ―ΈμΉ©λ‹ˆλ‹€. 저희 μ „ν•΄μ•‘ ν˜μ‹  μ„Όν„°(electrolyte innovation center)μ—μ„œλŠ” 맀우 λΉ λ₯Έ ν„΄μ–΄λΌμš΄λ“œ(turnaround)λ₯Ό μžλž‘ν•©λ‹ˆλ‹€. κ·Έ μ„Όν„°μ—μ„œλŠ” 고객 μš”μ²­μ— 따라 2ν‚¬λ‘œκ·Έλž¨(kg) μ΄ν•˜μ˜ μ†ŒλŸ‰ μž‘μ—…μ„ μ§„ν–‰ν•˜λ©°, μ΄λŸ¬ν•œ λ°°μΉ˜λ“€μ€ λ©°μΉ  내에 μ²˜λ¦¬ν•  수 μžˆμŠ΅λ‹ˆλ‹€.

더 큰 배치 μ‚¬μ΄μ¦ˆμ˜ 경우λ₯Ό 보면, ν˜„μž¬ SP2 배치 μ‹œμ„€(batch facility)μ—μ„œλŠ” 일반적으둜 40μ—μ„œ 50ν‚¬λ‘œκ·Έλž¨(kg) μ‚¬μ΄μ˜ μž‘μ—…μ„ μ§„ν–‰ν•˜λ©°, μ΄λŸ¬ν•œ λ°°μΉ˜λ“€μ˜ 사이클 νƒ€μž„μ€ λŒ€λž΅ 일주일 정도 μ†Œμš”λ©λ‹ˆλ‹€. λ¬Όλ‘ , 이 μ—­μ‹œ 배치 μ‚¬μ΄μ¦ˆμ™€ 저희가 μ œμ–΄ν•˜λ €λŠ” νŠΉμ • νŒŒλΌλ―Έν„°(parameters)에 따라 λ‹¬λΌμ§‘λ‹ˆλ‹€.
Colin Rusch: Oppenheimer & Co. Inc., Research Division Excellent. And then as you look at the different form factors that could deploy the technology at the cell level, could you talk a little bit about efforts that you're seeing on the horizon and interest that you're seeing from incremental customers to diversify some of the form factors you're working on?**Colin Rusch:** λ„€, μ•Œκ² μŠ΅λ‹ˆλ‹€. μ…€(cell) μˆ˜μ€€μ—μ„œ κΈ°μˆ μ„ μ μš©ν•  수 μžˆλŠ” λ‹€μ–‘ν•œ νΌνŒ©ν„°(form factor)듀을 κ³ λ €ν•˜μ‹€ λ•Œ, ν˜„μž¬ 개발 쀑이신 νΌνŒ©ν„°λ“€μ„ λ‹€μ–‘ν™”ν•˜κΈ° μœ„ν•΄ ν–₯ν›„ μ–΄λ–€ λ…Έλ ₯듀이 μ˜ˆμƒλ˜λŠ”μ§€, 그리고 μ‹ κ·œ 고객(incremental customers)λ“€λ‘œλΆ€ν„° μ–΄λ–€ 관심이 μžˆλŠ”μ§€μ— λŒ€ν•΄ μ’€ 더 말씀해 μ£Όμ‹€ 수 μžˆμ„κΉŒμš”?
John Van Scoter: CEO, President & Director Great question. But quite honestly, Colin, we haven't seen a great diversification yet, although we could envision as some of these newer segments beyond EV are considering all solid-state batteries that they could take prismatic format or others. Right now, it's primarily pouch across all of our engagements with primarily EV customers.**John Van Scoter:** μ•„μ£Ό 쒋은 μ§ˆλ¬Έμž…λ‹ˆλ‹€. ν•˜μ§€λ§Œ μ†”μ§νžˆ λ§μ”€λ“œλ¦¬μžλ©΄, 콜린, μ•„μ§κΉŒμ§€λŠ” 큰 닀각화(diversification)λ₯Ό 보지 λͺ»ν–ˆμŠ΅λ‹ˆλ‹€. λ¬Όλ‘  μ „κΈ°μ°¨(EV) 외에 일뢀 μ‹ κ·œ λΆ€λ¬Έ(segments)μ—μ„œ 전고체 배터리(all solid-state batteries)λ₯Ό κ³ λ €ν•˜λ©΄μ„œ κ°ν˜•(prismatic format)μ΄λ‚˜ λ‹€λ₯Έ ν˜•νƒœλ₯Ό 채택할 μˆ˜λ„ μžˆλ‹€κ³  μ˜ˆμƒμ€ ν•©λ‹ˆλ‹€λ§Œ, ν˜„μž¬λ‘œμ„œλŠ” 주둜 μ „κΈ°μ°¨ κ³ κ°μ‚¬λ“€κ³Όμ˜ λͺ¨λ“  ν˜‘λ ₯μ—μ„œ νŒŒμš°μΉ˜ν˜•(pouch)이 μ£Όλ₯Ό 이루고 μžˆμŠ΅λ‹ˆλ‹€.
Operator: Our next question comes from Chris Pierce with Needham.**Operator:** λ‹€μŒ 질문 λ°›κ² μŠ΅λ‹ˆλ‹€.
Christopher Pierce: Needham & Company, LLC, Research Division Just one. I guess if you're talking about -- I just want to make sure I heard you right, the SK On pilot line is up and running by the end of 2026. And what is that -- how should we think about '27 and '28 as sort of we hear more about ASSB batteries in these vehicles and sort of not in the United States part of the world, but other parts of the world. I guess should we think of '27 as a jumping off point? And if we do think of '27 as a jumping off point, against the burn that you kind of guided to for this year, should we think about you guys as having enough capital to get to that jumping off point? Or is there still too involved in here to sort of have certainty around that?**Christopher Pierce:** μ œκ°€ μ œλŒ€λ‘œ μ΄ν•΄ν–ˆλŠ”μ§€ ν™•μΈν•˜κ³  μ‹ΆμŠ΅λ‹ˆλ‹€λ§Œ, SK온 파일럿 라인이 2026λ…„ λ§κΉŒμ§€ κ°€λ™λœλ‹€λŠ” 말씀이 λ§žμœΌμ‹ κ°€μš”?

κ·Έλ ‡λ‹€λ©΄, 전고체 배터리(All-Solid-State Battery, ASSB)κ°€ λ―Έκ΅­ μ™Έ λ‹€λ₯Έ μ§€μ—­μ˜ μ°¨λŸ‰μ— 더 많이 μ μš©λ˜λŠ” μƒν™©μ—μ„œ 2027λ…„κ³Ό 2028년을 μ–΄λ–»κ²Œ 전망해야 ν• κΉŒμš”? 특히 2027년을 μ€‘μš”ν•œ 도약점(jumping off point)으둜 λ³Ό 수 μžˆμ„κΉŒμš”?

λ§Œμ•½ 2027년을 λ„μ•½μ μœΌλ‘œ λ³Έλ‹€λ©΄, μ˜¬ν•΄ μ œμ‹œν•˜μ‹  자금 μ†Œμ§„μœ¨(burn rate)을 κ°μ•ˆν–ˆμ„ λ•Œ, κ·Έ μ‹œμ κΉŒμ§€ λ„λ‹¬ν•˜λŠ” 데 ν•„μš”ν•œ μΆ©λΆ„ν•œ 자본(capital)을 ν™•λ³΄ν•˜κ³  계신닀고 νŒλ‹¨ν•΄λ„ λ κΉŒμš”? μ•„λ‹ˆλ©΄ 아직 λΆˆν™•μ‹€μ„±μ΄ λ§Žμ•„ ν™•μ‹ ν•˜κΈ°λŠ” 이λ₯Έ μ‹œμ μΈκ°€μš”?
John Van Scoter: CEO, President & Director Chris, again, thanks for joining. Great questions. I'll take the first part and then let Linda address the second burn rate part of the question. SK On has specifically -- when they did their ribbon cutting at the pilot facility last year stated that they wanted to have SOP for their batteries in 2029 and that's a 1-year pull-in from prior public statements around ASSBs. So I would envision -- I'll let SK On talk to the details, but just knowing what we know about the time and takes to get from where we are to 2029, I would expect 2027 to be, again, a strong development year at the cell level and then probably '28 being more mature leading up to the SOP in '29.**John Van Scoter:** λ‹€μ‹œ ν•œλ²ˆ μ°Έμ—¬ν•΄μ£Όμ…”μ„œ κ°μ‚¬ν•©λ‹ˆλ‹€. μ•„μ£Ό 쒋은 μ§ˆλ¬Έμ΄λ„€μš”. μ œκ°€ λ¨Όμ € 질문의 첫 뢀뢄을 λ‹΅λ³€ν•˜κ³ , λ¦°λ‹€μ—κ²Œ 질문의 두 번째 뢀뢄인 μ†Œμ§„μœ¨(burn rate)에 λŒ€ν•΄ λ§μ”€λ“œλ¦¬λ„λ‘ ν•˜κ² μŠ΅λ‹ˆλ‹€.

SKμ˜¨μ€ ꡬ체적으둜 μž‘λ…„μ— 파일럿 μ‹œμ„€(pilot facility) μ€€κ³΅μ‹μ—μ„œ 2029년에 배터리 μ–‘μ‚° κ°œμ‹œ(SOP: Start of Production)λ₯Ό λͺ©ν‘œλ‘œ ν•œλ‹€κ³  λ°ν˜”μŠ΅λ‹ˆλ‹€. μ΄λŠ” 전고체 배터리(ASSB: All-Solid-State Battery)와 κ΄€λ ¨ν•œ μ΄μ „μ˜ 곡식 λ°œν‘œλ³΄λ‹€ 1λ…„ μ•žλ‹Ήκ²¨μ§„ κ²ƒμž…λ‹ˆλ‹€.

κ·Έλž˜μ„œ μ €λŠ” μ΄λ ‡κ²Œ μ˜ˆμƒν•©λ‹ˆλ‹€. λ¬Όλ‘  세뢀적인 λ‚΄μš©μ€ SK온이 직접 λ§μ”€λ“œλ¦΄ λΆ€λΆ„μ΄κ² μ§€λ§Œ, ν˜„μž¬ μ‹œμ μ—μ„œ 2029λ…„κΉŒμ§€ ν•„μš”ν•œ μ‹œκ°„κ³Ό 과정을 κ³ λ €ν•  λ•Œ, 2027년은 μ…€(cell) μˆ˜μ€€μ—μ„œ λ‹€μ‹œ ν•œλ²ˆ κ°•λ ₯ν•œ 개발의 ν•΄κ°€ 될 것이라고 λ΄…λ‹ˆλ‹€. 그리고 μ•„λ§ˆ 2028λ…„μ—λŠ” λ”μš± μ„±μˆ™ 단계에 μ ‘μ–΄λ“€μ–΄ 2029λ…„ μ–‘μ‚° κ°œμ‹œ(SOP)둜 μ΄μ–΄μ§ˆ κ²ƒμœΌλ‘œ μ˜ˆμƒν•©λ‹ˆλ‹€.
Linda Heller: CFO, Treasurer & Secretary And then, Chris, in terms of our runway, you have seen us shore this up. We did give guidance for this upcoming year of $85 million to $100 million in terms of cash investment. And then if you look at where our ending liquidity is plus with our proceeds from the RDO, we think we're well positioned to be able to work with our partners and be sufficient on that, but we are continually looking at our runway and ensuring that we can be there for our partners.**Linda Heller:** ν¬λ¦¬μŠ€λ‹˜, μ €ν¬μ˜ 자금 μ—¬λ ₯(runway)κ³Ό κ΄€λ ¨ν•΄μ„œλŠ” 저희가 이λ₯Ό ν™•μΆ©ν•΄ 온 것을 보셨을 κ²λ‹ˆλ‹€. μ €ν¬λŠ” λ‹€κ°€μ˜€λŠ” νšŒκ³„μ—°λ„μ— 8천5백만 λ‹¬λŸ¬μ—μ„œ 1μ–΅ λ‹¬λŸ¬ 규λͺ¨μ˜ ν˜„κΈˆ 투자(cash investment)λ₯Ό ν•  κ²ƒμ΄λΌλŠ” κ°€μ΄λ˜μŠ€(guidance)λ₯Ό μ œμ‹œν–ˆμŠ΅λ‹ˆλ‹€.

그리고 μ €ν¬μ˜ 기말 μœ λ™μ„±(ending liquidity)κ³Ό RDO μˆ˜μ΅κΈˆμ„ ν•¨κ»˜ κ³ λ €ν•΄ 보면, μ €ν¬λŠ” νŒŒνŠΈλ„ˆλ“€κ³Ό ν˜‘λ ₯ν•˜κ³  ν•„μš”ν•œ μžκΈˆμ„ μΆ©λΆ„νžˆ 확보할 수 μžˆλŠ” μœ λ¦¬ν•œ μœ„μΉ˜μ— μžˆλ‹€κ³  μƒκ°ν•©λ‹ˆλ‹€. ν•˜μ§€λ§Œ μ €ν¬λŠ” 자금 μ—¬λ ₯을 μ§€μ†μ μœΌλ‘œ κ²€ν† ν•˜λ©° νŒŒνŠΈλ„ˆλ“€μ„ μœ„ν•΄ μ–Έμ œλ“  지원할 수 μžˆλ„λ‘ λ§Œμ „μ„ κΈ°ν•˜κ³  μžˆμŠ΅λ‹ˆλ‹€.
Operator: Our next question comes from Jake Sekelsky with Alliance Global Partners.**Operator:** λ‹€μŒ μ§ˆλ¬Έμ€ Alliance Global Partners의 제이크 μ„ΈμΌˆμŠ€ν‚€ λ‹˜κ»˜μ„œ ν•΄μ£Όμ…¨μŠ΅λ‹ˆλ‹€.
Jacob Sekelsky: Alliance Global Partners, Research Division That last question a bit. Looking at the pilot line and the strengthened balance sheet, are you able to leverage the balance sheet at all to kind of accelerate the time line for the line? Or is it less dependent on capital availability.**Jacob Sekelsky:** λ§ˆμ§€λ§‰ μ§ˆλ¬Έμž…λ‹ˆλ‹€. 파일럿 라인(pilot line)κ³Ό κ°•ν™”λœ λŒ€μ°¨λŒ€μ‘°ν‘œ(balance sheet)λ₯Ό 보면, 이 λŒ€μ°¨λŒ€μ‘°ν‘œλ₯Ό ν™œμš©ν•΄μ„œ ν•΄λ‹Ή 라인 ꡬ좕 일정을 μ•žλ‹ΉκΈΈ 수 μžˆμ„μ§€ κΆκΈˆν•©λ‹ˆλ‹€. μ•„λ‹ˆλ©΄ 자본 κ°€μš©μ„±(capital availability)μ—λŠ” 크게 상관이 μ—†λŠ” λΆ€λΆ„μΈκ°€μš”?
Linda Heller: CFO, Treasurer & Secretary Well, Jake, it's Linda again. I believe we are in a good position in our balance sheet that if there were to be an opportunity that would allow us to shorten the time line to be able to be in commercial production. We certainly are there. We can make those long-term investments at this point in time. Obviously, we will continue to be opportunistic in the capital markets and as well, focus on our own cash burn so that we should be in a good place.**Linda Heller:** λ„€, μ €ν¬λŠ” μž¬λ¬΄μƒνƒœ(financial position)κ°€ μ–‘ν˜Έν•œ μœ„μΉ˜μ— μžˆλ‹€κ³  μƒκ°ν•©λ‹ˆλ‹€. λ§Œμ•½ 상업 생산(commercial production) 일정을 단좕할 수 μžˆλŠ” κΈ°νšŒκ°€ 생긴닀면, μ €ν¬λŠ” ν™•μ‹€νžˆ 그럴 μ—¬λ ₯이 λ©λ‹ˆλ‹€. ν˜„ μ‹œμ μ—μ„œ κ·ΈλŸ¬ν•œ μž₯κΈ° 투자(long-term investments)λ₯Ό ν•  수 μžˆμŠ΅λ‹ˆλ‹€.

λ¬Όλ‘ , μ €ν¬λŠ” 자본 μ‹œμž₯(capital markets)μ—μ„œ 계속 기회λ₯Ό λͺ¨μƒ‰ν•˜κ³ , λ™μ‹œμ— 자체적인 ν˜„κΈˆ μ†Œμ§„(cash burn) 관리에도 μ§‘μ€‘ν•˜μ—¬ 쒋은 μœ„μΉ˜λ₯Ό μœ μ§€ν•  κ²ƒμž…λ‹ˆλ‹€.
John Van Scoter: CEO, President & Director For clarity's sake, though, the line is installed in SK On's facility in Korea, and they will begin running that line by themselves largely with our just support once SAT is completed. So any additional capital improvements or those sort of things will be their responsibility for that line. But as Linda said, if there's something that we could do to assist, we'll certainly consider that moving forward because of the strength of our balance sheet.**John Van Scoter:** λ‹€λ§Œ, λͺ…ν™•νžˆ λ§μ”€λ“œλ¦¬μžλ©΄, ν•΄λ‹Ή 라인은 ν•œκ΅­μ— μžˆλŠ” SK온 μ‹œμ„€μ— μ„€μΉ˜λ˜μ–΄ μžˆμŠ΅λ‹ˆλ‹€. SAT(Site Acceptance Test, ν˜„μž₯ 인수 μ‹œν—˜)κ°€ μ™„λ£Œλ˜λ©΄, μ €ν¬λŠ” 주둜 지원 역할을 ν•˜κ³  SK온이 κ·Έ 라인을 직접 μš΄μ˜ν•˜κΈ° μ‹œμž‘ν•  κ²ƒμž…λ‹ˆλ‹€. λ”°λΌμ„œ ν•΄λ‹Ή 라인에 λŒ€ν•œ 좔가적인 자본 κ°œμ„ (capital improvements)μ΄λ‚˜ 그와 μœ μ‚¬ν•œ λͺ¨λ“  사항은 SK온의 μ±…μž„μ΄ 될 κ²ƒμž…λ‹ˆλ‹€.

ν•˜μ§€λ§Œ λ¦°λ‹€ μ΄μ‚¬λ‹˜μ΄ λ§μ”€ν•˜μ…¨λ“―μ΄, 저희가 지원할 수 μžˆλŠ” 뢀뢄이 μžˆλ‹€λ©΄, μ €ν¬μ˜ κ°•λ ₯ν•œ λŒ€μ°¨λŒ€μ‘°ν‘œ(balance sheet)λ₯Ό λ°”νƒ•μœΌλ‘œ μ•žμœΌλ‘œ 적극적으둜 κ²€ν† ν•  κ²ƒμž…λ‹ˆλ‹€.
Jacob Sekelsky: Alliance Global Partners, Research Division Got it. Okay. That's helpful. And then just on existing partnerships, can you just touch on any upcoming milestones you might keep an eye out for as those processes move forward this year?**Jacob Sekelsky:** λ„€, μ•Œκ² μŠ΅λ‹ˆλ‹€. λ§Žμ€ 도움이 λ˜μ—ˆμŠ΅λ‹ˆλ‹€. 그리고 κΈ°μ‘΄ νŒŒνŠΈλ„ˆμ‹­κ³Ό κ΄€λ ¨ν•΄μ„œ μ§ˆλ¬ΈμΈλ°μš”, μ˜¬ν•΄ ν•΄λ‹Ή ν”„λ‘œμ„ΈμŠ€κ°€ μ§„ν–‰λ˜λ©΄μ„œ 저희가 λˆˆμ—¬κ²¨λ³Ό λ§Œν•œ ν–₯ν›„ λ§ˆμΌμŠ€ν†€(milestone)이 μžˆλ‹€λ©΄ κ°„λž΅νžˆ μ–ΈκΈ‰ν•΄ μ£Όμ‹€ 수 μžˆμ„κΉŒμš”?
John Van Scoter: CEO, President & Director Well, I think we've established through the announcement last fall with BMW and SDI, our preferred approach moving forward to expand these partnerships where we are dealing directly with the OEMs to create the demand in the platforms, but then really have the Tier 1 battery partners step in and provide the batteries with us providing the material and some of the expertise to achieve performance targets. So that's our preferred model going forward, and we would like to duplicate that in other areas as we move forward. I would also, though, point to the comments earlier in the prepared remarks, and that is around our intention to explore potential JV partnerships around the electrolyte manufacturing in Korea with a target of a 500 metric ton annually capacity through a partnership with Solid Power bringing the technical expertise, the IP, the process knowledge and then relying on the partner from a manufacturing and capital standpoint. So that would be the other partnership that I would point to for 2026. I look for some developments there as we move through the year.**John Van Scoter:** μž‘λ…„ 가을 BMW 및 SDIμ™€μ˜ λ°œν‘œλ₯Ό 톡해 저희가 ν–₯ν›„ μ„ ν˜Έν•˜λŠ” μ ‘κ·Ό 방식(preferred approach)을 이미 ν™•λ¦½ν–ˆλ‹€κ³  μƒκ°ν•©λ‹ˆλ‹€. 이 방식은 저희가 OEM(Original Equipment Manufacturer)κ³Ό 직접 ν˜‘λ ₯ν•˜μ—¬ ν”Œλž«νΌ λ‚΄μ—μ„œ μˆ˜μš”λ₯Ό μ°½μΆœν•˜λŠ” κ²ƒμž…λ‹ˆλ‹€. 그리고 Tier 1 배터리 νŒŒνŠΈλ„ˆλ“€μ΄ μ°Έμ—¬ν•˜μ—¬ 배터리λ₯Ό κ³΅κΈ‰ν•˜κ³ , μ €ν¬λŠ” 재료(material)와 일뢀 μ „λ¬Έμ„±(expertise)을 μ œκ³΅ν•˜μ—¬ μ„±λŠ₯ λͺ©ν‘œ(performance targets)λ₯Ό λ‹¬μ„±ν•˜λ„λ‘ λ•λŠ” ν˜•νƒœμž…λ‹ˆλ‹€. 이것이 λ°”λ‘œ 저희가 ν–₯ν›„ μ„ ν˜Έν•˜λŠ” λͺ¨λΈ(preferred model)이며, μ•žμœΌλ‘œ λ‹€λ₯Έ λΆ„μ•Όμ—μ„œλ„ 이 λͺ¨λΈμ„ 볡제(duplicate)ν•΄ λ‚˜κ°ˆ κ³„νšμž…λ‹ˆλ‹€. μ€€λΉ„λœ λ°œμ–Έμ—μ„œ μ•žμ„œ μ–ΈκΈ‰ν–ˆλ˜ λ‚΄μš©λ„ λ‹€μ‹œ ν•œλ²ˆ λ§μ”€λ“œλ¦¬κ³  μ‹ΆμŠ΅λ‹ˆλ‹€. μ €ν¬λŠ” ν•œκ΅­μ—μ„œ μ „ν•΄μ§ˆ(electrolyte) 생산과 κ΄€λ ¨ν•˜μ—¬ 잠재적인 ν•©μž‘ 투자(JV) νŒŒνŠΈλ„ˆμ‹­μ„ λͺ¨μƒ‰ν•  κ³„νšμž…λ‹ˆλ‹€. Solid Powerμ™€μ˜ νŒŒνŠΈλ„ˆμ‹­μ„ 톡해 기술 μ „λ¬Έμ„±(technical expertise), 지적 μž¬μ‚°κΆŒ(IP), 곡정 λ…Έν•˜μš°(process knowledge)λ₯Ό ν™•λ³΄ν•˜κ³ , 제쑰 및 자본(capital) 츑면은 νŒŒνŠΈλ„ˆμ—κ²Œ μ˜μ‘΄ν•˜μ—¬ μ—°κ°„ 500톀(metric ton) 규λͺ¨μ˜ 생산 λŠ₯λ ₯을 κ°–μΆ”λŠ” 것을 λͺ©ν‘œλ‘œ ν•˜κ³  μžˆμŠ΅λ‹ˆλ‹€.

이것이 λ°”λ‘œ 2026년을 λͺ©ν‘œλ‘œ 저희가 μΆ”μ§„ν•˜λŠ” 또 λ‹€λ₯Έ νŒŒνŠΈλ„ˆμ‹­μž…λ‹ˆλ‹€. μ˜¬ν•΄ μ•ˆμ— 이 λΆ€λΆ„μ—μ„œ 의미 μžˆλŠ” 진전이 μžˆμ„ κ²ƒμœΌλ‘œ κΈ°λŒ€ν•˜κ³  μžˆμŠ΅λ‹ˆλ‹€.
Operator: This concludes our question-and-answer session. I would like to turn the call back over to John Van Scoter, President and CEO, for any closing remarks.**Operator:** 저희 μ§ˆμ˜μ‘λ‹΅ μ„Έμ…˜μ€ μ΄κ²ƒμœΌλ‘œ λ§ˆμΉ˜κ² μŠ΅λ‹ˆλ‹€. 이제 μ‘΄ λ°΄ μŠ€μ½”ν„° 사μž₯ κ²Έ 졜고경영자(CEO)께 마무리 말씀을 μœ„ν•΄ 마이크λ₯Ό λ„˜κΈ°κ² μŠ΅λ‹ˆλ‹€.
John Van Scoter: CEO, President & Director Thank you for joining the call today and for your interest in Solid Power. We look forward to updating you again next quarter.**John Van Scoter:** 였늘 컨퍼런슀 μ½œμ— μ°Έμ—¬ν•΄ μ£Όμ‹œκ³  Solid Power에 관심을 κ°€μ Έμ£Όμ…”μ„œ κ°μ‚¬ν•©λ‹ˆλ‹€. λ‹€μŒ 뢄기에 λ‹€μ‹œ μ°Ύμ•„λ΅™κ³  μƒˆλ‘œμš΄ μ†Œμ‹μ„ μ „ν•΄λ“œλ¦΄ 수 있기λ₯Ό κΈ°λŒ€ν•©λ‹ˆλ‹€.
Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.**Operator:** μ»¨νΌλŸ°μŠ€κ°€ 이제 μ’…λ£Œλ˜μ—ˆμŠ΅λ‹ˆλ‹€. 였늘 λ°œν‘œμ— 참석해 μ£Όμ…”μ„œ κ°μ‚¬ν•©λ‹ˆλ‹€. 이제 접속을 μ’…λ£Œν•˜μ…”λ„ λ©λ‹ˆλ‹€.

πŸ“Œ μš”μ•½

λ‹€μŒμ€ Solid Power의 컨퍼런슀 콜 μš”μ•½μž…λ‹ˆλ‹€.

* **SK On ν˜‘λ ₯ 및 상업화 λ‘œλ“œλ§΅:** SK On의 파일럿 라인은 2026λ…„ 말 가동 μ˜ˆμ •μ΄λ©°, 전고체 배터리 μ–‘μ‚°(S