Revenue Growth
Revenue for fiscal 2025 was $21.7 million, up $1.6 million year-over-year, representing approximately +8% growth versus 2024 (driven primarily by work under the SK On line installation agreement).
Partnerships and Customer Validation
Entered a joint evaluation agreement with Samsung SDI and BMW (announced Oct 2025) and began providing electrolyte to SDI; demonstrated cells/technology in a BMW i7 test vehicle in May 2025 — signaling customer interest and validation of electrolyte sampling efforts.
Progress on SK On and Pilot Activities
Continued execution under SK On agreements: completed factory acceptance testing and near completion of site acceptance testing at SK On’s facility; SAT expected to complete in Q1 2026, after which validation activities and electrolyte deliveries to SK On will commence.
Pilot Production Road Map
Advanced design and procurement for a continuous electrolyte production pilot line: long-lead equipment ordered and detailed design finished; expected to be installed and commissioned by end of 2026 to support small volume customer programs and expand capacity to up to 75 metric tons annually.
Technical R&D and Manufacturing Insights
Deeper understanding of electrolyte performance and process engineering improvements driven by tighter cell-electrolyte feedback and customer input; Electrolyte Innovation Center delivers rapid small-batch iteration (<=2 kg batches in days) and current SP2 batch facility runs 40–50 kg with ~1-week cycle times.
Strengthened Liquidity and Capital Raises
Total liquidity of $336.5 million as of Dec 31, 2025 (increase of $9 million vs year-end 2024). Raised $56 million net in Q4 under the ATM and $88.8 million net ATM proceeds in 2025 total; completed a $130 million registered direct offering (RDO) in early 2026, further strengthening the balance sheet and strategic flexibility.
Cost Discipline and Operating Expense Reduction
Operating expenses decreased to $122.6 million in 2025 from $125.5 million in 2024, a reduction of $2.9 million (~-2.3%), reflecting cost discipline while investing in R&D and SK On-related equipment/services.
Cash Investment Management and Guidance
Cash investment (cash used in operations + CapEx) was $84.5 million in 2025, at the lower end of the company’s revised guidance; 2026 cash investment guidance set at $85–$100 million, reflecting disciplined allocation toward commissioning the pilot line and advancing R&D.