Solidion Technology, Inc.

What they do

Solidion develops and commercializes next-generation battery materials and components, including graphene-enabled batteries, elastomer-protected electrodes, quasi-solid and solid-state electrolytes, silicon/SiOx anodes and biochar-derived anode materials. It operates R&D and manufacturing in Dayton, Ohio, targeting the EV, energy storage system and consumer electronics markets. The company reports over 345 active patents globally and says it has developed a high-energy cylindrical cell achieving 305 Wh/kg versus 240-260 Wh/kg for conventional lithium-ion cells.

Revenue drivers

• Anode materials — Graphite-based and silicon/SiOx anode materials, including biochar-derived feedstock that achieved over 340 mAh/g capacity by end-2024; the segment is pre-commercial at scale, with partnerships with Giga Solar Materials Corp. and Bluestar Materials Company aimed at U.S. SiOx production.
• High-power pouch cells — A 9.5Ah pouch cell for industrial and military drone applications retained about 95% capacity at 10C discharge; management said it expected commercial availability in Q2 2026.
• PEAK Series UPS systems — A backup battery system for AI data centers built on the company's 5500 silicon-carbon anode cell, claimed to deliver up to 30% space savings and three times longer life; commercial availability targeted for 2026.
• Gen-ECB space batteries — A patented extreme-climate platform for satellites, LEO data centers and lunar infrastructure, operating from -80 C to +60 C with over 500 charge cycles at -40 C; paired with silicon-rich solid-state, anode-less lithium metal and lithium-sulfur chemistries targeting 380+ Wh/kg.

Recent performance

Revenue remains small and lumpy: annual revenue was $6,944 in 2023 and $13,350 in 2025, while quarterly revenue rose from $4,000 in Q2 2025 to $9,350 in Q3 2025 and then to $85,426 in Q1 2026 and $124,914 in Q2 2026. Net losses have widened, from $5.3 million in 2023 to $32.4 million in 2024 and $41.0 million in 2025, and diluted EPS moved from -$0.08 in 2023 to -$15.8 in 2024 to -$10.39 in 2025. Operating cash flow was negative $4.1 million in 2023, negative $7.4 million in 2024 and negative $4.5 million in 2025. At June 30, 2026, total assets were $32.4 million, liabilities $10.7 million, equity $21.7 million and cash $27.7 million.

Strategy

The company's stated priority is commercializing its patented Extreme-Climate Battery technology, expanding inventory and advancing prototypes. In June 2026 it raised $35 million in gross proceeds from a private placement of 750,000 common shares and pre-funded warrants for 1,583,000 shares, priced above market, with Titan Partners as sole placement agent. It also completed a restructuring of its August 2024 equity financing, eliminating all Series C and D pre-funded warrants and the related derivative liability, and Madison Bond LLC and Bayside Project LLC converted their entire warrant allocations. Management intends to keep allocating excess cash and interest earnings toward Bitcoin under a treasury policy adopted November 14, 2024, though no excess cash was identified in fiscal 2025 or 2024; interest income was $19,094 in 2025 and $13,806 in 2024, designated for Bitcoin purchases in 2026.

Risks

• Pre-commercial technology — The company says it has only conducted preliminary safety testing on its high-capacity anode and high-energy solid-state battery technology, with extensive additional testing required before EV installation.
• Persistent losses — Net losses widened to $41.0 million in 2025 from $5.3 million in 2023, while revenue was only $13,350 in 2025.
• Customer concentration and adoption — Revenue depends on a small number of engagements; the company warns OEMs may elect to pursue other battery cell technologies.
• Restatement and controls — An 8-K filed March 24, 2026 stated previously issued financials were not reliable, and the company changed accountants in November 2025.

Outlook

Management points to the $35 million private placement as eliminating the balance sheet overhang and alleviating previously disclosed going-concern doubt. It targets 2026 commercial availability for the PEAK Series UPS system and previously expected Q2 2026 commercial availability for the 9.5Ah drone pouch cell. The company also cites three U.S. government grant awards (ARPA-E, Department of Energy, and Department of War/Army STTR) and a non-binding MOU with an energy storage system manufacturer as sources of forward activity.