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Solidion Technology closed the second quarter of 2026 with $27.7 million in cash and cash equivalents, compared with $0.2 million at December 31, 2025. The Dallas-based battery materials developer said the increase came from a private placement completed in June and that the substantial doubt about its ability to continue as a going concern, disclosed in earlier filings, has been alleviated.
The financing, announced June 7 and closed June 9, raised $35 million in gross proceeds from a single new institutional investor. Solidion issued 750,000 common shares and pre-funded warrants covering a further 1,583,000 shares — 2,333,000 shares in total, or roughly $15 per share — at a price the company describes as above market under Nasdaq rules. Titan Partners, a division of American Capital Partners, acted as sole placement agent. The company says proceeds are intended for commercialisation of its Extreme-Climate Battery technology, inventory, prototype work and working capital.
Revenue for the three months to June 30 was $124,914, against $4,000 a year earlier. Solidion attributes almost all of the increase to government grant revenue recognised in the period, with the remainder from deliveries of its silicon anode products. Cost of goods sold was nil in the quarter. The prior-year figures in the release are marked as restated.
Operating expenses fell by $296,546 to $1,492,251, which the company links to lower general and administrative costs, reduced personnel and professional services spending, and lower research and development outlays. The loss from continuing operations was $1.4 million.
Below the operating line, the picture was worse. Total other expense rose to $1,519,419 from $326,735. It included a $917,780 non-cash loss on derivative fair values tied to a forward purchase agreement and warrants from the March private placement, a $549,915 write-off of deferred offering costs relating to a registration statement Solidion withdrew in June 2026, and $153,597 of interest expense, mainly on short-term notes. The net loss came to $2,886,756, or $0.35 per basic share, wider than the $2,113,859 loss a year earlier.
Separately, Solidion said it restructured its August 2024 equity financing, cancelling all Series C and D pre-funded warrants and the associated derivative liability. Madison Bond LLC and Bayside Project LLC converted their full warrant allocations into common stock and agreed to lock-up restrictions on those shares, subject to unspecified exceptions. The company presents this as reducing future dilution risk; the release does not state how many shares were involved or what the current share count is.
The rest of the announcement repeats previously disclosed development items, none of which carry a stated dollar value.
Solidion says it demonstrated a 9.5Ah pouch cell for industrial and military drones that retained about 95 percent of capacity at a 10C discharge rate, which it compares with a market average of 78 percent at 5C. The release states the company expects the cell to be commercially available in the second quarter of 2026 and, in the following sentence, that it is still working toward commercial availability — a date that has already passed as written.
A second product, the PEAK Series uninterruptible power supply for AI data centres, is built on the company's 5500 silicon-carbon anode cell. Solidion claims up to 30 percent space savings and up to three times the life of conventional backup systems, with commercial availability expected in 2026 and early integration work under way with unnamed data centre partners.
In June the company also unveiled Gen-ECB, a graphene-based platform aimed at satellites, spacecraft and lunar infrastructure. It says the technology operates between −80°C and +60°C and has completed more than 500 charge cycles at −40°C, and that it targets energy densities above 380 Wh/kg when paired with its solid-state, lithium-metal and lithium-sulfur chemistries. Solidion cites a portfolio of more than 385 patents.
Other items listed include three government research grants — from ARPA-E's OPEN programme, the Department of Energy for a molten-salt reactor additive, and an Army STTR award for a fibre-based battery — and a non-binding memorandum of understanding with an unnamed energy storage manufacturer. No contract values, volumes or counterparties were given for any of them, and none of the product programmes had generated product revenue in the quarter beyond the $124,914 reported.
Source: PR Newswire
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