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olivLaw · US equity research

Solidion Technology Inc. STI

Miscellaneous Electrical Machinery, Equipment & Supplies · SIC 3690 · Vertical: Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690)

4.44USD−6.92% · 1 dayClose 04 Nov 2026

Solidion Technology Inc. (Nasdaq: STI) develops silicon-based anode materials, flame-retardant electrolytes and solid-state batteries for electric vehicles, energy storage and AI data centers. In the second quarter of 2026 the company reported revenue of $124,914, and a $35 million private placement has, according to the company, removed the earlier going-concern doubt.

At the close of 04 Nov 2026, Solidion Technology Inc. (STI) stock was 4.44 USD (−6.92% on the day), with market capitalisation 37.8 m USD, beta 2.38, 52-week range 3.20–35.72 USD. Latest reported quarter (Q2 2026): revenue of 124.9 k USD (+3,022.9% YoY), net income of -2.9 m USD, diluted EPS -0.35 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
37.8 m USD
shares as of 05 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -55.37 · TTM to 30 Jun 2026
E/P (TTM)
-1,246.97%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
2.38
Volatility (1y) 205%
52-week range
3.2035.72

Price history

Loading chart…

Technical reading

RSI (14)
41.7
weak (30–45)
Bollinger (20, 2)
3.58 – 5.56
in the lower half of the band · %B 0.43 · band width 43.3%
SMA 50 / 200
5.93 / 7.24
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.47 / -0.56
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−18.2%−2.0%−16.2 pp—
3 months−30.8%−2.2%−28.7 pp—
6 months−17.2%+4.3%−21.4 pp—
Year to date−37.4%+10.6%−47.9 pp—
1 year−57.2%+10.5%−67.7 pp−60.2%
3 years−99.2%+73.7%−172.8 pp−43.2%
5 yearsunavailable+61.7%unavailable—
Max drawdown (1y)
−89.0%
05 Jun 2026 → 02 Nov 2026
Max drawdown (5y)
−99.5%
21 Nov 2023 → 21 May 2025
Compound annual growth (5y)
unavailable
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
124.9 k USD
+3,022.9% YoY
Net income
-2.9 m USD
unavailable YoY
Diluted EPS
-0.35
unavailable YoY
net / operating
-2,311.0% / -1,094.6%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue———4.0 k9.4 k085.4 k124.9 k
Cost of revenue———2.3 k4.3 k01.7 k0 ≈
Gross profit———1.7 k5.0 k083.7 k124.9 k
Research & development459.8 k785.6 k1.4 m399.5 k523.6 k1.1 m402.4 k370.8 k
SG&A3.7 m1.6 m1.8 m1.4 m1.2 m5.1 m1.5 m1.1 m
Operating income-4.2 m-2.4 m-3.1 m-1.8 m-1.7 m-6.3 m-1.8 m-1.4 m
Depreciation & amortisation101.5 k ≈51.7 k69.9 k68.5 k ≈68.5 k ≈87.6 k67.4 k67.4 k ≈
Interest expense22.9 k321.1 k106.4 k112.5 k112.4 k-222.3 k147.2 k153.6 k
Pre-tax income-6.6 m-15.3 m9.2 m-2.1 m-4.1 m-44.0 m-1.4 m-2.9 m
Income tax0———————
Net income-9.7 m-12.1 m9.2 m-2.1 m-4.1 m-44.0 m-1.4 m-2.9 m
Diluted EPS-4.41-4.39 ≈-0.30-0.70-1.33-53.51 ≈-0.18-0.35
Operating cash flow-2.1 m ≈-1.7 m-2.3 m-913.7 k ≈-351.8 k ≈-928.9 k-141.9 k-4.0 m ≈
Capex————0 ≈0——

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2022202320242025
Revenueunavailable6.9 kunavailable13.4 k
Revenue YoYunavailableunavailableunavailableunavailable
Net income593.9 k-5.3 m-32.4 m-41.0 m
Net income YoYunavailable−996.5%unavailableunavailable
Diluted EPSunavailable-0.08-15.80-10.39
Diluted EPS YoYunavailableunavailableunavailableunavailable
net %unavailable-76,679.5%unavailable-307,146.1%
Free cash flowunavailableunavailableunavailable-4.7 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
204.7 k USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
-7.2 m USD
Total assets
4.8 m USD
Debt / equity
unavailable
Current ratio
unavailable
ROE
unavailable
ROA
-643.1%
FCF margin
-34,865.3%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
6.9 k
2024
—
2025
13.4 k

SEC (XBRL)· 15 Apr 2026verified

Cost of revenue
2023
—
2024
—
2025
6.6 k

SEC (XBRL)· 15 Apr 2026verified

Gross profit
2023
6.9 k
2024
—
2025
6.7 k

SEC (XBRL)· 15 Apr 2026verified

Research & development
2023
3.0 m
2024
2.4 m
2025
3.4 m

SEC (XBRL)· 15 Apr 2026verified

SG&A
2023
2.3 m
2024
10.9 m
2025
9.5 m

SEC (XBRL)· 15 Apr 2026verified

Operating income
2023
-5.3 m
2024
-13.3 m
2025
-12.9 m

SEC (XBRL)· 15 Apr 2026verified

Depreciation & amortisation
2023
552.9 k
2024
350.5 k
2025
294.4 k

SEC (XBRL)· 15 Apr 2026verified

EBITDA
2023
-4.8 m ≈
2024
-12.9 m ≈
2025
-12.6 m ≈

SEC (XBRL)· 15 Apr 2026derived

Interest expense
2023
—
2024
367.0 k
2025
109.0 k

SEC (XBRL)· 15 Apr 2026verified

Pre-tax income
2023
-5.3 m
2024
-32.4 m
2025
-41.0 m

SEC (XBRL)· 15 Apr 2026verified

Income tax
2023
—
2024
—
2025
—

SEC (XBRL)· 17 Mar 2023verified

Net income
2023
-5.3 m
2024
-32.4 m
2025
-41.0 m

SEC (XBRL)· 15 Apr 2026verified

Diluted EPS
2023
-0.08
2024
-15.80
2025
-10.39

SEC (XBRL)· 15 Apr 2026verified

Weighted average diluted shares
2023
69.8 m
2024
2.1 m
2025
3.9 m

SEC (XBRL)· 15 Apr 2026verified

Balance sheet · USD

Cash
2023
780
2024
3.4 m
2025
204.7 k

SEC (XBRL)· 15 Apr 2026verified

Receivables
2023
2.2 k
2024
999
2025
5.1 k

SEC (XBRL)· 15 Apr 2026verified

Inventories
2023
22.7 k
2024
24.4 k
2025
24.4 k

SEC (XBRL)· 15 Apr 2026verified

Current assets
2023
258.1 k
2024
3.9 m
2025
783.2 k

SEC (XBRL)· 15 Apr 2026verified

Property, plant & equipment, net
2023
2.3 m
2024
2.1 m
2025
2.0 m

SEC (XBRL)· 15 Apr 2026verified

Intangibles (excl. goodwill)
2023
—
2024
2.0 m
2025
2.0 m

SEC (XBRL)· 15 Apr 2026verified

Total assets
2023
4.4 m
2024
8.0 m
2025
4.8 m

SEC (XBRL)· 15 Apr 2026verified

Accounts payable
2023
144.9 k
2024
2.1 m
2025
3.5 m

SEC (XBRL)· 15 Apr 2026verified

Current liabilities
2023
—
2024
—
2025
—

SEC (XBRL)· 17 Mar 2023verified

Total liabilities
2023
1.0 m
2024
30.9 m
2025
12.0 m

SEC (XBRL)· 15 Apr 2026verified

Equity
2023
3.4 m †
2024
-22.9 m †
2025
-7.2 m †

SEC (XBRL)· 15 Apr 2026verified

Cash flow · USD

Operating cash flow
2023
-4.1 m
2024
-7.4 m
2025
-4.5 m

SEC (XBRL)· 15 Apr 2026verified

Capex
2023
—
2024
—
2025
117.8 k

SEC (XBRL)· 15 Apr 2026verified

Free cash flow
2023
—
2024
—
2025
-4.7 m ≈

SEC (XBRL)· 15 Apr 2026derived

Investing cash flow
2023
-376.2 k
2024
-246.1 k
2025
-240.7 k

SEC (XBRL)· 15 Apr 2026verified

Financing cash flow
2023
3.8 m
2024
11.0 m
2025
1.6 m

SEC (XBRL)· 15 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
unavailable
input data missing
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
97.3%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-4,939.6%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-5,072.0%
computed by olivLawTTM to 30 Jun 2026
Net margin
-23,852.8%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-2,509.8%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-1,382.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-278.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-58.4x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
-5.4 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
117.8 k USD
computed by olivLawFY 2025
Free cash flow
-5.5 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
43 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
186,060 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
37.8 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-1,247.0%
computed by olivLawTTM to 30 Jun 2026
P/B
1.7x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
172.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-14.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 40.4% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

4.44 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 37.8 m USD

Key indicators

Market capitalisation
37.8 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.7x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-1,382.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-23,852.8%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 05 Aug 2026
Source: SEC (XBRL)published 06 Aug 2026
verified 519derived 41

Score by group

40% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)

no valuation method could be computed

Multiple comparisons use the SIC vertical: Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 40.4% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Quality97.3%100 (on a fixed band)26%
EBIT margin · Quality-5,072.0%0 (vs peers)21%
FCF margin · Quality-2,509.8%0 (on a fixed band)21%
Revenue CAGR 3Y · Growthunavailableunavailable—
Revenue growth (YoY) · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheetunavailableunavailable—
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuation-14.6%0 (on a fixed band)32%
Shareholder yield (distributions) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/2 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality38/100 · 3/3 factors with a value
  • Returns· partialunavailable · 0/1 factors with a value
  • Valuation· partial0/100 · 1/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

SOLIDION TECHNOLOGY, INC. (STI). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 13.3 k USD in 2025; net margin -23,852.8%; ROE -1,382.4%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 40.4% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Gross margin: 97.3%

What contradicts it

  • EBIT margin: -5,072.0%
  • FCF margin: -2,509.8%
  • FCF yield: -14.6%

Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, Revenue growth (YoY), Net debt / EBITDA, Current ratio, EV/Sales, Shareholder yield (distributions).

Versus the vertical median

Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690) · same industry (4-digit SIC) · compared with 38 companies

Multiples and returns vs the median

P/E
—
vertical median 21.3x
EV/EBITDA
—
vertical median 11.5x
P/S
172.0x
vertical median 1.3x
above median (+13,618.7%)
P/B
1.7x
vertical median 1.7x
at median
ROE
-1,382.4%
vertical median -36.1%
below median
Net margin
-23,852.8%
vertical median -51.4%
below median
EBIT margin
-5,072.0%
vertical median -41.2%
below median
Revenue YoY
—
vertical median 8.0%
Net debt/EBITDA
—
vertical median 1.2x
Dividend yield
—
vertical median 1.7%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ENSEnerSys5.6 bn16.718.4%9.3%+3.7%+9% / +76%
NOVTNovanta Inc.5.5 bn92.85.1%6.0%+3.3%+28% / +1%
ATKRAtkore Inc.3.2 bn—-11.9%-5.5%−11.0%+37% / −24%
SPBSpectrum Brands Holdings, Inc.2.1 bn28.04.2%2.8%−5.2%+54% / +32%
NVXNOVONIX Ltd1.9 bn—-62.0%-1,650.8%−4.1%−81% / −88%
ENREnergizer Holdings, Inc.1.7 bn21.342.2%2.7%+2.3%+38% / −18%
AMPXAmprius Technologies, Inc.1.2 bn—-36.1%-33.4%+202.1%−25% / +106%
EMATEvolution Metals & Technologies Corp.1.2 bn———unavailableunavailable / unavailable
EOSEEos Energy Enterprises, Inc.779.3 m——-246.8%+631.8%−86% / +95%
ENVXEnovix Corporation612.3 m—-82.2%-473.9%+37.9%−64% / −75%
NRGVEnergy Vault Holdings, Inc.578.2 m—-225.9%-48.6%+340.9%−8% / +38%
SLDPSolid Power, Inc.513.4 m—-20.6%-816.4%+8.0%−57% / +60%
FLNCFluence Energy, Inc.312.1 m—-20.7%-3.1%−16.1%−69% / −76%
CHPTChargePoint Holdings, Inc.306.4 m—-1,015.1%-40.6%−1.4%+39% / −69%
SESSES AI Corporation286.4 m—-31.2%-289.6%+929.4%−60% / −63%
ULBIEnerSys260.3 m1.4-4.8%-3.5%+16.2%+175% / +109%
MVSTMicrovast Holdings, Inc.255.7 m—11.4%13.9%+12.6%−81% / −43%
ELVAElectrovaya Inc.173.4 m—-673.8%-3.4%+170.8%+7% / +94%
ELPWElong Power Holding Ltd.145.7 m——-271.3%+430.7%−100% / −100%
NEOVNeoVolta, Inc.134.6 m—-101.1%-161.0%+58.2%−44% / +28%
GAUZGauzy Ltd.127.5 m——-51.4%+32.8%−86% / unavailable
BYRNByrna Technologies Inc.97.4 m—-14.9%-9.2%+37.7%−77% / −29%
EPOWE-Power Inc.88.8 m——-35.8%−28.6%−88% / −87%
BLNKBlink Charging Co.65.4 m—-79.9%-52.2%−18.0%−66% / −86%
STISolidion Technology, Inc.37.8 m—-1,382.4%-23,852.8%unavailable−57% / −99%

1- and 3-year price returns: for STI from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Solidion Technology Inc. (Nasdaq: STI) develops silicon-based anode materials, flame-retardant electrolytes and solid-state batteries for electric vehicles, energy storage and AI data centers. In the second quarter of 2026 the company reported revenue of $124,914, and a $35 million private placement has, according to the company, removed the earlier going-concern doubt 3.

SWOT

Strengths

  • An extensive patent portfolio and a silane-free process design that could lower production costs 1.
  • A strengthened balance sheet after the June 2026 private placement and the removal of part of the derivative liability 3.
  • Partnerships with research laboratories and government bodies that give access to research funding 23.

Weaknesses

  • Revenue is very small, and quarterly results rely largely on grants rather than product sales 3.
  • Repeated net losses and reliance on outside capital to fund production and research 3.
  • Many technologies are still at prototype stage, and safety testing for vehicles is not yet complete 1.

Opportunities

  • A definitive contract with the energy storage system maker could add significant revenue over the next 12 months, if the MOU becomes binding 2.
  • Demand for UPS systems in AI data centers and for space batteries could diversify the revenue base 3.
  • U.S.-based production of SiOx anodes with Giga Solar and Bluestar could reduce reliance on foreign supply chains 1.

Threats

  • Competition from established cell and materials makers could reduce the company's market share 1.
  • Dilution from new private placements and warrant conversions could weigh on per-share performance 23.
  • Failure in safety tests or in integration with OEM equipment could delay commercialization 1.

Risks

  • Going-concern uncertaintyhigh

    The company previously disclosed substantial doubt about its ability to continue as a going concern; if access to capital tightens, production plans could be delayed 3.

  • Dilution from warrant conversions and placementshigh

    The conversion of warrants and new share issuances could reduce value per share for existing shareholders 2.

  • Battery performance defectsmedium

    If cells do not perform to specification, the company could lose contracts and bear product recall costs 1.

  • Dependence on suppliers and equipmentmedium

    Complex equipment and limited suppliers could delay production scale-up or raise costs 1.

  • Shareholder concentrationmedium

    After the warrant conversion, one group of investors holds a major share of the stock, which could influence corporate decisions 2.

Investment thesis

What would need to be true (bull case)

  • If the MOU with the energy storage system maker becomes a definitive agreement, revenue could rise substantially from its current level 2.
  • The recent private placement has strengthened the balance sheet, which could allow funding for cell commercialization and UPS systems 3.
  • An extensive patent portfolio and silane-free processes could offer a cost advantage over competitors if production scales up 1.

What would break the thesis

  • Revenue remains very small and net losses have recurred, which could force the company to issue more shares 3.
  • Most products are still at prototype stage, and the safety testing needed for vehicles is not complete 1.
  • Warrant conversions and share placements could continue to dilute existing shareholders 23.

What to watch

  • Confirmation of a definitive contract with the energy storage system maker2026
  • Commercial availability of the PEAK Series UPS system for data centers2026
  • Financial results and sales revenue excluding grantsQ3 2026
  • Changes in shares outstanding and any new placementsnext 10-Q

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Solidion is a battery technology company headquartered in Dallas, Texas, with research, development and manufacturing operations in Dayton, Ohio 1. It focuses on silicon-rich anode materials, fire-retardant electrolytes and solid-state batteries, using technologies such as elastomer protection and biochar-derived anodes 1. According to the quarterly filing, its patent portfolio grew from over 345 to over 385 patents 13.

The company became public in February 2024 through the merger of Nubia Brand International Corp., a special purpose acquisition company, with Honeycomb Battery Company 1. From 2025 it has moved toward commercializing cells and battery systems, including a UPS system for AI data centers and batteries for space applications 3. Revenue is still very small, and in the second quarter of 2026 most of it came from government grants 3.

The company has received grants from the U.S. Department of Energy, ARPA-E and the U.S. Army, and the sources describe these projects as competitively funded 23. Separately, it restructured its August 2024 equity financing last year, eliminating the Series C and D warrants, which reduced the risk of future dilution 3.

Segments

Anode materials

The anode materials line includes biochar-based graphite with capacity above 340 mAh/g and silicon and SiOx anode materials with specific capacities between 1,300 and 2,800 mAh/g, aimed at EVs, energy storage and consumer electronics 2. The company says these materials could increase EV driving range by 20-30% at scale production 2.

Cells and battery systems

The company has developed a high-energy 5.5Ah 21700 cylindrical cell with an energy density of 305 Wh/kg and continuous power above 2C 2. In 2026 it unveiled a PEAK Series UPS system for AI data centers, with commercial availability expected in 2026, and a 9.5Ah pouch cell for drones 3.

Electrolytes and solid-state batteries

The FireShield and quasi-solid electrolytes are designed to fit into existing lithium-ion production lines 1. The company has also announced its Gen-ECB platform for satellites and space applications, but these are largely at prototype and demonstration stage 3.

Market context

The markets Solidion addresses include electric vehicles, energy storage and backup power for AI data centers, where demand for high energy density and safety is growing 13. The sources, however, only describe market size as an assumption; the company cites a potential $4 to $6 million of revenue over 12 months from its non-binding MOU, which is not a binding contract 2.

The company has said that as commercial space activity accelerates, demand for reliable batteries for satellites and space stations could rise 3. That could open a new revenue source, but it remains a conditional direction that depends on product development and future contracts.

Trends

  • Vehicle and transport electrificationtailwind

    Growing EV adoption could support demand for high-energy-density anodes if safety tests and OEM qualifications are completed successfully 1.

  • Power demand from AI data centerstailwind

    UPS systems for AI data centers are a new market for the company, but commercial availability is still expected and depends on partner integration 3.

  • Public grant fundingmixed

    Grants from DOE, ARPA-E and the U.S. Army can support research, but they are not recurring revenue and may be limited in time 23.

  • Financing pressure on small companiesheadwind

    The company reported a significant going-concern doubt and repeated net losses, which could limit its ability to fund production scale-up if access to capital tightens 3.

Competitive position

The company's stated advantages are its silane-free and CVD-free processes, electrolytes compatible with existing lines, and its patent portfolio 1. The sources do not identify U.S.-listed competitors, and no other share or market figures are provided for this profile.

  • Petroleum-based graphite anode producers

    Companies using petroleum coke and pitch as feedstock, which Solidion presents as a higher-carbon alternative.

  • Silane-based silicon anode producers

    Companies using silane gas and CVD processes, which Solidion contrasts with its silane-free process.

  • SiOx partners Giga Solar Materials and Bluestar Materials

    Partners in the SiOx anode production project in the U.S.; they may also be viewed as potential competitors in the materials market.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Solidion Technology Inc. · 15 Apr 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Solidion Technology Inc. · 06 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Solidion Technology Inc. · 12 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.