Solidion Technology (Nasdaq: STI), the advanced battery developer that emerged from the 2024 merger of Global Graphene Group's Honeycomb Battery Technology with Nubia Brand International, has reported its Q2 2026 results, showing a substantially rebuilt balance sheet and a second straight quarter of revenue.
The company closed the quarter with $27.7 million in cash and cash equivalents, against $0.2 million at the end of 2025. Following the completion of its $35 million private placement in June, Solidion said the substantial doubt about its ability to continue as a going concern, previously disclosed, has been alleviated. The company also restructured its August 2024 equity financing, eliminating all Series C and D pre-funded warrants along with the associated derivative liability - a move it says reduces future dilution risk. Long-term investors Madison Bond LLC and Bayside Project LLC converted their entire warrant allocation into common stock and agreed to lock-up restrictions on those shares.
Revenue for the quarter was $124,914, up from $4,000 in the same quarter last year and from the $85,426 reported in Q1 2026, and came primarily from government grants alongside deliveries of the company's proprietary silicon anode products. Operating expenses fell to $1.49 million from $1.79 million a year earlier, which Solidion attributed to lower general and administrative costs, reduced personnel and professional services spending, and decreased R&D costs tied to battery cell commercialization and third-party validation testing of its silicon anode.
Loss from continuing operations was $1.4 million. Net loss came in at $2.9 million, or $0.35 per basic share, wider than the $2.1 million net loss a year earlier despite the lower operating expenses - the difference driven by non-cash items, including a $917,780 loss on the change in fair value of derivative liabilities and a $549,915 write-off of deferred offering costs tied to a registration statement the company withdrew in June 2026, plus $153,597 in interest expense on short-term notes.
"Solidion's much improved balance sheet reflects the commitment of long term shareholders and reaffirms the strategy of building an organization that can compete revenue wise," said Jaymes Winters, Chief Executive Officer of Solidion Technology.
The company said proceeds from the raise are earmarked for commercializing its patented Extreme-Climate Battery technology, which uses graphene's thermal conductivity and radiation resistance to regulate cell temperature for satellite, spacecraft and lunar applications, as well as for fulfilling customer demand, expanding inventory and advancing prototype development. Solidion's portfolio of over 385 patents covers graphene-enabled silicon anodes, lithium-sulfur and anode-less lithium metal chemistries. Alongside the space platform, the company is progressing its PEAK Series UPS battery system for AI data centers, built on its 5500 silicon-carbon anode cell, and a high-power 9.5Ah pouch cell for industrial and military drones.
