Solidion Technology Marks Commercial Milestone with First-Ever Quarterly Revenue
Revenue From Government Contracts and Delivery of Solidion's Proprietary Silicon Anode Validates Company's Long Term Commercialization Plan
DALLAS, May 21, 2026 /PRNewswire/ -- Solidion Technology Inc. ("Solidion" or the "Company") (Nasdaq: STI), an advanced battery technology solutions provider, today has released First Quarter 2026 Financial and Operating Results. The condensed consolidated financial statements of Solidion and additional information can be found in Solidion's Form 10-Q, filed with the Securities and Exchange Commission, May 20, 2026 (the "Form 10-Q"). This earnings release should be read together with the information contained in the Form 10-Q.
Previously Announced Recent Business Highlights
Business Development
Technological Advancements, Business Development and Corporate Updates:
CEO Statement:
"We are immensely proud to announce our first-ever quarterly revenue. This milestone is a direct result of our team's relentless execution and the strong market response to our superior energy storage technology. It proves that our vision for our commercialization is resonating with customers, establishing an extraordinary foundation for our long-term growth."
Q1 2026 Financial Highlights
See below for additional information on Solidion's operational results:
Summary of Statements of Operations for the Three Months Ended March 31, 2026 and 2025
For the
Three Months Ended
March 31,
2026
2025 (Restated)
Net sales
$
85,426
$
-
Cost of goods sold
1,696
-
Operating expenses
1,858,023
3,132,669
Total other income
343,625
12,327,299
Net (loss) income
$
(1,430,668)
$
9,194,630
Operating Expenses
Operating expenses decreased by $1,274,646 for the three months ended March 31, 2026. This decrease was primarily driven by lower general and administrative costs, including reduced personnel and professional services expenses. Additionally, there were decreased research and development costs, including personnel expenses associated with the commercialization of our battery cell products and third-party validation testing of our proprietary silicon anode.
Other Income (Expense)
Other income decreased by $11,983,674 for the three months ended March 31, 2026. This increase was largely driven by a gain of $561,350 due to a change in the fair value of derivative liabilities related to the Forward Purchase Agreement and warrants related to the March private placement financing, compared to a gain of $12,417,450 in the three months ended March 31, 2025. Additionally, there was interest expense of $147,233 primarily related to the Company's short-term notes.
About Solidion Technology, Inc.
Headquartered in Dallas, Texas with pilot production facilities in Dayton, Ohio, Solidion's (NASDAQ: STI) core business includes manufacturing of battery materials and components, as well as development and production of next-generation batteries for energy storage systems, including UPS systems serving the artificial intelligence (AI) data center market and electric vehicles for ground, aerospace, and sea transportation. Solidion holds a portfolio of over 385 patents, covering innovations such as high-capacity, silane gas free and graphene-enabled silicon anodes, biomass-based graphite, advanced lithium-sulfur and lithium-metal technologies.
For more information, please visit www.solidiontech.com or contact Investor Relations.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Solidion Technology Inc., (NASDAQ: STI) (the "Company," "Solidion," "we," "our" or "us") desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "forecasts" "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.
SOURCE Solidion Technology, Inc.