Significant reductions in cell costs must be achieved in order to realize the full commercial potential of megawatt-scale SOFC power systems. The FlexCell designed by NexTech Materials is a scalable SOFC technology that offers particular advantages over competitive technologies. In this updated topical report, NexTech analyzes its FlexCell design and fabrication process to establish manufacturing costs at both pilot scale (10 MW/year) and full-scale (250 MW/year) production levels and benchmarks this against estimated anode supported cell costs at the 250 MW scale. This analysis will show that even with conservative assumptions for yield, materials usage, and cell power density, a cost of $35 per kilowatt can be achieved at high volume. Through advancements in cell size and membrane thickness, NexTech has identified paths for achieving cell manufacturing costs as low as $27 per kilowatt for its FlexCell technology. Also in this report, NexTech analyzes the impact of raw material costs on cell cost, showing the significant increases that result if target raw material costs cannot be achieved at this volume.