Solid Power Reports Second Quarter 2024 Results
Solid Power (Nasdaq: SLDP), a developer of solid-state battery technology, reported its Q2 2024 financial results. The company generated $5.1M in revenue, up $0.2M YoY, and $11.0M for H1 2024, up by $2.3M. However, the operating loss was $26.9M, and net loss was $22.3M, or $0.13 per share. For H1 2024, the operating loss was $52.7M, and net loss was $43.5M, or $0.24 per share. Solid Power's liquidity remains strong at $358.8M as of June 30, 2024. The company highlighted progress in electrolyte sampling, A-2 cell design advancements, and meeting R&D milestones. Despite positive developments, management has revised 2024 revenue expectations to $16M-$20M due to slower revenue recognition from SK On agreements and delays in electrolyte sales.
Solid Power (Nasdaq: SLDP), un sviluppatore di tecnologia per batterie a stato solido, ha riportato i risultati finanziari del secondo trimestre del 2024. L'azienda ha generato ricavi per 5,1 milioni di dollari, in aumento di 0,2 milioni di dollari rispetto all'anno precedente, e 11,0 milioni di dollari per il primo semestre del 2024, con un incremento di 2,3 milioni di dollari. Tuttavia, la perdita operativa è stata di 26,9 milioni di dollari, mentre la perdita netta è stata di 22,3 milioni di dollari, pari a 0,13 dollari per azione. Per il primo semestre del 2024, la perdita operativa è stata di 52,7 milioni di dollari e la perdita netta è stata di 43,5 milioni di dollari, corrispondente a 0,24 dollari per azione. La liquidità di Solid Power rimane robusta a 358,8 milioni di dollari al 30 giugno 2024. L'azienda ha evidenziato progressi nel campionamento degli elettroliti, nei miglioramenti nel design delle celle A-2 e nel raggiungimento degli obiettivi di R&D. Nonostante gli sviluppi positivi, la direzione ha rivisto le aspettative di ricavi per il 2024 a 16 milioni - 20 milioni di dollari a causa di un riconoscimento più lento dei ricavi dai contratti con SK On e ritardi nelle vendite degli elettroliti.
Solid Power (Nasdaq: SLDP), un desarrollador de tecnología de baterías de estado sólido, informó sobre sus resultados financieros del segundo trimestre de 2024. La compañía generó 5,1 millones de dólares en ingresos, un aumento de 0,2 millones en comparación con el año anterior, y 11,0 millones de dólares para el primer semestre de 2024, incrementándose en 2,3 millones. Sin embargo, la pérdida operativa fue de 26,9 millones de dólares, y la pérdida neta fue de 22,3 millones de dólares, o 0,13 dólares por acción. Para el primer semestre de 2024, la pérdida operativa fue de 52,7 millones de dólares y la pérdida neta fue de 43,5 millones de dólares, o 0,24 dólares por acción. La liquidez de Solid Power se mantiene sólida en 358,8 millones de dólares al 30 de junio de 2024. La empresa destacó avances en el muestreo de electrolitos, mejoras en el diseño de celdas A-2 y el cumplimiento de hitos de I+D. A pesar de los desarrollos positivos, la dirección ha revisado las expectativas de ingresos para 2024 a 16 millones - 20 millones de dólares debido al reconocimiento de ingresos más lento de los acuerdos con SK On y retrasos en las ventas de electrolitos.
Solid Power (Nasdaq: SLDP)는 고체 배터리 기술을 개발하는 회사로 2024년 2분기 재무 결과를 발표했습니다. 이 회사는 510만 달러의 수익을 올렸으며, 작년 대비 20만 달러 증가했으며, 2024년 상반기에는 1,100만 달러의 수익을 기록하여 230만 달러 증가했습니다. 그러나 운영 손실은 2,690만 달러였으며, 순손실은 2,230만 달러로, 주당 0.13달러에 해당합니다. 2024년 상반기에는 운영 손실이 5,270만 달러였고, 순손실은 4,350만 달러로, 주당 0.24달러에 해당합니다. Solid Power의 유동성은 2024년 6월 30일 기준으로 3억 5,880만 달러로 여전히 강한 상태입니다. 이 회사는 전해질 샘플링, A-2 셀 디자인 개선 및 연구 개발 이정표 달성의 발전을 강조했습니다. 긍정적인 발전에도 불구하고 경영진은 SK On 계약으로 인한 수익 인식 지연과 전해질 판매 지연으로 인해 2024년 수익 예상치를 1,600만 달러에서 2,000만 달러로 수정했습니다.
Solid Power (Nasdaq: SLDP), un développeur de technologie de batteries à état solide, a annoncé ses résultats financiers pour le deuxième trimestre de 2024. L'entreprise a généré 5,1 millions de dollars de revenus, soit une hausse de 0,2 million par rapport à l'année précédente, et 11,0 millions de dollars pour le premier semestre de 2024, soit une augmentation de 2,3 millions de dollars. Cependant, la perte d'exploitation s'est élevée à 26,9 millions de dollars, et la perte nette était de 22,3 millions de dollars, soit 0,13 dollar par action. Pour le premier semestre de 2024, la perte d'exploitation a été de 52,7 millions de dollars, et la perte nette a été de 43,5 millions de dollars, soit 0,24 dollar par action. La liquidité de Solid Power reste solide à 358,8 millions de dollars au 30 juin 2024. L'entreprise a souligné des progrès dans l'échantillonnage d'électrolytes, des avancées dans la conception des cellules A-2 et l'atteinte des objectifs de R&D. Malgré ces développements positifs, la direction a révisé les prévisions de revenus pour 2024 à 16 millions - 20 millions de dollars en raison d'une reconnaissance de revenus plus lente des contrats avec SK On et de retards dans les ventes d'électrolytes.
Solid Power (Nasdaq: SLDP), ein Entwickler von Festkörperbatterietechnologie, hat seine Finanzergebnisse für das 2. Quartal 2024 veröffentlicht. Das Unternehmen erzielte einen Umsatz von 5,1 Millionen Dollar, was einem Anstieg von 0,2 Millionen Dollar im Vergleich zum Vorjahr entspricht, und 11,0 Millionen Dollar im ersten Halbjahr 2024, was einem Anstieg von 2,3 Millionen Dollar entspricht. Die operativen Verluste beliefen sich jedoch auf 26,9 Millionen Dollar, und der Nettoverlust lag bei 22,3 Millionen Dollar, oder 0,13 Dollar pro Aktie. Für das erste Halbjahr 2024 betrug der operative Verlust 52,7 Millionen Dollar und der Nettoverlust 43,5 Millionen Dollar, oder 0,24 Dollar pro Aktie. Die Liquidität von Solid Power bleibt am 30. Juni 2024 mit 358,8 Millionen Dollar stark. Das Unternehmen betonte Fortschritte bei der Elektrolytentwicklung, Verbesserungen im Design der A-2-Zellen und das Erreichen von Forschungs- und Entwicklungsmeilensteinen. Trotz positiver Entwicklungen hat das Management die Umsatzprognosen für 2024 auf 16 Millionen bis 20 Millionen Dollar aufgrund langsamerer Umsatzrealisierung aus den Vereinbarungen mit SK On und Verzögerungen bei den Elektrolytverkäufen revidiert.
- Revenue increased by $0.2M YoY, reaching $5.1M in Q2 2024.
- Strong liquidity position with $358.8M as of June 30, 2024.
- Progress in electrolyte sampling and A-2 cell design advancements.
- Operating loss of $26.9M in Q2 2024.
- Net loss of $22.3M or $0.13 per share in Q2 2024.
- Lowered 2024 revenue expectations to $16M-$20M.
Insights
Solid Power's Q2 2024 results show mixed signals. Revenue increased slightly to
While the company maintains a strong liquidity position of
Solid Power's progress in solid-state battery technology is promising, albeit slow. The positive feedback from increased electrolyte sampling and shipments to potential customers indicate growing interest in their technology. Notably, the company has completed the first milestone in its R&D License Agreement with SK On and is making significant progress on the Line Installation Agreement.
The advancement in A-2 sample cell designs is important for moving towards commercialization. However, the slower-than-anticipated revenue recognition from SK On agreements suggests potential challenges in technology transfer or implementation. The company's focus on expanding electrolyte capabilities and strengthening its presence in the Korean battery ecosystem demonstrates a strategic approach to market penetration, but execution risks remain high in this competitive and rapidly evolving sector.
Solid Power's market position in the solid-state battery sector remains uncertain. While the company is making progress with its technology and partnerships, the revised revenue outlook raises questions about market adoption rates. The solid-state battery market is highly competitive, with major players like QuantumScape and Toyota also vying for dominance.
The company's strong liquidity position of
LOUISVILLE, Colo., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Solid Power, Inc. (Nasdaq: SLDP), a leading developer of solid-state battery technology, today announced its operational and financial results for the second quarter of 2024.
Recent Business Highlights
- Received positive feedback from increased electrolyte sampling and made shipments to potential customers
- Completed the first milestone on our R&D License Agreement and made significant progress on deliverables under the Line Installation Agreement with SK On
- Continued advancements in A-2 sample cell designs and execution on agreements with partners
“In the second quarter we made meaningful progress on our strategic milestones outlined at the beginning of the year. Electrolyte sampling is increasing with potential customers, and we continue to receive positive feedback,” said John Van Scoter, President and Chief Executive Officer of Solid Power. “We are on track for the second half of the year in terms of our technology, materials development and partner agreements, and we have a strong balance sheet with which to execute our strategy.”
Second Quarter 2024 Financial Highlights
Solid Power delivered
Second quarter and first half 2024 operating expenses were higher than the same periods in 2023, driven by increased production costs and labor associated with cell and electrolyte development, scaling of operations, and execution under joint development agreements and other collaborative arrangements. Second quarter 2024 operating loss was
Balance Sheet and Liquidity
Solid Power’s liquidity position remains strong. Total liquidity as of June 30, 2024, was
| (in thousands) | June 30, 2024 | December 31, 2023 | |||||
| Cash and cash equivalents | $ | 30,638 | $ | 34,537 | |||
| Marketable securities | 109,882 | 141,505 | |||||
| Investments | 218,313 | 239,566 | |||||
| Total liquidity | $ | 358,833 | $ | 415,608 | |||
As of June 30, 2024, contract receivables and contract receivables from related parties were
Second quarter and first half 2024 capital expenditures totaled
Through the date of this release, the company has purchased 5.0 million shares of its common stock at an average purchase price of
2024 Outlook
Solid Power remains committed to delivering on the following key objectives for 2024:
- Expand electrolyte capabilities and available market through increased production and a robust sampling program,
- Advance cell designs to A-2 Sample specifications,
- Execute on key milestones and commitments to our joint development partners, and
- Strengthen Korea presence and embed Solid Power into the Korean battery ecosystem.
The company continues to expect 2024 cash used in operations to be in the range of
While the company remains on track to achieve its goals for 2024, management has lowered its expectation for 2024 revenue to be in the range of
Webcast and Conference Call
Solid Power will host a conference call at 2:30 p.m. MT (4:30 p.m. ET) today, August 6, 2024. Participating on the call will be John Van Scoter, President and Chief Executive Officer, and Linda Heller, Chief Financial Officer.
Interested investors and other parties can listen to a webcast of the live conference call through Solid Power’s Investor Relations website at https://www.solidpowerbattery.com/investor-relations.
The conference call can also be accessed live over the phone by dialing +1-844-808-7138 (domestic) or +1-412-317-0536 (international).
A recording of the conference call will be available approximately three hours after the completion of the call at https://www.solidpowerbattery.com/investor-relations or by dialing +1-844-512-2921 (domestic), or +1-412-317-6671 (international). The pin number for the replay is 10187562. The replay will be available until 9:59 p.m. MT (11:59 p.m. ET) on August 20, 2024.
About Solid Power, Inc.
Solid Power is developing solid-state battery technology to enable the next generation of batteries for the fast-growing EV and other markets. Solid Power’s core technology is its electrolyte material, which Solid Power believes can enable extended driving range, longer battery life, improved safety, and lower cost compared to traditional lithium-ion. Solid Power’s business model – selling its electrolyte to cell manufacturers and licensing its cell designs and manufacturing processes – distinguishes the company from many of its competitors who plan to be commercial battery manufacturers. Ultimately, Solid Power endeavors to be a leading producer and distributor of sulfide-based solid electrolyte material for powering both EVs and other applications. For more information, visit http://www.solidpowerbattery.com/.
Forward-Looking Statements
All statements other than statements of present or historical fact contained herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including Solid Power’s or its management team’s expectations, objectives, beliefs, intentions or strategies regarding the future. When used herein, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “plan,” “outlook,” “seek,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements include our financial guidance for 2024, future financial performance and our strategy, expansion plans, market opportunity, future operations, future operating results, estimated revenues, losses, projected costs, prospects, and plans and objectives of management. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Solid Power disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Readers are cautioned not to put undue reliance on forward-looking statements and Solid Power cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Solid Power, including the following factors: (i) risks relating to the uncertainty of the success of our research and development efforts, including our ability to achieve the technological objectives or results that our partners require, and our ability to commercialize our technology in advance of competing technologies; (ii) rollout of our business plan and the timing of expected business milestones; (iii) risks relating to the non-exclusive nature of our original equipment manufacturer and other partner relationships and our ability to manage these business relationships; (iv) our ability to negotiate and execute commercial agreements with our partners on commercially reasonable terms; (v) our ability to protect and maintain our intellectual property, including in jurisdictions outside of the United States; (vi) broad market adoption of battery electric vehicles and other technologies where we are able to deploy our technology, if developed successfully; (vii) our success attracting and retaining our executive officers, key employees, and other qualified personnel; (viii) changes in applicable laws or regulations; (ix) risks relating to our information technology infrastructure and data security breaches; (x) risks relating to our status as a research and development stage company with a history of financial losses with an expectation of incurring significant expenses and continuing losses for the foreseeable future; (xi) our ability to secure government contracts and grants and the availability of government subsidies and economic incentives; (xii) delays in the construction and operation of additional facilities; and (xiii) risks relating to other economic, business, or competitive factors in the United States and other jurisdictions, including supply chain interruptions and changes in market conditions, and our ability to manage these risks and uncertainties. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the “Risk Factors” sections of Solid Power’s Annual Report on Form 10-K for the year ended December 31, 2023 and other documents filed by Solid Power from time to time with the Securities and Exchange Commission (the “SEC”), all of which are available on the SEC’s website at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Solid Power gives no assurance that it will achieve its expectations.
Contacts
investors@solidpowerbattery.com
press@solidpowerbattery.com
Source: Solid Power, Inc.
| Solid Power, Inc. Condensed Consolidated Balance Sheets (in thousands, except par value and number of shares) | |||||||
| June 30, 2024 (Unaudited) | December 31, 2023 | ||||||
| Assets | |||||||
| Current Assets | |||||||
| Cash and cash equivalents | $ | 30,638 | $ | 34,537 | |||
| Marketable securities | 109,882 | 141,505 | |||||
| Contract receivables | 7,766 | 1,553 | |||||
| Contract receivables from related parties | 4,581 | — | |||||
| Prepaid expenses and other current assets | 7,959 | 5,523 | |||||
| Total current assets | 160,826 | 183,118 | |||||
| Long-Term Assets | |||||||
| Property, plant and equipment, net | 99,727 | 99,156 | |||||
| Right-of-use operating lease assets, net | 6,852 | 7,154 | |||||
| Right-of-use finance lease assets, net | 972 | 1,088 | |||||
| Investments | 218,313 | 239,566 | |||||
| Intangible assets, net | 1,912 | 1,650 | |||||
| Other assets | 4,025 | 1,060 | |||||
| Total long-term assets | 331,801 | 349,674 | |||||
| Total assets | $ | 492,627 | $ | 532,792 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current Liabilities | |||||||
| Accounts payable and other accrued liabilities | 7,285 | 6,455 | |||||
| Deferred revenue | 10,075 | 1 | |||||
| Deferred revenue from related parties | — | 828 | |||||
| Accrued compensation | 4,559 | 7,590 | |||||
| Operating lease liabilities | 668 | 626 | |||||
| Finance lease liabilities | 362 | 379 | |||||
| Total current liabilities | 22,949 | 15,879 | |||||
| Long-Term Liabilities | |||||||
| Warrant liabilities | 4,025 | 4,227 | |||||
| Operating lease liabilities | 7,649 | 7,996 | |||||
| Finance lease liabilities | 381 | 552 | |||||
| Other liabilities | 845 | 803 | |||||
| Total long-term liabilities | 12,900 | 13,578 | |||||
| Total liabilities | 35,849 | 29,457 | |||||
| Stockholders’ Equity | |||||||
| Common Stock, | 18 | 18 | |||||
| Additional paid-in capital | 586,029 | 588,515 | |||||
| Accumulated deficit | (128,120 | ) | (84,639 | ) | |||
| Accumulated other comprehensive loss | (1,149 | ) | (559 | ) | |||
| Total stockholders’ equity | 456,778 | 503,335 | |||||
| Total liabilities and stockholders’ equity | $ | 492,627 | $ | 532,792 | |||
| Solid Power, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (in thousands, except number of shares and per share amounts) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 5,075 | $ | 4,906 | $ | 11,028 | $ | 8,698 | |||||||
| Operating Expenses | |||||||||||||||
| Direct costs | 5,437 | 6,897 | 9,727 | 13,171 | |||||||||||
| Research and development | 18,526 | 14,508 | 37,400 | 26,156 | |||||||||||
| Selling, general and administrative | 8,049 | 5,673 | 16,619 | 12,862 | |||||||||||
| Total operating expenses | 32,012 | 27,078 | 63,746 | 52,189 | |||||||||||
| Operating Loss | (26,937 | ) | (22,172 | ) | (52,718 | ) | (43,491 | ) | |||||||
| Nonoperating Income and Expense | |||||||||||||||
| Interest income | 4,520 | 4,993 | 9,637 | 9,827 | |||||||||||
| Change in fair value of warrant liabilities | 703 | 4,987 | 202 | 2,325 | |||||||||||
| Interest expense | (49 | ) | (13 | ) | (91 | ) | (26 | ) | |||||||
| Total nonoperating income and expense | 5,174 | 9,967 | 9,748 | 12,126 | |||||||||||
| Pretax Loss | $ | (21,763 | ) | $ | (12,205 | ) | $ | (42,970 | ) | $ | (31,365 | ) | |||
| Income tax expense | 511 | — | 511 | — | |||||||||||
| Net Loss Attributable to Common Stockholders | $ | (22,274 | ) | $ | (12,205 | ) | $ | (43,481 | ) | $ | (31,365 | ) | |||
| Other Comprehensive Income (Loss) | (11 | ) | 1,098 | (590 | ) | (213 | ) | ||||||||
| Comprehensive Loss Attributable to Common Stockholders | $ | (22,285 | ) | $ | (11,107 | ) | $ | (44,071 | ) | $ | (31,578 | ) | |||
| Basic and diluted loss per share | $ | (0.13 | ) | $ | (0.07 | ) | $ | (0.24 | ) | $ | (0.18 | ) | |||
| Weighted average shares outstanding – basic and diluted | 177,588,035 | 178,063,573 | 179,186,027 | 177,502,037 | |||||||||||
| Solid Power, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) | |||||||
| Six Months Ended June 30, | |||||||
| 2024 | 2023 | ||||||
| Cash Flows from Operating Activities | |||||||
| Net loss | $ | (43,481 | ) | $ | (31,365 | ) | |
| Adjustments to reconcile net loss to net cash and cash equivalents from operating activities: | |||||||
| Depreciation and amortization | 7,974 | 4,906 | |||||
| Amortization of right-of-use assets | 417 | 372 | |||||
| Stock-based compensation expense | 5,914 | 5,145 | |||||
| Change in fair value of warrant liabilities | (202 | ) | (2,325 | ) | |||
| Accretion of discounts on other long-term liabilities | 24 | — | |||||
| Amortization of premiums and accretion of discounts on marketable securities | (4,540 | ) | (5,518 | ) | |||
| Change in operating assets and liabilities that provided (used) cash and cash equivalents: | |||||||
| Contract receivables | (6,213 | ) | (1,232 | ) | |||
| Contract receivables from related parties | (4,581 | ) | (2,151 | ) | |||
| Prepaid expenses and other assets | (2,287 | ) | (188 | ) | |||
| Accounts payable and other accrued liabilities | 884 | (297 | ) | ||||
| Deferred revenue | 10,075 | (32 | ) | ||||
| Deferred revenue from related parties | (828 | ) | (4,000 | ) | |||
| Accrued compensation | (3,030 | ) | 649 | ||||
| Operating lease liabilities | (305 | ) | (268 | ) | |||
| Net cash and cash equivalents used in operating activities | (40,179 | ) | (36,304 | ) | |||
| Cash Flows from Investing Activities | |||||||
| Purchases of property, plant and equipment | (8,460 | ) | (21,184 | ) | |||
| Purchases of marketable securities and investments | (99,548 | ) | (174,400 | ) | |||
| Proceeds from sales of marketable securities and investments | 156,135 | 210,329 | |||||
| Cash paid for note receivable to an independent contractor | (3,046 | ) | — | ||||
| Purchases of intangible assets | (270 | ) | (259 | ) | |||
| Net cash and cash equivalents provided by investing activities | 44,811 | 14,486 | |||||
| Cash Flows from Financing Activities | |||||||
| Payments of debt | — | (7 | ) | ||||
| Proceeds from exercise of stock options | 197 | 184 | |||||
| Proceeds from issuance of shares of common stock under the ESPP | 238 | 214 | |||||
| Cash paid for withholding of employee taxes related to stock-based compensation | (479 | ) | (111 | ) | |||
| Repurchase of shares of common stock | (8,274 | ) | — | ||||
| Payments on finance lease liabilities | (213 | ) | (146 | ) | |||
| Net cash and cash equivalents provided by (used in) financing activities | (8,531 | ) | 134 | ||||
| Net decrease in cash and cash equivalents | (3,899 | ) | (21,684 | ) | |||
| Cash and cash equivalents at beginning of period | 34,537 | 50,123 | |||||
| Cash and cash equivalents at end of period | 30,638 | 28,439 | |||||
| Cash paid for interest | $ | 91 | $ | 26 | |||
| Accrued capital expenditures | $ | 744 | $ | 3,591 | |||
FAQ
What was Solid Power's Q2 2024 revenue?
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