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Solid Power Reports Third Quarter 2024 Results

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Solid Power (Nasdaq: SLDP) reported its Q3 2024 results on November 7, 2024. The company was selected by the U.S. Department of Energy for a potential $50 million award to enhance sulfide-based solid electrolyte materials. Development activities have commenced in the Electrolyte Innovation Center (EIC). The company achieved all 2024 milestones under the SK On agreements and extended its joint development agreement with BMW.

Financially, Solid Power reported Q3 2024 revenue of $4.7 million, down $1.7 million YoY, primarily due to the timing of BMW JDA milestones. Year-to-date revenue was $15.7 million, up $0.6 million YoY. Operating expenses increased due to higher production and development costs. Q3 operating loss was $27.6 million, with a net loss of $22.4 million ($0.13 per share). Liquidity stood at $348.1 million as of September 30, 2024.

The company expects 2024 revenue to range between $16 million and $20 million, with total cash investment between $100 million and $120 million.

Solid Power (Nasdaq: SLDP) ha riportato i risultati del terzo trimestre 2024 il 7 novembre 2024. La società è stata selezionata dal Dipartimento dell'Energia degli Stati Uniti per un possibile premio di 50 milioni di dollari per migliorare i materiali elettrolitici solidi a base di solfuri. Sono iniziate le attività di sviluppo presso il Centro di Innovazione degli Elettroliti (EIC). L'azienda ha raggiunto tutti gli obiettivi previsti nel 2024 secondo gli accordi con SK On e ha esteso il suo accordo di sviluppo congiunto con BMW.

Dal punto di vista finanziario, Solid Power ha riportato per il terzo trimestre 2024 ricavi di 4,7 milioni di dollari, in calo di 1,7 milioni di dollari rispetto all'anno precedente, principalmente a causa della tempistica dei traguardi nell'accordo con BMW. I ricavi da inizio anno ammontano a 15,7 milioni di dollari, con un incremento di 0,6 milioni di dollari rispetto all'anno scorso. Le spese operative sono aumentate a causa dei costi più elevati di produzione e sviluppo. La perdita operativa per il terzo trimestre è stata di 27,6 milioni di dollari, con una perdita netta di 22,4 milioni di dollari (0,13 dollari per azione). La liquidità era pari a 348,1 milioni di dollari al 30 settembre 2024.

L'azienda si aspetta che i ricavi del 2024 oscillino tra 16 milioni e 20 milioni di dollari, con investimenti totali in contante compresi tra 100 milioni e 120 milioni di dollari.

Solid Power (Nasdaq: SLDP) informó sus resultados del tercer trimestre de 2024 el 7 de noviembre de 2024. La empresa fue seleccionada por el Departamento de Energía de EE.UU. para un posible premio de 50 millones de dólares para mejorar los materiales electrolíticos sólidos a base de sulfuro. Las actividades de desarrollo han comenzado en el Centro de Innovación de Electrolitos (EIC). La empresa cumplió con todos los hitos de 2024 bajo los acuerdos con SK On y amplió su acuerdo de desarrollo conjunto con BMW.

En términos financieros, Solid Power reportó ingresos del tercer trimestre de 2024 por 4,7 millones de dólares, una caída de 1,7 millones de dólares en comparación con el año anterior, principalmente debido al cronograma de los hitos del acuerdo con BMW. Los ingresos acumulados hasta la fecha fueron de 15,7 millones de dólares, un aumento de 0,6 millones de dólares en comparación con el año pasado. Los gastos operativos aumentaron debido a los costos de producción y desarrollo más altos. La pérdida operativa del tercer trimestre fue de 27,6 millones de dólares, con una pérdida neta de 22,4 millones de dólares (0,13 dólares por acción). La liquidez era de 348,1 millones de dólares al 30 de septiembre de 2024.

La empresa espera que los ingresos de 2024 oscilarán entre 16 millones y 20 millones de dólares, con una inversión total en efectivo de entre 100 millones y 120 millones de dólares.

솔리드 파워(Nasdaq: SLDP)는 2024년 3분기 실적을 2024년 11월 7일에 발표했습니다. 이 회사는 미국 에너지부에 의해 황화물 기반 고체 전해질 재료 개선을 위한 잠재적 5천만 달러 수상자로 선정되었습니다. 전해질 혁신 센터(EIC)에서 개발 활동이 시작되었습니다. 이 회사는 SK 온(SK On)과의 계약에 따라 2024년 모든 이정표를 달성했으며 BMW와의 공동 개발 계약을 연장했습니다.

재무적으로, 솔리드 파워는 2024년 3분기 매출이 470만 달러로, 전년 대비 170만 달러 감소했다고 보고했습니다. 이는 주로 BMW JDA 이정표의 타이밍 때문입니다. 올해 누적 매출은 1570만 달러로, 전년 대비 60만 달러 증가했습니다. 운영 비용은 생산 및 개발 비용 상승으로 증가했습니다. 3분기 운영 손실은 2760만 달러였으며, 순손실은 2240만 달러(주당 0.13달러)였습니다. 2024년 9월 30일 기준 유동성은 3억 4810만 달러였습니다.

회사는 2024년 매출이 1600만 달러에서 2000만 달러 사이일 것으로 예상하며, 총 현금 투자 금액은 1억 달러에서 1억 2000만 달러 사이가 될 것으로 예상하고 있습니다.

Solid Power (Nasdaq: SLDP) a publié ses résultats du troisième trimestre 2024 le 7 novembre 2024. L'entreprise a été sélectionnée par le Département de l'Énergie des États-Unis pour une récompense potentielle de 50 millions de dollars afin d'améliorer les matériaux électrolytiques solides à base de sulfure. Les activités de développement ont commencé au Centre d'Innovation des Électrolytes (EIC). L'entreprise a atteint tous les jalons de 2024 dans le cadre des accords avec SK On et a prolongé son accord de développement conjoint avec BMW.

Sur le plan financier, Solid Power a annoncé des revenus de 4,7 millions de dollars pour le troisième trimestre 2024, en baisse de 1,7 million de dollars par rapport à l'année précédente, principalement en raison du calendrier des jalons de l'accord avec BMW. Les revenus depuis le début de l'année s'élevaient à 15,7 millions de dollars, soit une augmentation de 0,6 million de dollars par rapport à l'année dernière. Les dépenses d'exploitation ont augmenté en raison de costs de production et de développement plus élevés. La perte d'exploitation pour le troisième trimestre était de 27,6 millions de dollars, avec une perte nette de 22,4 millions de dollars (0,13 dollar par action). La liquidité était de 348,1 millions de dollars au 30 septembre 2024.

L'entreprise s'attend à ce que les revenus de 2024 se situent entre 16 millions et 20 millions de dollars, avec un investissement total en espèces compris entre 100 millions et 120 millions de dollars.

Solid Power (Nasdaq: SLDP) berichtete am 7. November 2024 über die Ergebnisse des dritten Quartals 2024. Das Unternehmen wurde vom US-Energieministerium für eine mögliche Auszeichnung von 50 Millionen Dollar ausgewählt, um sulfidhaltige Festelektrolytmaterialien zu verbessern. Die Entwicklungsaktivitäten haben im Electrolyte Innovation Center (EIC) begonnen. Das Unternehmen hat alle 2024-Meilensteine gemäß den Vereinbarungen mit SK On erreicht und die gemeinsame Entwicklungsvereinbarung mit BMW verlängert.

Finanziell meldete Solid Power für das dritte Quartal 2024 Einnahmen von 4,7 Millionen Dollar, was einem Rückgang von 1,7 Millionen Dollar im Vergleich zum Vorjahr entspricht, hauptsächlich aufgrund des Zeitplans der BMW-JDA-Meilensteine. Der Umsatz von Anfang des Jahres betrug 15,7 Millionen Dollar, was einem Anstieg von 0,6 Millionen Dollar im Vergleich zum Vorjahr entspricht. Die Betriebsausgaben stiegen aufgrund höherer Produktions- und Entwicklungskosten. Der operative Verlust im dritten Quartal betrug 27,6 Millionen Dollar, mit einem Nettoverlust von 22,4 Millionen Dollar (0,13 Dollar pro Aktie). Die Liquidität betrug am 30. September 2024 348,1 Millionen Dollar.

Das Unternehmen erwartet für 2024 Einnahmen zwischen 16 Millionen und 20 Millionen Dollar, mit einem Gesamtinvestitionsbetrag von 100 Millionen bis 120 Millionen Dollar.

Positive
  • Selected by DOE for up to $50 million award.
  • Achieved all 2024 milestones under SK On agreements.
  • Extended joint development agreement with BMW.
  • Liquidity position remains strong at $348.1 million.
Negative
  • Q3 2024 revenue decreased by $1.7 million YoY.
  • Q3 2024 operating loss of $27.6 million.
  • Net loss of $22.4 million in Q3 2024.
  • Increased operating expenses due to higher production and development costs.

LOUISVILLE, Colo., Nov. 07, 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 third quarter of 2024.

Recent Business Highlights        

  • Selected by the U.S. Department of Energy for up to $50 million award negotiation for continuous production of sulfide-based solid electrolyte materials for advanced all-solid-state batteries.
  • Commenced development activities in our electrolyte innovation center, or EIC, to enhance research and development capabilities and improve pre-pilot electrolyte manufacturing processes.
  • Achieved all milestones and fully received all payments expected in 2024 under the SK On agreements. Line installation remains on track to be completed in mid-2025, following which validation activities are expected to commence.
  • Continued repeated electrolyte sampling to multiple customers and received constructive feedback, enabling electrolyte improvements.
  • Extended the BMW JDA and will continue to jointly develop cell technologies.

“The third quarter was successful on many fronts, with the major highlight being the validation we received from the DOE for our technology and business model, as we prepare to negotiate a grant for this exciting project that will expand our electrolyte production capabilities,” said John Van Scoter, President and Chief Executive Officer of Solid Power. “The team also started working in the EIC, which is a state-of-the-art electrolyte R&D and pre-pilot lab at SP2. We are excited about how the EIC will support and enable our electrolyte development and our ability to deliver electrolyte to meet our partners’ requirements.”

Third Quarter 2024 Financial Highlights

Solid Power delivered $4.7 million in revenue during the third quarter of 2024, a decrease of $1.7 million compared to the third quarter of 2023. This decrease is primarily due to the timing of completing BMW JDA milestones in 2024. Revenue for the nine months ended September 30, 2024 was $15.7 million, up $0.6 million from the same period in 2023. This increase is primarily attributable to timing and completion of milestones under the SK On agreements and execution on the BMW JDA. 

Operating expenses were higher in the third quarter and first nine months of 2024 compared with the same periods in 2023, driven by increased production costs, cell and electrolyte development costs, scaling of operations, and execution under joint development agreements. Third quarter 2024 operating loss was $27.6 million and net loss was $22.4 million, or $0.13 per share.

Balance Sheet and Liquidity

Solid Power’s liquidity position remains strong. Total liquidity as of September 30, 2024, was $348.1 million, as shown below.

        
(in thousands) September 30, 2024 December 31, 2023 
Cash and cash equivalents $37,969 $34,537 
Marketable securities  94,041  141,505 
Investments  216,062  239,566 
Total liquidity $348,072 $415,608 

As of September 30, 2024, contract receivables were $2.6 million, deferred revenue was $6.7 million, and total current liabilities were $20.3 million.

Third quarter and year-to-date 2024 capital expenditures totaled $2.7 million and $11.2 million, respectively. This primarily represents investments in the company’s electrolyte production capabilities, including the build-out of the EIC.

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 revenue to be in the range of $16 million to $20 million, with total cash investment expected to be in the range of $100 million to $120 million. Total cash investment is comprised of cash used in operations in the range of $60 million to $70 million and capital expenditures in the range of $40 million to $50 million.

Webcast and Conference Call

Solid Power will host a conference call at 2:30 p.m. MT (4:30 p.m. ET) today, November 7, 2024. Participating on the call will be John Van Scoter, President and Chief Executive Officer, and Linda Heller, Chief Financial Officer.

The call may be accessed through a live audio webcast on Solid Power’s Investor Relations website at www.solidpowerbattery.com/investor-relations. An audio replay will be available at the same location.

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, our future financial performance, our plans related to the expansion of our electrolyte production capabilities, the receipt of DOE funding, and the number of jobs to be created, and our strategy, expansion plans, market opportunity, future operations, future operating results, estimated revenues or losses, projected costs, prospects, 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)
        
  September 30, 2024    
  (Unaudited) December 31, 2023 
Assets       
Current Assets       
Cash and cash equivalents $37,969  $34,537  
Marketable securities  94,041   141,505  
Contract receivables  2,614   1,553  
Prepaid expenses and other current assets  5,280   5,523  
Total current assets  139,904   183,118  
Long-Term Assets       
Property, plant and equipment, net  99,787   99,156  
Right-of-use operating lease assets, net  6,832   7,154  
Right-of-use finance lease assets, net  914   1,088  
Investments  216,062   239,566  
Intangible assets, net  1,953   1,650  
Other assets  5,428   1,060  
Total long-term assets  330,976   349,674  
Total assets $470,880  $532,792  
Liabilities and Stockholders’ Equity       
Current Liabilities       
Accounts payable and other accrued liabilities  7,030   6,455  
Deferred revenue  6,735   1  
Deferred revenue from related parties     828  
Accrued compensation  5,562   7,590  
Operating lease liabilities  690   626  
Finance lease liabilities  329   379  
Total current liabilities  20,346   15,879  
Long-Term Liabilities       
Warrant liabilities  2,434   4,227  
Operating lease liabilities  7,469   7,996  
Finance lease liabilities  319   552  
Other liabilities  862   803  
Total long-term liabilities  11,084   13,578  
Total liabilities  31,430   29,457  
Stockholders’ Equity       
Common Stock, $0.0001 par value; 2,000,000,000 shares authorized; 179,633,575 and 179,010,884 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively  18   18  
Additional paid-in capital  589,062   588,515  
Accumulated deficit  (150,539)  (84,639) 
Accumulated other comprehensive income (loss)  909   (559) 
Total stockholders’ equity  439,450   503,335  
Total liabilities and stockholders’ equity $470,880  $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 September 30, Nine Months Ended September 30, 
  2024
 2023
 2024
 2023
 
Revenue $4,651  $6,366  $15,679  $15,063  
Operating Expenses             
Direct costs  6,973   7,183   16,700   20,354  
Research and development  17,319   14,236   54,718   40,391  
Selling, general and administrative  7,950   6,444   24,570   19,307  
Total operating expenses  32,242   27,863   95,988   80,052  
Operating Loss  (27,591)  (21,497)  (80,309)  (64,989) 
Nonoperating Income and Expense             
Interest income  4,251   5,213   13,707   15,041  
Change in fair value of warrant liabilities  1,591   1,155   1,793   3,480  
Interest expense  (11)  (13)  (37)  (39) 
Other expense  (283)     (167)    
Total nonoperating income and expense  5,548   6,355   15,296   18,482  
Pretax Loss $(22,043) $(15,142) $(65,013) $(46,507) 
Income tax expense  376      887     
Net Loss Attributable to Common Stockholders $(22,419) $(15,142) $(65,900) $(46,507) 
Other Comprehensive Income (Loss)  2,058   (215)  1,468   2  
Comprehensive Loss Attributable to Common Stockholders $(20,361) $(15,357) $(64,432) $(46,505) 
Basic and diluted loss per share $(0.13) $(0.08) $(0.37) $(0.26) 
Weighted average shares outstanding – basic and diluted  179,160,488   178,388,926   179,177,452   177,800,915  
              


Solid Power, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
        
  Nine Months Ended September 30, 
  2024
 2023
 
Cash Flows from Operating Activities       
Net loss $(65,900) $(46,507) 
Adjustments to reconcile net loss to net cash and cash equivalents from operating activities:       
Depreciation and amortization  11,991   7,805  
Amortization of right-of-use assets  642   566  
Stock-based compensation expense  8,987   8,447  
Change in fair value of warrant liabilities  (1,793)  (3,480) 
Accretion of discounts on other long-term liabilities  52     
Amortization of premiums and accretion of discounts on marketable securities  (6,260)  (8,297) 
Change in operating assets and liabilities that provided (used) cash and cash equivalents:       
Contract receivables  (1,061)  (1,403) 
Contract receivables from related parties     (5,048) 
Prepaid expenses and other assets  707   297  
Accounts payable and other accrued liabilities  (664)  207  
Deferred revenue  6,734   (50) 
Deferred revenue from related parties  (828)  (4,000) 
Accrued compensation  (2,027)  218  
Operating lease liabilities  (610)  (406) 
Net cash and cash equivalents used in operating activities  (50,030)  (51,651) 
Cash Flows from Investing Activities       
Purchases of property, plant and equipment  (11,236)  (29,526) 
Purchases of marketable securities and investments  (174,040)  (256,584) 
Proceeds from sales of marketable securities and investments  252,177   315,493  
Cash paid for note receivable to an independent contractor  (4,448)    
Purchases of intangible assets  (314)  (428) 
Net cash and cash equivalents provided by investing activities  62,139   28,955  
Cash Flows from Financing Activities       
Payments of debt     (7) 
Proceeds from exercise of stock options  232   194  
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  (554)  (111) 
Repurchase of shares of common stock  (8,274)    
Payments on finance lease liabilities  (319)  (259) 
Net cash and cash equivalents provided by (used in) financing activities  (8,677)  31  
        
Net decrease in cash and cash equivalents  3,432   (22,665) 
Cash and cash equivalents at beginning of period  34,537   50,123  
Cash and cash equivalents at end of period  37,969   27,458  
        
Cash paid for interest $37  $39  
Accrued capital expenditures $2,041  $2,309  

FAQ

What were Solid Power's Q3 2024 financial results?

Solid Power reported Q3 2024 revenue of $4.7 million, an operating loss of $27.6 million, and a net loss of $22.4 million ($0.13 per share).

What is the expected 2024 revenue for Solid Power?

Solid Power expects 2024 revenue to range between $16 million and $20 million.

What is Solid Power's liquidity position as of September 30, 2024?

Solid Power's liquidity position as of September 30, 2024, is $348.1 million.

What award did Solid Power receive from the U.S. Department of Energy?

Solid Power was selected for up to a $50 million award negotiation for continuous production of sulfide-based solid electrolyte materials.

What milestones did Solid Power achieve in 2024?

Solid Power achieved all 2024 milestones under the SK On agreements and extended its joint development agreement with BMW.

Solid Power, Inc.

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