Solid Power, Inc. Warrant - SLDPW STOCK NEWS

Solid Power, Inc. (Nasdaq: SLDP) announced its 2022 financial results, reporting revenue of $11.8 million, an increase of $9.1 million from 2021. The company experienced an operating loss of $59.1 million and a net loss of $9.6 million ($0.05 per diluted share). Solid Power maintains strong liquidity with $496.1 million available as of December 31, 2022, despite capital expenditures of $58.3 million in 2022. Looking ahead, 2023 objectives include scaling electrolyte production, improving cell performance, and an estimated revenue range of $15 million to $20 million.

Solid Power (Nasdaq: SLDP) announced it will disclose its full year 2022 results on February 28, 2023, after market close, followed by a conference call at 3:00 p.m. MT. Investors can access the call through the company’s Investor Relations website or by phone. Solid Power specializes in developing solid state battery technology, aiming to enhance EV performance with longer ranges, improved safety, and lower costs compared to lithium-ion batteries. The company’s business model focuses on selling its innovative electrolyte materials and licensing cell designs to manufacturers, positioning itself as a significant player in the growing EV market.

Solid Power (Nasdaq: SLDP) announced receiving an award of up to $5.6 million from the U.S. Department of Energy to advance its nickel- and cobalt-free solid-state battery cells. This funding supports the development of batteries featuring a lithium metal anode and a sulfur composite cathode, promising improved energy density, charging performance, and reduced costs for electric vehicles (EVs). The initiative is part of a broader $42 million DOE funding to enhance the domestic supply chain for advanced batteries.

Solid Power has expanded its partnership with BMW Group by granting a research and development license for its all-solid-state battery technology. This agreement allows BMW to replicate Solid Power's pilot production lines in Germany and produce prototype cells. BMW will invest $20 million through June 2024 based on achieving milestones. Solid Power will supply its sulfide-based electrolyte for these prototypes, further affirming its technology's potential in the automotive sector.

Solid Power announces the retirement of CEO Douglas Campbell effective immediately, with David Jansen, the company's Chair and President, stepping in as Interim CEO. Campbell, a co-founder, emphasized his pride in the company's achievements over the past decade and intends to remain a significant shareholder. The Board is actively searching for a permanent CEO, aiming to enhance product development and commercialization capabilities. Jansen expressed confidence in Solid Power's leadership and growth potential as the company moves forward.

Solid Power reported a significant surge in revenue for Q3 2022, totaling $2.8 million, leading to a year-to-date total of $7.6 million, compared to $1.7 million a year prior. Despite strong demand for its 20 Ah cells, operational challenges caused lower production yields, potentially delaying A-sample EV cell production into 2023. Operating loss for Q3 stood at $15.6 million, with a net loss of $12.4 million or $0.07 per share. The company maintains a robust liquidity position of $507.6 million and expects total cash investments between $120 million and $130 million by year-end.