Solidion Technology Reports Third Quarter 2024 Results
Solidion Technology (NASDAQ: STI) reported Q3 2024 financial results, highlighting significant technological advancements and business developments. The company reported a net loss of $6.6 million with EPS of -$0.07. Key developments include securing a new U.S. patent for 5-minute lithium battery charging technology, expanding their patent portfolio with 20 new U.S. patents, and signing an MOU with Bluestar Materials Company. Operating expenses increased by $2.75 million, primarily due to third-party validation testing and administrative costs. The company also announced a new corporate treasury strategy allocating 60% of excess cash to Bitcoin investments.
Solidion Technology (NASDAQ: STI) ha riportato i risultati finanziari per il terzo trimestre del 2024, evidenziando significativi progressi tecnologici e sviluppi aziendali. L'azienda ha registrato una perdita netta di 6,6 milioni di dollari con un utile per azione di -0,07 dollari. Tra i principali sviluppi si segnala l'ottenimento di un nuovo brevetto statunitense per una tecnologia di ricarica di batterie al litio in 5 minuti, l'espansione del proprio portafoglio di brevetti con 20 nuovi brevetti negli Stati Uniti e la firma di un MOU con Bluestar Materials Company. Le spese operative sono aumentate di 2,75 milioni di dollari, principalmente a causa dei costi per test di validazione di terze parti e dei costi amministrativi. L'azienda ha anche annunciato una nuova strategia di tesoreria aziendale, allocando il 60% della liquidità in eccesso a investimenti in Bitcoin.
Solidion Technology (NASDAQ: STI) reportó los resultados financieros del tercer trimestre de 2024, destacando avances tecnológicos significativos y desarrollos comerciales. La empresa reportó una pérdida neta de 6,6 millones de dólares con un BPA de -0,07 dólares. Los desarrollos clave incluyen la obtención de una nueva patente en EE. UU. para tecnología de carga de baterías de litio en 5 minutos, la expansión de su portafolio de patentes con 20 nuevas patentes en EE. UU. y la firma de un MOU con Bluestar Materials Company. Los gastos operativos aumentaron en 2,75 millones de dólares, principalmente debido a pruebas de validación de terceros y costos administrativos. La empresa también anunció una nueva estrategia de tesorería corporativa, asignando el 60% del efectivo excedente a inversiones en Bitcoin.
솔리디온 테크놀로지 (NASDAQ: STI)는 2024년 3분기 재무 결과를 발표하며 중요한 기술 발전과 사업 개발을 강조했습니다. 회사는 660 만 달러의 순손실과 주당 수익(EPS) -0.07 달러를 보고했습니다. 주요 개발 사항으로는 5분 리튬 배터리 충전 기술에 대한 새로운 미국 특허 확보, 20개의 새로운 미국 특허로 특허 포트폴리오 확장, 블루스타 소재 회사와의 MOU 서명을 포함합니다. 운영 비용은 275 만 달러 증가했으며, 이는 주로 제3자 검증 테스트 및 관리 비용 때문입니다. 회사는 또한 잉여 현금의 60%를 비트코인 투자에 배정하는 새로운 기업 재무 전략을 발표했습니다.
Solidion Technology (NASDAQ: STI) a annoncé les résultats financiers du troisième trimestre 2024, mettant en avant des avancées technologiques significatives et des développements commerciaux. L'entreprise a enregistré une perte nette de 6,6 millions de dollars avec un BPA de -0,07 dollars. Les développements clés incluent l'obtention d'un nouveau brevet américain pour une technologie de charge des batteries au lithium en 5 minutes, l'expansion de son portefeuille de brevets avec 20 nouveaux brevets américains, et la signature d'un protocole d'accord avec Bluestar Materials Company. Les frais d'exploitation ont augmenté de 2,75 millions de dollars, principalement en raison des tests de validation par des tiers et des coûts administratifs. L'entreprise a également annoncé une nouvelle stratégie de trésorerie d'entreprise allouant 60 % des liquidités excédentaires à des investissements en Bitcoin.
Solidion Technology (NASDAQ: STI) hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht und dabei bedeutende technologische Fortschritte sowie Geschäftsentwicklungen hervorgehoben. Das Unternehmen meldete einen Nettoverlust von 6,6 Millionen Dollar mit einem Gewinn pro Aktie von -0,07 Dollar. Zu den wichtigsten Entwicklungen gehören die Sicherung eines neuen US-Patents für eine 5-minütige Lithium-Batterieladetechnologie, die Erweiterung des Patentportfolios um 20 neue US-Patente und die Unterzeichnung eines Memoranums mit der Bluestar Materials Company. Die Betriebsausgaben stiegen um 2,75 Millionen Dollar, hauptsächlich aufgrund von Validierungstests durch Dritte und Verwaltungskosten. Das Unternehmen kündigte zudem eine neue Unternehmensfinanzierungsstrategie an, die 60 % des überschüssigen Bargelds in Bitcoin-Investitionen allociert.
- Secured new patent for revolutionary 5-minute battery charging technology
- Expanded patent portfolio with 20 new U.S. patents
- Strategic MOU signed with Bluestar Materials Company
- Inclusion in Russell 3000® Index
- Achieved third-party validation for cost-effective, non-toxic manufacturing process
- Net loss increased to $6.6 million from $1.4 million YoY
- Operating expenses increased by $2.75 million
- Zero net sales in Q3 2024 compared to $1,315 in Q3 2023
- Non-cash loss of $9.65 million on PIPE stock and warrants issuance
Insights
The Q3 results reveal significant financial challenges with a
While the company's technological developments are promising, particularly the 5-minute charging patent and expanded IP portfolio, the decision to allocate 60% of excess cash to Bitcoin represents a significant risk given the company's cash burn rate and lack of revenue. The strategic partnership with Bluestar Materials could accelerate commercialization, but immediate revenue generation remains uncertain.
The patent portfolio expansion with 20 new U.S. patents demonstrates significant technological progress, particularly in advanced anode materials. The breakthrough in non-silane gas based processing is crucial, offering a safer, more cost-effective manufacturing approach. The 5-minute charging capability across all weather conditions addresses a critical EV adoption barrier.
The specific capacity range of 300 to 3,500+ mAh/g is impressive, significantly exceeding current commercial standards. However, the lack of revenue despite these technological achievements suggests challenges in commercialization timing and market penetration.
Previously Announced Recent Business Highlights
Technological Advancements:
- Developed and secured a newly granted
U.S. patent for technology enabling 5-minute charging of lithium batteries across all climates, overcoming a key barrier to electric vehicle ("EV") adoption by ensuring fast, safe, and weather-independent charging. This innovation leverages a graphene-based heat spreader for optimal battery temperature control, positioning Solidion as a leader in advancing EV infrastructure and addressing consumer range anxiety. - Expansion of the Company's industry-leading intellectual property portfolio1 with 20 new
U.S. patents granted this year. The portfolio offers patents for a diverse range of advanced anode materials, spanning from sustainable graphite to silicon oxide (SiOx), silicon (Si), and protected lithium metal anode, delivering specific capacities ranging from 300 to an extraordinary 3,500+ mAh/g (milliamp-hour per gram). The intellectual property also features non-silane gas based and graphene-enhanced versions for automakers and other energy storage applications. - Achieved third-party validation for the Company's innovative, cost-effective process that eliminates the need for toxic silane gas and CVD techniques. This milestone positions Solidion to become a key North American supplier in the rapidly growing energy storage battery market, offering materials that enhance energy density, and seamlessly integrate with existing battery manufacturing processes.
Business Development and Corporate Updates:
- Signing of the strategic Memorandum of Understanding with Bluestar Materials Company on November 8, 2024 to accelerate the commercialization of Solidion's groundbreaking silicon-based anode technology. This collaboration strengthens Solidion's position in the U.S. market, leveraging its extensive patent portfolio to drive advancements in battery efficiency, energy density, and domestic manufacturing opportunities.
- Bitcoin purchases are now part of the Company's corporate treasury strategy, which includes allocating
60% of excess cash reserves, interest earnings, and a portion of future capital raises, reflecting confidence in Bitcoin as a store of value, inflation hedge and compelling investment. The Company will continue to explore opportunities to evolve its allocation to Bitcoin and enhance shareholder value. - The inclusion into the Russell 3000® Index, enhancing Solidion's visibility among institutional investors and positions the Company to attract broader market interest and capital.
CEO Statement:
"Solidion is well positioned for the rapidly changing political landscape as a low-cost
Third Quarter 2024 Financial Highlights
$4.2 million - Net Loss of
$6,636,679 $0.07 $9,654,799
See below for additional information on Solidion's operational results:
Summary of Statements of Operations
For the Three Months Ended | |||||||||||
2024 | 2023 | ||||||||||
Net sales | $ | - | $ | 1,315 | |||||||
Cost of goods sold | - | - | |||||||||
Operating expenses | 4,193,006 | 1,439,900 | |||||||||
Total other income (expense) | (2,443,673) | 1,091 | |||||||||
Net Income (loss) | $ | (6,636,679) | $ | (1,437,494) | |||||||
Operating Expenses
Operating expenses increased by
Other Income (expense)
Other expense increased by
The unaudited condensed consolidated financial statements of Solidion and additional information can be found in the Company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 18, 2024 (the "Form 10Q"). This earnings release should be read together with the information contained in the Form 10-Q.
About Solidion
Headquartered in
Solidion offers two lines of battery products: (i) advanced anode materials (ready for production expansion); and (ii) three classes of solid-state batteries, including Silicon-rich all-solid-state lithium-ion cells (Gen 1), anode less lithium metal cells (Gen 2), and lithium-sulfur cells (Gen 3), all featuring an advanced polymer- or polymer/inorganic composite-based solid electrolyte that is process-friendly. Solidion's solid-state batteries can be manufactured at scale using current lithium-ion cell production facilities. Solidion batteries are designed to deliver extended EV range, improved battery safety, lower cost per KWh, and next-gen cathodes (potential to replace expensive nickel and cobalt with sulfur (S) and other more abundant elements).
For more information, please visit www.solidiontech.com or contact Investor Relations.
Forward-Looking Statements
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of Solidion's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause Solidion's actual results to differ materially from those described in the forward-looking statements can be found in Solidion's Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, which have been filed with the Securities and Exchange Commission and are available on Solidion's website, and on the Securities and Exchange Commission's website (www.sec.gov). Solidion does not undertake to update any forward-looking statements.
1 Source: Silicon Anode for Li-ion Batteries - Patent Landscape 2022 - FLYER (knowmade.com)
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SOURCE Solidion Technology, Inc.
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