Revenue - Revenue for the three months ended March 31, 2025, was $6.0 million, a slight increase of 1.7% from $5.9 million in the same period in 2024[116] - Collaborative revenue accounted for $4.5 million during the three months ended March 31, 2025, primarily driven by agreements with SK On[117] - Government revenue recognized was $1.5 million, with funding from the U.S. Department of Energy's Assistance Agreement, which provides up to $50 million for equipment installation[118] Expenses - Operating expenses decreased by $1.7 million, or 5%, to $30.0 million for the three months ended March 31, 2025, compared to $31.7 million in 2024[119] - Cash used in operating activities decreased by $2.8 million to $26.3 million for the three months ended March 31, 2025, compared to $29.1 million in 2024[131] - Cash used in financing activities decreased by $4.9 million in Q1 2025 compared to Q1 2024, primarily due to no stock repurchases in Q1 2025[134] Income - Nonoperating income increased to $8.9 million for the three months ended March 31, 2025, up from $4.6 million in the same period in 2024, primarily due to a gain in the fair value of warrant liabilities[123] Liquidity - Total liquidity as of March 31, 2025, was $299.6 million, a decrease of $27.9 million from $327.5 million as of December 31, 2024[125] Cash Flow - Cash provided by investing activities increased by $16.9 million to $30.5 million for the three months ended March 31, 2025, primarily due to increased proceeds from available-for-sale securities[132] - Capital expenditures were $2.4 million for the three months ended March 31, 2025, down from $4.0 million in the same period in 2024, primarily for the continuous electrolyte production pilot line[133] - The company anticipates cash used in operations to slightly increase on a quarterly basis for the remainder of the year, but expects additional cash receipts from partners to partially offset that increase[131] Accounting Policies - Collaborative revenue recognition methodology changed as of January 1, 2025, now utilizing the cost-to-cost method for performance obligations[137] - No significant changes in critical accounting policies and estimates during Q1 2025 compared to the previous year[136] - The company is not involved in any off-balance sheet arrangements as defined under SEC rules[135] - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[139]

Solid Power (SLDP) Q1 2025 Earnings Call May 06, 2025 04:30 PM ET Company Participants Melanie Solomon - Managing DirectorJohn Van Scoter - CEO, President & DirectorLinda Heller - CFO & Treasurer Conference Call Participants Chris Pierce - Senior Analyst Operator Please note this event is being recorded. I would now like to turn the conference over to Melanie Solomon, Investor Relations. Please go ahead. Melanie Solomon Thank you, operator. Welcome, everyone, and thank you for joining us today. I'm joined o ...

Solid Power (SLDP) Q1 2025 Earnings Call May 06, 2025 04:30 PM ET Speaker0 Please note this event is being recorded. I would now like to turn the conference over to Melanie Solomon, Investor Relations. Please go ahead. Speaker1 Thank you, operator. Welcome, everyone, and thank you for joining us today. I'm joined on today's call by Solid Power's President and Chief Executive Officer, John Van Scooter and Chief Financial Officer, Linda Heller. A copy of today's earnings release is available on the Investor R ...

Balance Sheet and Liquidity Exhibit 99.1 SOLID POWER REPORTS FIRST QUARTER 2025 RESULTS LOUISVILLE, Colo., May 6, 2025 – Solid Power, Inc. (Nasdaq: SLDP), a leading developer of solid-state battery technology, today announced its operational and financial results for the first quarter of 2025. Recent Business Highlights "We are pleased with our progress on our 2025 operational goals, and we are energized by continued customer demand for our electrolyte," said John Van Scoter, President and Chief Executive O ...

Financial Performance - Revenue for the year ended December 31, 2024, was $20.139 million, an increase of 15.7% compared to $17.410 million in 2023[293]. - Total operating expenses for 2024 were $125.472 million, up from $108.030 million in 2023, reflecting a 16.2% increase[293]. - Research and development expenses rose to $73.341 million in 2024, compared to $54.749 million in 2023, marking a 33.8% increase[293]. - The net loss attributable to common stockholders for 2024 was $96.520 million, compared to a loss of $65.549 million in 2023, representing a 47.2% increase in losses[293]. - Basic and diluted loss per share for 2024 was $0.54, compared to $0.37 in 2023, indicating a 45.9% increase in loss per share[293]. - The accumulated deficit increased to $(181.171) million in 2024 from $(84.639) million in 2023, showing a significant rise in accumulated losses[290]. - The net loss for the year ended December 31, 2024, was $96,520,000, compared to a net loss of $65,549,000 for 2023, representing a 47% increase in net loss year-over-year[299]. - Total stockholders' equity as of December 31, 2024, was $410,280,000, a decrease from $503,335,000 as of December 31, 2023, reflecting a decline of about 18.5%[296]. Cash Flow and Assets - Cash and cash equivalents decreased to $25.413 million as of December 31, 2024, down from $34.537 million in 2023, a decline of 26.5%[290]. - Total assets decreased to $448.250 million in 2024 from $532.792 million in 2023, a reduction of 15.8%[290]. - Total liabilities increased to $37.936 million in 2024, compared to $29.457 million in 2023, reflecting a 28.8% increase[290]. - The company reported cash flows from operating activities of $(63,899,000) for 2024, compared to $(58,261,000) for 2023, indicating a worsening cash flow situation[299]. - The company invested $15,942,000 in property, plant, and equipment in 2024, a decrease from $34,512,000 in 2023, representing a reduction of about 53.8%[299]. - Proceeds from sales of available-for-sale securities were $302,966,000 in 2024, down from $405,161,000 in 2023, reflecting a decrease of approximately 25.3%[299]. Research and Development - Solid Power is focused on maintaining financial discipline while investing in technology development and process improvements to extend its runway[47]. - The company focuses on research and development to improve electrolyte and cell technologies, expensing costs as incurred[344]. - Solid Power's patent portfolio includes 21 issued U.S. patents and 91 pending U.S. patent applications, focusing on solid electrolyte materials and cell technology[59]. - The company expanded its pilot electrolyte production at the Thornton, Colorado facility, with increased scale electrolyte production at SP2, which began in 2023[356]. Partnerships and Collaborations - The partnership with BMW includes a $135.6 million Series B investment round and a joint development agreement (JDA) for solid-state battery cell technology[48]. - The amended JDA with BMW allows for a $20 million payment between December 2022 and June 2024, contingent on achieving certain milestones[52]. - Solid Power entered into agreements with SK On, which include a $20 million R&D license and an estimated $22 million for line installation, both contingent on milestone achievements[54]. - The JDA with Ford was amended to extend the expiration date to December 31, 2025, and revise cell material delivery obligations[56]. - Solid Power's relationships with BMW, Ford, and SK On are expected to expedite research and development processes compared to competitors[62]. Workforce and Diversity - As of February 1, 2025, Solid Power employed over 260 employees, primarily with technical backgrounds[69]. - The company is committed to increasing workforce diversity and maintaining an inclusive culture as part of its success strategy[70]. Stock and Equity - The company issued 1,229,645 shares of common stock for vested RSUs in 2024, compared to 226,201 shares in 2023, indicating a significant increase in share issuance[296]. - The company reported a loss on sales of property, plant, and equipment amounting to $1,957,000 in 2024, which was not reported in 2023[299]. - The company’s stock repurchase program allows for the purchase of up to $50,000 of outstanding common stock until December 31, 2025[378]. - The number of RSUs granted under the 2021 Plan rose to 6,792,700 in 2024, compared to 4,663,079 in 2023, marking a 45.5% increase[387]. Tax and Regulatory - Total income tax expense for 2024 was $1,194, compared to $0 in 2023[433]. - The effective tax rate for 2024 was approximately (1.26)%, compared to 0.00% in 2023[434]. - The Company reported total deferred tax assets of $68,025 for 2024, an increase from $50,491 in 2023[437]. - The valuation allowance for deferred tax assets increased by $20,635 in 2024[437]. - The Company had total U.S. federal net operating loss carryovers of approximately $130,333 and $129,729 for 2024 and 2023, respectively[438].

Financial Data and Key Metrics Changes - In 2024, Solid Power generated revenue of $20.1 million, a $2.7 million or 16% increase compared to 2023 revenue of $17.4 million, slightly above the guidance range of $16 million to $20 million [24] - Operating expenses were $125.5 million for the year, an increase of $17.5 million compared to 2023, driven by higher research and development costs [25] - Operating loss was $105.3 million and net loss was $96.5 million or $0.54 per share [26] Business Line Data and Key Metrics Changes - The increase in revenue was primarily driven by agreements with SK On, accounting for $11.8 million of the 2024 revenue [25] - The electrolyte sampling program was expanded, with the majority of volume going to Asian Tier 1 cell manufacturers and automotive OEMs [15] Market Data and Key Metrics Changes - Solid Power deepened its relationship with SK On, signing three agreements to support solid state cell development [19] - The company expanded its presence in Korea to drive engagement with potential customers and vendors [22] Company Strategy and Development Direction - Solid Power's strategy focuses on manufacturing and selling electrolyte to Tier 1 battery manufacturers and automotive OEMs, distinguishing it from companies that plan to be commercial battery manufacturers [13] - The company aims to maintain a capital-light business model, expecting significantly lower capital requirements than cell manufacturers [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a difficult macro environment with slower-than-expected EV sales and projected commercial adoption of solid-state batteries in the late 2020s or early 2030s [7] - For 2025, the company expects cash investment to be in the range of $100 million to $120 million, with revenue anticipated to be consistent with or higher than 2024 [28][29] Other Important Information - Solid Power was selected by the U.S. Department of Energy for a grant of up to $50 million to install a continuous manufacturing process for sulfide-based solid electrolyte materials [16] - The company ended the year with total liquidity of $327.5 million [28] Q&A Session Summary Question: What should be listened for in 2025 regarding partnerships and sampling? - Management indicated that there will be both new partnerships and larger quantities ordered from existing customers [45] Question: How does industry momentum affect the focus on electrolyte? - Management emphasized that electrolyte and the capital-light model have always been the core business, and they are returning to this focus to innovate around electrolytes [48] Question: Are materials sourced mostly within the U.S. or non-tariff countries? - Management stated that materials are sourced globally, with a well-diversified supply chain to mitigate tariff impacts [54]

Core Viewpoint - Solid Power, Inc. is conducting its Q4 2024 earnings conference call, indicating a focus on financial performance and future outlook [1]. Group 1: Company Overview - The conference call features key participants including the President and CEO, John Van Scoter, and CFO, Linda Heller, highlighting the leadership team's involvement in the discussion [3][5]. - The earnings release is accessible on Solid Power's Investor Relations website, emphasizing transparency and availability of financial information [3]. Group 2: Forward-Looking Statements - The company will discuss forward-looking statements as defined by U.S. securities laws, which are based on current expectations and assumptions [4]. - Solid Power disclaims any obligation to update forward-looking statements unless required by law, indicating a cautious approach to future projections [4].

Financial Performance - Solid Power reported $20.1 million in revenue for 2024, an increase of $2.7 million or approximately 15.5% compared to 2023[5]. - The net loss for 2024 was $96.5 million, or $0.54 per share, compared to a net loss of $65.5 million in 2023[7][22]. - Net loss for the year ended December 31, 2024, was $96,520, compared to a net loss of $65,549 in 2023, representing a 47% increase in losses[24]. Operating Expenses - Operating expenses rose to $125.5 million in 2024, up from $108.0 million in 2023, primarily due to increased research and development costs[7]. - Stock-based compensation expense rose to $11,972 from $10,370, marking a 15% increase year-over-year[24]. Liquidity and Cash Flow - Total liquidity as of December 31, 2024, was $327.5 million, down from $415.6 million in 2023[8]. - Cash and cash equivalents at the end of the period decreased to $25,413 from $34,537, reflecting a net decrease of $9,124[24]. - Net cash used in operating activities was $63,899, an increase from $58,261 in the previous year, indicating a 10% rise in cash outflow[24]. - Net cash provided by investing activities was $64,204, up from $42,502 in 2023, showing a 51% increase in cash inflow from investments[24]. Capital Expenditures - Capital expenditures for 2024 totaled $15.9 million, focusing on electrolyte development and production capabilities[10]. - Accrued capital expenditures at the end of the period were $1,196, compared to $814 in 2023, reflecting a 47% increase[24]. Investments and Grants - Solid Power aims for cash investment in 2025 to be between $100 million and $120 million, excluding potential benefits from a DOE grant[11]. - The company received a U.S. Department of Energy award for up to $50 million for the continuous production of sulfide-based solid electrolyte materials[6]. Asset Management - As of December 31, 2024, total assets were $448.3 million, a decrease from $532.8 million in 2023[20]. Sales and Securities - Purchases of available-for-sale securities decreased to $216,193 from $327,591, a reduction of 34%[24]. - Proceeds from sales of available-for-sale securities were $302,966, down from $405,161, indicating a 25% decline[24]. Other Financial Metrics - Cash paid for withholding of employee taxes related to stock-based compensation increased to $615 from $112, a significant rise of 450%[24]. - The company reported a loss on sales of property, plant, and equipment amounting to $1,957, with no comparable figure in the previous year[24]. - The company successfully completed 2024 milestones for multi-year agreements with SK On and extended joint development agreements with BMW and Ford[6].

Core Viewpoint - Solid Power, Inc. is set to release its full year 2024 results on February 27, 2025, followed by a conference call to discuss the results [1]. Company Overview - Solid Power is a developer of solid-state battery technology aimed at enhancing the next generation of batteries for electric vehicles (EVs) and other markets [3]. - The company's core technology focuses on its electrolyte material, which is expected to provide extended driving range, longer battery life, improved safety, and lower costs compared to traditional lithium-ion batteries [3]. - Solid Power's business model involves selling its electrolyte to cell manufacturers and licensing its cell designs and manufacturing processes, differentiating it from competitors who aim to be commercial battery manufacturers [3]. - The company aspires to be a leading producer and distributor of sulfide-based solid electrolyte material for powering EVs and other applications [3].

Core Viewpoint - Solid Power's stock experienced a nearly 10% decline following the announcement of COO Derek Johnson's departure, contrasting with a slight increase in the S&P 500 index [1]. Group 1: Executive Departure - COO Derek Johnson will step down effective February 1, 2023, but will provide transition consulting services until May 1, 2023 [2]. - Johnson has been with Solid Power since January 2020 and has extensive experience in the auto battery field, making his departure significant [3]. Group 2: Market Reaction - The reason for Johnson's departure was not disclosed, nor was a successor mentioned, contributing to investor concerns and the stock sell-off [4]. - The market reaction may be seen as an overreaction, as companies are typically more than just one executive [4].