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].

Revenue Performance - Revenue for the three months ended September 30, 2024, decreased by $1,715 thousand (27%) to $4,651 thousand compared to $6,366 thousand in 2023, primarily due to the timing of completion of BMW JDA milestones[89] - Revenue for the nine months ended September 30, 2024, increased by $616 thousand (4%) to $15,679 thousand compared to $15,063 thousand in 2023, primarily due to the commencement of performance under the SK On Agreements[89] - The company anticipates that revenue for 2024 will increase compared to 2023, primarily due to the timing and completion of milestones under the SK On Agreements and continued execution on the BMW JDA[90] Operating Expenses - Total operating expenses for the three months ended September 30, 2024, increased by $4,379 thousand (16%) to $32,242 thousand compared to $27,863 thousand in 2023[89] - Research and development costs for the three months ended September 30, 2024, increased by $3,083 thousand (22%) to $17,319 thousand compared to $14,236 thousand in 2023, driven by efforts to improve electrolyte and advance A-2 sample cell designs[93] - Selling, general and administrative expenses for the three months ended September 30, 2024, increased by $1,506 thousand (23%) to $7,950 thousand compared to $6,444 thousand in 2023, primarily due to workforce development and transactional costs[94] - Increased operating losses were noted, driven by rising research and development and selling, general and administrative costs[100] Liquidity and Cash Flow - As of September 30, 2024, total liquidity was $348,072 thousand, down from $415,608 thousand as of December 31, 2023[95] - Cash and cash equivalents as of September 30, 2024, were $37,969 thousand, an increase from $34,537 thousand as of December 31, 2023[95] - Cash used in operating activities decreased from $51,651 thousand for the nine months ended September 30, 2023 to $50,030 thousand for the same period in 2024, primarily due to increased depreciation and amortization expenses[104] - Cash provided by investing activities increased significantly from $28,955 thousand in the nine months ended September 30, 2023 to $62,139 thousand in the same period in 2024, driven by proceeds from the sales of marketable securities[104] - Cash used in financing activities for the nine months ended September 30, 2024 was $8,677 thousand, primarily related to the stock repurchase program and employee tax withholdings[104] Stock Repurchase Program - The company announced a stock repurchase program authorizing the purchase of up to $50 million of its outstanding common stock, with 5,000,000 shares repurchased at an average price of $1.64 per share for a total cost of approximately $8.36 million during the nine months ended September 30, 2024[99] - The stock repurchase program is set to expire on December 31, 2025, allowing flexibility in share repurchases based on market conditions[99] Deferred Revenue and Accounting Policies - The company reported an increase in deferred revenue due to payments received related to collaborative arrangements ahead of services provided, contributing to the decrease in cash used in operating activities[100] - There were no significant changes in critical accounting policies and estimates during the nine months ended September 30, 2024 compared to the previous year[102] - The company is not a party to any off-balance sheet arrangements as defined under SEC rules[103] Government Award - The company has been 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[79] Capital Management - The company continues to focus on marketable securities and capital expenditures management to enhance cash flows from investing activities[101]

Financial Data and Key Metrics - Revenue for Q3 2024 was $4.7 million, primarily driven by SK On agreements and government contracts [29] - Operating expenses were $32.2 million, driven by increased production costs, cell and electrolyte development costs, and scaling of operations [29] - Operating loss was $27.6 million, and net loss was $22.4 million or $0.13 per share [29] - Capital expenditures totaled $2.7 million, primarily for electrolyte production capabilities, including the build-out of the EIC [30] - Total liquidity as of September 30, 2024, was $348.1 million, with accounts receivable at $2.6 million and deferred revenue at $6.7 million [30] Business Line Data and Key Metrics - The company is developing a continuous manufacturing process for sulfide-based solid electrolyte materials, with Phase 1 expected to produce 75 metric tons per year by 2026 and Phase 2 projected to reach 140 metric tons per year by 2028 [11] - The company is actively sampling multiple customers with electrolyte variants and receiving constructive feedback, positioning itself to react quickly to customer requirements [17][18] - Progress on the A-2 cell design includes improvements to the cathode, anode, and separator, with small production runs for internal testing expected to begin in early 2025 [19][20] Market Data and Key Metrics - The company is collaborating with BMW in Europe and SK On in Asia, broadening its global reach and experience in cell technology development [21] - A non-binding MoU was signed with a major battery manufacturer to explore an electrolyte-specific joint development agreement (JDA) [25] - The company is deepening relationships in the Korean battery landscape through collaborations with research institutes such as the Korea Electronics Technology Institute and the Korea Evaluation Institute of Industrial Technology [26] Company Strategy and Industry Competition - The company is focused on advancing sulfide-based solid-state battery technology, which is expected to offer a significant performance improvement over conventional lithium-ion batteries [8][9] - The company is shifting from batch production to a continuous manufacturing process to improve efficiency and product quality [9][10] - The company is leveraging partnerships and government grants, such as the $50 million DOE grant, to support its technology development and manufacturing capabilities [7][14] Management Commentary on Operating Environment and Future Outlook - The company is optimistic about the adoption of EVs in the US and believes its technology can address key challenges in battery performance, cost, and safety [8][41] - The company is focused on executing its strategy and believes its technology will be a winner in the long run, despite potential changes in the political environment [41] - The company plans to host an analyst and investor event in the first half of 2025 to showcase its technology, strategy, and long-term model [33] Other Important Information - The company was selected to negotiate a $50 million DOE grant for a project focused on continuous production of sulfide-based solid electrolyte materials [7] - The company hosted Colorado Governor Jared Polis and Deputy Secretary of the DOE David Turk to showcase its electrolyte facility and plans for deploying the DOE funds [12] - The company's Electrolyte Innovation Center (EIC) is designed to enhance R&D capabilities and improve pre-pilot manufacturing processes [15][16] Q&A Session Summary Question: Details on the DOE grant process and likelihood of receiving the full amount - The DOE grant process was highly competitive, with only 5% of proposals in the company's category being awarded [37] - The grant represents a cash offset for the company's existing plans, with a total project cost of $110 million, of which the company will contribute $60 million [38][39] Question: Impact of the US election on the EV market and the company's strategy - The company remains focused on its strategy of developing longer-range, lower-cost, and safer EVs, believing that market demand will drive success regardless of political changes [41] Question: Whether the grant funding is incremental or part of existing plans - The grant funding is part of the company's existing plans and represents a cash offset rather than an incremental investment [38][39]

Financial Performance - Solid Power reported $4.7 million in revenue for Q3 2024, a decrease of $1.7 million compared to Q3 2023, primarily due to the timing of BMW JDA milestones[4] - Operating loss for Q3 2024 was $27.6 million, with a net loss of $22.4 million, equating to $0.13 per share[5] - Net loss for the nine months ended September 30, 2024, was $65,900,000, compared to a net loss of $46,507,000 for the same period in 2023, representing an increase of 41.5%[18] - Cash used in operating activities for the nine months ended September 30, 2024, was $50,030,000, slightly improved from $51,651,000 in 2023, a decrease of 3.1%[18] Liquidity and Cash Flow - Total liquidity as of September 30, 2024, was $348.1 million, with cash and cash equivalents at $37.97 million[5] - Cash and cash equivalents at the end of the period were $37,969,000, up from $27,458,000 at the end of the same period in 2023, an increase of 38.5%[18] - The company reported a net decrease in cash and cash equivalents of $3,432,000 for the nine months ended September 30, 2024, compared to a decrease of $22,665,000 in 2023, an improvement of 84.8%[18] Investments and Expenditures - Capital expenditures for Q3 2024 totaled $2.7 million, primarily for electrolyte production capabilities[7] - Purchases of property, plant, and equipment decreased to $11,236,000 in 2024 from $29,526,000 in 2023, a reduction of 62.0%[18] - Proceeds from sales of marketable securities and investments were $252,177,000 in 2024, down from $315,493,000 in 2023, a decrease of 20.1%[18] - Stock-based compensation expense increased to $8,987,000 in 2024 from $8,447,000 in 2023, an increase of 6.4%[18] - Cash paid for interest was $37,000 in 2024, slightly down from $39,000 in 2023, a decrease of 5.1%[18] - Accrued capital expenditures were $2,041,000 in 2024, down from $2,309,000 in 2023, a decrease of 11.6%[18] Future Outlook - The company expects 2024 revenue to be in the range of $16 million to $20 million, with total cash investment projected between $100 million and $120 million[9] - Solid Power has been selected by the U.S. Department of Energy for up to $50 million in award negotiations for solid electrolyte materials[2] - The company achieved all milestones under the SK On agreements and expects line installation to be completed by mid-2025[2] - Solid Power plans to expand electrolyte capabilities and strengthen its presence in the Korean battery ecosystem in 2024[8] Customer Feedback and Improvements - The company received constructive feedback from multiple customers on electrolyte sampling, enabling further improvements[2] Current Liabilities - Total current liabilities as of September 30, 2024, were $20.3 million, an increase from $15.9 million at the end of 2023[6]

Core Viewpoint - Solid Power, Inc. has been selected by the U.S. Department of Energy for negotiations regarding up to $50 million in federal funding to enhance its solid-state battery technology and production capabilities [1][3]. Group 1: Funding and Project Details - The funding will support the installation of a continuous manufacturing process for sulfide-based solid electrolyte materials at Solid Power's Thornton, CO facility [1]. - The project aims to expand the company's electrolyte production capacity from 30 metric tons per year to 75 metric tons by 2026 and further to 140 metric tons by 2028 [2]. - Solid Power anticipates that the new manufacturing process will significantly reduce production costs compared to current methods [2]. Group 2: Employment and Community Impact - The project is expected to create up to 40 full-time manufacturing jobs at the Thornton facility and approximately 100 construction jobs through contractors and subcontractors [3]. - This initiative reflects the company's commitment to supporting local communities [3]. Group 3: Technology and Market Position - Solid Power's sulfide-based solid electrolyte is crucial for enhancing the performance of all-solid-state batteries, including improvements in energy density, safety, and high-temperature stability [2]. - The company aims to position itself as a leading global producer of sulfide-based solid electrolyte materials, differentiating its business model by selling electrolyte to cell manufacturers and licensing its designs [5].

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 O ...

LOUISVILLE, Colo., July 16, 2024 (GLOBE NEWSWIRE) -- Solid Power, Inc. (Nasdaq: SLDP), a developer of solid-state battery technology, today announced that it will release its second quarter 2024 results after market close on Tuesday, August 6, 2024, to be followed by a conference call at 2:30 p.m. MT (4:30 p.m. ET) on the same day. The conference call can also be accessed live over the phone by dialing +1-844-808-7138 (domestic) or +1-412- 317-0536 (international). About Solid Power Contacts investors@solid ...

A rival battery start-up's stock surged after it announced an important deal on Thursday. That sent Solid Power's shares higher as well. Shares of electric vehicle (EV) battery start-up Solid Power (SLDP 7.58%) were moving higher on Thursday after rival QuantumScape (QS 30.78%) announced a new deal with Volkswagen (VWAGY 0.33%). As of 11 a.m. ET today, Solid Power's shares were up about 13.5% from Wednesday's closing price. Solid Power's stock is moving on a rival's big news Colorado-based Solid Power is wo ...