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 ...

SLDP's Share Price and Market Performance - SLDP's share price has declined by 80% since its IPO in 2021, despite significant progress in its battery program [7][10] - The company's shares are up 19% year-to-date, outperforming the Russel 2000 index, but still trading at a 40% discount to its tangible assets [10] - The decline in share price is attributed to rising interest rates, SPAC-deal overpricing, and market disconnection from technological advancements [7] Financial Position and Capital Strategy - SLDP has $147 million in cash and marketable securities, with projected operating cash outflows of $70-90 million for the remaining three quarters of 2024 [8] - The company holds an additional $232 million in long-term investments that can be liquidated if needed [8] - SLDP's capital-light model focuses on licensing its technology, avoiding the costs and complexities of manufacturing battery cells [8] - The company is forecasted to have enough funds to operate until the end of 2026, with potential capital raising activities in 2025 [7] Technological Progress and Partnerships - SLDP's most advanced program is its Silicon-anode cell, which has a lower theoretical energy density compared to anode-less lithium metal batteries [9] - The company is collaborating with BMW, which is building a new SSB facility in Germany leveraging SLDP's technology [8] - SLDP is also working with SK ON to build a manufacturing facility in South Korea, with capex expected to moderate lower starting in 2025 [8] - BMW is testing SLDP's Sample A-2 silicon-anode batteries, with plans to test Sample B cells in a demo car next year [10] Battery Development and Market Dynamics - SLDP's battery development follows a standardized roadmap with distinct stages (Sample A, B, and C), each involving an 18-month cycle of testing and refinement [10] - The company's electrolyte technology is compatible with established battery chemistries such as NMC and LFP cathodes [9] - The price of commonly used battery chemistries like LFP and NMC has declined significantly over the past 18 months due to over-production and softening EV growth [13] - SLDP's SSB cells offer advantages in energy density, safety, and longevity, but their adoption will depend on cost considerations [13] Future Milestones and Potential Catalysts - BMW's upcoming demo car featuring SLDP's solid-state battery could reignite interest in the company's undervalued stock [10] - The completion of expansion construction projects in 2024 is expected to lower capex spending starting in 2025 [8] - The company's Sample B and Sample C cells will be critical in assessing the economic feasibility of commercial-scale production [9]

For the last 15 years, Ms. Heller has served as CFO of both public and private renewable and semiconductor companies including Swell Energy Inc., Deca Technologies Inc., eSolar, Inc., and Power-One, Inc. Heller joins Solid Power from Swell Energy where she has served as CFO since 2021. In addition to leading the finance and HR organizations, she played a critical role in the company's debt and equity capital financings and successful acquisition and integration of Renu Energy Systems. Previously, Heller was ...

"I am honored to be joining the Solid Power team at this pivotal time in the company's trajectory as it seeks to develop customers for its solid electrolyte material and scale its research and development operations to bring the company's promising technologies to market. I look forward to working with John, the board, and teams across the organization as we advance the company's mission and work to deliver long-term profitable growth and enhance stockholder value," added Heller. "The board and I are thrill ...