Solid Power(SLDP)

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Solid Power(SLDP) - 2022 Q2 - Quarterly Report
2022-08-10 20:56
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number: 001-40284 SOLID POWER, INC. (Exact name of registrant as specified in its charter) (State or other jurisdicti ...
Solid Power(SLDP) - 2022 Q2 - Earnings Call Transcript
2022-08-10 00:29
Solid Power, Inc. (NASDAQ:SLDP) Q2 2022 Earnings Conference Call August 9, 2022 5:00 PM ET Company Participants Jennifer Almquist - Director of Investor Relations Douglas Campbell - Chief Executive Officer and Class I Director Kevin Paprzycki - Chief Financial Officer and Treasurer Conference Call Participants David Johnson - D A Davidson Operator Greetings, and welcome to the Solid Power’s Second Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorde ...
Solid Power(SLDP) - 2022 Q1 - Quarterly Report
2022-05-11 10:01
PART I. FINANCIAL INFORMATION [Financial Statements](index=8&type=section&id=Item%201.%20Financial%20Statements) Solid Power reported increased revenue but a wider operating loss in Q1 2022, maintaining strong liquidity with **$450.4 million** cash [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets slightly decreased to **$613.5 million** as of March 31, 2022, while total liabilities increased to **$63.6 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $450,405 | $513,447 | | Marketable securities | $102,910 | $75,885 | | Total current assets | $557,873 | $594,377 | | Property, Plant and Equipment, net | $34,978 | $22,082 | | **Total assets** | **$613,491** | **$617,680** | | **Liabilities & Equity** | | | | Total current liabilities | $6,477 | $8,366 | | Warrant Liabilities | $49,310 | $50,020 | | **Total liabilities** | **$63,646** | **$59,015** | | **Total stockholders' equity** | **$549,845** | **$558,665** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Q1 2022 revenue increased to **$2.2 million**, but operating expenses rose to **$13.5 million**, resulting in an **$11.3 million** operating loss Condensed Consolidated Statements of Operations (in thousands, except per share amounts) | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Revenue | $2,196 | $480 | | Total operating expenses | $13,508 | $4,773 | | Operating Loss | $(11,312) | $(4,293) | | Net Loss | $(10,344) | $(7,141) | | Net loss per share – Basic and Diluted | $(0.06) | $(0.10) | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities increased to **$14.4 million** in Q1 2022, with **$48.9 million** used in investing activities Condensed Consolidated Statements of Cash Flows (in thousands) | Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | $(14,369) | $(3,643) | | Net cash used in investing activities | $(48,881) | $(97) | | Net cash provided by financing activities | $208 | $5,546 | | **Net (Decrease) Increase in Cash** | **$(63,042)** | **$1,806** | | Cash at end of period | $450,405 | $6,780 | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's all-solid-state battery technology, production expansion, new lease accounting, and increased stock-based compensation - The company is developing all-solid-state battery cell technology for the EV market, with a business model focused on licensing designs and selling its sulfide-based solid electrolyte. As of March 31, 2022, it has not derived material revenue from these principal activities[32](index=32&type=chunk) - The company is expanding its production capabilities with two major projects: a second cell-production line to produce larger EV-scale cells and a second facility to scale up sulfide-based solid electrolyte production. Both are expected to be completed in 2022[54](index=54&type=chunk)[55](index=55&type=chunk) - On January 1, 2022, the company adopted the new lease accounting standard (Topic 842), resulting in the recognition of a right-of-use asset of **$7.9 million** and a lease liability of **$8.2 million** on the balance sheet[43](index=43&type=chunk) - Stock-based compensation expense increased to **$1.6 million** for Q1 2022, compared to just **$70,000** in Q1 2021[89](index=89&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's development-stage all-solid-state battery technology, increased operating expenses, and strong liquidity position of **$564 million** - The company is developing its All-Solid-State Platform with the goal of outperforming traditional lithium-ion batteries in driving range, battery life, safety, and cost[112](index=112&type=chunk)[114](index=114&type=chunk) - The business model involves licensing all-solid-state battery cell designs and selling proprietary sulfide-based solid electrolyte material, which the company believes is a 'capital light' approach compared to in-house battery production[113](index=113&type=chunk)[117](index=117&type=chunk) - The company is constructing an EV cell pilot line to produce 60 to 100 Ah cells, with production for internal testing expected to begin in Q3 2022. A second facility for expanded electrolyte production is expected to come online in the second half of 2022[111](index=111&type=chunk) - As of March 31, 2022, the company had total liquidity of **$564 million**, comprising cash, cash equivalents, marketable securities, and long-term investments. Management believes this is sufficient to fund operations and capital needs for at least the next 12 months[137](index=137&type=chunk)[140](index=140&type=chunk) [Results of Operations](index=39&type=section&id=Results%20of%20Operations) Q1 2022 revenue increased by **358%** to **$2.2 million**, while total operating expenses rose **183%** to **$13.5 million**, widening the operating loss Comparison of Operating Results (in thousands) | ($ in thousands) | 2022 | 2021 | Change | % | | :--- | :--- | :--- | :--- | :--- | | Revenue | $ 2,196 | $ 480 | $ 1,716 | 358 % | | Research and development | 6,661 | 3,106 | 3,555 | 114 % | | General and administrative | 4,022 | 597 | 3,425 | 574 % | | Total operating expenses | 13,508 | 4,773 | 8,735 | 183 % | | Operating Loss | (11,312) | (4,293) | (7,019) | (163)% | [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity of **$564 million** as of March 31, 2022, sufficient to fund operations and planned capital expenditures for at least 12 months - Cash used in operating activities increased to **$14.4 million** in Q1 2022 from **$3.6 million** in Q1 2021, primarily due to higher R&D and G&A expenses[143](index=143&type=chunk)[144](index=144&type=chunk) - Cash used in investing activities increased to **$48.9 million** in Q1 2022 from **$0.1 million** in Q1 2021, driven by capital expenditures for manufacturing equipment and purchases of marketable securities[143](index=143&type=chunk)[145](index=145&type=chunk) - The most significant anticipated capital expenditures for 2022 relate to the construction of a second production facility in Thornton, CO, and the installation of the EV cell pilot line[138](index=138&type=chunk)[139](index=139&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to the company's market risk have occurred during the first quarter of 2022 - There have been no material changes to the Company's market risk during the first quarter of 2022[150](index=150&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were effective as of March 31, 2022, while remediation of a material weakness in internal control is ongoing, expected by year-end 2022 - The principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective as of March 31, 2022[151](index=151&type=chunk) - The company continues to work on remediating the material weakness in internal control over financial reporting identified in its 2021 Form 10-K, with an expected completion by the end of 2022[152](index=152&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to have a material adverse effect on its business - The company is not currently involved in any legal proceedings that are likely to have a material adverse effect on the business[155](index=155&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the filing of its 2021 Annual Report on Form 10-K - No material changes have occurred to the company's risk factors since the Annual Report on Form 10-K for the year ended December 31, 2021[156](index=156&type=chunk) [Other Information](index=44&type=section&id=Item%205.%20Other%20Information) The Compensation Committee approved executive base salary increases, a **50%** annual cash bonus target, and new long-term incentive awards of RSUs and stock options 2022 Executive Base Salary Adjustments | Executive | Base Salary | | :--- | :--- | | Douglas Campbell (CEO) | $340,000 | | David B. Jansen (President) | $335,000 | | Kevin Paprzycki (CFO) | $335,000 | | Jon Jacobs (CMO) | $305,000 | - An annual cash bonus target was established at **50%** of the base salary for the covered executives for the 2022 performance period[159](index=159&type=chunk) Long Term Incentive Compensation Awards (Target Dollar Values) | Executive | Total Value | RSUs | Options | | :--- | :--- | :--- | :--- | | Douglas Campbell | $3,000,000 | $1,500,000 | $1,500,000 | | David B. Jansen | $1,500,000 | $750,000 | $750,000 | | Kevin Paprzycki | $1,200,000 | $600,000 | $600,000 | | Jon Jacobs | $725,000 | $362,500 | $362,500 | - The new RSU and Option grants will vest in four equal annual installments, beginning on the first anniversary of the grant date[161](index=161&type=chunk) [Exhibits](index=47&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents and officer certifications - A list of exhibits filed with the report is provided, including certifications by the CEO and CFO (Exhibits 31.1, 31.2, 32.1, 32.2) and corporate governance documents[165](index=165&type=chunk)
Solid Power(SLDP) - 2022 Q1 - Earnings Call Transcript
2022-05-11 02:37
Solid Power, Inc. (NASDAQ:SLDP) Q1 2022 Earnings Conference Call May 10, 2022 5:00 PM ET Company Participants Jennifer Almquist - Director of IR Douglas Campbell - CEO Kevin Paprzycki - CFO Conference Call Participants Vikram Bagri - Needham & Company Operator Good day and welcome to the Solid Power Inc. First Quarter 2022 Earnings Conference Call. [Operator Instructions] Please note that this event is being recorded. I'd now like to turn the conference over to Jennifer Almquist, Investor Relations. Please ...
Solid Power(SLDP) - 2021 Q4 - Earnings Call Presentation
2022-03-27 16:58
Full Year 2021 Earnings Call March 22, 2022 Disclaimer Cautionary Note Regarding Forward–Looking Statements This presentation (this "Presentation") includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements (other than statements of present or historical fact included in this Presentation), including Solid Power's path to commercialization, expected product design capabi ...
Solid Power(SLDP) - 2021 Q4 - Annual Report
2022-03-23 12:02
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number: 001-40284 SOLID POWER, INC. (Exact name of registrant as specified in its charter) Delaware 86-1888095 (State or ...
Solid Power(SLDP) - 2021 Q4 - Earnings Call Transcript
2022-03-23 03:18
Solid Power, Inc. (NASDAQ:SLDP) Q4 2021 Earnings Conference Call March 14, 2022 5:00 PM ET Company Participants Jennifer Almquist - Director of IR Douglas Campbell - CEO Kevin Paprzycki - CFO Conference Call Participants Mike Shlisky - D.A. Davidson Gabe Daoud - Cowen David Bell - Wolfe Research Vikram Bagri - Needham & Company Operator Greetings, and welcome to the Solid Power Fourth Quarter and Year-End 2021 Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is n ...
Solid Power(SLDP) - 2021 Q3 - Quarterly Report
2021-11-15 21:30
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Decarbonization Plus Acquisition Corporation III (Exact name of registrant as specified in its charter) Delaware 001-40284 86-1888095 (State or other j ...
Solid Power(SLDP) - 2021 Q2 - Quarterly Report
2021-08-16 20:25
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Decarbonization Plus Acquisition Corporation III (Exact name of registrant as specified in its charter) Delaware 001-40284 86-1888095 (Commission File Numbe ...
Solid Power(SLDP) - 2021 Q1 - Quarterly Report
2021-06-04 20:27
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Decarbonization Plus Acquisition Corporation III (Exact name of registrant as specified in its charter) Delaware 001-40284 86-1888095 (State or other juris ...