Solid Power(SLDP) - 2024 Q3 - Quarterly Results

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]