Solid Power(US:SLDP)2024-11-08 11:00Revenue 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]