Solid Power(US:SLDP)2025-02-28 11:01Financial Performance - Revenue for the year ended December 31, 2024, was $20.139 million, an increase of 15.7% compared to $17.410 million in 2023[293]. - Total operating expenses for 2024 were $125.472 million, up from $108.030 million in 2023, reflecting a 16.2% increase[293]. - Research and development expenses rose to $73.341 million in 2024, compared to $54.749 million in 2023, marking a 33.8% increase[293]. - The net loss attributable to common stockholders for 2024 was $96.520 million, compared to a loss of $65.549 million in 2023, representing a 47.2% increase in losses[293]. - Basic and diluted loss per share for 2024 was $0.54, compared to $0.37 in 2023, indicating a 45.9% increase in loss per share[293]. - The accumulated deficit increased to $(181.171) million in 2024 from $(84.639) million in 2023, showing a significant rise in accumulated losses[290]. - The net loss for the year ended December 31, 2024, was $96,520,000, compared to a net loss of $65,549,000 for 2023, representing a 47% increase in net loss year-over-year[299]. - Total stockholders' equity as of December 31, 2024, was $410,280,000, a decrease from $503,335,000 as of December 31, 2023, reflecting a decline of about 18.5%[296]. Cash Flow and Assets - Cash and cash equivalents decreased to $25.413 million as of December 31, 2024, down from $34.537 million in 2023, a decline of 26.5%[290]. - Total assets decreased to $448.250 million in 2024 from $532.792 million in 2023, a reduction of 15.8%[290]. - Total liabilities increased to $37.936 million in 2024, compared to $29.457 million in 2023, reflecting a 28.8% increase[290]. - The company reported cash flows from operating activities of $(63,899,000) for 2024, compared to $(58,261,000) for 2023, indicating a worsening cash flow situation[299]. - The company invested $15,942,000 in property, plant, and equipment in 2024, a decrease from $34,512,000 in 2023, representing a reduction of about 53.8%[299]. - Proceeds from sales of available-for-sale securities were $302,966,000 in 2024, down from $405,161,000 in 2023, reflecting a decrease of approximately 25.3%[299]. Research and Development - Solid Power is focused on maintaining financial discipline while investing in technology development and process improvements to extend its runway[47]. - The company focuses on research and development to improve electrolyte and cell technologies, expensing costs as incurred[344]. - Solid Power's patent portfolio includes 21 issued U.S. patents and 91 pending U.S. patent applications, focusing on solid electrolyte materials and cell technology[59]. - The company expanded its pilot electrolyte production at the Thornton, Colorado facility, with increased scale electrolyte production at SP2, which began in 2023[356]. Partnerships and Collaborations - The partnership with BMW includes a $135.6 million Series B investment round and a joint development agreement (JDA) for solid-state battery cell technology[48]. - The amended JDA with BMW allows for a $20 million payment between December 2022 and June 2024, contingent on achieving certain milestones[52]. - Solid Power entered into agreements with SK On, which include a $20 million R&D license and an estimated $22 million for line installation, both contingent on milestone achievements[54]. - The JDA with Ford was amended to extend the expiration date to December 31, 2025, and revise cell material delivery obligations[56]. - Solid Power's relationships with BMW, Ford, and SK On are expected to expedite research and development processes compared to competitors[62]. Workforce and Diversity - As of February 1, 2025, Solid Power employed over 260 employees, primarily with technical backgrounds[69]. - The company is committed to increasing workforce diversity and maintaining an inclusive culture as part of its success strategy[70]. Stock and Equity - The company issued 1,229,645 shares of common stock for vested RSUs in 2024, compared to 226,201 shares in 2023, indicating a significant increase in share issuance[296]. - The company reported a loss on sales of property, plant, and equipment amounting to $1,957,000 in 2024, which was not reported in 2023[299]. - The company’s stock repurchase program allows for the purchase of up to $50,000 of outstanding common stock until December 31, 2025[378]. - The number of RSUs granted under the 2021 Plan rose to 6,792,700 in 2024, compared to 4,663,079 in 2023, marking a 45.5% increase[387]. Tax and Regulatory - Total income tax expense for 2024 was $1,194, compared to $0 in 2023[433]. - The effective tax rate for 2024 was approximately (1.26)%, compared to 0.00% in 2023[434]. - The Company reported total deferred tax assets of $68,025 for 2024, an increase from $50,491 in 2023[437]. - The valuation allowance for deferred tax assets increased by $20,635 in 2024[437]. - The Company had total U.S. federal net operating loss carryovers of approximately $130,333 and $129,729 for 2024 and 2023, respectively[438].