Solid Power(SLDP) - 2025 Q1 - Quarterly Report

Revenue - Revenue for the three months ended March 31, 2025, was $6.0 million, a slight increase of 1.7$5.9 million in the same period in 2024[116] - Collaborative revenue accounted for $4.5 million during the three months ended March 31, 2025, primarily driven by agreements with SK On[117] - Government revenue recognized was$1.5 million, with funding from the U.S. Department of Energy's Assistance Agreement, which provides up to $50 million for equipment installation[118] Expenses - Operating expenses decreased by$1.7 million, or 5%, to $30.0 million for the three months ended March 31, 2025, compared to$31.7 million in 2024[119] - Cash used in operating activities decreased by $2.8 million to$26.3 million for the three months ended March 31, 2025, compared to $29.1 million in 2024[131] - Cash used in financing activities decreased by$4.9 million in Q1 2025 compared to Q1 2024, primarily due to no stock repurchases in Q1 2025[134] Income - Nonoperating income increased to $8.9 million for the three months ended March 31, 2025, up from$4.6 million in the same period in 2024, primarily due to a gain in the fair value of warrant liabilities[123] Liquidity - Total liquidity as of March 31, 2025, was $299.6 million, a decrease of$27.9 million from $327.5 million as of December 31, 2024[125] Cash Flow - Cash provided by investing activities increased by$16.9 million to $30.5 million for the three months ended March 31, 2025, primarily due to increased proceeds from available-for-sale securities[132] - Capital expenditures were$2.4 million for the three months ended March 31, 2025, down from $4.0 million in the same period in 2024, primarily for the continuous electrolyte production pilot line[133] - The company anticipates cash used in operations to slightly increase on a quarterly basis for the remainder of the year, but expects additional cash receipts from partners to partially offset that increase[131] Accounting Policies - Collaborative revenue recognition methodology changed as of January 1, 2025, now utilizing the cost-to-cost method for performance obligations[137] - No significant changes in critical accounting policies and estimates during Q1 2025 compared to the previous year[136] - The company is not involved in any off-balance sheet arrangements as defined under SEC rules[135] - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[139]