Solid Power(US:SLDP)2025-11-05 11:03Revenue and Income - Revenue for the three months ended September 30, 2025, was $3.732 million, a decrease of 20% compared to $4.651 million in the same period of 2024[123] - Grant income for the three months ended September 30, 2025, was $828,000, representing a 100% increase from $0 in the same period of 2024[123] - Collaborative revenue recognized was $3.0 million for the three months ended September 30, 2025, primarily from agreements with SK On[126] Operating Performance - Total operating expenses decreased by $3.3 million to $28.982 million for the three months ended September 30, 2025, compared to $32.242 million in 2024, a reduction of 10%[123] - Operating loss for the three months ended September 30, 2025, was $24.422 million, an improvement of 11% from a loss of $27.591 million in the same period of 2024[123] - Direct costs decreased by 48% to $3.632 million for the three months ended September 30, 2025, compared to $6.973 million in 2024[123] Research and Development - Research and development expenses increased by 6% to $18.276 million for the three months ended September 30, 2025, compared to $17.319 million in 2024[123] Financing and Liquidity - The company raised net proceeds of $32.9 million through sales of common stock under an at-the-market offering program[121] - Total liquidity as of September 30, 2025, was $300.4 million, a decrease of $27.0 million compared to December 31, 2024[139] - Approximately $115.9 million remained available for future sales under the Equity Distribution Agreement as of September 30, 2025[145] Cash Flow - Cash used in operating activities increased by $5.0 million for the nine months ended September 30, 2025, with cash received from partners decreasing from $20.4 million in 2024 to $12.1 million in 2025[148] - Cash provided by financing activities increased by $39.5 million for the nine months ended September 30, 2025, mainly due to $32.9 million in net proceeds from the sale of common stock[155] - Cash used for capital expenditures totaled $8.1 million for the nine months ended September 30, 2025, primarily for the construction of the continuous electrolyte production pilot line[153] - Cash provided by investing activities decreased by $16.0 million for the nine months ended September 30, 2025, due to changes in proceeds and purchases of available-for-sale securities[151] Nonoperating Income and Expenses - Nonoperating income and expense decreased by $6.1 million for the three months ended September 30, 2025, primarily due to a $1.2 million decrease in interest income and a $5.1 million loss in the fair value of warrant liabilities[136] - Interest income earned decreased by $3.8 million for the nine months ended September 30, 2025, due to a reduction in available-for-sale securities[137] Future Expectations - The company expects to complete site acceptance testing of the SK On line by the end of 2025, which will lead to additional revenue recognition[126] - The company anticipates that cash used in operations for the remainder of the year will remain consistent, with decreased cash receipts from partners partially offsetting decreased cash used for expenses[150] - The Assistance Agreement with the U.S. Department of Energy provides funding of up to $50 million for the installation of equipment necessary for continuous production of sulfide-based solid electrolyte material[127] Share Repurchase - The company repurchased 3,361,396 shares of common stock at an average price of $1.05 per share for a total cost of approximately $3.53 million during the nine months ended September 30, 2025[146]