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SolidPower2025Q1收入为600万美元，净亏损为1510万美元
HUAXI Securities·2025-05-29 07:30

Investment Rating - The report provides a recommendation for the industry, indicating a "Buy" rating, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the upcoming months [6]. Core Insights - Solid Power reported a revenue of 6millioninQ12025,primarilyfromanagreementwithSKOnCo.,Ltd.Theoperatingexpensesforthesameperiodwere6 million in Q1 2025, primarily from an agreement with SK On Co., Ltd. The operating expenses for the same period were 30 million, a decrease from 31.7millioninQ12024,attributedtoreduceddirectcostsandoverallfinancialdiligenceinmanagementoperations[1][8].−Thecompanyexperiencedanoperatinglossof31.7 million in Q1 2024, attributed to reduced direct costs and overall financial diligence in management operations [1][8]. - The company experienced an operating loss of 24 million and a net loss of 15.1million,translatingtoalossof15.1 million, translating to a loss of 0.08 per share. As of March 31, 2025, Solid Power maintained a strong liquidity position with total liquidity of 299.6million[1][8].−Capitalexpenditurestotaled299.6 million [1][8]. - Capital expenditures totaled 2.4 million in Q1 2025, mainly for the construction of a continuous electrolyte production pilot line [2]. Summary by Sections Financial Performance - In Q1 2025, Solid Power's revenue was 6.016million,slightlyupfrom6.016 million, slightly up from 5.953 million in Q1 2024. Operating expenses decreased to 30.045millionfrom30.045 million from 31.734 million in the previous year. The operating loss was 24.029million,comparedto24.029 million, compared to 25.781 million in Q1 2024. The net loss attributable to common stockholders was 15.151million,downfrom15.151 million, down from 21.207 million [8]. Recent Business Highlights - The detailed design of the planned sulfide electrolyte continuous production pilot line has been completed, with commissioning expected in 2026. The factory acceptance testing for the SK On pilot battery production line is nearing completion, with on-site acceptance testing scheduled for later this year [3]. - Customer feedback on electrolyte sampling is being actively received, which is expected to enhance performance through process engineering [3][4]. 2025 Outlook - Solid Power aims to achieve key objectives in 2025, including driving electrolyte innovation and performance through customer feedback and internal battery development. The company will continue to execute its electrolyte technology development roadmap, including the installation of the pilot continuous electrolyte production line [5][7].