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Solid Power First Quarter 2024 Results Reflect Continued Progress Towards 2024 Goals

  • Business, operational, and financial update call scheduled for 4:30 p.m. ET today

LOUISVILLE, Colo., May 07, 2024 (GLOBE NEWSWIRE) -- Solid Power, Inc. (Nasdaq: SLDP), a leading developer of solid-state battery technology, today announced its operational and financial results for the first quarter of 2024.

Recent Business Highlights

  • Strong early execution on SK On line installation and technology transfer.
  • Expanded electrolyte sampling with shipments to multiple potential customers.
  • A-2 Sample cells remain on track with end-of-year delivery target.

“We continue to execute well on our key strategic milestones, keeping largely on track with both our partner commitments and development timelines,” said John Van Scoter, President and Chief Executive Officer of Solid Power. “On the electrolyte side, we continue to see growing interest in our powder product. During the quarter, we successfully shipped electrolyte samples to both first time and repeat potential customers and continue to receive and respond to ongoing feedback.”

“On the cell side, our team is currently focused on an A-2 cell that incorporates planned improvements and addresses known challenges from our A-1 design. We continue to target delivery of A-2 Sample cells by the end of the year,” Van Scoter continued.

“As we look to the balance of the year, we are encouraged by strong early execution on our line installation and technology transfer for SK On,” said Van Scoter. “We remain committed to delivering value to our partners and shareholders as we drive to strengthen our leadership position in solid state battery technology.”

First Quarter 2024 Financial Highlights

Solid Power delivered $6.0 million in revenue during the first quarter of 2024, an increase of $2.2 million compared to the first quarter of 2023. This increase was driven by continued execution under the company’s joint development agreements and other collaborative arrangements.

First quarter 2024 operating expenses were higher than the same period in 2023, driven by increased labor and materials costs associated with cell and electrolyte development, scaling of our operations and execution under our joint development agreements and other collaborative arrangements. First quarter 2024 operating loss was $25.8 million and net loss was $21.2 million, or $0.12 per share.

Balance Sheet and Liquidity

Solid Power’s liquidity position remains strong. Total liquidity as of March 31, 2024, was $378.9 million, as shown below.

  As of
($ in thousands) March 31, 2024 December 31, 2023
Cash and cash equivalents $14,019  $34,537 
Marketable securities  132,619   141,505 
Long-term investments  232,307   239,566 
Total liquidity $378,945  $415,608 
Total current liabilities $18,232  $15,879 

First quarter 2024 capital expenditures totaled $4.1 million, primarily representing investments in the company’s electrolyte production capabilities, including the build-out of a new electrolyte research and development lab. The company’s March 31, 2024, accounts receivable balance included invoices related to partner milestones that are expected to be collected during the second quarter.

Through the date of this release, the company has purchased 5 million shares of its common stock at an average purchase price of $1.64 per share, for a total amount of $8.3 million.

2024 Outlook

Solid Power remains committed to delivering on the following key objectives for 2024:

  • Expand electrolyte capabilities and available market through increased production and a robust sampling program.
  • Advance cell designs to A-2 Sample specifications.
  • Execute on key milestones and commitments to our joint development partners.
  • Strengthen Korea presence and embed Solid Power into Korea battery ecosystem.

The company continues to expect 2024 cash used in operations to be in the range of $60 million to $70 million and capital expenditures to be in the range of $40 million to $50 million. Included in these ranges is approximately $35 million in operational and capital investments the company deferred from 2023. Total 2024 cash investment is expected to be in the range of $100 million to $120 million.

The company also reiterated its expectation for 2024 revenue to be in the range of $20 million to $25 million.

Webcast and Conference Call

Solid Power will host a conference call at 2:30 p.m. MT (4:30 p.m. ET) today, May 7, 2024. Participating on the call will be John Van Scoter, President and Chief Executive Officer, and Kevin Paprzycki, Chief Financial Officer.

Interested investors and other parties can listen to a webcast of the live conference call through Solid Power’s Investor Relations website at

The conference call can also be accessed live over the phone by dialing +1-844-808-7138 (domestic) or +1-412-317-0536 (international).

A recording of the conference call will be available approximately three hours after the completion of the call at or by dialing +1-844-512-2921 (domestic), or +1-412-317-6671 (international). The pin number for the replay is 10187372. The replay will be available until 9:59 p.m. MT (11:59 p.m. ET) on May 21, 2024.

About Solid Power, Inc.

Solid Power is developing solid-state battery technology to enable the next generation of batteries for the fast-growing EV and other markets. Solid Power’s core technology is its electrolyte material, which Solid Power believes can enable extended driving range, longer battery life, improved safety, and lower cost compared to traditional lithium-ion. Solid Power’s business model – selling its electrolyte to cell manufacturers and licensing its cell designs and manufacturing processes – distinguishes the company from many of its competitors who plan to be commercial battery manufacturers. Ultimately, Solid Power endeavors to be a leading producer and distributor of sulfide-based solid electrolyte material for powering both EVs and other applications. For more information, visit

Forward-Looking Statements

All statements other than statements of present or historical fact contained herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including Solid Power’s or its management team’s expectations, objectives, beliefs, intentions or strategies regarding the future. When used herein, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “plan,” “outlook,” “seek,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements include our financial guidance for 2024, future financial performance and our strategy, expansion plans, market opportunity, future operations, future operating results, estimated revenues, losses, projected costs, prospects, and plans and objectives of management. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Solid Power disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Readers are cautioned not to put undue reliance on forward-looking statements and Solid Power cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Solid Power, including the following factors: (i) risks relating to the uncertainty of the success of our research and development efforts, including our ability to achieve the technological objectives or results that our partners require, and our ability to commercialize our technology in advance of competing technologies; (ii) rollout of our business plan and the timing of expected business milestones; (iii) risks relating to the non-exclusive nature of our original equipment manufacturer and other partner relationships and our ability to manage these business relationships; (iv) our ability to negotiate and execute commercial agreements with our partners on commercially reasonable terms; (v) our ability to protect and maintain our intellectual property, including in jurisdictions outside of the United States; (vi) broad market adoption of battery electric vehicles and other technologies where we are able to deploy our technology, if developed successfully; (vii) our success attracting and retaining our executive officers, key employees, and other qualified personnel; (viii) changes in applicable laws or regulations; (ix) risks relating to our information technology infrastructure and data security breaches; (x) risks relating to our status as a research and development stage company with a history of financial losses with an expectation of incurring significant expenses and continuing losses for the foreseeable future; (xi) our ability to secure government contracts and grants and the availability of government subsidies and economic incentives; (xii) delays in the construction and operation of additional facilities; and (xiii) risks relating to other economic, business, or competitive factors in the United States and other jurisdictions, including supply chain interruptions and changes in market conditions, and our ability to manage these risks and uncertainties. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the “Risk Factors” sections of Solid Power’s Annual Report on Form 10-K for the year ended December 31, 2023 and other documents filed by Solid Power from time to time with the Securities and Exchange Commission (the “SEC”), all of which are available on the SEC’s website at These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Solid Power gives no assurance that it will achieve its expectations.

Contact Information
Kevin Paprzycki
Chief Financial Officer
1 (800) 799-7380
Source: Solid Power, Inc.

Solid Power, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except par value and number of shares)
  March 31, 2024   
  (Unaudited) December 31, 2023
Current Assets      
Cash and cash equivalents $14,019  $34,537 
Marketable securities  132,619   141,505 
Contract receivables  10,106   1,553 
Contract receivables from related parties  4,152    
Prepaid expenses and other current assets  9,656   5,523 
Total current assets  170,552   183,118 
Long-Term Assets      
Property, plant and equipment, net  99,593   99,156 
Right-of-use operating lease assets, net  7,004   7,154 
Right-of-use finance lease assets, net  1,030   1,088 
Investments  232,307   239,566 
Intangible assets, net  1,800   1,650 
Prepaid expenses and other assets  3,884   1,060 
Total long-term assets  345,618   349,674 
Total assets $516,170  $532,792 
Liabilities and Stockholders’ Equity      
Current Liabilities      
Accounts payable and other accrued liabilities  7,866   6,455 
Deferred revenue  3,078   1 
Deferred revenue from related parties     828 
Accrued compensation  6,267   7,590 
Operating lease liabilities  647   626 
Finance lease liabilities  374   379 
Total current liabilities  18,232   15,879 
Long-Term Liabilities      
Warrant liabilities  4,728   4,227 
Operating lease liabilities  7,824   7,996 
Finance lease liabilities  464   552 
Deferred revenue  4,716    
Other liabilities  829   803 
Total long-term liabilities  18,561   13,578 
Total liabilities  36,793   29,457 
Stockholders’ Equity      
Common Stock, $0.0001 par value; 2,000,000,000 shares authorized; 178,349,557 and 179,010,884 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively  18   18 
Additional paid-in capital  586,343   588,515 
Accumulated deficit  (105,846)  (84,639)
Accumulated other comprehensive loss  (1,138)  (559)
Total stockholders’ equity  479,377   503,335 
Total liabilities and stockholders’ equity $516,170  $532,792 

Solid Power, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except number of shares and per-share amounts)
  Three Months Ended March 31,
Revenue $5,953  $3,792 
Operating Expenses      
Direct costs  4,290   6,274 
Research and development  18,873   11,648 
Selling, general and administrative  8,571   7,188 
Total operating expenses  31,734   25,110 
Operating Loss  (25,781)  (21,318)
Nonoperating Income and Expense      
Interest income  5,117   4,835 
Change in fair value of warrant liabilities  (501)  (2,662)
Interest expense  (42)  (13)
Total nonoperating income and expense  4,574   2,160 
Net Loss $(21,207) $(19,158)
Basic and diluted loss per share $(0.12) $(0.11)
Weighted average shares outstanding – basic and diluted  180,784,020   176,934,261 

Solid Power, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
  Three Months Ended March 31,
Cash Flows from Operating Activities      
Net loss $(21,207) $(19,158)
Adjustments to reconcile net loss to net cash and cash equivalents from operating activities:      
Depreciation and amortization  3,909   2,264 
Amortization of right-of-use assets  207   183 
Stock-based compensation expense  2,863   2,222 
Change in fair value of warrant liabilities  501   2,662 
Accretion of discounts on other long-term liabilities  (4)   
Amortization of premiums and accretion of discounts on marketable securities  (2,428)  (2,716)
Change in operating assets and liabilities that provided (used) cash and cash equivalents:      
Contract receivables  (8,553)  (179)
Contract receivables from related parties  (4,152)  319 
Prepaid expenses and other assets  (6,983)  (1,129)
Accounts payable and other accrued liabilities  1,290   1,699 
Deferred revenue  7,794   (14)
Deferred revenue from related parties  (828)  (3,000)
Accrued compensation  (1,323)  (2,652)
Operating and finance lease liabilities, short-term  (151)  (132)
Net cash and cash equivalents used in operating activities  (29,065)  (19,631)
Cash Flows from Investing Activities      
Purchases of property, plant and equipment  (4,054)  (11,581)
Purchases of marketable securities and investments  (61,287)  (110,636)
Proceeds from sales of marketable securities  79,134   101,665 
Purchases of intangible assets  (154)  (125)
Net cash and cash equivalents provided by (used in) investing activities  13,639   (20,677)
Cash Flows from Financing Activities      
Payments of debt     (7)
Proceeds from exercise of stock options  97   150 

Cash paid for withholding of employee taxes related to stock-based compensation
Repurchase of shares of common stock  (4,914)   
Payments on finance lease liabilities  (106)  (70)
Net cash and cash equivalents provided by (used in) financing activities  (5,092)  73 
Net decrease in cash and cash equivalents  (20,518)  (40,235)
Cash and cash equivalents at beginning of period  34,537   50,123 
Cash and cash equivalents at end of period  14,019   9,888 
Supplemental information        
Cash paid for interest $42
Accrued capital expenditures $954  $3,370 

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