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Solid Power Releases Third Quarter 2023 Results; Ships First A-Sample EV Cells to Enter Automotive Qualification

LOUISVILLE, Colo., Nov. 07, 2023 (GLOBE NEWSWIRE) -- Solid Power, Inc. (Nasdaq: SLDP), a leading developer of solid-state battery technology, today announced its financial results for the third quarter ended September 30, 2023 and that it has shipped its first A-sample cells to enter automotive qualification.

Recent Business Highlights

  • Made first A-1 EV cell deliveries to BMW to formally enter automotive qualification
  • Ongoing BMW demo car program deliveries on track
  • Ramping up SP2 electrolyte volume for EV cells and phased out SP1 production

“It is a reflection of our team’s strong execution that we produced and delivered our first A Sample EV cells for BMW a little over a week ago, marking a major milestone for Solid Power,” said John Van Scoter, President and Chief Executive Officer of Solid Power. “We are very excited to make these deliveries, begin the formal automotive qualification process, and continue on our path towards commercialization. These A-1 EV cells will also support BMW’s demo car program, which we expect will also be a major proof point for our technology.”

“On the electrolyte side, we are producing electrolyte at SP2 in greater volumes and have phased out our SP1 powder production. This puts us solidly on track to continue to increase production and demonstrate our ability to manufacture at scale for potential partners,” Van Scoter said.

“As we look ahead, we believe we are well-positioned to achieve our key objectives and drive strategic growth,” Van Scoter continued. “We are operating with competitive urgency as we seek to further our leadership position in the market and deliver long-term value for our partners, employees, and shareholders.”

Third Quarter 2023 Financial Highlights

Third quarter 2023 revenue was $6.4 million, an increase of $3.6 million compared to the third quarter of 2022, as a result of continued execution under the company’s joint development agreements. Revenue for the first nine months of 2023 was $15.1 million, up $7.5 million from the same period in 2022.

As expected, operating expenses were higher in the third quarter and first nine months of 2023 compared with the same periods in 2022. This increase was driven by accelerated investments in product development and the scaling of operations. Third quarter 2023 operating loss was $21.5 million and net loss was $15.1 million, or $0.08 per share.

Balance Sheet and Liquidity

Solid Power’s liquidity position remained strong, with September 30, 2023 total liquidity totaling $422.3 million, as shown below.

($ in thousands) September 30, 2023 December 31, 2022
Cash and cash equivalents $27,458 $50,123
Marketable securities  166,030  272,957
Long-term investments  228,806  172,974
  Total liquidity $422,294 $496,054

The company’s cash, cash equivalents and investments are held at leading global banks and are invested in grade A corporate and government securities with an average maturity of 15 months.

Third quarter and year-to-date 2023 capital expenditures totaled $8.3 million and $29.5 million, respectively, primarily representing investments in the company’s new electrolyte production facility.

2023 Outlook

Solid Power’s 2023 outlook and goals remained unchanged. Through the date of this release, the following milestones have been completed:

  • Initiated production from Solid Power’s SP2 electrolyte production facility.
  • Began delivering electrolyte to potential customers for sampling and feedback, which is ongoing.
  • Began delivering EV cells to joint development partners.

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

  • Scaling electrolyte production from SP2.
  • Continuing to deliver EV cells to our joint development partners as we begin the automotive qualification process.
  • Continuing to improve key cell performance metrics, including energy density, pressure, cycle life, low temperature operations, and safety.

As Solid Power executes on its milestones, the company now expects that for 2023, cash used in operations will be slightly below the original $70 million and $80 million range, and capital expenditures will be slightly below the original $50 million to $60 million range. Development progress and efficiencies combined with prudent capital investment deferrals allowed the company to reduce its 2023 planned investments.

2023 revenue is still expected to be in the range of $15 million to $20 million.

Webcast and Conference Call

Solid Power will host a conference call at 2:30 p.m. MT (4:30 p.m. ET) today, November 7, 2023. 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 +1-844-826-3035 (domestic) or +1-412-317-5195 (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 10183075. The replay will be available until 9:59 p.m. MT (11:59 p.m. ET) on November 21, 2023.

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 2023, 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 to commercialize our technology in advance of competing technologies; (ii) risks relating to the non-exclusive nature of our original equipment manufacturers and joint development agreement relationships; (iii) our ability to negotiate and execute supply agreements with our partners on commercially reasonable terms; (iv) rollout of our business plan and the timing of expected business milestones; (v) delays in the construction and operation of production facilities; (vi) our ability to protect our intellectual property, including in jurisdictions outside of the United States; (vii) broad market adoption of EVs and other technologies where we are able to deploy our cell technology and electrolyte material, if developed successfully; (viii) our success in retaining or recruiting, or changes required in, our officers, key employees, including technicians and engineers, or directors; (ix) risks and potential disruptions related to management and board of directors transitions; (x) changes in applicable laws or regulations; (xi) risks related to technology systems and security breaches; (xii) the possibility that we may be adversely affected by other economic, business or competitive factors, including supply chain interruptions, and may not be able to manage other risks and uncertainties; (xiii) risks relating to our status as a research and development stage company with a history of financial losses, and an expectation to incur significant expenses and continuing losses for the foreseeable future; (xiv) the termination or reduction of government clean energy and electric vehicle incentives; and (xv) changes in domestic and foreign business, market, financial, political and legal conditions. 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, 2022 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and other documents filed by Solid Power from time to time with 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


Solid Power, Inc. 
Condensed Consolidated Balance Sheets 
(in thousands, except par value and number of shares) 
 September 30, 2023    
 (Unaudited) December 31, 2022 
Current Assets      
Cash and cash equivalents$27,458  $50,123  
Marketable securities 166,030   272,957  
Contract receivables 3,243   1,521  
Contract receivables from related parties 5,048   319  
Prepaid expenses and other current assets 3,207   2,888  
Total current assets 204,986   327,808  
Property, Plant and Equipment, net 99,241   82,761  
Right-Of-Use Operating Lease Assets, net 7,300   7,725  
Right-Of-Use Finance Lease Assets, net 1,011   922  
Other Assets 1,057   1,148  
Long-term Investments 228,806   172,974  
Intangible Assets, net 1,525   1,108  
Total assets$543,926  $594,446  
Liabilities and Stockholders' Equity      
Current Liabilities      
Accounts payable and other accrued liabilities 6,280   11,326  
Current portion of long-term debt    7  
Deferred revenue    4,050  
Accrued compensation 4,746   4,528  
Operating lease liabilities, short-term 606   549  
Finance lease liabilities, short-term 342   273  
Total current liabilities 11,974   20,733  
Warrant Liabilities 5,637   9,117  
Operating Lease Liabilities, Long-Term 8,159   8,622  
Finance Lease Liabilities, Long-Term 544   602  
Total liabilities 26,314   39,074  
Stockholders' Equity        
Common Stock, $0.0001 par value; 2,000,000,000 shares authorized; 178,417,397 and 176,007,184 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively 18   18  
Additional paid-in capital 586,347   577,603  
Accumulated deficit (65,596)  (19,090) 
Accumulated other comprehensive loss (3,157)  (3,159) 
Total stockholders' equity 517,612   555,372  
Total liabilities and stockholders' equity$543,926  $594,446  

Solid Power, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except number of shares and per share amounts)
  Three Months Ended
September 30,
 Nine Months Ended
September 30,
  2023  2022  2023  2022 
Revenue $6,366  $2,813  $15,063  $7,591 
Operating Expenses            
Direct costs  7,183   3,544   20,354   8,561 
Research and development  14,236   9,710   40,391   24,811 
Selling, general and administrative  6,444   5,158   19,307   15,827 
Total operating expenses  27,863   18,412   80,052   49,199 
Operating Loss  (21,497)  (15,599)  (64,989)  (41,608)
Nonoperating Income and Expense            
Interest income  5,213   3,128   15,041   4,300 
Change in fair value of warrant liabilities  1,155      3,480   28,183 
Interest expense  (13)  (12)  (39)  (22)
Total nonoperating income and expense  6,355   3,116   18,482   32,461 
Pretax Loss  (15,142)  (12,483)  (46,507)  (9,147)
Income tax benefit     (84)  –    (71)
Net Loss $(15,142) $(12,399) $(46,507) $(9,076)
Basic and diluted loss per share $(0.08) $(0.07) $(0.26) $(0.05)
Weighted average shares outstanding – basic and diluted  178,388,926   175,025,984   177,800,915   173,859,649 

Solid Power, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
 Nine Months Ended September 30,
Cash Flows from Operating Activities     
Net loss $(46,507) $(9,076)
Adjustments to reconcile net loss to net cash and cash equivalents from operating activities:      
Depreciation and amortization  7,805   3,437 
Amortization of right-of-use assets  566   51 
Loss on sale of property, plant and equipment     4 
Stock-based compensation expense  8,447   6,498 
Deferred taxes     (71)
Change in fair value of warrant liabilities  (3,480)  (28,183)
Amortization of premiums and accretion of discounts on marketable securities  (8,297)  (1,170)
Change in operating assets and liabilities that provided (used) cash and cash equivalents:      
Contract receivables  (1,403)  (2,473)
Contract receivables from related parties  (5,048)   
Prepaid expenses and other assets  297   2,101 
Accounts payable and other accrued liabilities  207   (3,327)
Deferred revenue  (4,050)  (300)
Accrued compensation  218   1,831 
Operating and Finance lease liabilities, short-term  (406)  192 
Net cash and cash equivalents used in operating activities  (51,651)  (30,486)
Cash Flows from Investing Activities      
Purchases of property, plant and equipment  (29,526)  (47,915)
Purchases of marketable securities and long-term investments  (256,584)  (448,757)
Proceeds from sales of marketable securities  315,493   111,198 
Purchases of intangible assets  (428)  (308)
Net cash and cash equivalents provided by (used in) investing activities  28,955   (385,782)
Cash Flows from Financing Activities      
Payments of debt  (7)  (104)
Proceeds from exercise of stock options  194   771 
Proceeds from issuance of shares of common stock under ESPP  214    
Cash paid for withholding of employee taxes related to stock-based compensation  (111)  (58)
Payments on finance lease liabilities  (259)  (76)
Transaction costs     (12)
Net cash and cash equivalents provided by financing activities  31   521 
Net decrease in cash and cash equivalents  (22,665)  (415,747)
Cash and cash equivalents at beginning of period  50,123   513,447 
Cash and cash equivalents at end of period  27,458   97,700 
Cash paid for interest $39  $5 
Accrued capital expenditures $2,309  $7,818 

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