Solid Power Reports First Quarter 2025 Results
Recent Business Highlights
- Conducted detailed design of equipment for the planned installation of a continuous manufacturing pilot line for sulfide electrolyte production; commissioning remains on track for 2026.
- Neared completion of factory acceptance testing for the SK On pilot cell line, with site acceptance testing on target for later this year.
- Continued to receive customer feedback on electrolyte sampling, driving process engineering that is expected to lead to improved performance.
- Additional demand for multiple generations of electrolyte from customers.
- Maintained financial discipline by staying within first quarter 2025 cash investment targets; continued to identify opportunities to realize efficiencies and reduce operating costs while driving innovation.
“We are pleased with our progress on our 2025 operational goals, and we are energized by continued customer demand for our electrolyte,” said
First Quarter 2025 Financial Highlights
Operating expenses were
Balance Sheet and Liquidity
Solid Power’s liquidity position remains strong. Total liquidity as of
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(in thousands) |
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Cash and cash equivalents |
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$ |
29,454 |
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$ |
25,413 |
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Available-for-sale securities |
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270,134 |
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302,057 |
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Total liquidity |
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$ |
299,588 |
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$ |
327,470 |
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As of
First quarter 2025 capital expenditures totaled
2025 Outlook
- Drive electrolyte innovation and performance through feedback from customers and internal cell development.
- Continue to execute on electrolyte technology development roadmap, including the start of the installation of a pilot continuous electrolyte manufacturing line.
- Fulfill partner and customer commitments and increase electrolyte sampling, using the electrolyte innovation center (“EIC”) to quickly innovate driven by demand.
- Maintain financial discipline while ensuring ongoing investments in technology development and capabilities.
Webcast and Conference Call
The call may be accessed through a live audio webcast on Solid Power’s Investor Relations website at www.solidpowerbattery.com/investor-relations. An audio replay will be available at the same location.
About
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 2025; our future financial performance, strategy, expansion plans, including plans related to the expansion of our electrolyte production capabilities, market opportunity, operations, and operating results; estimated revenues or losses; projected costs; future 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,
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Condensed Consolidated Balance Sheets (in thousands, except par value and number of shares) |
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Assets |
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Current Assets |
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Cash and cash equivalents |
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$ |
29,454 |
|
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$ |
25,413 |
|
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Marketable securities |
|
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211,491 |
|
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|
92,784 |
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Contract receivables |
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2,220 |
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1,393 |
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Prepaid expenses and other current assets |
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6,112 |
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5,646 |
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Total current assets |
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249,277 |
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125,236 |
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Long-Term Assets |
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Property, plant and equipment, net |
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94,702 |
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97,208 |
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Right-of-use operating lease assets, net |
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7,290 |
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7,490 |
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Investments |
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59,695 |
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|
210,400 |
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Intangible assets, net |
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2,544 |
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|
2,072 |
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Other assets |
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1,584 |
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1,577 |
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Loan receivable from equity method investee |
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4,298 |
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4,267 |
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Total long-term assets |
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170,113 |
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323,014 |
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Total assets |
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$ |
419,390 |
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$ |
448,250 |
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Liabilities, Mezzanine Equity and Stockholders’ Equity |
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Current Liabilities |
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Accounts payable and other accrued liabilities |
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6,421 |
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8,409 |
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Deferred revenue |
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— |
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|
3,150 |
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Accrued compensation |
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|
3,142 |
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|
7,578 |
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Operating lease liabilities |
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|
866 |
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|
833 |
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Total current liabilities |
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10,429 |
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19,970 |
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Long-Term Liabilities |
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Warrant liabilities |
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2,856 |
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8,735 |
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Operating lease liabilities |
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7,810 |
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|
8,023 |
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Other liabilities |
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1,180 |
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|
1,208 |
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Total long-term liabilities |
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11,846 |
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17,966 |
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Total liabilities |
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22,275 |
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37,936 |
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Mezzanine Equity |
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Mezzanine Equity |
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43 |
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34 |
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Stockholders’ Equity |
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Common Stock, |
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18 |
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18 |
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Additional paid-in capital |
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593,144 |
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591,394 |
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Accumulated deficit |
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(196,302 |
) |
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(181,171 |
) |
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Accumulated other comprehensive income |
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212 |
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39 |
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Total stockholders’ equity |
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397,072 |
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|
410,280 |
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Total liabilities, mezzanine equity and stockholders’ equity |
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$ |
419,390 |
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$ |
448,250 |
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Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (in thousands, except number of shares and per share amounts) |
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Three Months Ended |
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2025 |
2024 |
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Revenue |
$ |
6,016 |
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$ |
5,953 |
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Operating Expenses |
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Direct costs |
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2,696 |
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4,290 |
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Research and development |
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19,022 |
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18,873 |
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Selling, general and administrative |
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8,327 |
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8,571 |
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Total operating expenses |
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30,045 |
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31,734 |
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Operating Loss |
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(24,029 |
) |
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(25,781 |
) |
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Nonoperating Income and Expense |
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Interest income |
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3,599 |
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5,117 |
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Change in fair value of warrant liabilities |
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5,879 |
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(501 |
) |
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Interest expense |
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(8 |
) |
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(42 |
) |
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Other income (expense) |
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(522 |
) |
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— |
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Total nonoperating income and expense |
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8,948 |
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4,574 |
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Pretax Loss |
$ |
(15,081 |
) |
$ |
(21,207 |
) |
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Income tax expense |
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— |
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— |
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Share of net loss of equity method investee |
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70 |
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— |
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Net Loss Attributable to Common Stockholders |
$ |
(15,151 |
) |
$ |
(21,207 |
) |
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Other Comprehensive Income (Loss) |
|
173 |
|
|
(579 |
) |
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Comprehensive Loss Attributable to Common Stockholders |
$ |
(14,978 |
) |
$ |
(21,786 |
) |
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Basic and diluted loss per share |
$ |
(0.08 |
) |
$ |
(0.12 |
) |
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Weighted average shares outstanding – basic and diluted |
|
181,404,557 |
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180,784,020 |
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Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) |
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Three Months Ended |
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2025 |
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2024 |
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Cash Flows from Operating Activities |
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Net loss |
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$ |
(15,151 |
) |
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$ |
(21,207 |
) |
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Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities: |
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Depreciation and amortization |
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4,541 |
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3,909 |
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Amortization of right-of-use assets |
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|
322 |
|
|
|
207 |
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Loss on sales of property, plant and equipment |
|
|
444 |
|
|
|
— |
|
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Share of net loss of equity method investee |
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|
70 |
|
|
|
— |
|
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Stock-based compensation expense |
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|
1,830 |
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|
|
2,863 |
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Change in fair value of warrant liabilities |
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(5,879 |
) |
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|
501 |
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Accretion of discounts on other long-term liabilities |
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|
16 |
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(4 |
) |
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Accretion of loan receivable from equity method investee |
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(31 |
) |
|
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— |
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Amortization of premiums and accretion of discounts on available-for-sale securities |
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(1,359 |
) |
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|
(2,428 |
) |
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Loss on change in assessment of finance lease purchase options |
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|
84 |
|
|
|
— |
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Change in operating assets and liabilities that provided (used) cash and cash equivalents: |
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Contract receivables |
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|
(445 |
) |
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|
(8,553 |
) |
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Contract receivables from related parties |
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|
— |
|
|
|
(4,152 |
) |
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Prepaid expenses and other current assets and other assets |
|
|
(506 |
) |
|
|
(6,983 |
) |
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Accounts payable and other accrued liabilities |
|
|
(2,445 |
) |
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|
1,290 |
|
|
Deferred revenue |
|
|
(3,150 |
) |
|
|
7,794 |
|
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Deferred revenue from related parties |
|
|
— |
|
|
|
(828 |
) |
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Accrued compensation |
|
|
(4,436 |
) |
|
|
(1,323 |
) |
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Operating lease liabilities |
|
|
(196 |
) |
|
|
(151 |
) |
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Net cash and cash equivalents used in operating activities |
|
|
(26,291 |
) |
|
|
(29,065 |
) |
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Cash Flows from Investing Activities |
|
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Purchases of property, plant and equipment |
|
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(2,354 |
) |
|
|
(4,054 |
) |
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Purchases of available-for-sale securities |
|
|
(41,825 |
) |
|
|
(61,287 |
) |
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Proceeds from sales of available-for-sale securities |
|
|
75,156 |
|
|
|
79,134 |
|
|
Purchases of intangible assets |
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(478 |
) |
|
|
(154 |
) |
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Net cash and cash equivalents provided by investing activities |
|
|
30,499 |
|
|
|
13,639 |
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Cash Flows from Financing Activities |
|
|
|
|
|
|
||
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Proceeds from exercise of stock options |
|
|
181 |
|
|
|
97 |
|
|
Cash paid for withholding of employee taxes related to stock-based compensation |
|
|
(261 |
) |
|
|
(169 |
) |
|
Repurchase of shares of common stock |
|
|
— |
|
|
|
(4,914 |
) |
|
Payments on finance lease liabilities |
|
|
(87 |
) |
|
|
(106 |
) |
|
Net cash and cash equivalents used in financing activities |
|
|
(167 |
) |
|
|
(5,092 |
) |
|
|
|
|
|
|
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||
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Net increase (decrease) in cash and cash equivalents |
|
|
4,041 |
|
|
|
(20,518 |
) |
|
Cash and cash equivalents at beginning of period |
|
|
25,413 |
|
|
|
34,537 |
|
|
Cash and cash equivalents at end of period |
|
|
29,454 |
|
|
|
14,019 |
|
|
|
|
|
|
|
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|
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Supplemental information |
|
|
|
|
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|
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|
Cash paid for interest |
|
$ |
8 |
|
|
$ |
42 |
|
|
Accrued capital expenditures |
|
|
1,689 |
|
|
|
954 |
|
|
Unpaid reimbursements on capital expenditures |
|
|
382 |
|
|
|
0 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250506876846/en/
investors@solidpowerbattery.com
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