LOUISVILLE, Colo., May 10, 2022 (GLOBE NEWSWIRE) -- Solid Power, Inc. (Nasdaq: SLDP), an industry-leading developer of all-solid-state battery cells for electric vehicles, today announced its financial results for the first quarter ending March 31, 2022.
Business highlights:
EV cell pilot line installation process is nearing completion and expected to begin producing EV-scale cells for internal testing during the third quarter.
Electrolyte production facility construction remains on track, with expected completion in the second half of the year.
Cell development on schedule, with additional 2 Ah high-content silicon anode cells (“Silicon EV cells”) produced and shipped to joint development partners and continued refinement of 20 Ah Silicon EV cells.
Investments in operations, production equipment and technology development continue on accelerated timeline.
"2022 is off to a strong start,” said Doug Campbell, Chief Executive Officer of Solid Power. “During the first quarter, we made meaningful progress towards delivering on the accelerated investment timeline we shared previously. We are now nearing completion of our EV cell pilot line, while other investments in our operating and development capabilities remain on track. We believe these ongoing investments are key to ensuring we meet the initial stages of automotive qualification while delivering long-term value.”
“Solid Power is at the forefront of the development of all-solid-state battery cells in an environment where we believe demand for high performance cells continues to accelerate. As we progress towards our operational and technological targets, we remain focused on positioning Solid Power to build upon our leadership position in the industry.”
First Quarter Financial Highlights:
Revenue for the first quarter of 2022 was $2.2 million, up from $0.5 million in the first quarter of 2021. Operating expenses, as anticipated, were higher in the first quarter of 2022 compared to the same period in 2021, driven by planned investments in product development and the scaling of our operations. Net loss was $10.3 million, or $0.06 per diluted share, compared to a net loss of $7.2 million, or $0.10 per diluted share, during the same quarter in 2021.
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Solid Power, Inc.
Tue, May 10, 2022, 10:05 PM
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SLDP
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Solid Power, Inc.
Solid Power, Inc.
Financial results and business update call scheduled for 5:00 PM ET today
Reaffirms 2022 milestones and outlook
LOUISVILLE, Colo., May 10, 2022 (GLOBE NEWSWIRE) -- Solid Power, Inc. (Nasdaq: SLDP), an industry-leading developer of all-solid-state battery cells for electric vehicles, today announced its financial results for the first quarter ending March 31, 2022.
Business highlights:
EV cell pilot line installation process is nearing completion and expected to begin producing EV-scale cells for internal testing during the third quarter.
Electrolyte production facility construction remains on track, with expected completion in the second half of the year.
Cell development on schedule, with additional 2 Ah high-content silicon anode cells (“Silicon EV cells”) produced and shipped to joint development partners and continued refinement of 20 Ah Silicon EV cells.
Investments in operations, production equipment and technology development continue on accelerated timeline.
"2022 is off to a strong start,” said Doug Campbell, Chief Executive Officer of Solid Power. “During the first quarter, we made meaningful progress towards delivering on the accelerated investment timeline we shared previously. We are now nearing completion of our EV cell pilot line, while other investments in our operating and development capabilities remain on track. We believe these ongoing investments are key to ensuring we meet the initial stages of automotive qualification while delivering long-term value.”
“Solid Power is at the forefront of the development of all-solid-state battery cells in an environment where we believe demand for high performance cells continues to accelerate. As we progress towards our operational and technological targets, we remain focused on positioning Solid Power to build upon our leadership position in the industry.”
First Quarter Financial Highlights:
Revenue for the first quarter of 2022 was $2.2 million, up from $0.5 million in the first quarter of 2021. Operating expenses, as anticipated, were higher in the first quarter of 2022 compared to the same period in 2021, driven by planned investments in product development and the scaling of our operations. Net loss was $10.3 million, or $0.06 per diluted share, compared to a net loss of $7.2 million, or $0.10 per diluted share, during the same quarter in 2021.
Balance Sheet and Liquidity
Solid Power remained in a strong liquidity position on March 31, 2022, with combined cash, cash equivalents and marketable securities of $553.3 million plus an additional $10.9 million of long-term investments on its balance sheet. Capital expenditures during the first quarter of 2022 were $10.5 million, representing ongoing investments in the company’s technical development and operational capabilities.
2022 Outlook
Solid Power reiterates its financial guidance for the year, with 2022 revenue expected to range between $3.0 million to $5.0 million and total 2022 cash investment between $150 million and $170 million. Of the total 2022 cash investment, Solid Power expects capital expenditures to range from $85 million to $95 million and cash used in operations to be between $65 million and $75 million. Solid Power expects to have total combined cash, cash equivalents, marketable securities and long-term investments of between $420 to $440 million at the end of the year.
In 2022, Solid Power is focused on delivering the following key milestones:
Delivering 2 Ah and 20 Ah Silicon EV cells to automotive partners
Completing EV cell pilot line and commencing EV-scale cell production
Completing construction of electrolyte production facility
Delivering EV-scale Silicon EV cells to our automotive partners by the end of the year
Formally entering the automotive qualification process with our EV-scale Silicon EV cell
Webcast and Conference Call
Solid Power will host a conference call at 3:00 p.m. MT (5:00 p.m. ET) today, May 10, 2022. Participating on the call will be Doug Campbell, 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 ir.solidpowerbattery.com.
The conference call can 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 ir.solidpowerbattery.com or by dialing +1-844-512-2921 (domestic) or +1-412-317-6671 (international). The pin number for the replay is 10166347. The replay will be available until 11:59 p.m. ET on May 24, 2022.
About Solid Power, Inc.
Solid Power is an industry-leading developer of all-solid-state rechargeable battery cells for electric vehicles and mobile power markets. Solid Power replaces the flammable liquid electrolyte in a conventional lithium-ion battery with a proprietary sulfide-based solid electrolyte. As a result, Solid Power's all-solid-state battery cells are expected to be safer and more stable across a broad temperature range, provide an increase in energy density compared to the best available rechargeable battery cells, enable less expensive, more energy-dense battery pack designs and be compatible with traditional lithium-ion manufacturing processes. For more information, visit http://www.solidpowerbattery.com/. |
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