Solid Power, Inc. (Nasdaq: SLDP), a developer of solid state
battery technology, today announced its financial results for the
first quarter ended March 31, 2023.
Recent Business
Highlights
- SP2 electrolyte production facility
officially commissioned with powder production beginning in
April.
- EV cell development remains on
track for 2023 delivery of A-sample EV cells to partners.
- Achieved significant progress in 20
Ah manufacturing with improved yields and consistency.
“The commissioning of our SP2 electrolyte
production facility marked another important step forward on our
path towards commercialization,” said Dave Jansen, Interim Chief
Executive Officer, President and Chairman of the Board of Solid
Power. “The Solid Power team has done a fantastic job over the past
year navigating through supply chain, permitting, construction, and
hiring challenges so we could start production. We believe our
sulfide-based electrolyte will both advance our cell development
capabilities and enable the next generation of battery
technology.”
Mr. Jansen continued, “2023 cell development is
also off to a solid start as we continue to position the Company
for entry into automotive qualification later this year. Over the
last couple of quarters working with our partners, we have
significantly improved the manufacturability and yields on our 20
Ah cells, positioning us to scale up our EV production and
development. Looking ahead, we remain on track to meet our 2023
objectives, which we believe will better position Solid Power to
deliver long-term value for all stakeholders.”
First Quarter 2023 Financial
Highlights
First quarter 2023 revenue was $3.8 million, up
$1.6 million compared to the first quarter of 2022, owing to
execution under the Company’s joint development agreements.
As expected, operating expenses were higher in
the first quarter of 2023 compared with the first quarter of 2022
due to planned investments in product development as well as
increased general and administrative expenses to support
operations. First quarter 2023 operating loss was $21.3 million and
net loss was $19.2 million, or $0.11 per share. Balance
Sheet and Liquidity
Solid Power’s liquidity position continues to be
strong, with March 31, 2023 total liquidity totaling $468.2
million, as shown below.
|
|
|
|
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|
($ in thousands) |
|
March 31, 2023 |
|
December 31, 2022 |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
9,888 |
|
$ |
50,123 |
Marketable securities |
|
|
245,563 |
|
|
272,957 |
Long-term investments |
|
|
212,785 |
|
|
172,974 |
|
|
|
|
|
|
|
|
|
Total liquidity |
|
$ |
468,236 |
|
$ |
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.
First quarter 2023 capital expenditures totaled
$11.6 million, primarily representing investments in the Company’s
new electrolyte production facility.
2023 Outlook
In 2023, Solid Power is focused on delivering on
the following key objectives:
- Electrolyte:
- Initiate and scale production from
Solid Power’s electrolyte production facility.
- Deliver electrolyte to potential
customers for sampling and feedback.
- Cell development:
- Continue to improve key cell
performance metrics, including energy density, pressure, cycle
life, low temperature operations and safety.
- Deliver EV cells to our joint
development partners and officially enter the automotive
qualification process.
As Solid Power executes on its milestones, the
Company continues to expect that in 2023, cash used in operations
will be between $70 million and $80 million and capital
expenditures will range from $50 million to $60 million. Total cash
investment is expected to range between $120 million and $140
million.
2023 revenue is expected to be the in range of
$15 million to $20 million.
Webcast and Conference Call
Solid Power will host a conference call at 3:00
p.m. MT (5:00 p.m. ET) today, May 8, 2023. Participating on the
call will be Dave Jansen, Interim Chief Executive Officer,
President and Chairman of the Board, 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 +1-877-407-0792 (domestic) or +1-201-689-8263
(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 13737024. The replay will be available until 9:59
p.m. MT (11:59 p.m. ET) on May 22, 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 http://www.solidpowerbattery.com/.
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) our
ability to protect our intellectual property, including in
jurisdictions outside of the United States; (v) broad market
adoption of EVs and other technologies where we are able to deploy
our cell technology and electrolyte material, if developed
successfully; (vi) our success in retaining or recruiting, or
changes required in, our officers, key employees, including
technicians and engineers, or directors; (vii) risks and
potential disruptions related to management transitions;
(viii) changes in applicable laws or regulations;
(ix) risks related to technology systems and security
breaches; (x) 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; (xi) 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;
(xii) rollout of our business plan and the timing of expected
business milestones; (xiii) the termination or reduction of
government clean energy and electric vehicle incentives;
(xiv) delays in the construction and operation of production
facilities; 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” section of Solid Power’s Annual Report on Form 10-K
for the year ended December 31, 2022 (the “Form 10-K”) 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 www.sec.gov. 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 InformationKevin PaprzyckiChief
Financial Officer1 (800)
799-7380investors@solidpowerbattery.com
Website: www.solidpowerbattery.com
Solid Power, Inc. |
Condensed Consolidated Balance Sheets
(Unaudited) |
(in thousands, except par value and number of shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
|
|
March 31, 2023 |
|
December 31, 2022 |
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
9,888 |
|
|
$ |
50,123 |
|
|
Marketable securities |
|
|
245,563 |
|
|
|
272,957 |
|
|
Contract receivables |
|
|
1,700 |
|
|
|
1,840 |
|
|
Prepaid expenses and other current assets |
|
|
4,219 |
|
|
|
2,888 |
|
|
|
|
Total current assets |
|
|
261,370 |
|
|
|
327,808 |
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment, net |
|
|
87,891 |
|
|
|
82,761 |
|
Right-Of-Use Operating Lease Asset, net |
|
|
7,586 |
|
|
|
7,725 |
|
Right-Of-Use Financing Lease Asset, net |
|
|
896 |
|
|
|
922 |
|
Other Assets |
|
|
1,099 |
|
|
|
1,148 |
|
Long-term Investments |
|
|
212,785 |
|
|
|
172,974 |
|
Intangible Assets, net |
|
|
1,229 |
|
|
|
1,108 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
572,856 |
|
|
$ |
594,446 |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
3,577 |
|
|
$ |
10,070 |
|
|
Current portion of long-term debt |
|
|
- |
|
|
|
7 |
|
|
Deferred revenue |
|
|
1,036 |
|
|
|
4,050 |
|
|
Accrued and other current liabilities: |
|
|
|
|
|
|
Accrued compensation |
|
|
2,023 |
|
|
|
4,528 |
|
|
|
Other accrued liabilities |
|
|
5,104 |
|
|
|
1,256 |
|
|
|
Operating lease liabilities, short-term |
|
|
567 |
|
|
|
549 |
|
|
|
Financing lease liability, short-term |
|
|
276 |
|
|
|
273 |
|
|
|
|
Total current liabilities |
|
|
12,583 |
|
|
|
20,733 |
|
|
|
|
|
|
|
|
|
Warrant Liabilities |
|
|
11,779 |
|
|
|
9,117 |
|
Operating Lease Liabilities, Long-Term |
|
|
8,471 |
|
|
|
8,622 |
|
Financing Lease Liabilities, Long-Term |
|
|
552 |
|
|
|
602 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
$ |
33,385 |
|
|
$ |
39,074 |
|
|
|
|
|
|
|
|
|
Stockholders equity: |
|
|
|
|
|
Common Stock, $0.0001 par value; 2,000,000,000 shares authorized;
177,687,138 and 176,007,184 shares issued and outstanding as of
March 31, 2023 and December 31, 2022, respectively |
|
|
18 |
|
|
|
18 |
|
|
Additional paid-in capital |
|
|
579,975 |
|
|
|
577,603 |
|
|
Accumulated deficit |
|
|
(38,248 |
) |
|
|
(19,090 |
) |
|
Accumulated other comprehensive loss |
|
|
(2,274 |
) |
|
|
(3,159 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
|
539,471 |
|
|
|
555,372 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
572,856 |
|
|
$ |
594,446 |
|
|
|
|
|
|
|
|
|
Solid Power, Inc. |
Condensed Consolidated Statements of Operations
(Unaudited) |
(in thousands, except number of shares and per-share amounts) |
|
|
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|
|
|
|
|
|
|
|
Quarter Ended March 31, |
|
|
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
|
$ |
3,792 |
|
|
$ |
2,196 |
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
Direct costs |
|
|
6,274 |
|
|
|
2,030 |
|
|
Research and development |
|
|
11,648 |
|
|
|
6,661 |
|
|
Marketing and sales |
|
|
432 |
|
|
|
795 |
|
|
General and administrative |
|
|
6,756 |
|
|
|
4,022 |
|
|
|
Total operating expenses |
|
|
25,110 |
|
|
|
13,508 |
|
|
|
|
|
|
|
|
Operating loss |
|
|
(21,318 |
) |
|
|
(11,312 |
) |
|
|
|
|
|
|
|
Non-operating income |
|
|
|
|
|
Interest income |
|
|
4,835 |
|
|
|
240 |
|
|
Change in fair value of warrant liabilities |
|
|
(2,662 |
) |
|
|
710 |
|
|
Interest expense |
|
|
(13 |
) |
|
|
(5 |
) |
|
|
Total non-operating income |
|
|
2,160 |
|
|
|
945 |
|
|
|
|
|
|
|
|
Pretax loss |
|
|
(19,158 |
) |
|
|
(10,367 |
) |
|
|
|
|
|
|
|
|
Income tax benefit |
|
|
- |
|
|
|
(23 |
) |
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(19,158 |
) |
|
$ |
(10,344 |
) |
|
|
|
|
|
|
|
Basic and diluted (loss) earnings per share |
|
$ |
(0.11 |
) |
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
Weighted average shares outstanding - basic and diluted |
|
|
176,934,261 |
|
|
|
172,395,717 |
|
|
|
|
|
|
|
|
Solid Power, Inc. |
Condensed Consolidated Statements of Cash Flows
(Unaudited) |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended March 31, |
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities |
|
|
|
|
Net loss |
|
|
|
$ |
(19,158 |
) |
|
$ |
(10,344 |
) |
Adjustments to reconcile net loss to net cash and cash equivalents
from operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
|
2,264 |
|
|
|
753 |
|
|
Amortization of right-of-use assets |
|
|
183 |
|
|
|
9 |
|
|
Stock compensation expense |
|
|
2,222 |
|
|
|
1,596 |
|
|
Deferred taxes |
|
|
- |
|
|
|
(23 |
) |
|
Warrant liabilities |
|
|
2,662 |
|
|
|
(710 |
) |
|
Amortization of premiums and accretion of discounts on marketable
securities |
|
|
(2,716 |
) |
|
|
- |
|
|
Changes in operating assets and liabilities that provided (used)
cash and cash equivalents: |
|
|
|
|
|
|
Contract receivable |
|
|
140 |
|
|
|
(810 |
) |
|
|
Prepaid expenses and other assets |
|
|
(1,129 |
) |
|
|
659 |
|
|
|
Accounts payable |
|
|
(2,131 |
) |
|
|
(3,310 |
) |
|
|
Deferred revenue |
|
|
(3,014 |
) |
|
|
(69 |
) |
|
|
Accrued and other liabilities |
|
|
1,178 |
|
|
|
(2,300 |
) |
|
|
Lease liabilities |
|
|
(132 |
) |
|
|
180 |
|
|
|
|
Net cash and cash equivalents used by operating activities |
|
|
(19,631 |
) |
|
|
(14,369 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
(11,581 |
) |
|
|
(10,527 |
) |
|
Purchases of marketable securities and long-term investments |
|
|
(110,636 |
) |
|
|
(61,669 |
) |
|
Proceeds from sales of marketable securities |
|
|
101,665 |
|
|
|
23,420 |
|
|
Purchases of intangible assets |
|
|
(125 |
) |
|
|
(105 |
) |
|
|
|
Net cash and cash equivalents used in investing activities |
|
|
(20,677 |
) |
|
|
(48,881 |
) |
|
|
|
|
|
|
|
|
|
|
(Continued)
Solid Power, Inc. |
Condensed Consolidated Statements of Cash Flows
(Unaudited) |
(Continued, In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended March 31, |
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Payments of debt |
|
|
(7 |
) |
|
|
(38 |
) |
|
Proceeds from exercise of common stock options |
|
|
150 |
|
|
|
270 |
|
|
Payments on finance lease liability |
|
|
(70 |
) |
|
|
(12 |
) |
|
Transaction costs |
|
|
- |
|
|
|
(12 |
) |
|
|
|
Net cash and cash equivalents provided by financing activities |
|
73 |
|
|
|
208 |
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
|
(40,235 |
) |
|
|
(63,042 |
) |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
|
50,123 |
|
|
|
513,447 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
$ |
9,888 |
|
|
$ |
450,405 |
|
|
|
|
|
|
|
|
|
|
|
Supplemental information: |
|
|
|
|
Cash paid for interest |
|
|
13 |
|
|
|
3 |
|
Accrued capital expenditures |
|
|
3,370 |
|
|
|
3,119 |
|
|
|
|
|
|
|
|
|
|
|
Grafico Azioni Solid Power (NASDAQ:SLDP)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Solid Power (NASDAQ:SLDP)
Storico
Da Lug 2023 a Lug 2024