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 second quarter ended June
30, 2022.
Recent Business
Highlights:
- Cell development remains on track,
with initial 20 Ah silicon anode cells (“Silicon EV cells”)
expected to be shipped during the third quarter to joint
development partners.
- EV cell pilot line installation
completed in June, with optimization activities ongoing. Production
of EV-scale cells for internal testing still expected during the
third quarter.
- Construction of electrolyte
production facility progressing, with initial production expected
in the first quarter of 2023.
- First half 2022 revenue reaches
$4.8 million, nearing the high end of full-year revenue
guidance.
- Investments in operations,
production equipment and technology development continue on
accelerated timeline.
"First half results reflect continued solid
execution by our team as we continue to position the company for
long-term success,” said Doug Campbell, Chief Executive Officer of
Solid Power. “With the recent installation of the EV cell pilot
line, we now have the operational capabilities needed to produce
EV-scale cells, which is a critical step towards initiating the
formal automotive qualification process. During the third quarter,
we expect to begin producing EV-scale cells for our internal
testing and delivering 20 Ah Silicon EV cells to our joint
development partners for their initial testing.”
Campbell continued, “We continue to invest in
our team, facilities and technology. Construction of our
electrolyte production facility continues to progress nicely,
though we are not immune to supply chain challenges. We remain on
track with our objectives to produce EV-scale cells and enter A
sample by the end of the year. We believe the ongoing investments
in our product development and operational capabilities are not
only key to entering into formal automotive qualification and
meeting the needs of our customers, but will also enable us to
build on our position as a leader in the battery technology
sector.”
Second Quarter Financial Highlights:
Revenue for the second quarter of 2022 was $2.6
million, bringing total revenue for the first half of 2022 to $4.8
million. This compares with revenue of $0.6 million and $1.0
million in the second quarter and first half of 2021,
respectively.
As anticipated, operating expenses were higher
in the second quarter of 2022 compared to the second quarter of
2021, driven by accelerated investments in product development and
the scaling of our operations. Operating loss was $14.7 million for
the second quarter of 2022. Changes in Solid Power’s warrant
liabilities resulted in a non-cash gain of $27.5 million in the
second quarter of 2022, driving the company to net income of $13.7
million, or $0.08 per diluted share.
Balance Sheet and Liquidity
Solid Power’s liquidity position remained strong
as of June 30, 2022, with total liquidity totaling $534.2 million,
as shown below.
($
in thousands) |
|
June 30, 2022 |
|
December 31, 2021 |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
301,603 |
|
|
$ |
513,447 |
|
Marketable
securities |
|
|
182,694 |
|
|
|
75,885 |
|
Long-term
investments |
|
|
49,873 |
|
|
|
- |
|
|
|
|
|
|
Total liquidity |
|
$ |
534,170 |
|
|
$ |
589,332 |
|
|
|
|
|
|
Capital expenditures during the second quarter
and first half of 2022 were $20.4 million and $31.0 million,
respectively, representing ongoing investments in the company’s
technical development and operational capabilities.
2022 Outlook
After delivering strong first half 2022 revenue
results, Solid Power now expects 2022 revenue to exceed the high
end of the previous guidance range of between $3 million and $5
million.
Solid Power reiterates its outlook for total
2022 cash investment of between $150 million and $170 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.
Solid Power is focused on delivering on its 2022
milestones. To date, the following 2022 milestones have been
completed:
- Delivery of 2 Ah Silicon EV cells
to automotive partners.
- Installation of the EV cell pilot
line.
Solid Power remains committed to delivering on
the following key 2022 milestones:
- Delivering 20 Ah Silicon EV cells
to automotive partners, anticipated during the third quarter.
- Commencing EV-scale cell production
for internal testing, anticipated during the third quarter.
- Constructing the electrolyte
production facility, with electrolyte powder production expected
beginning in the first quarter of 2023.
- 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, August 9, 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 +1-877-407-0792 (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 13730468. The replay will be available until 11:59
p.m. ET on August 23, 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/.
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 2022, future
financial performance and our strategy, expansion plans, market
opportunity, future operations, future operating results, estimated
revenues, losses, projected costs, prospects, plans and objectives
of management and expectations regarding the impact of the COVID-19
pandemic on our business and industry. 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 do so in
advance of the development 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 electric
vehicles and other technologies where we are able to deploy our
all-solid-state batteries, 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) changes in applicable laws or regulations; (viii)
risks related to technology systems and security breaches; (ix) the
possibility that COVID-19 or a future pandemic may adversely affect
our results of operations, financial position and cash flows; (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 an early 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, 2021 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 InformationFor Investors: Kevin
PaprzyckiChief Financial Officer1 (800)
799-7380investors@solidpowerbattery.com
For Media: Will McKenna Marketing Communications Director (720)
598-2877 press@solidpowerbattery.com
Website: www.solidpowerbattery.comTwitter:
https://twitter.com/SolidPowerIncLinkedIn:
https://www.linkedin.com/company/solid-power
Solid Power, Inc. |
Condensed Consolidated Balance Sheets
(Unaudited) |
(in thousands, except par value and number of shares) |
|
|
|
|
|
|
|
As of |
|
|
June 30, 2022 |
|
December 31, 2021 |
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
301,603 |
|
|
$ |
513,447 |
|
Marketable securities |
|
|
182,694 |
|
|
|
75,885 |
|
Contract receivables |
|
|
2,031 |
|
|
|
829 |
|
Prepaid expenses and other current assets |
|
|
2,864 |
|
|
|
4,216 |
|
Total current assets |
|
|
489,192 |
|
|
|
594,377 |
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
59,409 |
|
|
|
22,082 |
|
Right-of-use operating lease asset, net |
|
|
7,346 |
|
|
|
- |
|
Right-of-use financing lease asset, net |
|
|
204 |
|
|
|
- |
|
Other assets |
|
|
1,209 |
|
|
|
602 |
|
Long-term investments |
|
|
49,873 |
|
|
|
- |
|
Intangible assets, net |
|
|
843 |
|
|
|
619 |
|
|
|
|
|
|
Total assets |
|
$ |
608,076 |
|
|
$ |
617,680 |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
9,540 |
|
|
$ |
4,326 |
|
Current portion of long-term debt |
|
|
58 |
|
|
|
120 |
|
Deferred revenue |
|
|
214 |
|
|
|
500 |
|
Accrued and other current liabilities: |
|
|
|
|
Accrued compensation |
|
|
2,227 |
|
|
|
1,151 |
|
Other accrued liabilities |
|
|
805 |
|
|
|
2,269 |
|
Operating lease liabilities, short-term |
|
|
674 |
|
|
|
- |
|
Financing lease liabilities, short-term |
|
|
47 |
|
|
|
- |
|
Total current liabilities |
|
|
13,565 |
|
|
|
8,366 |
|
|
|
|
|
|
Long-term debt |
|
|
- |
|
|
|
10 |
|
Operating lease liabilities, long-term |
|
|
7,312 |
|
|
|
- |
|
Financing lease liabilities, long-term |
|
|
152 |
|
|
|
- |
|
Warrant liabilities |
|
|
21,837 |
|
|
|
50,020 |
|
Other long-term liabilities |
|
|
- |
|
|
|
393 |
|
Deferred taxes |
|
|
240 |
|
|
|
226 |
|
|
|
|
|
|
Total liabilities |
|
$ |
43,106 |
|
|
$ |
59,015 |
|
|
|
|
|
|
Stockholders equity: |
|
|
|
|
Common stock, $0.0001 par value; 2,000,000,000 shares authorized;
174,447,804 and 167,557,988 shares issued and outstanding as
of June 30, 2022 and December 31, 2021, respectively |
|
|
17 |
|
|
|
17 |
|
Additional paid-in capital |
|
|
572,456 |
|
|
|
568,183 |
|
Accumulated other comprehensive loss |
|
|
(1,291 |
) |
|
|
- |
|
Accumulated deficit |
|
|
(6,212 |
) |
|
|
(9,535 |
) |
|
|
|
|
|
Total stockholders' equity |
|
|
564,970 |
|
|
|
558,665 |
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
608,076 |
|
|
$ |
617,680 |
|
|
|
|
|
|
Solid Power, Inc. |
Condensed Consolidated Statements of Operations
(Unaudited) |
(in thousands, except number of shares and per-share amounts) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue |
|
$ |
2,582 |
|
|
$ |
561 |
|
|
$ |
4,778 |
|
|
$ |
1,041 |
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
Direct costs |
|
|
2,987 |
|
|
|
540 |
|
|
|
5,017 |
|
|
|
1,055 |
|
Research and development |
|
|
8,440 |
|
|
|
3,203 |
|
|
|
15,101 |
|
|
|
6,309 |
|
Marketing and sales |
|
|
957 |
|
|
|
535 |
|
|
|
1,752 |
|
|
|
1,090 |
|
General and administrative |
|
|
4,894 |
|
|
|
2,332 |
|
|
|
8,918 |
|
|
|
2,929 |
|
Total operating expenses |
|
|
17,278 |
|
|
|
6,610 |
|
|
|
30,788 |
|
|
|
11,383 |
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(14,696 |
) |
|
|
(6,049 |
) |
|
|
(26,010 |
) |
|
|
(10,342 |
) |
|
|
|
|
|
|
|
|
|
Non-operating income (expense) |
|
|
|
|
|
|
|
|
Interest income |
|
|
735 |
|
|
|
9 |
|
|
|
936 |
|
|
|
9 |
|
Interest expense |
|
|
(5 |
) |
|
|
(121 |
) |
|
|
(10 |
) |
|
|
(342 |
) |
Other income (expense) |
|
|
196 |
|
|
|
(3,100 |
) |
|
|
235 |
|
|
|
(3,100 |
) |
Change in fair value of warrant liabilities |
|
|
27,473 |
|
|
|
- |
|
|
|
28,183 |
|
|
|
- |
|
Loss from change in fair value of embedded derivative
liability |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,680 |
) |
Total non-operating income (expense) |
|
|
28,399 |
|
|
|
(3,212 |
) |
|
|
29,344 |
|
|
|
(6,113 |
) |
|
|
|
|
|
|
|
|
|
Pretax income (loss) |
|
|
13,703 |
|
|
|
(9,261 |
) |
|
|
3,334 |
|
|
|
(16,455 |
) |
|
|
|
|
|
|
|
|
|
Income tax expense (benefit) |
|
|
36 |
|
|
|
12 |
|
|
|
13 |
|
|
|
(41 |
) |
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
13,667 |
|
|
$ |
(9,273 |
) |
|
$ |
3,321 |
|
|
$ |
(16,414 |
) |
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share |
|
$ |
0.08 |
|
|
$ |
(0.10 |
) |
|
$ |
0.02 |
|
|
$ |
(0.21 |
) |
Diluted earnings (loss) per share |
|
$ |
0.08 |
|
|
$ |
(0.10 |
) |
|
$ |
0.02 |
|
|
$ |
(0.21 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
|
174,128,230 |
|
|
|
88,944,577 |
|
|
|
173,266,760 |
|
|
|
79,568,181 |
|
Weighted average shares outstanding - diluted |
|
|
174,703,533 |
|
|
|
88,944,577 |
|
|
|
173,566,001 |
|
|
|
79,568,181 |
|
|
|
|
|
|
|
|
|
|
Solid Power,
Inc. |
Condensed
Consolidated Statements of Cash Flows (Unaudited) |
(In thousands) |
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
2022 |
|
|
|
2021 |
|
Cash flows
from operating activities |
|
|
|
|
Net income
(loss) |
|
$ |
3,321 |
|
|
$ |
(16,414 |
) |
Adjustments
to reconcile net income (loss) to net cash and cash equivalents
from operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
1,782 |
|
|
|
1,102 |
|
Amortization of right-of-use assets |
|
|
16 |
|
|
|
- |
|
Loss on sale of property and equipment |
|
|
- |
|
|
|
2 |
|
Stock compensation expense |
|
|
3,910 |
|
|
|
217 |
|
Deferred taxes |
|
|
13 |
|
|
|
(41 |
) |
Change in fair value of warrant liabilities |
|
|
(28,183 |
) |
|
|
- |
|
Accrued interest on convertible notes payable to be paid in
kind |
|
|
- |
|
|
|
263 |
|
Loss from change in fair value of embedded derivative
liability |
|
|
- |
|
|
|
2,680 |
|
Changes in operating assets and liabilities that provided (used)
cash and cash equivalents: |
|
|
|
|
Contract receivables |
|
|
(1,202 |
) |
|
|
(110 |
) |
Prepaid expenses and other current assets |
|
|
744 |
|
|
|
(74 |
) |
Accounts payable |
|
|
(2,796 |
) |
|
|
792 |
|
Deferred revenue |
|
|
(286 |
) |
|
|
(38 |
) |
Accrued and other liabilities |
|
|
(465 |
) |
|
|
1,500 |
|
Operating lease liability |
|
|
188 |
|
|
|
(35 |
) |
Net cash and cash equivalents used by operating activities |
|
|
(22,958 |
) |
|
|
(10,156 |
) |
|
|
|
|
|
Cash flows
from investing activities |
|
|
|
|
Purchases of property and equipment |
|
|
(30,957 |
) |
|
|
(3,770 |
) |
Purchases of marketable securities and long-term investments |
|
|
(212,792 |
) |
|
|
- |
|
Proceeds from sales of marketable securities |
|
|
54,819 |
|
|
|
- |
|
Purchases of intangible assets |
|
|
(228 |
) |
|
|
(85 |
) |
Net cash and cash equivalents used in investing activities |
|
|
(189,158 |
) |
|
|
(3,855 |
) |
|
|
|
|
|
Solid Power, Inc. |
Condensed Consolidated Statements of Cash Flows
(Unaudited) |
(Continued, In thousands) |
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Proceeds from debt |
|
|
- |
|
|
|
958 |
|
Payments of debt |
|
|
(71 |
) |
|
|
(1,574 |
) |
Proceeds from issuance of convertible note payable |
|
|
- |
|
|
|
4,875 |
|
Proceeds from exercise of common stock options |
|
|
354 |
|
|
|
70 |
|
Receivable for exercise of common stock options |
|
|
79 |
|
|
|
- |
|
Proceeds from exercise of common stock warrants |
|
|
- |
|
|
|
15 |
|
Proceeds from issuance of Series B preferred stock |
|
|
- |
|
|
|
135,579 |
|
Preferred stock issuance costs |
|
|
- |
|
|
|
(4,511 |
) |
Redemption of preferred stock |
|
|
- |
|
|
|
(6,041 |
) |
Cash paid for withholding of employee taxes related to stock-based
compensation |
|
|
(58 |
) |
|
|
- |
|
Payments on finance lease liability |
|
|
(20 |
) |
|
|
- |
|
Transaction costs |
|
|
(12 |
) |
|
|
- |
|
Net cash and cash equivalents provided by financing activities |
|
|
272 |
|
|
|
129,371 |
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
|
(211,844 |
) |
|
|
115,360 |
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
|
513,447 |
|
|
|
4,974 |
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
$ |
301,603 |
|
|
$ |
120,334 |
|
|
|
|
|
|
Supplemental information: |
|
|
|
|
Cash paid for interest |
|
|
5 |
|
|
|
82 |
|
Accrued capital expenditures |
|
|
8,146 |
|
|
|
2 |
|
|
|
|
|
|
Grafico Azioni Solid Power (NASDAQ:SLDPW)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Solid Power (NASDAQ:SLDPW)
Storico
Da Lug 2023 a Lug 2024