LOUISVILLE, Colo., Feb. 27, 2024 (GLOBE NEWSWIRE) -- Solid Power, Inc. (Nasdaq: SLDP), a leading developer of solid-state battery technology, today announced its operational and financial results for the full year 2023 and provided its outlook and objectives for 2024.

Recent Business Highlights        

• Achieved electrolyte production capability of 1.1 metric tons per month.
• Ongoing electrolyte sampling program yielding positive momentum.
• Deepened relationship with SK On through three new agreements.
• Announced $50 million share repurchase authorization.

“Solid Power delivered on several key strategic milestones in 2023, which strengthened our operational, technological, and competitive positioning,” said John Van Scoter, President and Chief Executive Officer of Solid Power. “On the electrolyte side, over multiple campaigns we demonstrated our ability to produce electrolyte at a rate of 1.1 metric tons per month – encouraging progress less than a year after initially commissioning the line. We continue to sample electrolyte to potential customers and are seeing growing interest in our product.”

“On the cell side, our team successfully delivered A-1 Sample cells in October, formally entering the automotive qualification process after overcoming yield and supply chain challenges early in the year. As we shift our focus to A-2 Sample cells, we are continuing to advance our cell development with a goal of consistently producing safer and higher performing cells,” Van Scoter continued.

“As we enter 2024, Solid Power continues to operate with competitive urgency, and has seen early wins with our SK On agreements and increased presence in Korea,” said Van Scoter. “We are committed to solid execution to strengthen our leadership position in battery technology and deliver long-term shareholder value.”

2023 Financial Highlights

Revenue in 2023 was $17.4 million, an increase of $5.6 million compared to 2022, driven by continued execution under the company’s joint development agreements.

As expected, operating expenses were higher in 2023 compared to 2022 because of increased investments in product development and the scaling of operations. In 2023, operating loss was $90.6 million and net loss was $65.5 million, or $0.37 per share.

Balance Sheet and Liquidity

Solid Power remains in a strong liquidity position. Total liquidity as of December 31, 2023, was $415.6 million, as shown below.

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.

2023 capital expenditures totaled $34.5 million, primarily representing investments in the company’s new electrolyte production facility.

2024 Outlook

Solid Power is committed to delivering on the following key objectives for 2024:

• Expand electrolyte capabilities and available market through increased production and a robust sampling program.
• Advance cell designs to A-2 Sample specifications.
• Execute on key milestones and commitments to our joint development partners.
• Strengthen Korea presence and immerse Solid Power into Korea battery ecosystem.

The company expects 2024 cash used in operations to be in the range of $60 million to $70 million and capital expenditures to be in the range of $40 million to $50 million. Included in these ranges is approximately $35 million in operational and capital investments the company deferred from 2023. Total 2024 cash investment is expected to be in the range of $100 million to $120 million.

Revenue for 2024 is expected to be in the range of $20 million to $25 million.

Webcast and Conference Call

Solid Power will host a conference call at 2:30 p.m. MT (4:30 p.m. ET) today, February 27, 2024. 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 ir.solidpowerbattery.com.

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 ir.solidpowerbattery.com or by dialing +1-844-512-2921 (domestic), or +1-412-317-6671 (international). The pin number for the replay is 10185422. The replay will be available until 9:59 p.m. MT (11:59 p.m. ET) on March 12, 2024.

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 2024, 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 our ability to commercialize our technology in advance of competing technologies; (ii) rollout of our business plan and the timing of expected business milestones; (iii) risks relating to the non-exclusive nature of our original equipment manufacturer and other partner relationships and our ability to manage these business relationships; (iv) our ability to negotiate and execute commercial agreements with our partners on commercially reasonable terms; (v) our ability to protect and maintain our intellectual property, including in jurisdictions outside of the United States; (vi) broad market adoption of battery electric vehicles and other technologies where we are able to deploy our technology, if developed successfully; (vii) our success attracting and retaining our executive officers, key employees, and other qualified personnel; (viii) changes in applicable laws or regulations; (ix) risks relating to our information technology infrastructure and data security breaches; (x) risks relating to our status as a research and development stage company with a history of financial losses with an expectation of incurring significant expenses and continuing losses for the foreseeable future; (xi) our ability to secure government contracts and grants and the availability of government subsidies and economic incentives; (xii) delays in the construction and operation of additional facilities; and (xiii) risks relating to other economic, business, or competitive factors in the United States and other jurisdictions, including supply chain interruptions and changes in market conditions, and our ability to manage these risks and uncertainties. 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, 2023 (the “Form 10-K”), and other documents filed by Solid Power from time to time with the Securities and Exchange Commission (the “SEC”), all of which are available, or will be, in the case of the Form 10-K, 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 Information
Kevin Paprzycki
Chief Financial Officer
1 (800) 799-7380
investors@solidpowerbattery.com
Website: www.solidpowerbattery.com

Source: Solid Power, Inc.