Business
Solid Power, Inc. Announces First Quarter 2022 Financial Results
Financial results and business update call scheduled for 5:00 PM ET todayReaffirms 2022 milestones and outlook LOUISVILLE, Colo., May 10, 2022 (GLOBE
About this update from Solid Power, Inc.
[{"type":"text","content":"Financial results and business update call scheduled for 5:00 PM ET todayReaffirms 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 Liquidi...