Business
Solid Power, Inc. Announces First Quarter 2023 Financial Results
Financial results and business update call scheduled for 5:00 p.m. ET today LOUISVILLE, Colo., May 08, 2023 (GLOBE NEWSWIRE) -- Solid Power, Inc. (Nasdaq:
About this update from Solid Power, Inc.
[{"type":"text","content":"Financial results and business update call scheduled for 5:00 p.m. ET today\nLOUISVILLE, Colo., May 08, 2023 (GLOBE NEWSWIRE) -- 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 to...