Business
Solid Power, Inc. Announces Full Year 2022 Financial Results
Financial results and business update call scheduled for 5:00 p.m. ET today LOUISVILLE, Colo., Feb. 28, 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., Feb. 28, 2023 (GLOBE NEWSWIRE) -- Solid Power, Inc. (Nasdaq: SLDP), a developer of solid state battery technology, today announced its financial results for the full year ended December 31, 2022. Recent Business Highlights Electrolyte production facility on track to be commissioned in the first quarter of 2023.EV cell production began in fourth quarter, with initial EV cells expected to be delivered to partners in 2023. Deliveries of 20 Ah cells are ongoing.Deepened relationship with BMW through expanded joint development agreement.Secured Department of Energy funding to continue the development of Solid Power’s nickel- and cobalt-free cell. “I am extremely proud of our team’s hard work and unwavering dedication moving the company forward during 2022,” said Dave Jansen, Interim Chief Executive Officer, President and Chairman of the Board of Solid Power. “Last year was about positioning Solid Power to further advance our electrolyte and cell development. We invested in key operational infrastructure, achieved important development milestones, deepened our relationship with a long-standing partner, and added needed personnel to support our development programs.” Jansen continued, “2023 will be an important development year for us as we begin scaling production of our electrolyte powder and look to deliver our A-sample EV cells to our joint development partners. Meeting those objectives will better position us to achieve our ultimate goal of becoming a leading supplier of sulfide-based electrolyte material. We remain intently focused on positioning Solid Power to deliver long-term value for our partners, our employees and our shareholders.” Full Year 2022 Financial Highlights Revenue was $11.8 million in 2022, up $9.1 million compared to 2021, owing to strong execution under the Company’s joint development agreements and government contracts, as well as additional product sales during 2022. As expected, operating expenses were higher in 2022 compared with 2021 due to planned investments in product development and the scaling of operations. Operating loss for 2022 was $59.1 million and net loss was $9.6 million, or $0.05 per diluted share. Balance Sheet and Liquidity Solid Power’s liquidity position remained strong as of December 31, 2022...