Solid Power, Inc. Announces Third Quarter 2022 Financial Results

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., Nov. 08, 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 third quarter ended September 30, 2022. Recent Business Highlights Cell development progressing, with initial deliveries of 20 Ah cells to joint development partners.EV cell pilot line optimization and acceptance testing activities ongoing.Electrolyte production facility targeted to come online in the first quarter of 2023.Year-to-date revenue exceeds high end of full-year outlook.Investments in operations, production equipment and technology development continue on accelerated timeline. “Third quarter results reflect our team’s continued strong execution against our strategic milestones,” said Doug Campbell, Chief Executive Officer of Solid Power. “We are pleased with the progress we made scaling up to our 20 Ah cells. The performance of these cells drove customers to confirm additional 20 Ah cell orders, which led to a significant increase in production during the third quarter. However, as we began the larger-scale production of these additional 20 Ah cell orders, we experienced lower yields. The lower yields, combined with limited labor resources, required us to devote substantial resources to our 20 Ah cell builds. As a result, initial builds of the EV cells on our EV cell pilot line began later than initially anticipated.” Campbell continued, “Our team remains committed to meeting our objective of producing and delivering A-sample EV cells in 2022, but due to the time we spent on 20 Ah builds, there is a possibility that entry into A-sample may slip into 2023 instead. We remain intently focused on positioning Solid Power for long-term success and further solidifying our status as an industry-leading developer of next-generation all solid-state battery cells.” Third Quarter Financial Highlights Revenue for the third quarter of 2022 was $2.8 million, bringing total year-to-date revenue to $7.6 million. This compares with revenue of $0.6 million and $1.7 million in the third quarter and nine months ended September 30, 2021, respectively. As anticipated, operating expenses were higher in the third quarter of 2022 compared to the third q...

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