Solid Power, Inc. Announces First Quarter 2023 Financial Results

LOUISVILLE, 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 total liquidity totaling $468.2 million, as shown below.

($ in thousands) March 31, 2023 December 31, 2022
Cash and cash equivalents $9,888 $50,123
Marketable securities  245,563  272,957
Long-term investments  212,785  172,974
  Total liquidity $468,236 $496,054

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.

First quarter 2023 capital expenditures totaled $11.6 million, primarily representing investments in the Company’s new electrolyte production facility.

2023 Outlook

In 2023, Solid Power is focused on delivering on the following key objectives:

  • Electrolyte:
    • Initiate and scale production from Solid Power’s electrolyte production facility.
    • Deliver electrolyte to potential customers for sampling and feedback.

  • Cell development:

    • Continue to improve key cell performance metrics, including energy density, pressure, cycle life, low temperature operations and safety.
    • Deliver EV cells to our joint development partners and officially enter the automotive qualification process.

As Solid Power executes on its milestones, the Company continues to expect that in 2023, cash used in operations will be between $70 million and $80 million and capital expenditures will range from $50 million to $60 million. Total cash investment is expected to range between $120 million and $140 million.

2023 revenue is expected to be the in range of $15 million to $20 million.

Webcast and Conference Call

Solid Power will host a conference call at 3:00 p.m. MT (5:00 p.m. ET) today, May 8, 2023. Participating on the call will be Dave Jansen, Interim Chief Executive Officer, President and Chairman of the Board, 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

The conference call can be accessed live over the phone by dialing +1-877-407-0792 (domestic) or +1-201-689-8263 (international).

A recording of the conference call will be available approximately three hours after the completion of the call at or by dialing +1-844-512-2921 (domestic) or +1-412-317-6671 (international). The pin number for the replay is 13737024. The replay will be available until 9:59 p.m. MT (11:59 p.m. ET) on May 22, 2023.

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

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 2023, 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 to commercialize our technology in advance of competing technologies; (ii) risks relating to the non-exclusive nature of our original equipment manufacturers and joint development agreement relationships; (iii) our ability to negotiate and execute supply agreements with our partners on commercially reasonable terms; (iv) our ability to protect our intellectual property, including in jurisdictions outside of the United States; (v) broad market adoption of EVs and other technologies where we are able to deploy our cell technology and electrolyte material, if developed successfully; (vi) our success in retaining or recruiting, or changes required in, our officers, key employees, including technicians and engineers, or directors; (vii) risks and potential disruptions related to management transitions; (viii) changes in applicable laws or regulations; (ix) risks related to technology systems and security breaches; (x) the possibility that we may be adversely affected by other economic, business or competitive factors, including supply chain interruptions, and may not be able to manage other risks and uncertainties; (xi) risks relating to our status as a research and development stage company with a history of financial losses, and an expectation to incur significant expenses and continuing losses for the foreseeable future; (xii) rollout of our business plan and the timing of expected business milestones; (xiii) the termination or reduction of government clean energy and electric vehicle incentives; (xiv) delays in the construction and operation of production facilities; and (xv) changes in domestic and foreign business, market, financial, political and legal conditions. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the “Risk Factors” section of Solid Power’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “Form 10-K”) and other documents filed by Solid Power from time to time with the SEC, all of which are available on the SEC’s website at 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


Solid Power, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except par value and number of shares)
     As of
     March 31, 2023 December 31, 2022
Current assets:    
 Cash and cash equivalents $9,888  $50,123 
 Marketable securities  245,563   272,957 
 Contract receivables  1,700   1,840 
 Prepaid expenses and other current assets  4,219   2,888 
   Total current assets  261,370   327,808 
Property, Plant and Equipment, net  87,891   82,761 
Right-Of-Use Operating Lease Asset, net  7,586   7,725 
Right-Of-Use Financing Lease Asset, net  896   922 
Other Assets  1,099   1,148 
Long-term Investments  212,785   172,974 
Intangible Assets, net  1,229   1,108 
   Total assets $572,856  $594,446 
Current liabilities:    
 Accounts payable $3,577  $10,070 
 Current portion of long-term debt  -   7 
 Deferred revenue  1,036   4,050 
 Accrued and other current liabilities:    
  Accrued compensation  2,023   4,528 
  Other accrued liabilities  5,104   1,256 
  Operating lease liabilities, short-term  567   549 
  Financing lease liability, short-term  276   273 
   Total current liabilities  12,583   20,733 
Warrant Liabilities  11,779   9,117 
Operating Lease Liabilities, Long-Term  8,471   8,622 
Financing Lease Liabilities, Long-Term  552   602 
   Total liabilities $33,385  $39,074 
Stockholders equity:    
 Common Stock, $0.0001 par value; 2,000,000,000 shares authorized; 177,687,138 and 176,007,184 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively  18   18 
 Additional paid-in capital  579,975   577,603 
 Accumulated deficit  (38,248)  (19,090)
 Accumulated other comprehensive loss  (2,274)  (3,159)
   Total stockholders' equity  539,471   555,372 
   Total liabilities and stockholders' equity $572,856  $594,446 

Solid Power, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except number of shares and per-share amounts)
    Quarter Ended March 31,
     2023   2022 
Revenue $3,792  $2,196 
Operating expenses    
 Direct costs  6,274   2,030 
 Research and development  11,648   6,661 
 Marketing and sales  432   795 
 General and administrative  6,756   4,022 
  Total operating expenses  25,110   13,508 
Operating loss  (21,318)  (11,312)
Non-operating income    
 Interest income  4,835   240 
 Change in fair value of warrant liabilities  (2,662)  710 
 Interest expense  (13)  (5)
  Total non-operating income  2,160   945 
Pretax loss  (19,158)  (10,367)
 Income tax benefit  -   (23)
Net (loss) income $(19,158) $(10,344)
Basic and diluted (loss) earnings per share $(0.11) $(0.06)
Weighted average shares outstanding - basic and diluted  176,934,261   172,395,717 

Solid Power, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
       For the Quarter Ended March 31,
        2023   2022 
Cash flows from operating activities    
Net loss   $(19,158) $(10,344)
Adjustments to reconcile net loss to net cash and cash equivalents from operating activities:    
 Depreciation and amortization  2,264   753 
 Amortization of right-of-use assets  183   9 
 Stock compensation expense  2,222   1,596 
 Deferred taxes  -   (23)
 Warrant liabilities  2,662   (710)
 Amortization of premiums and accretion of discounts on marketable securities  (2,716)  - 
 Changes in operating assets and liabilities that provided (used) cash and cash equivalents:    
  Contract receivable  140   (810)
  Prepaid expenses and other assets  (1,129)  659 
  Accounts payable  (2,131)  (3,310)
  Deferred revenue  (3,014)  (69)
  Accrued and other liabilities  1,178   (2,300)
  Lease liabilities  (132)  180 
   Net cash and cash equivalents used by operating activities  (19,631)  (14,369)
Cash flows from investing activities    
 Purchases of property, plant and equipment  (11,581)  (10,527)
 Purchases of marketable securities and long-term investments  (110,636)  (61,669)
 Proceeds from sales of marketable securities  101,665   23,420 
 Purchases of intangible assets  (125)  (105)
   Net cash and cash equivalents used in investing activities  (20,677)  (48,881)


Solid Power, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Continued, In thousands)
       For the Quarter Ended March 31,  
        2023   2022 
Cash flows from financing activities    
 Payments of debt  (7)  (38)
 Proceeds from exercise of common stock options  150   270 
 Payments on finance lease liability  (70)  (12)
 Transaction costs  -   (12)
   Net cash and cash equivalents provided by financing activities 73   208 
Net (decrease) increase in cash and cash equivalents  (40,235)  (63,042)
Cash and cash equivalents at beginning of period  50,123   513,447 
Cash and cash equivalents at end of period $9,888  $450,405 
Supplemental information:    
Cash paid for interest  13   3 
Accrued capital expenditures  3,370   3,119 

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