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 quarter of 2021,
due to planned investments in product development and the scaling
of operations. Third quarter 2022 operating loss was $15.6 million
and net loss was $12.4 million, or $0.07 per diluted share.
Balance Sheet and Liquidity
Solid Power’s liquidity position remained strong as
of September 30, 2022, with total liquidity totaling $507.6
million, as shown below.
|
|
|
|
|
|
|
($ in thousands) |
|
September 30, 2022 |
|
December 31, 2021 |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
97,700 |
|
$ |
513,447 |
Marketable securities |
|
|
270,839 |
|
|
75,885 |
Long-term investments |
|
|
139,034 |
|
|
- |
|
|
|
|
|
|
|
|
|
Total liquidity |
|
$ |
507,573 |
|
$ |
589,332 |
|
|
|
|
|
|
|
Capital expenditures during the third quarter and
first nine months of 2022 were $17.0 million and $47.9 million,
respectively, representing ongoing investments in the company’s
technical development and operational capabilities.
2022 Outlook
Given the timing of development of the EV cell and
the targeted commencement of production at the electrolyte
production facility, Solid Power now expects total 2022 cash
investment to be between $120 - $130 million. Solid Power expects
to have total combined cash, cash equivalents, marketable
securities and long-term investments of between $460 to $470
million at the end of the year.
Solid Power is focused on delivering on its
near-term milestones. Through the date of this release, the
following have been completed:
- Initial deliveries of 2 Ah and 20
Ah silicon cells to automotive partners.
- Installation of the EV cell pilot
line and commencement of EV cell production for internal
testing.
Solid Power remains focused on the following key
near-term milestones:
- Bringing the electrolyte production
facility on-line in the first quarter of 2023.
- Producing and delivering
silicon-based EV cells to automotive partners.
- Formally entering the automotive
qualification process (A-sample) with our silicon-based EV
cell.
Webcast and Conference Call
Solid Power will host a conference call at 3:00
p.m. MT (5:00 p.m. ET) today, November 8, 2022. Participating on
the call will be Doug Campbell, Chief Executive Officer, 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 ir.solidpowerbattery.com.
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 ir.solidpowerbattery.com or by dialing +1-844-512-2921
(domestic) or +1-412-317-6671 (international). The pin number for
the replay is 13730469. The replay will be available until 11:59
p.m. ET on November 22, 2022.
About Solid Power, Inc.
Solid Power is an industry-leading developer of
all-solid-state rechargeable battery cells for electric vehicles
and mobile power markets. Solid Power replaces the flammable liquid
electrolyte in a conventional lithium-ion battery with a
proprietary sulfide-based solid electrolyte. As a result, Solid
Power's all-solid-state battery cells are expected to be safer and
more stable across a broad temperature range, provide an increase
in energy density compared to the best available rechargeable
battery cells, enable less expensive, more energy-dense battery
pack designs and be compatible with traditional lithium-ion
manufacturing processes. For more information,
visit http://www.solidpowerbattery.com/.
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 2022, future
financial performance and our strategy, expansion plans, market
opportunity, future operations, future operating results, estimated
revenues, losses, projected costs, prospects, plans and objectives
of management and expectations regarding the impact of the COVID-19
pandemic on our business and industry. 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 do so in
advance of the development 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 electric
vehicles and other technologies where we are able to deploy our
all-solid-state batteries, 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) changes in applicable laws or regulations; (viii)
risks related to technology systems and security breaches; (ix) the
possibility that COVID-19 or a future pandemic may adversely affect
our results of operations, financial position and cash flows; (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 an early 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, 2021 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 www.sec.gov. 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 InformationFor Investors: Kevin
PaprzyckiChief Financial Officer1 (800)
799-7380investors@solidpowerbattery.com
For Media: Will McKenna Marketing Communications Director (720)
598-2877 press@solidpowerbattery.com
Website: www.solidpowerbattery.comTwitter:
https://twitter.com/SolidPowerIncLinkedIn:
https://www.linkedin.com/company/solid-power
Solid Power, Inc. |
Condensed Consolidated Balance Sheets
(Unaudited) |
(in thousands, except par value and number of shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
|
|
September 30, 2022 |
December 31, 2021 |
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
97,700 |
|
|
$ |
513,447 |
|
|
Marketable securities |
|
|
270,839 |
|
|
|
75,885 |
|
|
Contract receivables |
|
|
3,301 |
|
|
|
829 |
|
|
Prepaid expenses and other current assets |
|
|
2,444 |
|
|
|
4,216 |
|
|
|
|
Total current assets |
|
|
374,284 |
|
|
|
594,377 |
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
74,381 |
|
|
|
22,082 |
|
Right-of-use operating lease asset, net |
|
|
7,181 |
|
|
|
- |
|
Right-of-use financing lease asset, net |
|
|
800 |
|
|
|
- |
|
Other assets |
|
|
1,178 |
|
|
|
602 |
|
Long-term investments |
|
|
139,034 |
|
|
|
- |
|
Intangible assets, net |
|
|
921 |
|
|
|
619 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
597,779 |
|
|
$ |
617,680 |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
9,946 |
|
|
$ |
4,326 |
|
|
Current portion of long-term debt |
|
|
24 |
|
|
|
120 |
|
|
Deferred revenue |
|
|
200 |
|
|
|
500 |
|
|
Accrued and other current liabilities: |
|
|
|
|
|
|
Accrued compensation |
|
|
2,905 |
|
|
|
1,151 |
|
|
|
Other accrued liabilities |
|
|
1,157 |
|
|
|
2,269 |
|
|
|
Operating lease liabilities, short-term |
|
|
691 |
|
|
|
- |
|
|
|
Financing lease liabilities, short-term |
|
|
231 |
|
|
|
- |
|
|
|
|
Total current liabilities |
|
|
15,154 |
|
|
|
8,366 |
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
2 |
|
|
|
10 |
|
Operating lease liabilities, long-term |
|
|
7,134 |
|
|
|
- |
|
Financing lease liabilities, long-term |
|
|
545 |
|
|
|
- |
|
Warrant liabilities |
|
|
21,837 |
|
|
|
50,020 |
|
Other long-term liabilities |
|
|
- |
|
|
|
393 |
|
Deferred taxes |
|
|
156 |
|
|
|
226 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
$ |
44,828 |
|
|
$ |
59,015 |
|
|
|
|
|
|
|
|
|
Stockholders equity: |
|
|
|
|
|
Common stock, $0.0001 par value; 2,000,000,000 shares authorized;
175,741,566 and 167,557,988 shares issued and outstanding as of
September 30, 2022 and December 31, 2021, respectively |
|
|
18 |
|
|
|
17 |
|
|
Additional paid-in capital |
|
|
575,381 |
|
|
|
568,183 |
|
|
Accumulated other comprehensive loss |
|
|
(3,837 |
) |
|
|
- |
|
|
Accumulated deficit |
|
|
(18,611 |
) |
|
|
(9,535 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
|
552,951 |
|
|
|
558,665 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
597,779 |
|
|
$ |
617,680 |
|
|
|
|
|
|
|
|
|
Solid Power, Inc. |
|
Condensed Consolidated Statements of Operations
(Unaudited) |
|
(in thousands, except number of shares and per-share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Revenue |
|
$ |
2,813 |
|
|
$ |
628 |
|
|
$ |
7,591 |
|
|
$ |
1,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
Direct costs |
|
|
3,544 |
|
|
|
709 |
|
|
|
8,561 |
|
|
|
1,764 |
|
|
|
Research and development |
|
|
9,710 |
|
|
|
4,400 |
|
|
|
24,811 |
|
|
|
10,709 |
|
|
|
Marketing and sales |
|
|
864 |
|
|
|
729 |
|
|
|
2,615 |
|
|
|
1,819 |
|
|
|
General and administrative |
|
|
4,294 |
|
|
|
3,271 |
|
|
|
13,212 |
|
|
|
6,200 |
|
|
|
|
Total operating expenses |
|
|
18,412 |
|
|
|
9,109 |
|
|
|
49,199 |
|
|
|
20,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(15,599 |
) |
|
|
(8,481 |
) |
|
|
(41,608 |
) |
|
|
(18,823 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense) |
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
1,777 |
|
|
|
18 |
|
|
|
2,713 |
|
|
|
27 |
|
|
|
Interest expense |
|
|
(12 |
) |
|
|
(32 |
) |
|
|
(22 |
) |
|
|
(374 |
) |
|
|
Other income (expense) |
|
|
1,351 |
|
|
|
(2 |
) |
|
|
1,587 |
|
|
|
(3,102 |
) |
|
|
Change in fair value of warrant liabilities |
|
|
- |
|
|
|
- |
|
|
|
28,183 |
|
|
|
- |
|
|
|
Loss from change in fair value of embedded derivative
liability |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,680 |
) |
|
|
|
Total non-operating income (expense) |
|
|
3,116 |
|
|
|
(16 |
) |
|
|
32,461 |
|
|
|
(6,129 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax loss |
|
|
(12,483 |
) |
|
|
(8,497 |
) |
|
|
(9,147 |
) |
|
|
(24,952 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit |
|
|
(84 |
) |
|
|
(47 |
) |
|
|
(71 |
) |
|
|
(88 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(12,399 |
) |
|
$ |
(8,450 |
) |
|
$ |
(9,076 |
) |
|
$ |
(24,864 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.28 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic and diluted |
|
|
175,025,984 |
|
|
|
102,389,770 |
|
|
|
173,859,649 |
|
|
|
87,258,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Solid Power, Inc. |
Condensed Consolidated Statements of Cash Flows
(Unaudited) |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities |
|
|
|
|
Net loss |
|
|
$ |
(9,076 |
) |
|
$ |
(24,864 |
) |
Adjustments to reconcile net loss to net cash and cash equivalents
from operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
|
3,437 |
|
|
|
1,673 |
|
|
Amortization of right-of-use assets |
|
|
51 |
|
|
|
- |
|
|
Loss on sale of property and equipment |
|
|
4 |
|
|
|
4 |
|
|
Stock compensation expense |
|
|
6,498 |
|
|
|
975 |
|
|
Deferred taxes |
|
|
(71 |
) |
|
|
(88 |
) |
|
Change in fair value of warrant liabilities |
|
|
(28,183 |
) |
|
|
- |
|
|
Amortization of premiums and accretion of discounts on marketable
securities |
|
|
(1,170 |
) |
|
|
- |
|
|
Accrued interest on convertible notes payable to be paid in
kind |
|
|
- |
|
|
|
263 |
|
|
Loss from change in fair value of embedded derivative
liability |
|
|
- |
|
|
|
2,680 |
|
|
Changes in operating assets and liabilities that provided (used)
cash and cash equivalents: |
|
|
|
|
|
|
Contract receivables |
|
|
(2,473 |
) |
|
|
(365 |
) |
|
|
Prepaid expenses and other assets |
|
|
2,101 |
|
|
|
(876 |
) |
|
|
Accounts payable |
|
|
(2,215 |
) |
|
|
1,070 |
|
|
|
Deferred revenue |
|
|
(300 |
) |
|
|
20 |
|
|
|
Accrued and other liabilities |
|
|
719 |
|
|
|
1,530 |
|
|
|
Operating lease liability |
|
|
192 |
|
|
|
(55 |
) |
|
|
|
Net cash and cash equivalents used by operating activities |
|
|
(30,486 |
) |
|
|
(18,033 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Purchases of property and equipment |
|
|
(47,915 |
) |
|
|
(6,573 |
) |
|
Purchases of marketable securities and long-term investments |
|
|
(448,757 |
) |
|
|
- |
|
|
Proceeds from sales of marketable securities |
|
|
111,198 |
|
|
|
- |
|
|
Purchases of intangible assets |
|
|
(308 |
) |
|
|
(189 |
) |
|
|
|
Net cash and cash equivalents used in investing activities |
|
|
(385,782 |
) |
|
|
(6,762 |
) |
|
|
|
|
|
|
|
|
|
|
Solid Power, Inc. |
Condensed Consolidated Statements of Cash Flows
(Unaudited) |
(Continued, In thousands) |
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Proceeds from debt |
|
|
- |
|
|
|
957 |
|
|
Payments of debt |
|
|
(104 |
) |
|
|
(1,883 |
) |
|
Proceeds from issuance of convertible note payable |
|
|
- |
|
|
|
4,875 |
|
|
Proceeds from exercise of common stock options |
|
|
771 |
|
|
|
102 |
|
|
Proceeds from exercise of common stock warrants |
|
|
- |
|
|
|
15 |
|
|
Proceeds from issuance of Series B preferred stock |
|
|
- |
|
|
|
135,579 |
|
|
Preferred stock issuance costs |
|
|
- |
|
|
|
(4,511 |
) |
|
Redemption of preferred stock |
|
|
- |
|
|
|
(6,041 |
) |
|
Cash paid for withholding of employee taxes related to stock-based
compensation |
|
|
(58 |
) |
|
|
- |
|
|
Payments on finance lease liability |
|
|
(76 |
) |
|
|
- |
|
|
Transaction costs |
|
|
(12 |
) |
|
|
- |
|
|
|
|
Net cash and cash equivalents provided by financing activities |
|
521 |
|
|
|
129,093 |
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
|
(415,747 |
) |
|
|
104,298 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
|
513,447 |
|
|
|
4,974 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
$ |
97,700 |
|
|
$ |
109,272 |
|
|
|
|
|
|
|
|
|
|
|
Supplemental information: |
|
|
|
|
Cash paid for interest |
|
|
5 |
|
|
|
112 |
|
Accrued capital expenditures |
|
|
7,818 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
Solid Power (NASDAQ:SLDPW)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Solid Power (NASDAQ:SLDPW)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024