Solid Power Inc · Q2 2023 earnings

Briefing

Solid Power's Q2 2023 results reflected continued strong execution.

Solid Power reported a revenue of $4.9 million for Q2 2023, an increase of $2.3 million compared to Q2 2022. The operating loss was $22.2 million and net loss was $12.2 million, or $0.07 per share. The company's liquidity position remained strong with total liquidity totaling $443.4 million as of June 30, 2023.

• Solid Power continued to execute on its joint development agreements and further extended its agreement with Ford.
• The team completed the build-out of our electrolyte production line, started and began scaling up production, and is producing electrolyte that meets our internal performance and quality metrics.
• The team has significantly improved 20 Ah cell yields and recently began scaling EV cell production.
• Solid Power expects to deliver EV cells to BMW for testing in their demo car program over the coming quarters.

Headline financials

Revenue & EPS history

Solid Power's 2023 outlook and goals remained unchanged. 2023 revenue is expected to be in the range of $15 million to $20 million. 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.