Solid Power, Inc., a developer of solid state battery technology, 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.
Capital expenditures during 2022 were $58.3 million, primarily representing investments in the Company’s new electrolyte production facility and EV cell line.
2023 Outlook
Solid Power is focused on delivering on the following key objectives for 2023:
With respect to electrolyte:
Initiate and scale production from Solid Power’s electrolyte production facility.
Deliver electrolyte to potential customers for sampling and feedback.
With respect to 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 estimates 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.