Solid Power, Inc. Announces Second Quarter 2022 Financial Results

August 9, 2022 at 4:10 PM EDT

- Financial results and business update call scheduled for 5:00 PM ET today

LOUISVILLE, Colo., Aug. 09, 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 second quarter ended June 30, 2022.

Recent Business Highlights:        

  • Cell development remains on track, with initial 20 Ah silicon anode cells (“Silicon EV cells”) expected to be shipped during the third quarter to joint development partners.
  • EV cell pilot line installation completed in June, with optimization activities ongoing. Production of EV-scale cells for internal testing still expected during the third quarter.
  • Construction of electrolyte production facility progressing, with initial production expected in the first quarter of 2023.
  • First half 2022 revenue reaches $4.8 million, nearing the high end of full-year revenue guidance.
  • Investments in operations, production equipment and technology development continue on accelerated timeline.

"First half results reflect continued solid execution by our team as we continue to position the company for long-term success,” said Doug Campbell, Chief Executive Officer of Solid Power. “With the recent installation of the EV cell pilot line, we now have the operational capabilities needed to produce EV-scale cells, which is a critical step towards initiating the formal automotive qualification process. During the third quarter, we expect to begin producing EV-scale cells for our internal testing and delivering 20 Ah Silicon EV cells to our joint development partners for their initial testing.”

Campbell continued, “We continue to invest in our team, facilities and technology. Construction of our electrolyte production facility continues to progress nicely, though we are not immune to supply chain challenges. We remain on track with our objectives to produce EV-scale cells and enter A sample by the end of the year. We believe the ongoing investments in our product development and operational capabilities are not only key to entering into formal automotive qualification and meeting the needs of our customers, but will also enable us to build on our position as a leader in the battery technology sector.”  

Second Quarter Financial Highlights:

Revenue for the second quarter of 2022 was $2.6 million, bringing total revenue for the first half of 2022 to $4.8 million. This compares with revenue of $0.6 million and $1.0 million in the second quarter and first half of 2021, respectively.

As anticipated, operating expenses were higher in the second quarter of 2022 compared to the second quarter of 2021, driven by accelerated investments in product development and the scaling of our operations. Operating loss was $14.7 million for the second quarter of 2022. Changes in Solid Power’s warrant liabilities resulted in a non-cash gain of $27.5 million in the second quarter of 2022, driving the company to net income of $13.7 million, or $0.08 per diluted share.

Balance Sheet and Liquidity

Solid Power’s liquidity position remained strong as of June 30, 2022, with total liquidity totaling $534.2 million, as shown below.

($ in thousands) June 30, 2022 December 31, 2021
Cash and cash equivalents $301,603  $513,447 
Marketable securities  182,694   75,885 
Long-term investments  49,873   - 
Total liquidity $534,170  $589,332 

Capital expenditures during the second quarter and first half of 2022 were $20.4 million and $31.0 million, respectively, representing ongoing investments in the company’s technical development and operational capabilities.

2022 Outlook

After delivering strong first half 2022 revenue results, Solid Power now expects 2022 revenue to exceed the high end of the previous guidance range of between $3 million and $5 million.  

Solid Power reiterates its outlook for total 2022 cash investment of between $150 million and $170 million. Solid Power expects to have total combined cash, cash equivalents, marketable securities and long-term investments of between $420 to $440 million at the end of the year.

Solid Power is focused on delivering on its 2022 milestones. To date, the following 2022 milestones have been completed:

  • Delivery of 2 Ah Silicon EV cells to automotive partners.
  • Installation of the EV cell pilot line.

Solid Power remains committed to delivering on the following key 2022 milestones:

  • Delivering 20 Ah Silicon EV cells to automotive partners, anticipated during the third quarter.
  • Commencing EV-scale cell production for internal testing, anticipated during the third quarter.
  • Constructing the electrolyte production facility, with electrolyte powder production expected beginning in the first quarter of 2023.
  • Delivering EV-scale Silicon EV cells to our automotive partners by the end of the year.
  • Formally entering the automotive qualification process with our EV-scale Silicon 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, August 9, 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

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 13730468. The replay will be available until 11:59 p.m. ET on August 23, 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

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 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
For Investors:
Kevin Paprzycki
Chief Financial Officer
1 (800) 799-7380

For Media:
Will McKenna
Marketing Communications Director
(720) 598-2877


Solid Power, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except par value and number of shares)
  As of
  June 30, 2022 December 31, 2021
Current assets:    
Cash and cash equivalents $301,603  $513,447 
Marketable securities  182,694   75,885 
Contract receivables  2,031   829 
Prepaid expenses and other current assets  2,864   4,216 
Total current assets  489,192   594,377 
Property, plant and equipment, net  59,409   22,082 
Right-of-use operating lease asset, net  7,346   - 
Right-of-use financing lease asset, net  204   - 
Other assets  1,209   602 
Long-term investments  49,873   - 
Intangible assets, net  843   619 
Total assets $608,076  $617,680 
Current liabilities:    
Accounts payable $9,540  $4,326 
Current portion of long-term debt  58   120 
Deferred revenue  214   500 
Accrued and other current liabilities:    
Accrued compensation  2,227   1,151 
Other accrued liabilities  805   2,269 
Operating lease liabilities, short-term  674   - 
Financing lease liabilities, short-term  47   - 
Total current liabilities  13,565   8,366 
Long-term debt  -   10 
Operating lease liabilities, long-term  7,312   - 
Financing lease liabilities, long-term  152   - 
Warrant liabilities  21,837   50,020 
Other long-term liabilities  -   393 
Deferred taxes  240   226 
Total liabilities $43,106  $59,015 
Stockholders equity:    
Common stock, $0.0001 par value; 2,000,000,000 shares authorized; 174,447,804 and 167,557,988 shares issued and
 outstanding as of June 30, 2022 and December 31, 2021, respectively
  17   17 
Additional paid-in capital  572,456   568,183 
Accumulated other comprehensive loss  (1,291)  - 
Accumulated deficit  (6,212)  (9,535)
Total stockholders' equity  564,970   558,665 
Total liabilities and stockholders' equity $608,076  $617,680 

Solid Power, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except number of shares and per-share amounts)
  Three Months Ended June 30, Six Months Ended June 30,
   2022   2021   2022   2021 
Revenue $2,582  $561  $4,778  $1,041 
Operating expenses        
Direct costs  2,987   540   5,017   1,055 
Research and development  8,440   3,203   15,101   6,309 
Marketing and sales  957   535   1,752   1,090 
General and administrative  4,894   2,332   8,918   2,929 
Total operating expenses  17,278   6,610   30,788   11,383 
Operating loss  (14,696)  (6,049)  (26,010)  (10,342)
Non-operating income (expense)        
Interest income  735   9   936   9 
Interest expense  (5)  (121)  (10)  (342)
Other income (expense)  196   (3,100)  235   (3,100)
Change in fair value of warrant liabilities  27,473   -   28,183   - 
Loss from change in fair value of embedded derivative liability  -   -   -   (2,680)
Total non-operating income (expense)  28,399   (3,212)  29,344   (6,113)
Pretax income (loss)  13,703   (9,261)  3,334   (16,455)
Income tax expense (benefit)  36   12   13   (41)
Net income (loss) $13,667  $(9,273) $3,321  $(16,414)
Basic earnings (loss) per share $0.08  $(0.10) $0.02  $(0.21)
Diluted earnings (loss) per share $0.08  $(0.10) $0.02  $(0.21)
Weighted average shares outstanding - basic  174,128,230   88,944,577   173,266,760   79,568,181 
Weighted average shares outstanding - diluted  174,703,533   88,944,577   173,566,001   79,568,181 

Solid Power, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
  Six Months Ended June 30,
   2022   2021 
Cash flows from operating activities    
Net income (loss) $3,321  $(16,414)
Adjustments to reconcile net income (loss) to net cash and cash equivalents from operating activities:    
Depreciation and amortization  1,782   1,102 
Amortization of right-of-use assets  16   - 
Loss on sale of property and equipment  -   2 
Stock compensation expense  3,910   217 
Deferred taxes  13   (41)
Change in fair value of warrant liabilities  (28,183)  - 
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  (1,202)  (110)
Prepaid expenses and other current assets  744   (74)
Accounts payable  (2,796)  792 
Deferred revenue  (286)  (38)
Accrued and other liabilities  (465)  1,500 
Operating lease liability  188   (35)
Net cash and cash equivalents used by operating activities  (22,958)  (10,156)
Cash flows from investing activities    
Purchases of property and equipment  (30,957)  (3,770)
Purchases of marketable securities and long-term investments  (212,792)  - 
Proceeds from sales of marketable securities  54,819   - 
Purchases of intangible assets  (228)  (85)
Net cash and cash equivalents used in investing activities  (189,158)  (3,855)

Solid Power, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Continued, In thousands)
  Six Months Ended June 30,
   2022   2021 
Cash flows from financing activities    
Proceeds from debt  -   958 
Payments of debt  (71)  (1,574)
Proceeds from issuance of convertible note payable  -   4,875 
Proceeds from exercise of common stock options  354   70 
Receivable for exercise of common stock options  79   - 
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  (20)  - 
Transaction costs  (12)  - 
Net cash and cash equivalents provided by financing activities  272   129,371 
Net (decrease) increase in cash and cash equivalents  (211,844)  115,360 
Cash and cash equivalents at beginning of period  513,447   4,974 
Cash and cash equivalents at end of period $301,603  $120,334 
Supplemental information:    
Cash paid for interest  5   82 
Accrued capital expenditures  8,146   2