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Washington, D.C. 20549





Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934


Date of report (Date of earliest event reported): November 7, 2023


Solid Power, Inc.

(Exact Name of Registrant as Specified in Charter)


Delaware   001-40284   86-1888095
(State or other jurisdiction
of incorporation)
File Number)
  (I.R.S. Employer
Identification Number)


486 S. Pierce Avenue, Suite E

Louisville, Colorado

(Address of principal executive offices)   (Zip code)


(303) 219-0720

(Registrant’s telephone number, including area code)


Not Applicable

(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:


¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:


Title of each class   Trading

Name of each exchange

on which registered

Common stock, par value $0.0001 per share   SLDP   The Nasdaq Stock Market LLC
Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50   SLDPW   The Nasdaq Stock Market LLC


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2).


Emerging growth company ¨


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨





Item 2.02 Results of Operations and Financial Condition.


On November 7, 2023, Solid Power, Inc. (the “Company”) issued a press release announcing its financial and operational results for the third quarter ended September 30, 2023. A copy of the press release is furnished with this report as Exhibit 99.1.


Such exhibit and the information set forth therein will not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that section, nor will it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.


Item 9.01 Financial Statements and Exhibits.


(d) Exhibits.


See the Exhibit index below, which is incorporated herein by reference.


99.1   Solid Power, Inc. Press Release, dated November 7, 2023
104   Cover Page Interactive Data File (embedded within the XBRL document)





Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.


Dated: November 7, 2023

  By: /s/ James Liebscher
    Name: James Liebscher
    Title: Chief Legal Officer and Secretary




Exhibit 99.1







-Business, operational, and financial update call scheduled for 4:30 p.m. ET today


LOUISVILLE, Colo., November 7, 2023 – Solid Power, Inc. (Nasdaq: SLDP), a leading developer of solid-state battery technology, today announced its financial results for the third quarter ended September 30, 2023 and that it has shipped its first A-sample cells to enter automotive qualification.


Recent Business Highlights


·Made first A-1 EV cell deliveries to BMW to formally enter automotive qualification


·Ongoing BMW demo car program deliveries on track


·Ramping up SP2 electrolyte volume for EV cells and phased out SP1 production


“It is a reflection of our team’s strong execution that we produced and delivered our first A Sample EV cells for BMW a little over a week ago, marking a major milestone for Solid Power,” said John Van Scoter, President and Chief Executive Officer of Solid Power. “We are very excited to make these deliveries, begin the formal automotive qualification process, and continue on our path towards commercialization. These A-1 EV cells will also support BMW’s demo car program, which we expect will also be a major proof point for our technology.”


“On the electrolyte side, we are producing electrolyte at SP2 in greater volumes and have phased out our SP1 powder production. This puts us solidly on track to continue to increase production and demonstrate our ability to manufacture at scale for potential partners,” Van Scoter said.


“As we look ahead, we believe we are well-positioned to achieve our key objectives and drive strategic growth,” Van Scoter continued. “We are operating with competitive urgency as we seek to further our leadership position in the market and deliver long-term value for our partners, employees, and shareholders.”


Third Quarter 2023 Financial Highlights


Third quarter 2023 revenue was $6.4 million, an increase of $3.6 million compared to the third quarter of 2022, as a result of continued execution under the company’s joint development agreements. Revenue for the first nine months of 2023 was $15.1 million, up $7.5 million from the same period in 2022.


As expected, operating expenses were higher in the third quarter and first nine months of 2023 compared with the same periods in 2022. This increase was driven by accelerated investments in product development and the scaling of operations. Third quarter 2023 operating loss was $21.5 million and net loss was $15.1 million, or $0.08 per share.






Balance Sheet and Liquidity


Solid Power’s liquidity position remained strong, with September 30, 2023 total liquidity totaling $422.3 million, as shown below.


($ in thousands)  September 30,
   December 31,
Cash and cash equivalents  $27,458   $50,123 
Marketable securities   166,030    272,957 
Long-term investments   228,806    172,974 
Total liquidity  $422,294   $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.


Third quarter and year-to-date 2023 capital expenditures totaled $8.3 million and $29.5 million, respectively, primarily representing investments in the company’s new electrolyte production facility.


2023 Outlook


Solid Power’s 2023 outlook and goals remained unchanged. Through the date of this release, the following milestones have been completed:


·Initiated production from Solid Power’s SP2 electrolyte production facility.


·Began delivering electrolyte to potential customers for sampling and feedback, which is ongoing.


·Began delivering EV cells to joint development partners.


Solid Power remains committed to delivering on the following key objectives:


·Scaling electrolyte production from SP2.


·Continuing to deliver EV cells to our joint development partners as we begin the automotive qualification process.


·Continuing to improve key cell performance metrics, including energy density, pressure, cycle life, low temperature operations, and safety.






As Solid Power executes on its milestones, the company now expects that for 2023, cash used in operations will be slightly below the original $70 million and $80 million range, and capital expenditures will be slightly below the original $50 million to $60 million range. Development progress and efficiencies combined with prudent capital investment deferrals allowed the company to reduce its 2023 planned investments.


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


Webcast and Conference Call


Solid Power will host a conference call at 2:30 p.m. MT (4:30 p.m. ET) today, November 7, 2023. Participating on the call will be John Van Scoter, President and 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 also be accessed live over the phone by dialing +1-844-826-3035 (domestic) or +1-412-317-5195 (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 10183075. The replay will be available until 9:59 p.m. MT (11:59 p.m. ET) on November 21, 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 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 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) rollout of our business plan and the timing of expected business milestones; (v) delays in the construction and operation of production facilities; (vi) our ability to protect our intellectual property, including in jurisdictions outside of the United States; (vii) broad market adoption of EVs and other technologies where we are able to deploy our cell technology and electrolyte material, if developed successfully; (viii) our success in retaining or recruiting, or changes required in, our officers, key employees, including technicians and engineers, or directors; (ix) risks and potential disruptions related to management and board of directors transitions; (x) changes in applicable laws or regulations; (xi) risks related to technology systems and security breaches; (xii) 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; (xiii) 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; (xiv) the termination or reduction of government clean energy and electric vehicle incentives; 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” sections of Solid Power’s Annual Report on Form 10-K for the year ended December 31, 2022 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 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 Information


Kevin Paprzycki

Chief Financial Officer

1 (800) 799-7380



Website: www.solidpowerbattery.com






Solid Power, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except par value and number of shares)

   September 30, 
   December 31, 
Current Assets          
Cash and cash equivalents  $27,458   $50,123 
Marketable securities   166,030    272,957 
Contract receivables   3,243    1,521 
Contract receivables from related parties   5,048    319 
Prepaid expenses and other current assets   3,207    2,888 
Total current assets   204,986    327,808 
Property, Plant and Equipment, net   99,241    82,761 
Right-Of-Use Operating Lease Assets, net   7,300    7,725 
Right-Of-Use Finance Lease Assets, net   1,011    922 
Other Assets   1,057    1,148 
Long-term Investments   228,806    172,974 
Intangible Assets, net   1,525    1,108 
Total assets  $543,926   $594,446 
Liabilities and Stockholders’ Equity          
Current Liabilities          
Accounts payable and other accrued liabilities   6,280    11,326 
Current portion of long-term debt       7 
Deferred revenue       4,050 
Accrued compensation   4,746    4,528 
Operating lease liabilities, short-term   606    549 
Finance lease liabilities, short-term   342    273 
Total current liabilities   11,974    20,733 
Warrant Liabilities   5,637    9,117 
Operating Lease Liabilities, Long-Term   8,159    8,622 
Finance Lease Liabilities, Long-Term   544    602 
Total liabilities   26,314    39,074 
Stockholders’ Equity          
Common Stock, $0.0001 par value; 2,000,000,000 shares authorized; 178,417,397 and 176,007,184 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively   18    18 
Additional paid-in capital   586,347    577,603 
Accumulated deficit   (65,596)   (19,090)
Accumulated other comprehensive loss   (3,157)   (3,159)
Total stockholders’ equity   517,612    555,372 
Total liabilities and stockholders’ equity  $543,926   $594,446 





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,
   2023   2022   2023   2022 
Revenue  $6,366   $2,813   $15,063   $7,591 
Operating Expenses                    
Direct costs   7,183    3,544    20,354    8,561 
Research and development   14,236    9,710    40,391    24,811 
Selling, general and administrative   6,444    5,158    19,307    15,827 
Total operating expenses   27,863    18,412    80,052    49,199 
Operating Loss   (21,497)   (15,599)   (64,989)   (41,608)
Nonoperating Income and Expense                    
Interest income   5,213    3,128    15,041    4,300 
Change in fair value of warrant liabilities   1,155    -    3,480    28,183 
Interest expense   (13)   (12)   (39)   (22)
Total nonoperating income and expense   6,355    3,116    18,482    32,461 
Pretax Loss   (15,142)   (12,483)   (46,507)   (9,147)
Income tax benefit       (84)       (71)
Net Loss  $(15,142)  $(12,399)  $(46,507)  $(9,076)
Basic and diluted loss per share  $(0.08)  $(0.07)  $(0.26)  $(0.05)
Weighted average shares outstanding – basic and diluted   178,388,926    175,025,984    177,800,915    173,859,649 







Solid Power, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)

   Nine Months Ended
September 30,
   2023   2022 
Cash Flows from Operating Activities          
Net loss  $(46,507)  $(9,076)
Adjustments to reconcile net loss to net cash and cash equivalents from operating activities:          
Depreciation and amortization   7,805    3,437 
Amortization of right-of-use assets   566    51 
Loss on sale of property, plant and equipment       4 
Stock-based compensation expense   8,447    6,498 
Deferred taxes       (71)
Change in fair value of warrant liabilities   (3,480)   (28,183)
Amortization of premiums and accretion of discounts on marketable securities   (8,297)   (1,170)
Change in operating assets and liabilities that provided (used) cash and cash equivalents:          
Contract receivables   (1,403)   (2,473)
Contract receivables from related parties   (5,048)    
Prepaid expenses and other assets   297    2,101 
Accounts payable and other accrued liabilities   207    (3,327)
Deferred revenue   (4,050)   (300)
Accrued compensation   218    1,831 
Operating and Finance lease liabilities, short-term   (406)   192 
Net cash and cash equivalents used in operating activities   (51,651)   (30,486)
Cash Flows from Investing Activities          
Purchases of property, plant and equipment   (29,526)   (47,915)
Purchases of marketable securities and long-term investments   (256,584)   (448,757)
Proceeds from sales of marketable securities   315,493    111,198 
Purchases of intangible assets   (428)   (308)
Net cash and cash equivalents provided by (used in) investing activities   28,955    (385,782)
Cash Flows from Financing Activities          
Payments of debt   (7)   (104)
Proceeds from exercise of stock options   194    771 
Proceeds from issuance of shares of common stock under ESPP   214     
Cash paid for withholding of employee taxes related to stock-based compensation   (111)   (58)
Payments on finance lease liabilities   (259)   (76)
Transaction costs       (12)
Net cash and cash equivalents provided by financing activities   31    521 
Net decrease in cash and cash equivalents   (22,665)   (415,747)
Cash and cash equivalents at beginning of period   50,123    513,447 
Cash and cash equivalents at end of period   27,458    97,700 
Cash paid for interest  $39   $5 
Accrued capital expenditures  $2,309   $7,818