Solid Power, which develops all-solid-state battery technology for electric vehicles (EV), recorded a net loss of $65.55 million during 2023, a 586.3% year-over-year (YoY) increase from a net loss of $9.55 million.

The increase in net loss was primarily driven by the higher operating expenses in 2023 compared to 2022 due to increased investments in product development and operational scaling.

Kevin Paprzycki, the Chief Financial Office of Solid Power, during the company’s earnings call, said, “2023 operating expenses were $108 million, reflecting increased operational costs as we ramped both EV cell and electrolyte production over the year and increased R&D costs as we work to deliver our A1 sample cells.”

Capital expenditure for the year amounted to $34.5 million, mainly reflecting investments made in the construction and development of the company’s new electrolyte production facility.

The company recorded a revenue of $17.41 million during the year, a 47.6% YoY increase from $11.79 million. The company attributed the increase to the consistent execution of joint development agreements.

The company demonstrated the capability to produce electrolytes at a rate of 1.1 metric tons per month across multiple campaigns.

Solid Power also said its team successfully delivered A-1 Sample cells in October, officially entering the automotive qualification process after overcoming challenges related to yield and supply chain earlier in the year.

Shifting focus to A-2 Sample cells, the company continues to advance cell development with the objective of consistently manufacturing safer and higher-performing cells.

Solid Power strengthened ties with SK On through the establishment of three new agreements and declared a $50 million share repurchase authorization.

“Solid Power delivered on several key strategic milestones in 2023, which strengthened our operational, technological, and competitive positioning,” said John Van Scoter, President and Chief Executive Officer of Solid Power.

The company recorded a net loss of $12.21 million during the second quarter of the financial year 2023, an 189% YoY decrease from a profit of $13.67 million.

Earlier, Solid Power’s net loss widened to $19.2 million in the first quarter of 2023 compared to the loss of $10.3 million YoY.