Solid Power, which develops solid-state battery technology for electric vehicles, reported a revenue of $4.7 million in the third quarter (Q3) of 2024, reflecting a 26.94% decline year-over-year (YoY). This decline is mainly attributed to the completion timing of the joint development agreement with BMW in 2024.

Solid Power posted a net loss of $22.4 million, an increase of 47.93% YoY.

Operating expenses in the third quarter were higher than in Q3 2023, primarily due to increased production costs, higher expenses related to cell and electrolyte development, operations scaling, and the execution of joint development agreements (JDA).

The BMW JDA aims to develop competitive solid-state battery technology that can be used in an automotive application.

As of September 30, 2024, the company maintained a strong liquidity position with total liquidity of $348.1 million.

The company reported earnings per share (EPS) of $0.13, surpassing analyst expectations by $0.01.

John Van Scoter, President and CEO of Solid Power, commented on the results: “We accomplished a lot in the third quarter, and I’m excited to share our progress with you today. Overall, I’m pleased with the progress in the third quarter and excited about our momentum as we exit the year and move into 2025.”

Solid Power reiterated its guidance for 2024. The company expects to complete Phase 1 of its continuous manufacturing project by 2026, with a projected capability to produce 75 metric tons of electrolytes per year. By 2028, the company aims to increase production capacity to 140 metric tons per year at its SP2 facility.

The company is focused on improving electrolyte and cell performance, with plans to begin testing A-2 cells in early 2025. Solid Power also continues to deepen relationships across the Korean battery landscape through collaborations with research institutes.

Operational Highlights

Solid Power achieved several key operational milestones during the quarter. The U.S. Department of Energy selected the company to negotiate a $50 million grant to advance the continuous production of sulfide-based solid electrolyte materials.

It also launched development efforts at its newly established Electrolyte Innovation Center (EIC), a state-of-the-art facility designed to accelerate innovation.

The company is progressing on the A-2 cell design, with notable improvements to the cathode, anode, and separator components. Solid Power extended its JDA with BMW and is on track with its collaboration with SK On, successfully meeting all required milestones.

In addition, the company entered into a non-binding Memorandum of Understanding (MoU) with a leading battery manufacturer to explore a potential JDA focused on electrolyte technology.

The company has also formed multiple strategic partnerships in Korea, focusing on materials and battery performance.

The company reported a net loss for the first quarter (Q1) of 2024 that widened to $21.2 million from $19.2 million, reflecting an 11% increase year-over-year, primarily driven by increased investments in scaling operations as the company pushes forward with commercializing its technology.

The company’s net loss widened by 586.3% in the previous quarter, as higher operating expenses hurt its bottom line.