Solid Power, an all-solid-state battery (ASSB) manufacturer for electric vehicles, delivered $20.1 million in revenue during 2024, marking a 16% increase from $17.4 million in 2023. The company attributed this growth primarily to progress on its SK On Agreements, executing key steps in technology transfer and achieving milestones related to its line installation agreement. The revenue exceeded analysts’ expectations by $2.64 million.

Despite the revenue increase, earnings per share (EPS) came in at -$0.54, missing analysts’ estimates by $0.05.

The company reported a net loss of $96.52 million, a 53% increase from its $62.95 million net loss in 2023. The rising loss was driven by higher operating expenses, which rose to $125.5 million from $108 million in the previous year. The increased spending reflects Solid Power’s ongoing investment in research and development, aimed at improving electrolyte and cell designs, ramping up electrolyte production, and acquiring equipment to support the SK On Agreements. The company also expanded its footprint internationally, establishing operations in Korea as part of its strategic growth initiatives.

John Van Scoter, President and CEO of Solid Power, outlined the company’s developments in 2024, noting an increase in electrolyte sampling due to customer demand and refinements in cell designs to improve safety and performance.

“Gaining a deeper knowledge of ASSB technology through our development efforts has allowed us to be a partner for SK On, BMW, and Ford. This has also led to repeated sampling with potential electrolyte customers,” Van Scoter said.

Outlook 2025

The company expects 2025 revenue to be consistent with or higher than 2024.

For 2025, Solid Power plans to continue work on ASSB technology by improving electrolyte performance based on feedback from its internal cell development team and partners. The company is moving forward with its technology roadmap, which includes installing a pilot continuous electrolyte manufacturing line to support production capabilities.

Solid Power also intends to meet customer and partner commitments while expanding electrolyte sampling. It will use its Electrolyte Innovation Center to test and refine developments in response to industry demand.

The company stated that its 2025 cash investment—including operating expenses and capital expenditures—is expected to be between $100 million and $120 million. This estimate does not include potential funding from the Department of Energy grant, which could impact overall financial resources.

Van Scoter added, “In 2025, we will continue improving electrolyte performance, fulfilling partner and customer requirements, and developing electrolyte and cell technologies. Our financial approach ensures we can invest as needed while maintaining our position in ASSB technology.”

Solid Power reported a revenue of $4.7 million in the third quarter of 2024, reflecting a 26.94% decline year-over-year due to the completion timing of the joint development agreement with BMW in 2024.