Developer of all-solid-state battery technology for electric vehicles (EV) Solid Power posted a net loss of $9.5 million for the financial year (FY) 2022 against a profit of $18 million recorded in FY 2021.

The company said expenses on certain planned investments in product development and scaling of operations led to the loss.

Solid Power’s total operating expenses for the year amounted to $70.9 million, up by 143% compared to $29.2 million in the previous year.

The company began production of EV cells during the fourth quarter (Q4) of 2022.

Solid Power said that the initial deliveries of the EV cells are likely in 2023, while the deliveries of 20 Ah cells are underway to its partners.

Interim CEO of Solid Power Dave Jansen said, “Last year was about positioning Solid Power to further advance our electrolyte and cell development. We invested in key operational infrastructure, achieved important development milestones, deepened our relationship with a long-standing partner, and added needed personnel to support our development programs.”

The company’s revenue jumped 333% to $11.7 million for FY 2022 compared to $2.7 million in the previous year.

The company said the revenue growth was mainly due to strong operational execution under joint development agreements, government contracts, and product sales during 2022.

Solid Power is building an electrolyte production facility which will be commissioned in the first quarter of 2023.

Solid Power said it secured funding from the Department of Energy to continue the development of nickel- and cobalt-free cells.

Solid Power posted a net loss of $12.4 million for the third quarter of 2022, a 46% year-over-year increase from a loss of $8.45 million.

The company’s net income for the second quarter stood at $13.7 million, compared to a net loss of $9.27 million in the same quarter of 2021.