Solid Power, an all-solid-state rechargeable battery cells manufacturer, reported revenue of $2.58 million in the second quarter (Q2) of 2022, a 360% year-over-year (YoY) growth compared to $561,000 in Q1 2021.

The company posted a net income of $13.7 million in Q2 2022 compared to a net loss of $9.27 million in the same period last year.

Operating expenses were higher in the second quarter compared to the second quarter of 2021, driven by accelerated product development investments and operations scaling. Operating loss was $14.7 million for the second quarter. Changes in Solid Power’s warrant liabilities resulted in a non-cash gain of $27.5 million in the second quarter of 2022, driving the company to a net income of $13.7 million.

Capital expenditures during the second quarter and first half of 2022 were $20.4 million and $31.0 million, respectively, representing ongoing investments in the company’s technical development and operational capabilities.

Solid Power reported revenue of $4.77 million in the first half (1H) of 2022, a 358% YoY growth compared to $1.04 million.

The company posted a net income of $3.32 million in 1H 2022 compared to a net loss of $16.41 million in 1H 2021.

“First half results reflect continued solid execution by our team as we continue to position the company for long-term success,” said Doug Campbell, Chief Executive Officer of Solid Power. “With the recent installation of the EV cell pilot line, we now have the operational capabilities needed to produce EV-scale cells, which is a critical step towards initiating the formal automotive qualification process. During the third quarter, we expect to begin producing EV-scale cells for our internal testing and delivering 20 Ah Silicon EV cells to our joint development partners for their initial testing.”

Last May, Solid Power raised $130 million in a Series B investment round led by the BMW Group, Ford Motor Company, and Volta Energy Technologies. Ford and the BMW Group had also expanded existing joint development agreements with Solid Power to secure all-solid-state batteries for future electric vehicles.

Previously, Solid Power and Decarbonization Plus Acquisition Corporation III (DCRC), a special purpose acquisition company (SPAC), announced a $1.2 billion definitive agreement for a business combination, resulting in Solid Power becoming a publicly listed company.