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Solid Power, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $4,651,000, a decrease from $6,366,000 in the same quarter of the previous year. This decrease is attributed to the timing of completion of BMW JDA milestones.
Operating expenses increased to $32,242,000 from $27,863,000 in the same quarter of the previous year, primarily due to increased research and development costs and selling, general, and administrative expenses.
The company reported an operating loss of $27,591,000 for the quarter, compared to a loss of $21,497,000 in the previous year. The increase in loss is attributed to higher operating expenses.
Interest income for the quarter was $4,251,000, down from $5,213,000 in the previous year. The change in fair value of warrant liabilities resulted in a gain of $1,591,000.
Net loss attributable to common stockholders was $22,419,000, compared to a loss of $15,142,000 in the previous year.
Cash and cash equivalents at the end of the period were $37,969,000, up from $34,537,000 at the end of the previous year.
Solid Power had a total liquidity of $348,072,000 as of September 30, 2024. The company anticipates that its cash on hand is sufficient to meet its operating cash needs for at least the next 12 months.
The filing also details the company's continued development efforts, including the expansion of its electrolyte production capabilities and the extension of its joint development agreement with BMW.
Solid Power has been selected by the U.S. Department of Energy for up to $50 million in award negotiation for the continuous production of sulfide-based solid electrolyte materials.
The company continues to focus on its strategy of developing solid-state battery technology for the EV market and additional markets served by battery manufacturers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Solid Power Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.