Solid Power (SLDP) Q4 2024 earnings summary

Executive summary

• Achieved key 2024 milestones in electrolyte sampling, partner collaborations with SK On, BMW, and Ford, and facility expansion, despite a challenging EV market and delayed commercial adoption of solid-state batteries.

• Expanded relationships with SK On, BMW, and Ford, and established a stronger presence in Korea to drive business development and support partnerships.

• Opened the Electrolyte Innovation Center (EIC) to enhance R&D and production capabilities, accelerating innovation based on customer demand.

• Awarded up to $50 million from the U.S. DOE for continuous production of sulfide-based solid electrolyte materials, with contract formalized in January 2025.

Financial highlights

• 2024 revenue reached $20.1 million, up 16% year-over-year, mainly due to SK On agreements and technology transfer milestones.

• Operating expenses were $125.5 million, up from $108.0 million in 2023, driven by R&D, production, equipment, and scaling costs.

• Operating loss was $105.3 million; net loss was $96.5 million or $0.54 per share, compared to $0.37 per share in 2023.

• Capital expenditures totaled $15.9 million, focused on electrolyte development and the EIC build-out.

• Ended 2024 with $327.5 million in liquidity, with cash and cash equivalents at $25.4 million and marketable securities at $302.1 million.

Outlook and guidance

• 2025 cash investment expected between $100 million-$120 million, excluding DOE grant impact.

• Revenue for 2025 anticipated to be consistent with or higher than 2024, with no specific range provided.

• Major 2025 CapEx to focus on facility engineering and a third pilot electrolyte line using continuous manufacturing.

• Strategic focus on aggressive electrolyte sampling, partner execution, and maintaining financial discipline while investing in technology and capabilities.