Solid Power reports 358% revenue growth in Q1

LOUISVILLE — Solid Power Inc., (Nasdaq: SLDP) which makes solid-state batteries for electric vehicles, reported Wednesday that its earnings for the first quarter of 2022 were up 358% year-over-year, to $2.19 million from $480,000.  

Solid Power’s net loss also increased, to $10.3 million from $7.1 million. In its quarterly report, the company attributed that to upticks in research and development and marketing expenses. Solid Power expanded development efforts of its batteries and electrolyte materials, thereby spending more on materials and labor. It also upped its sales and marketing expenses as it continues to try to expand its reach.

Solid Power ended the quarter with $450 million in cash and equivalents on hand.