Solid Power grows sales, losses in second quarter

LOUISVILLE — As Solid Power Inc., (Nasdaq: SLDP) which makes solid-state batteries for electric vehicles, scales up product development, the company grew its revenues in the second quarter of 2022, but also its losses. 

Revenue for the second quarter of 2022 was $2.6 million, up from $600,000 in the same period last year. 

But, “driven by accelerated investments in product development and the scaling of our operations,” the Louisville company’s expenses grew in the quarter, resulting in an operating loss of $14.7 million for the quarter. Solid Power’s 2021 second quarter loss was $6 million. 

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“First half results reflect continued solid execution by our team as we continue to position the company for long-term success,” Solid Power CEO Doug Campbell said in a prepared statement. “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.”

The company expects full-year 2022 revenue to exceed the high end of the previous guidance range of between $3 million and $5 million.  

Solid Power’s stock closed the trading day Wednesday at $7.51, up 12.09%.