LOUISVILLE — Solid Power Inc., (Nasdaq: SLDP) which makes solid-state batteries for electric vehicles, posted strong year-over-year revenue growth in the third quarter of 2022, but the company’s net loss grew due to increased expenses in the most-recent period.
Revenue for the third quarter of 2022 was $2.8 million, up from $600,000 during the same period last year.
Solid Power posted a net loss of $12.4 million, or 7 cents per diluted share, up from a loss of $8.5 million in the third quarter of 2021.
Expenses for the quarter were up “due to planned investments in product development and the scaling of operations,” the company said.
“Third quarter results reflect our team’s continued strong execution against our strategic milestones,” Solid Power CEO Doug Campbell said in a prepared statement. “We are pleased with the progress we made scaling up to our 20 Ah cells [a type of battery being developed by Solid Power.] The performance of these cells drove customers to confirm additional 20 Ah cell orders, which led to a significant increase in production during the third quarter. However, as we began the larger-scale production of these additional 20 Ah cell orders, we experienced lower yields. The lower yields, combined with limited labor resources, required us to devote substantial resources to our 20 Ah cell builds. As a result, initial builds of the EV cells on our EV cell pilot line began later than initially anticipated.”
The company had hoped to begin delivery of EV cell samples this year, but Solid Power now says that delivery might be delayed until 2023.
“We remain intently focused on positioning Solid Power for long-term success and further solidifying our status as an industry-leading developer of next-generation all solid-state battery cells,” Campbell said.