Solid Power nearly doubles sales, losses as EV battery maker scales product development
LOUISVILLE — Solid Power Inc., (Nasdaq: SLDP) which makes solid-state batteries for electric vehicles, nearly doubled its year-over-year sales and its net loss in the first quarter of 2023 as it prepares to scale its production capacity.
First quarter 2023 revenue was $3.8 million, up from $2.2 million in the same period last year.
The net loss totals for those respective quarters were $19.2 million and $10.4 million, due in part to increased expenses related to “planned investments in product development, as well as increased general and administrative expenses to support operations,” Solid Power said.
During the first quarter of 2023 “cell development is also off to a solid start as we continue to position the company for entry into automotive qualification this year,” Solid Power interim CEO and president Dave Jansen said in a prepared statement. “Over the last couple of quarters working with our partners, we have significantly improved the manufacturability and yields on our 20 Ah cells, positioning us to scale up our EV production and development. Looking ahead, we remain on track to meet our 2023 objectives, which we believe will better position Solid Power to deliver long-term value for all stakeholders.”
Solid Power projects full-year 2023 revenues in the range of $15 million to $20 million.
LOUISVILLE — Solid Power Inc., (Nasdaq: SLDP) which makes solid-state batteries for electric vehicles, nearly doubled its year-over-year sales and its net loss in the first quarter of 2023 as it prepares to scale its production capacity.
First quarter 2023 revenue was $3.8 million, up from $2.2 million in the same period last year.
The net loss totals for those respective quarters were $19.2 million and $10.4 million, due in part to increased expenses related to “planned investments in product development, as well as increased general and administrative expenses to support operations,” Solid Power said.
During the first quarter of 2023 “cell development…
Start your subscription to BizWest, The Business Journal of the Boulder Valley and Northern Colorado, TODAY!
Online access PLUS print versions of all Bizwest publications
One month subscription includes:
- 1-month online access to BizWest.com which includes unlimited news stories, archived story access and interactive versions of monthly business journal.
- 1-month subscription to BizWest & all of the publications in print version.
- 1-year access to daily email newsletter & breaking news alerts.
Online access for one year.
One month subscription includes:
- 1-month online access to BizWest.com which includes unlimited news stories, archived story access and interactive versions of monthly business journal.
- 1-year access to daily email newsletter & breaking news alerts.
Online and print versions of all Bizwest publications PLUS premium access to BizWest Datastore for one year.
One year subscription includes:
- 1-year online access to BizWest.com which includes unlimited news stories, archived story access and interactive versions of monthly business journal.
- 1-year subscription to BizWest & all of the publications in print version.
- 1-year premium online access to unlimited downloads from the BizWest Datastore!
- 1-year premium online access to the Breaking Ground website!
- 1-year access to daily email newsletter & breaking news alerts.
Premium access to the BreakingGround site plus online and print versions of all BizWest publications.
One year subscription includes:
- 1-year online access to BizWest.com which includes unlimited news stories, archived story access and interactive versions of monthly business journal.
- 1-year subscription to BizWest & all of the publications in print version.
- 1-year premium online access to the Breaking Ground website!
- 1-year access to daily email newsletter & breaking news alerts.
Premium access to the BreakingGround site plus online and print versions of all BizWest publications.
One month subscription includes:
- 1-year premium online access to the Breaking Ground website!
- 1-month online access to BizWest.com which includes unlimited news stories, archived story access and interactive versions of monthly business journal.
- 1-month subscription to BizWest & all of the publications in print version.
- 1-year access to daily email newsletter & breaking news alerts.