Solid Power grows sales, expenses as battery development scales up

LOUISVILLE — Solid Power Inc. (Nasdaq: SLDP), which makes solid-state batteries and sulfide-based electrolyte technology for electric vehicles, posted higher year-over-year revenues and expenses as it ramps up development and production of its product lines. 

The company posted sales of $6 million during the first quarter of 2024, an increase of $2.2 million compared to the first quarter of 2023.

Solid Power’s net loss grew from $19.2 million in the first quarter of 2023 to $21.2 million in the most recent period.

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Higher expenses in the first quarter of 2024 were “driven by increased labor and materials costs associated with cell and electrolyte development, scaling of our operations and execution under our joint development agreements and other collaborative arrangements,” Solid Power said. 

“We continue to execute well on our key strategic milestones, keeping largely on track with both our partner commitments and development timelines,” Solid Power CEO John Van Scoter said in a prepared statement. “On the electrolyte side, we continue to see growing interest in our powder product. During the quarter, we successfully shipped electrolyte samples to both first time and repeat potential customers and continue to receive and respond to ongoing feedback.”

Solid Power anticipates full-year 2023 sales to be in the range of $20 million to $25 million.