Solid Power’s expenses soar as operations scale

LOUISVILLE — Solid Power Inc. (Nasdaq: SLDP), a Louisville-based developer of solid-state battery technology, nearly doubled its net loss in the second quarter of 2024 as the company scales up its cell-development operations.

While the company’s top line increased by about $200,000 between the second quarter of 2023 and the most-recent period to $5.1 million, Solid Power’s net loss also jumped from $12.2 million to $22.3 million over that period.

The added expenses were “driven by increased production costs and labor associated with cell and electrolyte development, scaling of operations, and execution under joint development agreements and other collaborative arrangements,” Solid Power said in its quarterly report.

“In the second quarter we made meaningful progress on our strategic milestones outlined at the beginning of the year. Electrolyte sampling is increasing with potential customers, and we continue to receive positive feedback,” Solid Power CEO John Van Scoter said in a prepared statement. “We are on track for the second half of the year in terms of our technology, materials development and partner agreements, and we have a strong balance sheet with which to execute our strategy.”

Looking ahead, Solid Power’s “management has lowered its expectation for 2024 revenue to be in the range of $16 million to $20 million,” the company said. “The revised outlook is primarily due to slower than anticipated revenue recognition from the SK On agreements the company entered into earlier this year and, to a lesser extent, delays in forecasted electrolyte sales, rather than a decline in contracted business.”