Production scaling drives Solid Power to increased losses

LOUISVILLE — Solid Power Inc. (Nasdaq: SLDP), which makes solid-state batteries for electric vehicles, posted a net loss in the second quarter as a result of higher expenses from ramped-up production. 

Second-quarter 2023 revenue was $4.9 million, an increase of $2.3 million from the same period last year. The company said that the improvement is “a result of continued execution under the company’s joint development agreements.”

Solid Power last week posted a net loss of  $12.2 million, compared with net income of $13.7 million in the second quarter of 2022. 

“As expected, operating expenses were higher in the second quarter and first half of 2023 compared with the same periods in 2022,” the company said in a prepared statement. “This increase was driven by accelerated investments in product development and the scaling of operations.

The company “has made tremendous progress furthering its technology and operational capabilities this year,” Solid Power CEO John Van Scoter, who was hired this year, said in a prepared statement. “During the year to date, we continued to execute on our joint development agreements and further extended our agreement with Ford. With respect to electrolyte, the team completed the build-out of our electrolyte production line, started and began scaling up production, and is producing electrolyte that meets our internal performance and quality metrics. Most importantly, we are receiving positive feedback from industry leaders and believe there may be an opportunity to accelerate our timeline for future electrolyte sales.”

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