Solid Power’s Q1 Net Loss Widens to $19 Million on Higher R&D Expenses
Revenue jumped 81% to $3.8 million due to meeting joint development agreements
Solid Power, which develops all-solid-state battery technology for electric vehicles (EV), said its net loss widened to $19.2 million in the first quarter (Q1) of 2023 compared to the loss of $10.3 million year-over-year (YoY), primarily due to higher research and development expenses.
“Operating expenses were higher in the first quarter of 2023 compared with the first quarter of 2022 due to planned investments in product development as well as increased general and administrative expenses to support operations,” the company said.
Solid Power’s total operating expenses for the January-March quarter rose 57% YoY to $25.1 million.
Solid Power’s revenue grew by 81% YoY to $3.8 million for the quarter, mainly on execution under the company’s joint development agreements.
The company’s Interim CEO, President, and Chairman, Dave Jansen, said, “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 electric vehicle (EV) production and development.”
Solid Power is focused on improving key cell performance metrics, including energy density, pressure, cycle life, low-temperature operations, and safety, on helping the company deliver EV cells to its joint development partners and officially enter the automotive qualification process.
Solid Power commissioned its SP2 electrolyte production facility during the quarter, with powder production commencing in April.
The company is now planning to initiate and scale production from its electrolyte production facility to deliver electrolytes to potential customers for sampling and feedback, the company said.
Solid Power posted a net loss of $9.5 million for the financial year 2022 against a profit of $18 million recorded in the previous year. The battery technology developer said that the increased expenses on planned investments and scaling of operations led to the loss.
The company’s net loss increased to $10.3 million in Q1 2022, up 43% YoY from $7.2 million during the same period last year. Solid Power said that the increase in operating expenses driven by planned investments in product development resulted in a net loss for the period.