Solid Power, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 07, 2023 at 04:26 pm EST
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Solid Power, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 6.37 million compared to USD 2.81 million a year ago. Net loss was USD 15.14 million compared to USD 12.4 million a year ago. Basic loss per share from continuing operations was USD 0.08 compared to USD 0.07 a year ago.
For the nine months, sales was USD 15.06 million compared to USD 7.59 million a year ago. Net loss was USD 46.51 million compared to USD 9.08 million a year ago. Basic loss per share from continuing operations was USD 0.26 compared to USD 0.05 a year ago.
Solid Power, Inc. is a developer of solid-state battery technology. The Company is focused on producing and distributing sulfide-based solid electrolyte material for powering both electric vehicles (EVs) and other applications. The Company's technology is its proprietary solid electrolyte material, which replaces the liquid or gel electrolyte used in traditional lithium-ion batteries. Its business model - selling its electrolyte to cell manufacturers and licensing its cell designs and manufacturing processes. The Company is also developing solid-state cells with its electrolyte to commercialize its technology by selling its electrolyte material and licensing its cell designs. The Company develops its cells on its two pilot lines, producing multiple cell sizes to both support its partners and refine cell designs. The Company manufactures all of its cell designs, including its cathodes and anodes, using materials sourced from external suppliers. Its products are in the development stage.