Solid Power, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 08, 2023 at 04:10 pm EDT
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Solid Power, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 4.91 million compared to USD 2.58 million a year ago. Net loss was USD 12.21 million compared to net income of USD 13.67 million a year ago. Basic loss per share from continuing operations was USD 0.07 compared to basic earnings per share from continuing operations of USD 0.08 a year ago. Diluted loss per share from continuing operations was USD 0.07 compared to diluted earnings per share from continuing operations of USD 0.08 a year ago.
For the six months, sales was USD 8.7 million compared to USD 4.78 million a year ago. Net loss was USD 31.37 million compared to net income of USD 3.32 million a year ago. Basic loss per share from continuing operations was USD 0.18 compared to basic earnings per share from continuing operations of USD 0.02 a year ago. Diluted loss per share from continuing operations was USD 0.18 compared to diluted earnings per share from continuing operations of USD 0.02 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.