Solid Power, Inc. (SLDP) Bundle
A Brief History of Solid Power, Inc.
Company Overview
Solid Power, Inc., founded in 2012, specializes in the development of all-solid-state batteries for electric vehicles (EVs) and other applications. As of 2024, the company is publicly traded on NASDAQ under the ticker symbol "SLDP."
Recent Financial Performance
For the nine months ending September 30, 2024, Solid Power reported a net loss of $65.9 million, compared to $46.5 million for the same period in 2023. The company's revenue increased slightly to $15.7 million, up from $15.1 million year-over-year.
| Financial Metric | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Loss | $65.9 million | $46.5 million |
| Revenue | $15.7 million | $15.1 million |
Operating Expenses
The total operating expenses for the nine months ended September 30, 2024, were $96 million, an increase from $80 million in the same period of 2023. This increase was driven primarily by research and development costs, which rose to $54.7 million from $40.4 million.
| Expense Type | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Operating Expenses | $96 million | $80 million |
| Research and Development | $54.7 million | $40.4 million |
Liquidity Position
As of September 30, 2024, Solid Power had total liquidity of $348 million, which includes cash and cash equivalents of $37.9 million and marketable securities of $94 million. This reflects a decrease from total liquidity of $415.6 million at the end of 2023.
| Liquidity Metric | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Liquidity | $348 million | $415.6 million |
| Cash and Cash Equivalents | $37.9 million | $34.5 million |
| Marketable Securities | $94 million | $141.5 million |
Stock Repurchase Program
On January 23, 2024, Solid Power's Board approved a stock repurchase program authorizing the company to buy back up to $50 million of its common stock until December 31, 2025. As of September 30, 2024, the company had repurchased 5 million shares at an average price of $1.64 per share, totaling approximately $8.36 million.
| Repurchase Activity | Shares Repurchased | Aggregate Cost | Average Price |
|---|---|---|---|
| 9 Months Ended September 30, 2024 | 5 million | $8.36 million | $1.64 |
Warrant Liabilities
As of September 30, 2024, the fair value of the company's warrant liabilities was $2.43 million, down from $4.23 million at the end of 2023. The company had issued 19,333,303 warrants, with each warrant exercisable at $11.50 per share.
| Warrant Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Fair Value of Warrant Liabilities | $2.43 million | $4.23 million |
| Total Warrants Issued | 19,333,303 | 19,333,303 |
Conclusion on Future Outlook
Looking ahead, Solid Power is focused on advancing its technology and production capabilities, particularly in solid-state battery development, to capture opportunities in the growing electric vehicle market. The company anticipates revenue growth driven by ongoing partnerships and milestone completions in its joint development agreements.
A Who Owns Solid Power, Inc. (SLDP)
Major Shareholders
As of 2024, Solid Power, Inc. (SLDP) has a diverse ownership structure with significant holdings by institutional investors and insiders. The following table outlines the major shareholders and their respective ownership percentages.
| Shareholder | Type | Shares Owned | Ownership Percentage |
|---|---|---|---|
| BlackRock, Inc. | Institutional | 12,000,000 | 6.68% |
| Vanguard Group, Inc. | Institutional | 10,500,000 | 5.85% |
| BMW AG | Strategic Partner | 9,000,000 | 5.02% |
| Insider Holdings | Insider | 15,000,000 | 8.34% |
| Other Institutional Investors | Institutional | 30,000,000 | 16.73% |
Stock Performance
Solid Power's stock performance is closely monitored by analysts and investors. The following table summarizes recent stock performance metrics.
| Date | Closing Price ($) | Market Capitalization ($ Billion) | Trading Volume |
|---|---|---|---|
| September 30, 2024 | 1.35 | 0.24 | 1,500,000 |
| June 30, 2024 | 1.45 | 0.26 | 1,200,000 |
| December 31, 2023 | 1.70 | 0.30 | 1,000,000 |
Financial Overview
As of the end of the third quarter in 2024, Solid Power reported the following financial metrics:
| Metric | Value |
|---|---|
| Total Assets ($ Million) | 470.88 |
| Total Liabilities ($ Million) | 31.43 |
| Total Stockholders' Equity ($ Million) | 439.45 |
| Net Loss ($ Million) | (22.42) |
| Cash and Cash Equivalents ($ Million) | 37.97 |
Recent Developments
Solid Power entered into a significant agreement with BMW in 2024, which is reflected in their revenue streams. The following table outlines the revenue recognized from major agreements.
| Agreement | Revenue Recognized ($ Million) | Period |
|---|---|---|
| BMW Joint Development Agreement | 5.41 | Q3 2024 |
| SK On Agreements | 10.12 | Q2 2024 |
| Other Contracts | 0.00 | N/A |
Warrant and Stock Option Details
Solid Power has a structured approach to its warrants and stock options. The following table provides details on the outstanding warrants as of September 30, 2024.
| Warrant Type | Outstanding Warrants | Exercise Price ($) | Expiration Date |
|---|---|---|---|
| Public Warrants | 13,182,501 | 11.50 | December 8, 2026 |
| Private Placement Warrants | 6,150,802 | 11.50 | December 8, 2026 |
Solid Power, Inc. (SLDP) Mission Statement
Solid Power, Inc. is dedicated to developing solid-state battery technology that enhances the performance and safety of electric vehicles (EVs) and other applications. The company aims to deliver innovative solutions that improve driving range, battery life, and cost-effectiveness while ensuring a sustainable future for energy storage.
Company Overview
Solid Power focuses on solid-state battery technology, utilizing proprietary sulfide solid electrolyte materials. These materials replace conventional liquid electrolytes, resulting in batteries that are safer and more efficient. The company’s mission emphasizes the commercialization of its technology through partnerships and licensing agreements, particularly with major automotive manufacturers.
Strategic Goals
- Commercialization: Solid Power aims to commercialize its solid-state batteries by establishing joint development agreements (JDAs) with key players in the automotive industry.
- Innovation: The company is committed to advancing its electrolyte technology and solid-state cell designs to meet the growing demands of the EV market.
- Sustainability: Solid Power prioritizes environmentally friendly practices in its manufacturing and operational processes, contributing to a reduction in carbon emissions.
Recent Financial Performance
As of September 30, 2024, Solid Power reported the following financial metrics:
| Metric | Value |
|---|---|
| Revenue (Q3 2024) | $4.651 million |
| Net Loss (Q3 2024) | $(22.419) million |
| Total Assets | $470.880 million |
| Total Stockholders' Equity | $439.450 million |
| Cash and Cash Equivalents | $37.969 million |
Research and Development Investments
Solid Power has significantly increased its investment in research and development, with expenditures reaching $17.319 million for the three months ended September 30, 2024, compared to $14.236 million in the same period of 2023. This trend reflects the company's focus on enhancing its electrolyte technology and advancing cell designs.
Joint Development Agreements
Solid Power has established JDAs with prominent automotive manufacturers, including:
- BMW: Revenue generated from the BMW JDA was $0 in Q3 2024, down from $3.657 million in Q3 2023.
- SK On: The company anticipates increased revenue from this partnership as milestones are completed in 2024.
Stock Performance and Capital Structure
As of September 30, 2024, Solid Power had:
| Stock Metric | Value |
|---|---|
| Shares Outstanding | 179,633,575 |
| Average Price Paid Per Share (Repurchase Program) | $1.64 |
| Stock Repurchase Authorization | $50 million |
Future Outlook
Looking ahead, Solid Power aims to leverage its technological advancements to capture a larger share of the growing solid-state battery market, focusing on strategic partnerships and continuous innovation.
How Solid Power, Inc. (SLDP) Works
Company Overview
Solid Power, Inc. is a research and development company focused on advancing solid-state battery technology, primarily for the electric vehicle (EV) market. The company aims to replace conventional lithium-ion battery electrolytes with its proprietary sulfide solid electrolyte material, which enhances performance metrics such as driving range and safety.
Financial Performance
As of September 30, 2024, Solid Power reported a net loss attributable to common stockholders of $22.4 million, compared to a loss of $15.1 million for the same period in 2023, marking an increase of 48% year-over-year.
| Financial Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Revenue | $4.7 million | $6.4 million | -27% |
| Operating Expenses | $32.2 million | $27.9 million | +16% |
| Operating Loss | ($27.6 million) | ($21.5 million) | +28% |
| Net Loss | ($22.4 million) | ($15.1 million) | +48% |
Revenue Breakdown
For the nine months ended September 30, 2024, Solid Power reported revenues of $15.7 million, up from $15.1 million in 2023, reflecting a 4% increase. This growth is attributed primarily to the commencement of performance under the SK On Agreements.
Operating Expenses
Operating expenses for the three months ended September 30, 2024, totaled $32.2 million, with significant contributions from various categories:
- Direct Costs: $7.0 million, down from $7.2 million in Q3 2023.
- Research and Development: $17.3 million, up from $14.2 million in Q3 2023, reflecting a 22% increase.
- Selling, General and Administrative: $8.0 million, an increase from $6.4 million in Q3 2023, or 23%.
Liquidity and Capital Resources
As of September 30, 2024, Solid Power's liquidity position was as follows:
| Liquidity Item | Amount (in thousands) |
|---|---|
| Cash and Cash Equivalents | $37,969 |
| Marketable Securities | $94,041 |
| Investments | $216,062 |
| Total Liquidity | $348,072 |
Comparatively, on December 31, 2023, total liquidity was $415,608, indicating a decrease in liquidity over the nine-month period.
Stockholder Equity
As of September 30, 2024, Solid Power had total stockholders' equity of $439.5 million, down from $503.3 million at the end of 2023.
Stock Repurchase Program
On January 23, 2024, Solid Power's Board approved a stock repurchase program authorizing the purchase of up to $50 million of outstanding common stock, which may extend until December 31, 2025. During the nine months ended September 30, 2024, the company repurchased 5 million shares at an average price of $1.64 per share, totaling approximately $8.36 million.
Research and Development Focus
Solid Power continues to invest heavily in R&D, with expenses for the nine months ended September 30, 2024, amounting to $54.7 million, up from $40.4 million in 2023, indicating a focus on improving electrolyte technology and cell designs.
Future Outlook
The company anticipates increasing revenue in 2024 due to the completion of milestones under the SK On Agreements and ongoing development with BMW. Solid Power's strategic focus remains on enhancing its production capabilities and expanding its market presence in the EV sector.
How Solid Power, Inc. (SLDP) Makes Money
Revenue Generation
Solid Power, Inc. primarily generates revenue through joint development agreements (JDAs) with major automotive manufacturers, particularly BMW and SK On. For the three months ended September 30, 2024, the company reported revenue of $4.651 million, a decrease of 27% from $6.366 million in the same period in 2023. However, for the nine months ended September 30, 2024, revenue increased to $15.679 million, up 4% from $15.063 million in 2023.
Joint Development Agreements
Solid Power's JDAs are significant in its revenue model. In the third quarter of 2024, the company recognized $0 revenue from the BMW JDA, compared to $3.657 million in the same quarter of 2023. Year-to-date, revenue from BMW was $5.410 million for 2024, down from $10.128 million in 2023.
Cost Structure
The company's operating expenses for the three months ended September 30, 2024, totaled $32.242 million, an increase of 16% compared to $27.863 million in the same period of 2023. Major components included:
- Direct costs: $6.973 million
- Research and development (R&D): $17.319 million
- Selling, general and administrative (SG&A): $7.950 million
For the nine months ended September 30, 2024, total operating expenses rose to $95.988 million, a 20% increase from $80.052 million in 2023.
Research and Development Expenses
R&D expenses are a critical part of Solid Power's strategy, with costs amounting to $54.718 million for the nine months ended September 30, 2024, increasing 35% from $40.391 million in the prior year. This increase reflects the company's focus on enhancing its solid-state battery technology.
Financial Performance
Solid Power reported a net loss attributable to common stockholders of $22.419 million for the three months ended September 30, 2024, compared to a loss of $15.142 million in 2023. For the nine-month period, the net loss was $65.900 million, up from $46.507 million in 2023.
Liquidity Position
As of September 30, 2024, Solid Power had total liquidity of $348.072 million, consisting of:
- Cash and cash equivalents: $37.969 million
- Marketable securities: $94.041 million
- Investments: $216.062 million
This liquidity provides the company with the resources necessary to fund its ongoing R&D efforts and operational expenses.
Stock Repurchase Program
On January 23, 2024, Solid Power's Board approved a stock repurchase program for up to $50 million of its outstanding common stock, valid until December 31, 2025. As of September 30, 2024, the company had repurchased 5 million shares at an average price of $1.64 per share, totaling approximately $8.36 million.
Future Outlook
Solid Power anticipates increased revenue in 2024 due to the completion of milestones under existing agreements, particularly with SK On, and the continued execution of the BMW JDA.
| Metric | 2024 (Q3) | 2023 (Q3) | Change (%) |
|---|---|---|---|
| Revenue | $4.651 million | $6.366 million | -27% |
| Operating Expenses | $32.242 million | $27.863 million | +16% |
| Net Loss | $22.419 million | $15.142 million | -48% |
| Total Liquidity | $348.072 million | N/A | N/A |
Solid Power's business model, centered around solid-state battery technology, positions it strategically within the growing electric vehicle market. The company continues to leverage its partnerships to drive revenue and enhance its technological capabilities.
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Resources:
- Solid Power, Inc. (SLDP) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Solid Power, Inc. (SLDP)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Solid Power, Inc. (SLDP)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.