Solid Power reports lower Q3 revenue, but progress in key partnerships

LOUISVILLE — Solid Power Inc. (Nasdaq: SLDP), a Louisville-based developer of solid-state battery technology, posted slightly lower revenue in its third quarter, but the company reported a new agreement with Samsung SDI and BMW that it says will advance it toward commercialization.

Revenue in the quarter ended Sept. 30 totaled $4.56 million, down from $4.65 million in the same period a year ago. The company recorded a third-quarter loss attributable to common stockholders of $25.87 million, up from $22.42 million a year ago.

Among recent business highlights, Solid Power:

• Announced a Joint Evaluation Agreement with Samsung SDI and BMW to advance the development of all-solid-state batteries.
• Conducted site acceptance testing for the SK On pilot cell line, which remains on schedule for completion by year-end.
• Continued detailed design work for the installation of its continuous electrolyte production pilot line, with commissioning on track for 2026.

“This Joint Evaluation Agreement marks meaningful advancement in Solid Power’s path toward commercialization. Our electrolyte sampling efforts have culminated in this strategic partnership with Samsung SDI and BMW,” John Van Scoter, president and CEO of Solid Power, said in a statement. “We believe this collaboration validates the strength of our technology and highlights our dedication to building partnerships that drive innovation in all-solid-state battery technology.”

Solid Power delivered $4.6 million in revenue and grant income during the third quarter, bringing year-to-date revenue to $18.1 million. Third-quarter revenue was driven primarily by work performed on the site acceptance testing milestone under its line installation agreement with SK On Co. Ltd., the company said in a press release.

Solid Power reported total liquidity of $300.4 million. The company raised $32.9 million in net proceeds from sale of common stock in the third quarter.

Solid Power is developing solid-state battery technology to enable the next generation of batteries for the electric-vehicle and other markets.

Solid Power’s stock closed at $6.86 Friday, up 11 cents, or 1.63%.

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