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Jun 30, 2024
Solid Power Q2 2024 Earnings Report
Solid Power reported second quarter 2024 results, showing increased revenue compared to the previous year, driven by progress in electrolyte sampling and positive customer feedback.
Key Takeaways
Solid Power reported a revenue of $5.1 million for Q2 2024, a slight increase compared to Q2 2023. The company's operating loss was $26.9 million, and the net loss was $22.3 million, or $0.13 per share. The company maintains a strong liquidity position with $358.8 million in total liquidity as of June 30, 2024.
Revenue for Q2 2024 was $5.1 million, an increase of $0.2 million compared to Q2 2023.
Operating loss for Q2 2024 was $26.9 million, and net loss was $22.3 million, or $0.13 per share.
Total liquidity as of June 30, 2024, was $358.8 million.
The company has purchased 5.0 million shares of its common stock at an average purchase price of $1.64 per share, for a total amount of $8.4 million.
Forward Guidance
Solid Power expects 2024 cash used in operations to be in the range of $60 million to $70 million and capital expenditures to be in the range of $40 million to $50 million. Total 2024 cash investment is expected to be in the range of $100 million to $120 million. Management has lowered its expectation for 2024 revenue to be in the range of $16 million to $20 million.
Challenges Ahead
- Cash used in operations is expected to be between $60 million and $70 million.
- Capital expenditures are expected to be between $40 million and $50 million.
- Total cash investment is expected to be between $100 million and $120 million.
- Revenue expectation for 2024 has been lowered to $16 million to $20 million.
- The revised outlook is primarily due to slower than anticipated revenue recognition from the SK On agreements.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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