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Dec 31, 2024
Solid Power Q4 2024 Earnings Report
Solid Power reported its full year 2024 operational and financial results, highlighting progress in strategic partnerships, electrolyte development, and securing a DOE award.
Key Takeaways
Solid Power delivered $20.1 million in revenue during 2024, an increase of $2.7 million compared to 2023, primarily driven by performance on SK On Agreements. The company reported a net loss of $96.5 million for the full year 2024.
Successfully progressed strategic partnerships and completed 2024 milestones with SK On, BMW, and Ford.
Continued repeated electrolyte sampling to potential customers, driving improvements to formulations and production processes.
Commissioned a state-of-the-art electrolyte innovation center (EIC) to enable rapid innovation driven by customer demand.
Selected for a U.S. Department of Energy (DOE) award of up to $50 million for continuous production of sulfide-based solid electrolyte materials.
Revenue by Segment
Forward Guidance
Solid Power is committed to pushing the development of ASSB technology forward in 2025, focusing on improving electrolyte performance, executing partner requirements, and maintaining financial discipline. The company expects 2025 cash investment to be in the range of $100 million to $120 million, excluding any potential benefit from the DOE grant.
Positive Outlook
- Drive electrolyte innovation and performance through customer feedback and internal cell development.
- Continue to execute on electrolyte technology development roadmap, including the start of the installation of a pilot continuous electrolyte manufacturing line.
- Fulfill partner and customer commitments and increase electrolyte sampling using the EIC.
- Maintain financial discipline while ensuring ongoing investments in technology development and capabilities.
- Committed to holding a leadership position in ASSB technology and delivering long-term shareholder value.
Challenges Ahead
- Expected cash investment for 2025 is between $100 million and $120 million, indicating continued significant spending.
- Exclusion of potential DOE grant benefits from the cash investment range suggests uncertainty or non-reliance on this funding for core operations.
Historical Earnings Impact
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