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Solid Power’s losses mounted in 2022 as production, costs revved up

LOUISVILLE — Solid Power Inc., (Nasdaq: SLDP) which makes solid-state batteries for electric vehicles, grew its sales in 2022, but because the company is preparing to significantly expand its production capacity, its costs and losses also mounted in the last fiscal year. 

Revenue in 2022 was $11.8 million in 2022, up $9.1 million compared to 2021, “owing to strong execution under the company’s joint development agreements and government contracts,” Solid Power said. 

The company’s net loss was $9.6 in 2022, compared to a profit of $18 million in 2021.

“As expected, operating expenses were higher in 2022 compared with 2021 due to planned investments in product development and the scaling of operations,” the company said. 

“I am extremely proud of our team’s hard work and unwavering dedication moving the company forward during 2022,” Solid Power interim CEO Dave Jansen said in a prepared statement. “Last year was about positioning Solid Power to further advance our electrolyte and cell development. We invested in key operational infrastructure, achieved important development milestones, deepened our relationship with a long-standing partner, and added needed personnel to support our development programs.”

Looking ahead, 2023 revenue is expected to be in the range of $15 million to $20 million.

“2023 will be an important development year for us as we begin scaling production of our electrolyte powder and look to deliver our A-sample EV cells to our joint development partners. Meeting those objectives will better position us to achieve our ultimate goal of becoming a leading supplier of sulfide-based electrolyte material. We remain intently focused on positioning Solid Power to deliver long-term value for our partners, our employees and our shareholders.”

Source: BizWest