The following is a summary of the Solid Power, Inc. (SLDP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Solid Power reported Q1 revenue of $6 million, mainly due to their BMW agreement.

• The company had $379 million in total liquidity, including cash, marketable securities, and long-term investments.

• Operating expenses amounted to $31.7 million, reflecting investments in cell and electrolyte development.

• First quarter operating and net losses were $25.8 million and $21.2 million respectively. Earnings per share stands at -$0.12.

• The company invested $29.1 million in operations and $4.1 million in CapEx, primarily for the new electrolyte R&D lab.

• Solid Power repurchased 5 million shares for just over $8 million during the quarter.

• Expected revenue for 2024 is still within the range of $20 million to $25 million.

Business Progress:

• Solid Power expanded its electrolyte sampling program to new potential customers, progressed on A-2 cell design, and maintained solid execution for partners.

• The company expanded in Korea with a new team and offices, enabling ongoing engagement in the region.

• Collaboration with SK On is now serious and they're nearing the design freeze on SK On's new EV cell line. Delivery of the line should be completed in the first half of 2025.

• Improvements are being made in manufacturing processes and internal testing capabilities, addressing the issues with a few A-1 cells that went into thermal runaway.

• The company shipped their electrolyte to ten potential customers and made repeat shipments to one potential customer following positive feedback.

• Battery technology development is ongoing with solutions being carefully considered and implemented.

• Collaboration with BMW and Ford continues under joint development agreements.

More details: Solid Power IR

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