Solid Power 2024 Results: Battery Technology & Outlook

LOUISVILLE, Colo., February 27, 2025 – Solid Power, Inc. (Nasdaq: SLDP), a leading developer of solid-state battery technology, announced its operational and financial results for the full year 2024 and provided its outlook and objectives for 2025.

Recent Business Highlights

• Successfully progressed strategic partnerships through timely completion of 2024 milestones for the multi-year agreements with SK On and extensions of joint development agreements (JDAs) with BMW and Ford.
• Continued repeated electrolyte sampling to multiple potential customers and received constructive feedback, driving expected improvements to formulations and production processes.
• Enhanced electrolyte research and development capabilities with the commissioning of the state-of-the-art electrolyte innovation center, or EIC, which is designed to enable rapid innovation driven by customer demand.
• Furthered cell design development and improved manufacturing processes in response to learnings from A-1 cells.
• Selected for a U.S. Department of Energy (DOE) award for up to $50 million for continuous production of sulfide-based solid electrolyte materials for advanced all-solid-state batteries (ASSB) and entered into a contract with the DOE in January 2025 which formalized the terms of the grant.

Solid Power delivered $20.1 million in revenue during 2024, an increase of $2.7 million compared to 2023. Operating expenses were $125.5 million in 2024 compared to $108.0 million in 2023, driven by increased research and development costs. 2024 operating loss was $105.3 million and net loss was $96.5million, or $0.54 per share.

Balance Sheet and Liquidity

Solid Power’s liquidity position remains strong. Total liquidity as of December 31, 2024, was $327.5 million.

2025 Outlook

Solid Power is committed to delivering on the following key objectives for 2025:

• Drive electrolyte innovation and performance through feedback from customers 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 to quickly innovate driven by demand
• Maintain financial discipline while ensuring ongoing investments in technology development and capabilities

The company expects 2025 cash investment, representing cash used in operations and capital expenditures, to be in the range of $100 million to $120 million, excluding any potential benefit from the DOE grant.