Solid Power, Inc. Announces Full Year 2021 Financial Results

March 22, 2022 at 4:05 PM EDT

Financial results and business update call scheduled for 5:00 PM ET today

LOUISVILLE, Colo., March 22, 2022 (GLOBE NEWSWIRE) -- Solid Power, Inc. (Nasdaq: SLDP), an industry-leading developer of all-solid-state battery cells for electric vehicles, today announced its financial results for the full year ended December 31, 2021.

Recent business highlights:

  • The completion of Solid Power’s business combination on December 8, 2021, resulting in net cash proceeds of $495 million to fund its product development and strategic growth plans
  • Completion of all planned 2021 milestones, including the start of production of 20 Ah high-content silicon anode cells (“Silicon EV Cells”) on the Company’s pilot production line
  • Partnership with leading lithium-ion cell producer SK Innovation Co., Ltd. to validate that Solid Power’s all-solid-state cell designs and production processes are scalable and to produce EV-scale cells as part of the Company’s automotive qualification process
  • Nearing completion of first EV-scale pilot manufacturing line
  • Continued progress on electrolyte production facility, which will support the Company‘s EV cell line and automotive qualification endeavors

“2021 was a transformational year for Solid Power, highlighted by key operational and strategic successes that accelerated the company’s growth potential,” said Doug Campbell, Chief Executive Officer of Solid Power. “Having secured substantial funding, we are focused on executing on our development roadmap while putting into place key operating capabilities to produce full-scale all-solid-state EV battery cells for our partner’s automotive qualification processes. We are also strengthening our team and processes to ensure our governance and operations reflect our high standards while we deliver value to our stakeholders.”

Campbell continued, “As the pace of EV technology adoption continues to increase, we are seeing battery customers intensify their interest and commitment to our all-solid-state value proposition. To meet the anticipated demand, we are accelerating investments in our operations, production equipment, and technology development. While these actions will not speed up our timeline to complete automotive qualification, we believe they can lower execution risk associated with our product development and associated revenue plan. We expect these efforts will also enhance cooperation with our current partners and give us the flexibility to onboard additional partners as we see fit.”

Financial Highlights:

Revenue for the full year 2021 was $2.7 million and operating loss was $26.5 million, including $17.1 million in research and development costs. 2021 net income attributable to common stockholders was $12.7 million, or $0.11 per diluted share.

Solid Power ended the year with cash and cash equivalents of $513 million and marketable securities of $76 million, which it expects to use to support its continued technical development and scale-up of operational capabilities.

2022 Outlook:

Solid Power is focused on delivering the following key milestones for 2022:

  • Delivering 2 Ah and 20 Ah Silicon EV Cells to automotive partners
  • Completing pilot EV line and commencing cell production
  • Completing construction of electrolyte production facility
  • Delivering EV-scale Silicon EV Cells to our automotive partners by the end of the year
  • Formally entering the automotive qualification process with our EV-scale Silicon EV Cell

To execute on this plan, Solid Power estimates that in 2022, capital expenditures will range from $85 million to $95 million and cash used in operations will be between $65 million and $75 million. Total cash investment will range between $150 million and $170 million.  

The Company expects 2022 revenue to range from $3.0 million to $5.0 million.

Webcast and Conference Call

Solid Power will host a conference call at 3:00 p.m. MT (5:00 p.m. ET) today, March 22, 2022. Participating on the call will be Doug Campbell, Chief Executive Officer, and Kevin Paprzycki, Chief Financial Officer.

Interested investors and other parties can listen to a webcast of the live conference call through Solid Power’s Investor Relations website at

The conference call can be accessed live over the phone by dialing +1-877-407-0792 (domestic) or +1-201-689-8263 (international).

A recording of the conference call will be available approximately three hours after the completion of the call at or by dialing +1-844-512-2921 (domestic) or +1-412-317-6671 (international). The pin number for the replay is 13727743. The replay will be available until 11:59 p.m. ET on April 5, 2022.

Solid Power also posted a presentation to its investor relations website at  

About Solid Power, Inc.

Solid Power is an industry-leading developer of all-solid-state rechargeable battery cells for electric vehicles and mobile power markets. Solid Power replaces the flammable liquid electrolyte in a conventional lithium-ion battery with a proprietary sulfide-based solid electrolyte. As a result, Solid Power's all-solid-state battery cells are expected to be safer and more stable across a broad temperature range, provide an increase in energy density compared to the best available rechargeable battery cells, enable less expensive, more energy-dense battery pack designs and be compatible with traditional lithium-ion manufacturing processes. For more information, visit

Forward Looking Statements

All statements other than statements of present or historical fact contained herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including Solid Power’s or its management team’s expectations, objectives, beliefs, intentions or strategies regarding the future. When used herein, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “plan,” “outlook,” “seek,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements include our financial guidance for 2022, future financial performance and our strategy, expansion plans, market opportunity, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management and expectations regarding the impact of the COVID-19 pandemic on our business and industry.  These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Solid Power disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Readers are cautioned not to put undue reliance on forward-looking statements and Solid Power cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Solid Power, including the following factors: (i) risks relating to the uncertainty of the success of our research and development efforts, including our ability to achieve the technological objectives or results that our partners require, and to do so in advance of the development of competing technologies; (ii) risks relating to the non-exclusive nature of our original equipment manufacturers and joint development agreement relationships; (iii) our ability to negotiate and execute supply agreements with our partners on commercially reasonable terms; (iv) our ability to protect our intellectual property, including in jurisdictions outside of the United States; (v) broad market adoption of electric vehicles and other technologies where we are able to deploy our all-solid-state batteries, if developed successfully; (vi) our success in retaining or recruiting, or changes required in, our officers, key employees, including technicians and engineers, or directors; (vii) changes in applicable laws or regulations; (viii) risks related to technology systems and security breaches; (ix) the possibility that COVID-19 or a future pandemic may adversely affect our results of operations, financial position and cash flows; (x) the possibility that we may be adversely affected by other economic, business or competitive factors, including supply chain interruptions, and may not be able to manage other risks and uncertainties; (xi) changes in applicable laws or regulations; (xii) risks relating to our status as an early stage company with a history of financial losses, and an expectation to incur significant expenses and continuing losses for the foreseeable future; (xiii) rollout of our business plan and the timing of expected business milestones; (xiv) the termination or reduction of government clean energy and electric vehicle incentives; (xv) delays in the construction and operation of production facilities; (xvi) changes in domestic and foreign business, market, financial, political and legal conditions; and (xvii) the possibility that we may be adversely affected by other economic, business, and/or competitive factors. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the “Risk Factors” section of Solid Power’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “Form 10-K”) and other documents filed by Solid Power from time to time with the SEC, all of which are or will be, in the case of the Form 10-K, available on the SEC’s website at These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Solid Power gives no assurance that it will achieve its expectations.

Contact Information
For Investors:
Kevin Paprzycki
Chief Financial Officer
1 (800) 799-7380

For Media:
Will McKenna
Marketing Communications Director
(720) 598-2877


Solid Power, Inc.
Consolidated Balance Sheets
(in thousands, except par value, share amounts, and per-share amounts)
     As of December 31,
     2021 2020
Current assets:    
 Cash and cash equivalents $513,447  $4,974 
 Marketable securities  75,885   - 
 Contract receivables  829   277 
 Prepaid expenses and other current assets  4,216   227 
   Total current assets  594,377   5,478 
Property and Equipment, Net  22,082   8,481 
Other Assets  602   - 
Intangible Assets, Net  619   248 
   Total assets $617,680  $14,207 
Current liabilities:    
 Accounts payable $4,326  $202 
 Current portion of long-term debt  120   1,235 
 Deferred revenue  500   38 
 Accrued and other current liabilities:    
  Accrued compensation  1,151   295 
  Accrued interest  -   13 
  Other accrued liabilities  2,269   61 
   Total current liabilities  8,366   1,844 
Long-term debt  10   1,489 
Warrant liabilities  50,020   - 
Convertible notes payable  -   3,612 
Embedded derivative liability  -   2,817 
Other long-term liabilities  393   321 
Deferred taxes  226   252 
   Total liabilities $59,015  $10,335 
Stockholders equity:    
 Common stock, $0.0001 par value; 2,000,000,000 and 122,507,000 shares authorized; 167,557,988 and 69,885,084 shares issued and outstanding as of December 31, 2021 and 2020, respectively  17   7 
 Additional paid-in capital  568,183   31,492 
 Accumulated deficit  (9,535)  (27,627)
   Total stockholders' equity $558,665  $3,872 
   Total liabilities and stockholders' equity $617,680  $14,207 

Solid Power, Inc.
Consolidated Statements of Operations
(in thousands, except per-share amounts)
    Years Ended December 31,
    2021 2020
Revenue $2,712  $2,103 
Operating expenses    
 Direct costs  3,073   1,670 
 Research and development  17,102   9,594 
 Marketing and sales  3,428   1,205 
 General and administrative  5,655   1,227 
  Total operating expenses  29,258   13,696 
Operating loss  (26,546)  (11,593)
Nonoperating income (expense)    
 Interest income  56   28 
 Change in fair value of warrant liabilities  51,233   - 
 Interest expense  (394)  (361)
 Other expense  (3,602)  - 
 Loss from change in fair value of debt  -   (437)
 Loss from change in fair value of embedded derivative liability  (2,680)  (2,817)
 Gain of loan extinguishment  -   923 
  Total nonoperating income (loss)  44,613   (2,664)
Pretax income (loss)  18,067   (14,257)
 Income tax (benefit) expense  (25)  118 
Net income (loss)  18,092   (14,375)
Premium paid on repurchase of redeemable convertible preferred stock  (5,436)  - 
Net income (loss) attributable to common stockholders $12,656  $(14,375)
Basic earnings (loss) per share $0.13  $(0.21)
Diluted earnings (loss) per share $0.11  $(0.21)

Solid Power, Inc.
Consolidated Statements of Cash Flows
(in thousands, except per-share amounts)
     Years Ended December 31,
     2021 2020
Cash flows from operating activities    
Net income (loss) $18,092  $(14,375)
Adjustments to reconcile net income (loss) to net cash and cash equivalents from operating activities:    
 Depreciation and amortization  2,360   2,067 
 Loss on sale of property and equipment  11   7 
 (Gain) on extinguishment of debt  -   (923)
 Stock compensation expense  2,714   182 
 Stock warrant issue  -   16 
 Deferred taxes  (25)  118 
 Warrant liabilities  (51,233)  - 
 Accrued interest on convertible notes payable to be paid in kind  -   165 
 Non-cash interest expense on convertible notes payable  263   437 
 Loss from change in fair value of embedded derivative liability  2,680   2,817 
 Changes in operating assets and liabilities that provided (used) cash and cash equivalents:    
  Contract receivables  (552)  (248)
  Due from related party  -   244 
  Prepaid expenses and other current assets  (3,865)  23 
  Accounts payable  778   (120)
  Deferred revenue  462   (421)
  Accrued and other liabilities  2,801   77 
  Deferred rent  74   (61)
   Net cash and cash equivalents used by operating activities  (25,440)  (9,995)
Cash flows from investing activities    
 Purchases of property and equipment  (12,617)  (1,020)
 Purchase of marketable securities  (75,885)  - 
 Purchases of intangible assets  (381)  (40)
   Net cash and cash equivalents used by investing activities  (88,883)  (1,060)
Cash flows from financing activities    
 Proceeds from debt  960   923 
 Proceeds from issuance of Series B preferred stock  135,579   - 
 Preferred stock issuance costs  (4,511)  - 
 Payments of debt  (3,557)  (676)
 Proceeds from issuance of convertible note payable  4,875   5,125 
 Proceeds from exercise of common stock options  106   23 
 Proceeds from exercise of common stock warrants  15   - 
 Business combination, net of transaction costs  495,370   - 
 Redemption of preferred stock  (6,041)  - 
   Net cash and cash equivalents used by financing activities  622,796   5,395 
Net increase (decrease) in cash and cash equivalents  508,473   (5,660)
Cash and cash equivalents - beginning of the year  4,974   10,634 
Cash and cash equivalents - end of the year $513,447  $4,974