Solid Power (SLDP) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 08, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Entity File Number	001-40284
Entity Registrant Name	SOLID POWER, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-1888095
Entity Address, Address Line One	486 S. Pierce Ave., Suite E
Entity Address, City or Town	Louisville
Entity Address State Or Province	CO
Entity Address, Postal Zip Code	80027
City Area Code	303
Local Phone Number	219-0720
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		177,829,714
Entity Central Index Key	0001844862
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document and Entity Information
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	SLDP
Security Exchange Name	NASDAQ
Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50
Document and Entity Information
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50
Trading Symbol	SLDPW
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 9,888	$ 50,123
Marketable securities	245,563	272,957
Contract receivables	1,700	1,840
Prepaid expenses and other current assets	4,219	2,888
Total current assets	261,370	327,808
Property, Plant and Equipment, net	87,891	82,761
Right-Of-Use Operating Lease Asset, net	7,586	7,725
Right-Of-Use Financing Lease Asset, net	896	922
Other Assets	1,099	1,148
Long-term Investments	212,785	172,974
Intangible Assets, net	1,229	1,108
Total assets	572,856	594,446
Current Liabilities
Accounts payable	3,577	10,070
Current portion of long-term debt		7
Deferred revenue	1,036	4,050
Accrued and other current liabilities:
Accrued compensation	2,023	4,528
Other accrued liabilities	5,104	1,256
Operating lease liabilities, short-term	567	549
Financing lease liability, short-term	276	273
Total current liabilities	12,583	20,733
Warrant Liabilities	11,779	9,117
Operating Lease Liabilities, Long-Term	8,471	8,622
Financing Lease Liabilities, Long-Term	552	602
Total liabilities	33,385	39,074
Stockholders' Equity
Common Stock, $0.0001 par value; 2,000,000,000 shares authorized; 177,687,138 and 176,007,184 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	18	18
Additional paid-in capital	579,975	577,603
Accumulated deficit	(38,248)	(19,090)
Accumulated other comprehensive loss	(2,274)	(3,159)
Total stockholders' equity	539,471	555,372
Total liabilities and stockholders' equity	$ 572,856	$ 594,446

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Condensed Consolidated Balance Sheets
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares outstanding	177,687,138	176,007,184
Common stock, shares issued	177,687,138	176,007,184

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Statements of Operations and Comprehensive Loss
Revenue	$ 3,792	$ 2,196
Operating Expenses
Direct costs	6,274	2,030
Research and development	11,648	6,661
Marketing and sales	432	795
General and administrative	6,756	4,022
Total operating expenses	25,110	13,508
Operating Loss	(21,318)	(11,312)
Nonoperating Income
Interest income	4,835	240
Change in fair value of warrant liabilities	(2,662)	710
Interest expense	(13)	(5)
Total nonoperating income	2,160	945
Pretax Loss	(19,158)	(10,367)
Income tax benefit		(23)
Net Loss Attributable to Common Stockholders	(19,158)	(10,344)
Other Comprehensive Income (Loss)	885	(330)
Comprehensive Loss Attributable to Common Stockholders	$ (18,273)	$ (10,674)
Net loss per share - Basic	$ (0.11)	$ (0.06)
Net loss per share - Diluted	$ (0.11)	$ (0.06)
Weighted average shares outstanding - Basic	176,934,261	172,395,717
Weighted average shares outstanding - Diluted	176,934,261	172,395,717

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Common stock	Additional paid-in capital	Accumulated deficit	Accumulated Other Comprehensive Loss	Total
Balance at the beginning at Dec. 31, 2021	$ 17	$ 568,183	$ (9,535)		$ 558,665
Balance at the beginning (in shares) at Dec. 31, 2021	167,557,988
Increase (Decrease) in Stockholders' Equity
Net loss			(10,344)		(10,344)
Transaction costs		(12)			(12)
Stock options exercised		270			270
Stock options exercised (in shares)	6,212,964
Stock-based compensation expense		1,596			1,596
Unrealized gain (loss) on marketable securities				$ (330)	(330)
Balance at the end at Mar. 31, 2022	$ 17	570,037	(19,879)	(330)	549,845
Balance at the end (in shares) at Mar. 31, 2022	173,770,952
Balance at the beginning at Dec. 31, 2022	$ 18	577,603	(19,090)	(3,159)	555,372
Balance at the beginning (in shares) at Dec. 31, 2022	176,007,184
Increase (Decrease) in Stockholders' Equity
Net loss			(19,158)		(19,158)
Stock options exercised		150			150
Stock options exercised (in shares)	1,679,954
Stock-based compensation expense		2,222			2,222
Unrealized gain (loss) on marketable securities				885	885
Balance at the end at Mar. 31, 2023	$ 18	$ 579,975	$ (38,248)	$ (2,274)	$ 539,471
Balance at the end (in shares) at Mar. 31, 2023	177,687,138

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities
Net loss	$ (19,158)	$ (10,344)
Adjustments to reconcile net loss to net cash and cash equivalents from operating activities:
Depreciation and amortization	2,264	753
Amortization of right-of-use assets	183	9
Stock compensation expense	2,222	1,596
Deferred taxes		(23)
Warrant liabilities	2,662	(710)
Amortization of premiums and accretion of discounts on marketable securities	(2,716)
Change in operating assets and liabilities that provided (used) cash and cash equivalents:
Contract receivable	140	(810)
Prepaid expenses and other assets	(1,129)	659
Accounts payable	(2,131)	(3,310)
Deferred revenue	(3,014)	(69)
Accrued and other liabilities	1,178	(2,300)
Lease liabilities	(132)	180
Net cash and cash equivalents used in operating activities	(19,631)	(14,369)
Cash Flows from Investing Activities
Purchases of property, plant and equipment	(11,581)	(10,527)
Purchases of marketable securities and long-term investments	(110,636)	(61,669)
Proceeds from sales of marketable securities	101,665	23,420
Purchases of intangible assets	(125)	(105)
Net cash and cash equivalents used in investing activities	(20,677)	(48,881)
Cash Flows from Financing Activities
Payments of debt	(7)	(38)
Proceeds from exercise of common stock options	150	270
Payments on finance lease liability	(70)	(12)
Transaction costs		(12)
Net cash and cash equivalents provided by financing activities	73	208
Net (decrease) increase in cash and cash equivalents	(40,235)	(63,042)
Cash and cash equivalents at beginning of period	50,123	513,447
Cash and cash equivalents at end of period	9,888	450,405
Supplemental information
Cash paid for interest	13	3
Accrued capital expenditures	$ 3,370	$ 3,119

Nature of Business

Nature of Business	3 Months Ended
	Mar. 31, 2023
Nature of Business
Nature of Business	Note 1 – Nature of Business Solid Power, Inc. (the “Company”) is developing solid state battery technology to enable the next generation of batteries for the fast-growing EV and other markets. The Company’s planned business model is to sell its sulfide-based solid electrolyte and to license its solid-state cell designs and manufacturing process.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Significant Accounting Policies
Significant Accounting Policies	Note 2 – Significant Accounting Policies The significant accounting policies followed by the Company are set forth in Note 2 – Significant Accounting Policies to the Company’s financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”) and are supplemented by the Notes to the Condensed Consolidated Financial Statements (Unaudited) (the “Notes”) included in this Quarterly Report on Form 10-Q for the period ended March 31, 2023 (this “Report”). The financial statements included in this Report (including the Notes) should be read in conjunction with the 2022 Form 10-K. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared on the basis of generally accepted accounting principles in the United States (“GAAP”). The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the unaudited condensed consolidated financial statements. Actual results could differ from those estimates. All dollar amounts presented herein are in U.S. dollars and are in thousands, except par value, share and per share amounts. The accompanying unaudited condensed consolidated financial statements include accounts of the Company and its wholly owned subsidiary, Solid Power Operating, Inc. All intercompany balances and transactions have been eliminated in consolidation. Additionally, certain prior period amounts have been reclassified to conform to current period presentation in the accompanying unaudited Condensed Consolidated financial statements. Recent Accounting Pronouncements Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), followed by other related ASUs that provided targeted improvements and additional practical expedient options. On January 1, 2022, the Company adopted the standards under Topic 842 using the modified retrospective method and elected a number of the practical expedients in its implementation of Topic 842. The key change that affected the Company relates to accounting for operating leases for which it is the lessee that were historically off-balance sheet. Financial Instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This guidance introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. ASU 2016-13 also provides updated guidance regarding the impairment of available-for-sale debt securities and includes additional disclosure requirements. The Company adopted this guidance as of January 1, 2022. The Company regularly reviews its available-for-sale marketable securities and evaluates the current expected credit losses by considering factors such as any changes in credit ratings, historical experience, market data, issuer-specific factors, and current economic conditions. Based on this analysis, any allowance for credit losses is immaterial and would be recorded as a reduction to the carrying value of the asset. The Company reviews its receivable aging on an individual customer level, considering collectability of cash flows based on the risk of past events, current conditions, and forward-looking information. The Company establishes allowances for bad debts equal to the estimable portions of accounts receivable for which failure to collect is expected to occur. Allowances for doubtful accounts are recorded as reductions to the carrying values of the related receivables. To date, the Company has not recorded an allowance for doubtful accounts.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment
Property, Plant and Equipment	Note 3 – Property, Plant and Equipment Property, plant and equipment are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ Commercial production equipment ​ $ 23,631 ​ $ 21,595 ​ Laboratory equipment ​ ​ 4,916 ​ ​ 3,278 ​ Leasehold improvements ​ 38,253 ​ 27,996 ​ Furniture and computer equipment ​ 1,483 ​ 1,482 ​ Construction in progress ​ 33,494 ​ 40,036 ​ Total cost ​ 101,777 ​ 94,387 ​ Accumulated depreciation ​ (13,886) ​ (11,626) ​ Net property and equipment ​ $ 87,891 ​ $ 82,761 ​ ​ Depreciation expenses are allocated ratably across operating expenses on the accompanying Condensed Consolidated Statements of Operations. Depreciation expenses for dedicated laboratory equipment and commercial production equipment are charged to research and development; other depreciation expenses are included in the Company’s overhead and are allocated across operating expenses on the accompanying Condensed Consolidated Statements of Operations based on Company personnel costs incurred. Depreciation expense related to property, plant, and equipment are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2023 2022 ​ Depreciation expense ​ $ 2,259 ​ $ 751 ​ ​ In 2022, the Company expanded its cell production capabilities through the construction of a second dry room and installation of a second cell pilot production line at its Louisville, Colorado facility, which is designed to produce larger format solid-state battery cells for the automotive qualification process. The Company is expanding its electrolyte production to a second location in Thornton, Colorado. Scaling this production will allow it to produce larger quantities of electrolyte material required to feed cell-production lines and continue research and development efforts. The Company will begin producing electrolyte from this facility in 2023 and have placed portions of the facility into service. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ Construction in progress ​ ​ ​ ​ ​ ​ ​ Louisville, Colorado - 2nd cell pilot line ​ $ 2,010 ​ $ 2,010 ​ Louisville, Colorado - Other capital projects ​ ​ 2,431 ​ ​ 2,206 ​ Thornton, Colorado - Increased electrolyte production scale ​ ​ 29,053 ​ ​ 35,820 ​ ​

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2023
Intangible Assets
Intangible Assets	Note 4 – Intangible Assets Intangible assets of the Company are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ ​ ​ Gross Carrying ​ Accumulated ​ Gross Carrying ​ Accumulated ​ ​ Amount Amortization Amount Amortization ​ Intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses ​ $ 149 ​ $ (54) ​ $ 149 ​ $ (51) ​ Patents ​ ​ 72 ​ ​ (2) ​ ​ — ​ ​ — ​ Patents pending ​ 1,038 ​ — ​ 984 ​ — ​ Trademarks ​ ​ 9 ​ ​ — ​ ​ 9 ​ ​ — ​ Trademarks pending ​ 17 ​ — ​ 17 ​ — ​ Total amortized intangible assets ​ $ 1,285 ​ $ (56) ​ $ 1,159 ​ $ (51) ​ ​ ​ Amortization expense for intangible assets is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 2022 Amortization expense ​ $ 5 ​ $ 2 ​ ​ Useful lives of intangible assets range from three to 20 years . Amortization expenses are allocated ratably across operating expenses on the accompanying condensed consolidated statements of operations.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Measurements
Fair Value Measurements	Note 5 – Fair Value Measurements The carrying amounts of certain financial instruments, such as cash equivalents, short-term investments, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their relatively short maturities. Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis As of March 31, 2023 and December 31, 2022, the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis were classified within the fair value hierarchy as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Paper ​ $ 166,411 ​ $ — ​ $ — ​ $ 166,411 Corporate Bonds ​ $ 243,163 ​ $ — ​ $ — ​ $ 243,163 Government Bonds ​ $ 48,774 ​ $ — ​ $ — ​ $ 48,774 U.S. Treasuries ​ — ​ ​ — ​ ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ $ 5,576 ​ $ — ​ $ — ​ $ 5,576 Private Warrants ​ $ — ​ $ 6,203 ​ $ — ​ $ 6,203 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Paper ​ $ 165,179 ​ $ — ​ $ — ​ $ 165,179 Corporate Bonds ​ $ 227,957 ​ $ — ​ $ — ​ $ 227,957 Government Bonds ​ $ 42,865 ​ $ — ​ $ — ​ $ 42,865 U.S. Treasuries ​ 9,930 ​ ​ — ​ ​ — ​ 9,930 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ $ 4,900 ​ $ — ​ $ — ​ $ 4,900 Private Warrants ​ $ — ​ $ 4,217 ​ $ — ​ $ 4,217 ​ The change in fair value of the Company’s marketable securities is included in other comprehensive loss. There were no transfers in and out of Level 3 fair value hierarchy during the three months ended March 31, 2023 and year ended December 31, 2022. For the three months ended March 31, 2023 the Company purchased $110,636 of marketable securities. Fair Value of Common Stock Warrant Liabilities The fair value of the Private Placement Warrant Liabilities (defined below) has been estimated using a Black-Scholes model as of March 31, 2023 and December 31, 2022 Consolidated Balance Sheet dates. The fair value of the Public Warrants (defined below) has been measured based on the quoted price of such warrants on the Nasdaq Stock Market, a Level 1 input. The estimated fair value of the Private Placement Warrants is determined using Level 2 inputs. Inherent in a Black-Scholes model are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. Material increases (or decreases) in any of those inputs may result in a significantly higher (or lower) fair value measurement. The Company estimates the volatility of its Private Placement Warrants based on implied volatility from the Company’s Public Warrants and from historical volatility of select peer company’s common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend yield is based on the historical rate, which the Company anticipates remaining at zero. The following table provides quantitative information regarding Level 2 inputs used in the recurring valuation of the Private Placement Warrants as of their measurement dates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Exercise Price ​ $ 11.50 ​ $ 11.50 ​ Stock Price ​ $ 3.01 ​ $ 2.54 ​ Volatility ​ 79.0 % 71.3 % Term ​ 3.69 ​ 3.94 ​ Risk-free rate ​ 3.67 % 4.03 % ​ The following table provides a reconciliation of the Public Warrants measured at fair value using Level 1 directly observable inputs and Private Placement Warrants measured at fair value using Level 2 directly or indirectly observable inputs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ Private Warrants ​ Level 1 Fair Value Level 2 Fair Value December 31, 2022 ​ $ 0.42 ​ $ 0.55 Change in fair value ​ $ 0.04 ​ $ 0.31 March 31, 2023 ​ $ 0.46 ​ $ 0.86 ​ The following tables provides a reconciliation of the March 31, 2023 three month change in fair value for the Public Warrants and Private Placement Warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months change in ​ ​ Warrant Class Level Warrants December 31, 2022 fair value March 31, 2023 Public Warrants 1 12,120,985 ​ $ 4,900 ​ $ 676 ​ $ 5,576 Private Warrants 2 7,212,318 ​ $ 4,217 ​ $ 1,986 ​ $ 6,203 Total 19,333,303 ​ $ 9,117 ​ $ 2,662 ​ $ 11,779 ​

Common Stock Warrant Liabilitie

Common Stock Warrant Liabilities	3 Months Ended
	Mar. 31, 2023
Common Stock Warrant Liabilities
Common Stock Warrant Liabilities	Note 6 – Common Stock Warrant Liabilities As of March 31, 2023 and December 31, 2022, there were 12,120,985 and 11,666,636 publicly traded warrants (“Public Warrants”) and 7,212,318 and 7,666,667 private placement warrants (“Private Placement Warrants,” and together with the Public Warrants, “Warrants”) outstanding, respectively. Each whole Warrant entitles the holder thereof to purchase one share of Common Stock at a price of $11.50 per share, subject to customary adjustments. Only whole Warrants are exercisable. The Warrants became exercisable on January 7, 2022 and will expire on December 8, 2026. None of the Private Placement Warrants are redeemable by the Company so long as they are held by the initial purchasers of the Private Placement Warrants or their permitted transferees. The Warrant Liabilities were initially measured at fair value upon closing of the transactions contemplated by the Business Combination Agreement and Plan of Reorganization, dated June 15, 2021 by and among the Company, DCRC Merger Sub, Inc., and Solid Power Operating, Inc., as amended (“Business Combination”), for $101,253 and subsequently re-measured at each reporting period. The Public Warrants were allocated a portion of the proceeds from the issuance of the units of common stock and one-third warrants in DCRC’s initial public offering equal to their fair value. The Company recognized a loss and gain in connection with changes in the fair value of warrant liabilities of $2,662 and $710 for the three months ending March 31, 2023 and 2022, respectively. There have been no significant changes to our Public or Private Placement Warrants, including redemption terms disclosed in our 2022 Form 10-K.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity
Stockholders' Equity	Note 7 – Stockholders’ Equity Common Stock Stock options exercised for Common Stock are summarized in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ ​ 2023 2022 ​ Stock options exercised ​ 1,679,954 ​ 6,212,964 ​ ​ Cash received from options exercised under the Solid Power, Inc. 2014 Equity Incentive Plan (the “2014 Plan”) for the three months ended March 31, 2023 and 2022 was $150 and $270, respectively.

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2023
Stock Based Compensation
Stock Based Compensation	Note 8 – Stock Based Compensation There have been no significant changes to our equity incentive plans, Employee Stock Purchase Plan, or accounting methodology for stock based compensation, as disclosed in our 2022 Form 10-K. The fair value of stock options and Restricted Stock Units (“RSUs”) issued to employees and directors is recognized as compensation expense over the period of service that generally coincides with the vesting period of the award. The Company allocated compensation ratably across Operating Expenses within the following financial statement lines. When calculating the amount of annual compensation expense, the Company has elected not to estimate forfeitures and instead accounts for forfeitures as they occur. For the three months ended March 31, 2023, the Company recognized compensation costs totaling: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2023 2022 Equity-based compensation costs related to RSUs ​ $ 635 ​ $ — Equity-based compensation costs related to stock options ​ 1,587 ​ 1,596 Total equity-based compensation costs ​ $ 2,222 ​ $ 1,596 Unrecognized future compensation cost ​ ​ 59,945 ​ ​ 21,455 ​ The following table summarizes our award activity for stock options and RSUs for the three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs ​ Stock Options Balance at December 31, 2022 1,057,980 ​ 25,998,172 Granted 1,797,034 ​ ​ 3,272,873 Vested or Exercised — ​ ​ (1,679,954) Forfeited (88,441) ​ ​ (1,494,020) Outstanding at March 31, 2023 2,766,573 ​ ​ 26,097,071 ​ Stock Options The fair value of each option grant during the three months ended March 31, 2023 and 2022 was estimated on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions used: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2023 2022 ​ Approximate risk ‑ free rate ​ 4.28 % ​ 1.02 % ​ Volatility ​ 46.86 % ​ 59.97 % ​ Average expected life (years) ​ 6 years ​ ​ 6 years ​ ​ Dividend yield ​ — % ​ — % ​ Weighted ‑ average grant date fair value ​ $ 3.11 ​ $ 0.95 ​ ​ Estimated fair value of total options granted ​ $ 5,165 ​ $ 31 ​ ​ ​

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2023
Loss Per Share
Loss Per Share	Note 9 –Loss Per Share Basic loss per share represents net loss attributable to common stock divided by the basic weighted average number of common stock outstanding during the period. Due to the net loss for the three months ended March 31, 2023 and 2022, diluted loss per share was computed without consideration to potentially dilutive instruments as their inclusion would have been anti-dilutive. Warrants outstanding in 2023 and 2022 were not included in the computation of diluted earnings per share because the Warrant’s exercise price for the period was greater than the average market price of the common stock. The table below sets forth the basic and diluted loss per share calculation for the three months ended March 31, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2023 ​ 2022 ​ Net loss attributable to common stockholders ​ $ (19,158) ​ $ (10,344) ​ Weighted average shares outstanding – basic and diluted ​ ​ 176,934,261 ​ ​ 172,395,717 ​ Basic and diluted loss per share ​ $ (0.11) ​ $ (0.06) ​ ​ As of the three months ended March 31, 2023 and 2022, potentially dilutive securities excluded from the diluted loss per share calculation are as follows (in shares): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2023 2022 ​ Common Stock Warrants ​ 19,333,303 19,333,303 ​ 2014 & 2021 Equity Incentive Plan - Stock Options ​ 25,352,980 27,837,492 ​ 2021 Equity Incentive Plan - Restricted Stock Units ​ 1,764,062 — ​ 2021 Employee Stock Purchase Plan ​ 90,314 ​ — ​ Contingently Issuable Common Stock ​ 49,834 ​ — ​ Total potentially dilutive securities ​ 46,590,493 ​ 47,170,795 ​ ​

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases
Leases	Note 10 – Leases The Company leases its two facilities and certain equipment. Fixed rent generally escalates each year, and the Company is responsible for a portion of the landlords’ operating expenses such as property tax, insurance and common area maintenance. The Company’s facility in Louisville, Colorado, is under a noncancelable operating lease with a maturity date in September 2029. In 2022, the Company amended the lease to incorporate a prior subleased space into the base lease and extend the term of the lease. The Company has the right to renew this lease for an additional five-year period. On September 1, 2021, the Company entered into an industrial operating lease agreement for its facility in Thornton, Colorado, with the initial term through March 31, 2029. Under this operating lease, the Company has one option to renew for five years , which has been included in the calculation of lease liabilities and right-of-use assets at the adoption date of the lease accounting standard on January 1, 2022, as the exercise of the option was reasonably certain. As the renewal rent has not been negotiated, the Company used an estimated rent rate which approximated the fair market rent at adoption of ASC 842 on January 1, 2022 for the extension period. The Company has certain equipment leases classified as finance leases as of March 31, 2023. The Company’s leases do not have any contingent rent payments and do not contain residual value guarantees. The components of lease expense are as follows: ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2023 ​ Finance lease costs: ​ ​ Amortization of right-of-use assets ​ $ 44 ​ Interest on lease liabilities ​ 12 ​ Operating lease costs ​ 308 ​ Total lease expense ​ $ 364 ​ ​ The components of cash flow information related to leases are as follows: ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2023 ​ Operating outgoing cash flows – finance lease ​ $ 12 ​ Financing outgoing cash flows – finance lease ​ 66 ​ Operating outgoing cash flows – operating lease ​ 283 ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 Finance lease ​ Weighted-average remaining lease term – finance lease (in years) 3.22 ​ Weighted-average discount rate – finance lease 5.9 % Operating lease ​ Weighted-average remaining lease term – operating lease (in years) 9.95 ​ Weighted-average discount rate – operating lease 6.9 % ​ As of March 31, 2023, future minimum payments during the next five years and thereafter are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Fiscal year Finance Lease Operating Lease 2023 (remaining nine months) ​ $ 236 ​ $ 854 2024 ​ ​ 315 ​ ​ 1,173 2025 ​ ​ 200 ​ ​ 1,210 2026 ​ ​ 101 ​ ​ 1,248 2027 ​ ​ 37 ​ ​ 1,288 2028 ​ ​ 16 ​ ​ 1,329 Thereafter ​ ​ — ​ ​ 5,244 Total ​ ​ 905 ​ ​ 12,346 Less present value discount ​ ​ 77 ​ ​ 3,307 Total lease liabilities ​ $ 828 ​ $ 9,039 ​

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions
Related Party Transactions	Note 11 – Related Party Transactions During the three months ended March 31, 2023, the Company recognized $3,000 of revenue and $1,000 of deferred revenue related to the BMW joint development agreement.

Retirement plans

Retirement plans	3 Months Ended
	Mar. 31, 2023
Retirement Plans
Retirement Plans	Note 12 – Retirement Plans The Company sponsors a 401(k) plan for all eligible employees. The plan provides for the Company to make a discretionary matching contribution. Contributions to the plan totaled $180 and $144 for the three months ended March 31, 2023 and 2022, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Taxes
Income Taxes	Note 13 – Income Taxes The Company’s effective tax rate was 0.0% and 0.21% for the three months ended March 31, 2023 and 2022, respectively. The change in the effective tax rate between periods was due to the Company was being in a full valuation allowance for the three months ended March 31, 2023.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2023
Contingencies
Contingencies	Note 14 – Contingencies In the normal course of business, the Company may be party to litigation from time to time. The Company maintains insurance to cover certain actions and believes that resolution of such litigation will not have a material adverse effect on the Company. DCRC, the predecessor to the Company, received a demand letter dated August 31, 2021 from counsel purporting to represent a shareholder of DCRC alleging that the proposed vote on the Authorized Share Charter Proposal (the “Proposal”) for the proposed Business Combination with Solid Power Operating, Inc. violated Section 242(b)(2) of the Delaware General Corporation law and demanded that DCRC provide DCRC’s Class A stockholders with a separate class vote on the Proposal. DCRC subsequently provided for the Class A stockholders to have a separate class vote on the Proposal share increase. The Proposal was approved and the Business Combination closed. The counsel who issued this demand letter made a fee demand (the “Fee Demand”) for prompting the change in the Proposal. The Company accrued a liability of $500 on its Consolidated Balance Sheets as of December 31, 2021 in anticipation of settling the Fee Demand. On March 10, 2022, the Company settled the Fee Demand for an amount that is materially consistent with the Company’s accrual.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Significant Accounting Policies
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared on the basis of generally accepted accounting principles in the United States (“GAAP”). The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the unaudited condensed consolidated financial statements. Actual results could differ from those estimates. All dollar amounts presented herein are in U.S. dollars and are in thousands, except par value, share and per share amounts. The accompanying unaudited condensed consolidated financial statements include accounts of the Company and its wholly owned subsidiary, Solid Power Operating, Inc. All intercompany balances and transactions have been eliminated in consolidation. Additionally, certain prior period amounts have been reclassified to conform to current period presentation in the accompanying unaudited Condensed Consolidated financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), followed by other related ASUs that provided targeted improvements and additional practical expedient options. On January 1, 2022, the Company adopted the standards under Topic 842 using the modified retrospective method and elected a number of the practical expedients in its implementation of Topic 842. The key change that affected the Company relates to accounting for operating leases for which it is the lessee that were historically off-balance sheet. Financial Instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This guidance introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. ASU 2016-13 also provides updated guidance regarding the impairment of available-for-sale debt securities and includes additional disclosure requirements. The Company adopted this guidance as of January 1, 2022. The Company regularly reviews its available-for-sale marketable securities and evaluates the current expected credit losses by considering factors such as any changes in credit ratings, historical experience, market data, issuer-specific factors, and current economic conditions. Based on this analysis, any allowance for credit losses is immaterial and would be recorded as a reduction to the carrying value of the asset. The Company reviews its receivable aging on an individual customer level, considering collectability of cash flows based on the risk of past events, current conditions, and forward-looking information. The Company establishes allowances for bad debts equal to the estimable portions of accounts receivable for which failure to collect is expected to occur. Allowances for doubtful accounts are recorded as reductions to the carrying values of the related receivables. To date, the Company has not recorded an allowance for doubtful accounts.

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment
Schedule of Property, Plant and Equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ Commercial production equipment ​ $ 23,631 ​ $ 21,595 ​ Laboratory equipment ​ ​ 4,916 ​ ​ 3,278 ​ Leasehold improvements ​ 38,253 ​ 27,996 ​ Furniture and computer equipment ​ 1,483 ​ 1,482 ​ Construction in progress ​ 33,494 ​ 40,036 ​ Total cost ​ 101,777 ​ 94,387 ​ Accumulated depreciation ​ (13,886) ​ (11,626) ​ Net property and equipment ​ $ 87,891 ​ $ 82,761 ​ ​
Schedule of depreciation and amortization expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2023 2022 ​ Depreciation expense ​ $ 2,259 ​ $ 751 ​ ​
Schedule of construction in progress	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ Construction in progress ​ ​ ​ ​ ​ ​ ​ Louisville, Colorado - 2nd cell pilot line ​ $ 2,010 ​ $ 2,010 ​ Louisville, Colorado - Other capital projects ​ ​ 2,431 ​ ​ 2,206 ​ Thornton, Colorado - Increased electrolyte production scale ​ ​ 29,053 ​ ​ 35,820 ​

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Intangible Assets
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ ​ ​ Gross Carrying ​ Accumulated ​ Gross Carrying ​ Accumulated ​ ​ Amount Amortization Amount Amortization ​ Intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses ​ $ 149 ​ $ (54) ​ $ 149 ​ $ (51) ​ Patents ​ ​ 72 ​ ​ (2) ​ ​ — ​ ​ — ​ Patents pending ​ 1,038 ​ — ​ 984 ​ — ​ Trademarks ​ ​ 9 ​ ​ — ​ ​ 9 ​ ​ — ​ Trademarks pending ​ 17 ​ — ​ 17 ​ — ​ Total amortized intangible assets ​ $ 1,285 ​ $ (56) ​ $ 1,159 ​ $ (51) ​ ​
Schedule of amortization expense for intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 2022 Amortization expense ​ $ 5 ​ $ 2 ​ ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Measurements
Schedule of financial liabilities measured and recorded at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Paper ​ $ 166,411 ​ $ — ​ $ — ​ $ 166,411 Corporate Bonds ​ $ 243,163 ​ $ — ​ $ — ​ $ 243,163 Government Bonds ​ $ 48,774 ​ $ — ​ $ — ​ $ 48,774 U.S. Treasuries ​ — ​ ​ — ​ ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ $ 5,576 ​ $ — ​ $ — ​ $ 5,576 Private Warrants ​ $ — ​ $ 6,203 ​ $ — ​ $ 6,203 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Paper ​ $ 165,179 ​ $ — ​ $ — ​ $ 165,179 Corporate Bonds ​ $ 227,957 ​ $ — ​ $ — ​ $ 227,957 Government Bonds ​ $ 42,865 ​ $ — ​ $ — ​ $ 42,865 U.S. Treasuries ​ 9,930 ​ ​ — ​ ​ — ​ 9,930 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ $ 4,900 ​ $ — ​ $ — ​ $ 4,900 Private Warrants ​ $ — ​ $ 4,217 ​ $ — ​ $ 4,217 ​
Schedule of Level 2 inputs used in the recurring valuation of the Private Placement Warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Exercise Price ​ $ 11.50 ​ $ 11.50 ​ Stock Price ​ $ 3.01 ​ $ 2.54 ​ Volatility ​ 79.0 % 71.3 % Term ​ 3.69 ​ 3.94 ​ Risk-free rate ​ 3.67 % 4.03 % ​
Schedule of reconciliation of the warrants measured at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ Private Warrants ​ Level 1 Fair Value Level 2 Fair Value December 31, 2022 ​ $ 0.42 ​ $ 0.55 Change in fair value ​ $ 0.04 ​ $ 0.31 March 31, 2023 ​ $ 0.46 ​ $ 0.86 ​
Schedule of change in fair value for the Public Warrants and Private Placement Warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months change in ​ ​ Warrant Class Level Warrants December 31, 2022 fair value March 31, 2023 Public Warrants 1 12,120,985 ​ $ 4,900 ​ $ 676 ​ $ 5,576 Private Warrants 2 7,212,318 ​ $ 4,217 ​ $ 1,986 ​ $ 6,203 Total 19,333,303 ​ $ 9,117 ​ $ 2,662 ​ $ 11,779

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity
Schedule of Stock options exercised	​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ ​ 2023 2022 ​ Stock options exercised ​ 1,679,954 ​ 6,212,964 ​ ​

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Stock Based Compensation
Schedule of compensation costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2023 2022 Equity-based compensation costs related to RSUs ​ $ 635 ​ $ — Equity-based compensation costs related to stock options ​ 1,587 ​ 1,596 Total equity-based compensation costs ​ $ 2,222 ​ $ 1,596 Unrecognized future compensation cost ​ ​ 59,945 ​ ​ 21,455 ​
Schedule of award activity for stock options and RSU's	The following table summarizes our award activity for stock options and RSUs for the three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs ​ Stock Options Balance at December 31, 2022 1,057,980 ​ 25,998,172 Granted 1,797,034 ​ ​ 3,272,873 Vested or Exercised — ​ ​ (1,679,954) Forfeited (88,441) ​ ​ (1,494,020) Outstanding at March 31, 2023 2,766,573 ​ ​ 26,097,071 ​
Schedule of fair value of each option using the Black-Scholes option pricing model	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2023 2022 ​ Approximate risk ‑ free rate ​ 4.28 % ​ 1.02 % ​ Volatility ​ 46.86 % ​ 59.97 % ​ Average expected life (years) ​ 6 years ​ ​ 6 years ​ ​ Dividend yield ​ — % ​ — % ​ Weighted ‑ average grant date fair value ​ $ 3.11 ​ $ 0.95 ​ ​ Estimated fair value of total options granted ​ $ 5,165 ​ $ 31 ​ ​

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Loss Per Share
Schedule of reconciliation of basic weighted average common shares outstanding to diluted weighted average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2023 ​ 2022 ​ Net loss attributable to common stockholders ​ $ (19,158) ​ $ (10,344) ​ Weighted average shares outstanding – basic and diluted ​ ​ 176,934,261 ​ ​ 172,395,717 ​ Basic and diluted loss per share ​ $ (0.11) ​ $ (0.06) ​ ​
Schedule of potentially dilutive securities excluded from the diluted loss per share calculation	​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2023 2022 ​ Common Stock Warrants ​ 19,333,303 19,333,303 ​ 2014 & 2021 Equity Incentive Plan - Stock Options ​ 25,352,980 27,837,492 ​ 2021 Equity Incentive Plan - Restricted Stock Units ​ 1,764,062 — ​ 2021 Employee Stock Purchase Plan ​ 90,314 ​ — ​ Contingently Issuable Common Stock ​ 49,834 ​ — ​ Total potentially dilutive securities ​ 46,590,493 ​ 47,170,795 ​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases
Schedule of components of lease related expense	​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2023 ​ Finance lease costs: ​ ​ Amortization of right-of-use assets ​ $ 44 ​ Interest on lease liabilities ​ 12 ​ Operating lease costs ​ 308 ​ Total lease expense ​ $ 364 ​ ​
Schedule of components of cash flow information related to leases	​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2023 ​ Operating outgoing cash flows – finance lease ​ $ 12 ​ Financing outgoing cash flows – finance lease ​ 66 ​ Operating outgoing cash flows – operating lease ​ 283 ​ ​
Schedule of remaining weighted-average lease term and weighted-average discount rate	​ ​ ​ ​ ​ ​ March 31, 2023 Finance lease ​ Weighted-average remaining lease term – finance lease (in years) 3.22 ​ Weighted-average discount rate – finance lease 5.9 % Operating lease ​ Weighted-average remaining lease term – operating lease (in years) 9.95 ​ Weighted-average discount rate – operating lease 6.9 % ​
Schedule of future minimum payments under finance lease	As of March 31, 2023, future minimum payments during the next five years and thereafter are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Fiscal year Finance Lease Operating Lease 2023 (remaining nine months) ​ $ 236 ​ $ 854 2024 ​ ​ 315 ​ ​ 1,173 2025 ​ ​ 200 ​ ​ 1,210 2026 ​ ​ 101 ​ ​ 1,248 2027 ​ ​ 37 ​ ​ 1,288 2028 ​ ​ 16 ​ ​ 1,329 Thereafter ​ ​ — ​ ​ 5,244 Total ​ ​ 905 ​ ​ 12,346 Less present value discount ​ ​ 77 ​ ​ 3,307 Total lease liabilities ​ $ 828 ​ $ 9,039
Schedule of future minimum payments under operating lease	​ ​ ​ ​ ​ ​ ​ ​ Fiscal year Finance Lease Operating Lease 2023 (remaining nine months) ​ $ 236 ​ $ 854 2024 ​ ​ 315 ​ ​ 1,173 2025 ​ ​ 200 ​ ​ 1,210 2026 ​ ​ 101 ​ ​ 1,248 2027 ​ ​ 37 ​ ​ 1,288 2028 ​ ​ 16 ​ ​ 1,329 Thereafter ​ ​ — ​ ​ 5,244 Total ​ ​ 905 ​ ​ 12,346 Less present value discount ​ ​ 77 ​ ​ 3,307 Total lease liabilities ​ $ 828 ​ $ 9,039

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment
Gross property and equipment	$ 101,777	$ 94,387
Accumulated depreciation	(13,886)	(11,626)
Net property and equipment	87,891	82,761
Commercial production equipment
Property, Plant and Equipment
Gross property and equipment	23,631	21,595
Laboratory equipment
Property, Plant and Equipment
Gross property and equipment	4,916	3,278
Leasehold improvements
Property, Plant and Equipment
Gross property and equipment	38,253	27,996
Furniture and computer equipment
Property, Plant and Equipment
Gross property and equipment	1,483	1,482
Construction in progress
Property, Plant and Equipment
Gross property and equipment	$ 33,494	$ 40,036

Property, Plant and Equipment -

Property, Plant and Equipment - Depreciation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment
Depreciation and amortization expense	$ 2,264	$ 753
Property, Plant and Equipment
Property, Plant and Equipment
Depreciation and amortization expense	$ 2,259	$ 751

Property, Plant and Equipment_3

Property, Plant and Equipment - Construction in progress (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Louisville, Colorado - 2nd cell pilot line
Property, Plant and Equipment
Construction in progress	$ 2,010	$ 2,010
Louisville, Colorado - Other capital projects
Property, Plant and Equipment
Construction in progress	2,431	2,206
Thornton, Colorado - Increased electrolyte production scale
Property, Plant and Equipment
Construction in progress	$ 29,053	$ 35,820

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Intangible assets:
Gross Carrying Amount	$ 1,285	$ 1,159
Accumulated Amortization	$ (56)	(51)
Minimum
Intangible assets:
Estimated useful life of intangible assets	3 years
Maximum
Intangible assets:
Estimated useful life of intangible assets	20 years
Licenses
Intangible assets:
Gross Carrying Amount	$ 149	149
Accumulated Amortization	(54)	(51)
Patents
Intangible assets:
Gross Carrying Amount	72
Accumulated Amortization	(2)
Patents pending
Intangible assets:
Gross Carrying Amount	1,038	984
Trademarks
Intangible assets:
Gross Carrying Amount	9	9
Trademarks pending
Intangible assets:
Gross Carrying Amount	$ 17	$ 17

Intangible Assets - Amortizatio

Intangible Assets - Amortization expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Intangible Assets
Amortization expense	$ 5	$ 2

Fair Value Measurements - Liabi

Fair Value Measurements - Liabilities Measured and Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Liabilities
Purchase of marketable securities	$ 110,636
Recurring | Public Warrants
Liabilities
Liabilities	5,576	$ 4,900
Recurring | Private Placement Warrants
Liabilities
Liabilities	6,203	4,217
Recurring | Commercial Paper
Assets
Assets	166,411	165,179
Recurring | Corporate Bonds
Assets
Assets	243,163	227,957
Recurring | Government Bonds
Assets
Assets	48,774	42,865
Recurring | U.S Treasuries
Assets
Assets		9,930
Recurring | Level 1 | Public Warrants
Liabilities
Liabilities	5,576	4,900
Recurring | Level 1 | Commercial Paper
Assets
Assets	166,411	165,179
Recurring | Level 1 | Corporate Bonds
Assets
Assets	243,163	227,957
Recurring | Level 1 | Government Bonds
Assets
Assets	48,774	42,865
Recurring | Level 1 | U.S Treasuries
Assets
Assets		9,930
Recurring | Level 2 | Private Placement Warrants
Liabilities
Liabilities	6,203	4,217
Recurring | Level 3
Liabilities
Transfers in or out of Level 3	$ 0	$ 0

Fair Value Measurements - Measu

Fair Value Measurements - Measurement inputs (Details) - Recurring - Level 2 - Private Placement Warrants	Mar. 31, 2023 $ / shares Y	Dec. 31, 2022 Y $ / shares
Exercise Price
Fair Value Measurements
Measurement input, warrants	11.50	11.50
Stock Price
Fair Value Measurements
Measurement input, warrants	3.01	2.54
Volatility
Fair Value Measurements
Measurement input, warrants	79	71.3
Term
Fair Value Measurements
Measurement input, warrants | Y	3.69	3.94
Risk-free rate
Fair Value Measurements
Measurement input, warrants	3.67	4.03

Fair Value Measurements - Publi

Fair Value Measurements - Public Warrants measured at fair value using Level 1 directly observable inputs and Private Placement Warrants (Details) - Fair Value, Recurring - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Public Warrants | Level 1
Fair value, liabilities measured on recurring basis, unobservable input reconciliation
Beginning balance, per share	$ 0.46	$ 0.42
Change in fair value	0.04
Ending balance, per share	0.46	0.42
Private Placement Warrants | Level 2
Fair value, liabilities measured on recurring basis, unobservable input reconciliation
Beginning balance, per share	0.86	0.55
Change in fair value	0.31
Ending balance, per share	$ 0.86	$ 0.55

Fair Value Measurements - Fair

Fair Value Measurements - Fair value for the Public Warrants and Private Placement Warrants (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Recurring
Fair value, liabilities measured on recurring basis, unobservable input reconciliation
Number of warrants outstanding	19,333,303
Fair value, liabilities measured on recurring basis, unobservable input reconciliation
Balance at the beginning	$ 9,117
Change in fair value	2,662
Balance at the end	$ 11,779
Public Warrants
Fair value, liabilities measured on recurring basis, unobservable input reconciliation
Number of warrants outstanding	12,120,985	11,666,636
Public Warrants | Fair Value, Recurring | Level 1
Fair value, liabilities measured on recurring basis, unobservable input reconciliation
Number of warrants outstanding	12,120,985
Fair value, liabilities measured on recurring basis, unobservable input reconciliation
Balance at the beginning	$ 4,900
Change in fair value	676
Balance at the end	$ 5,576
Private Placement Warrants
Fair value, liabilities measured on recurring basis, unobservable input reconciliation
Number of warrants outstanding	7,212,318	7,666,667
Private Placement Warrants | Fair Value, Recurring | Level 2
Fair value, liabilities measured on recurring basis, unobservable input reconciliation
Number of warrants outstanding	7,212,318
Fair value, liabilities measured on recurring basis, unobservable input reconciliation
Balance at the beginning	$ 4,217
Change in fair value	1,986
Balance at the end	$ 6,203

Common Stock Warrant Liabilit_2

Common Stock Warrant Liabilities (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Common Stock Warrant Liabilities
Change in fair value of warrant liabilities	$ 2,662	$ (710)
Warrants
Common Stock Warrant Liabilities
Warrants to purchase common stock	1
Exercise price of warrants	$ 11.50
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value	$ 101,253
Public Warrants
Common Stock Warrant Liabilities
Number of warrants outstanding	12,120,985		11,666,636
Private Placement Warrants
Common Stock Warrant Liabilities
Number of warrants outstanding	7,212,318		7,666,667

Stockholders' Equity - Stock op

Stockholders' Equity - Stock options exercised (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Common Stock
Stockholders' Equity
Stock options exercised	1,679,954	6,212,964

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stockholders' Equity
Cash received from options exercised under all share-based payment arrangements	$ 150	$ 270
Equity incentive, 2014 Plan
Stockholders' Equity
Cash received from options exercised under all share-based payment arrangements	$ 150	$ 270

Stock Based Compensation - Comp

Stock Based Compensation - Compensation costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Compensation costs
Total equity-based compensation costs	$ 2,222	$ 1,596
Unrecognized future compensation cost	59,945	21,455
Restricted Stock Units
Compensation costs
Total equity-based compensation costs	635
Stock Options
Compensation costs
Total equity-based compensation costs	$ 1,587	$ 1,596

Stock Based Compensation - Stoc

Stock Based Compensation - Stock options and Restricted stock units (Details)	3 Months Ended
	Mar. 31, 2023 shares
Restricted Stock Units
Restricted Stock Units.
Outstanding at the beginning	1,057,980
Granted	1,797,034
Forfeited	(88,441)
Outstanding at the end	2,766,573
Stock Options
Number of Shares
Options outstanding, beginning balance	25,998,172
Granted	3,272,873
Vested or Exercised	(1,679,954)
Forfeited	(1,494,020)
Options outstanding, ending balance	26,097,071

Stock Based Compensation - Fair

Stock Based Compensation - Fair value of options granted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock Based Compensation
Approximate risk-free rate	4.28%	1.02%
Volatility	46.86%	59.97%
Average expected life (years)	6 years	6 years
Weighted-average grant date fair value	$ 3.11	$ 0.95
Estimated fair value of total options granted	$ 5,165	$ 31

Loss Per Share - Schedule of re

Loss Per Share - Schedule of reconciliation of basic weighted average common shares outstanding to diluted weighted average shares outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Loss Per Share
Net loss attributable to common stockholders	$ (19,158)	$ (10,344)
Weighted average shares outstanding - Basic	176,934,261	172,395,717
Weighted average shares outstanding - Diluted	176,934,261	172,395,717
Basic (loss) per share	$ (0.11)	$ (0.06)
Diluted (loss) per share	$ (0.11)	$ (0.06)

Loss Per Share - Schedule of po

Loss Per Share - Schedule of potentially dilutive securities excluded from the diluted loss per share calculation (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Potentially dilutive securities excluded from the diluted loss per share calculation
Total potentially dilutive securities	46,590,493	47,170,795
Common Stock Warrants
Potentially dilutive securities excluded from the diluted loss per share calculation
Total potentially dilutive securities	19,333,303	19,333,303
Equity Incentive2014 And2021 Plan Member
Potentially dilutive securities excluded from the diluted loss per share calculation
Total potentially dilutive securities	25,352,980	27,837,492
2021 Equity Incentive Plan
Potentially dilutive securities excluded from the diluted loss per share calculation
Total potentially dilutive securities	1,764,062
Employee Stock Purchase Plan2021 Member
Potentially dilutive securities excluded from the diluted loss per share calculation
Total potentially dilutive securities	90,314
Contingently Issuable Common Stock Member
Potentially dilutive securities excluded from the diluted loss per share calculation
Total potentially dilutive securities	49,834

Leases - Components of lease (D

Leases - Components of lease (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 01, 2021
Leases
Operating lease renewal term (in years)		5 years	5 years
Lease costs
Finance lease costs, amortization of right-of-use assets	$ 44
Finance lease costs, interest on lease liabilities	12
Operating lease costs	308
Total lease expense	$ 364

Leases - Components of cash flo

Leases - Components of cash flow information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Leases
Operating outgoing cash flows - finance lease	$ 12
Financing outgoing cash flows - finance lease	66
Operating outgoing cash flows - operating lease	$ 283

Leases - Lease term and discoun

Leases - Lease term and discount rate (Details)	Mar. 31, 2023
Leases
Weighted-average remaining lease term - finance lease (in years)	3 years 2 months 19 days
Weighted-average discount rate - finance lease	5.90%
Weighted-average remaining lease term - operating lease (in years)	9 years 11 months 12 days
Weighted-average discount rate - operating lease	6.90%

Leases - Schedule of future min

Leases - Schedule of future minimum payments (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Finance Lease
2023 (remaining nine months)	$ 236
2024	315
2025	200
2026	101
2027	37
2028	16
Total	905
Less present value discount	77
Total lease liabilities	828
Operating Lease
2023 (remaining nine months)	854
2024	1,173
2025	1,210
2026	1,248
2027	1,288
2028	1,329
Thereafter	5,244
Total	12,346
Less present value discount	3,307
Total lease liabilities	$ 9,039

Related Party Transaction (Deta

Related Party Transaction (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Deferred revenue	$ 1,036	$ 4,050	$ 500
Bmw Of North America Llc Member
Defined Benefit Plan Disclosure [Line Items]
Revenue from Related Parties	3,000
Deferred revenue	$ 1,000

Retirement Plans (Details)

Retirement Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retirement Plans
Contributions to the plan	$ 180	$ 144

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Taxes
Effective tax rate	0%	0.21%

Contingencies (Details)

Contingencies (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contingencies
Deferred revenue	$ 1,036	$ 4,050	$ 500