Solid Power (SLDP) 10-Q 9 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 07, 2023
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 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	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		178,390,443
Entity Central Index Key	0001844862
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock [Member]
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
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	Jun. 30, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 28,439	$ 50,123
Marketable securities	192,694	272,957
Contract receivables	5,224	1,840
Prepaid expenses and other current assets	3,494	2,888
Total current assets	229,851	327,808
Property, Plant and Equipment, net	95,076	82,761
Right-Of-Use Operating Lease Asset, net	7,444	7,725
Right-Of-Use Financing Lease Asset, net	938	922
Other Assets	1,087	1,148
Long-term Investments	222,255	172,974
Intangible Assets, net	1,360	1,108
Total assets	558,011	594,446
Current Liabilities
Accounts payable and other accrued liabilities	8,065	11,326
Current portion of long-term debt		7
Deferred revenue	18	4,050
Accrued compensation	4,080	4,528
Operating lease liabilities, short-term	586	549
Financing lease liability, short-term	308	273
Total current liabilities	13,057	20,733
Warrant Liabilities	6,791	9,117
Operating Lease Liabilities, Long-Term	8,317	8,622
Financing Lease Liabilities, Long-Term	535	602
Total liabilities	28,700	39,074
Stockholders' Equity
Common Stock, $0.0001 par value; 2,000,000,000 shares authorized; 178,326,890 and 176,007,184 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	18	18
Additional paid-in capital	583,034	577,603
Accumulated deficit	(50,369)	(19,090)
Accumulated other comprehensive loss	(3,372)	(3,159)
Total stockholders' equity	529,311	555,372
Total liabilities and stockholders' equity	$ 558,011	$ 594,446

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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 issued	178,326,890	176,007,184
Common stock, shares outstanding	178,326,890	176,007,184

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Revenue	$ 4,906	$ 2,582	$ 8,698	$ 4,778
Operating Expenses
Direct costs	6,897	2,987	13,171	5,017
Research and development	14,508	8,440	26,156	15,101
Selling, general and administrative	5,673	5,851	12,862	10,670
Total operating expenses	27,078	17,278	52,189	30,788
Operating Loss	(22,172)	(14,696)	(43,491)	(26,010)
Nonoperating Income and Expense
Interest income	4,993	931	9,827	1,171
Change in fair value of warrant liabilities	4,987	27,473	2,325	28,183
Interest expense	(13)	(5)	(26)	(10)
Total nonoperating income and expense	9,967	28,399	12,126	29,344
Pretax Income (Loss)	(12,205)	13,703	(31,365)	3,334
Income tax benefit		36		13
Net Income (Loss) Attributable to Common Stockholders	(12,205)	13,667	(31,365)	3,321
Other Comprehensive Income (Loss)	1,098	(961)	(213)	(1,291)
Comprehensive Income (Loss) Attributable to Common Stockholders	$ (11,107)	$ 12,706	$ (31,578)	$ 2,030
Earnings (loss) per share - Basic	$ (0.07)	$ 0.08	$ (0.18)	$ 0.02
Earnings (loss) per share - Diluted	$ (0.07)	$ 0.08	$ (0.18)	$ 0.02
Weighted average shares outstanding - Basic	178,063,573	174,128,230	177,502,037	173,266,760
Weighted average shares outstanding - Diluted	178,063,573	174,703,533	177,502,037	173,566,001

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Common stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated OCI	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
Changes in stockholder's equity
Net loss			(10,344)		(10,344)
Transaction fees		(12)			(12)
Stock options exercised		270			270
Stock options exercised (in shares)	6,212,964
Stock-based compensation expense		1,596			1,596
Unrealized 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, 2021	$ 17	568,183	(9,535)		558,665
Balance at the beginning (in shares) at Dec. 31, 2021	167,557,988
Changes in stockholder's equity
Net loss					3,321
Shares issued for the vesting of RSUs (in shares)	20,672
Stock options exercised (in shares)	6,869,144
Balance at the end at Jun. 30, 2022	$ 17	572,456	(6,212)	(1,291)	564,970
Balance at the end (in shares) at Jun. 30, 2022	174,447,804
Balance at the beginning at Mar. 31, 2022	$ 17	570,037	(19,879)	(330)	549,845
Balance at the beginning (in shares) at Mar. 31, 2022	173,770,952
Changes in stockholder's equity
Net loss			13,667		13,667
Withholding of employee taxes related to stock-based compensation		(58)			(58)
Shares issued for the vesting of RSUs (in shares)	20,672
Stock options exercised		163			163
Stock options exercised (in shares)	656,180
Stock-based compensation expense		2,314			2,314
Unrealized loss on marketable securities				(961)	(961)
Balance at the end at Jun. 30, 2022	$ 17	572,456	(6,212)	(1,291)	564,970
Balance at the end (in shares) at Jun. 30, 2022	174,447,804
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
Changes in stockholder's 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 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
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
Changes in stockholder's equity
Net loss					(31,365)
Shares issued under ESPP (in shares)	129,928
Shares issued for the vesting of RSUs (in shares)	163,148
Stock options exercised (in shares)	2,026,630
Balance at the end at Jun. 30, 2023	$ 18	583,034	(50,369)	(3,372)	529,311
Balance at the end (in shares) at Jun. 30, 2023	178,326,890
Balance at the beginning at Mar. 31, 2023	$ 18	579,975	(38,248)	(2,274)	539,471
Balance at the beginning (in shares) at Mar. 31, 2023	177,687,138
Changes in stockholder's equity
Net loss			(12,205)		(12,205)
Shares issued under ESPP		214			214
Shares issued under ESPP (in shares)	129,928
Withholding of employee taxes related to stock-based compensation		(111)	84		(27)
Shares issued for the vesting of RSUs (in shares)	163,148
Stock options exercised		33			33
Stock options exercised (in shares)	346,676
Stock-based compensation expense		2,923			2,923
Unrealized loss on marketable securities				(1,098)	(1,098)
Balance at the end at Jun. 30, 2023	$ 18	$ 583,034	$ (50,369)	$ (3,372)	$ 529,311
Balance at the end (in shares) at Jun. 30, 2023	178,326,890

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities
Net income (loss)	$ (31,365)	$ 3,321
Adjustments to reconcile net income (loss) to net cash and cash equivalents from operating activities:
Depreciation and amortization	4,906	1,782
Amortization of right-of-use assets	372	16
Stock compensation expense	5,145	3,910
Deferred taxes		13
Change in fair value of warrant liabilities	(2,325)	(28,183)
Amortization of premiums and accretion of discounts on marketable securities	(5,518)
Change in operating assets and liabilities that provided (used) cash and cash equivalents:
Contract receivable	(3,383)	(1,202)
Prepaid expenses and other assets	(188)	744
Accounts payable and other accrued liabilities	(297)	(4,261)
Deferred revenue	(4,032)	(286)
Accrued expenses	649	1,000
Lease liabilities	(268)	188
Net cash and cash equivalents used in operating activities	(36,304)	(22,958)
Cash Flows from Investing Activities
Purchases of property, plant and equipment	(21,184)	(30,957)
Purchases of marketable securities and long-term investments	(174,400)	(212,792)
Proceeds from sales of marketable securities	210,329	54,819
Purchases of intangible assets	(259)	(228)
Net cash and cash equivalents provided by (used in) investing activities	14,486	(189,158)
Cash Flows from Financing Activities
Payments of debt	(7)	(71)
Proceeds from exercise of stock options	184	354
Proceeds from issuance of common stock under ESPP	214	0
Receivable for exercise of stock options		79
Cash paid for withholding of employee taxes related to stock-based compensation	(111)	(58)
Payments on finance lease liability	(146)	(20)
Transaction costs		(12)
Net cash and cash equivalents provided by financing activities	134	272
Net (decrease) in cash and cash equivalents	(21,684)	(211,844)
Cash and cash equivalents at beginning of period	50,123	513,447
Cash and cash equivalents at end of period	28,439	301,603
Supplemental information
Cash paid for interest	26	5
Accrued capital expenditures	$ 3,591	$ 8,146

Nature of Business

Nature of Business	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment
Property, Plant and Equipment	Note 3 – Property, Plant and Equipment Property, plant and equipment are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ Commercial production equipment ​ $ 25,454 ​ $ 21,595 ​ Laboratory equipment ​ ​ 7,554 ​ ​ 3,278 ​ Leasehold improvements ​ 45,581 ​ 27,996 ​ Furniture and computer equipment ​ 1,634 ​ 1,482 ​ Construction in progress ​ 31,317 ​ 40,036 ​ Total cost ​ 111,540 ​ 94,387 ​ Accumulated depreciation ​ (16,464) ​ (11,626) ​ Net property and equipment ​ $ 95,076 ​ $ 82,761 ​ ​ Depreciation expenses for dedicated laboratory equipment and commercial production equipment are charged to research and development. The 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 June 30, ​ Six Months Ended June 30, ​ ​ 2023 2022 ​ 2023 2022 ​ Depreciation expense ​ $ 2,639 ​ $ 1,026 ​ $ 4,898 ​ $ 1,777 ​ ​ 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 expanded its electrolyte production at its facility 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 began producing electrolyte at this facility in 2023 and has placed portions of the facility into service. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 ​ Construction in progress ​ ​ ​ ​ ​ ​ ​ EV cell line (SP1) ​ $ 1,083 ​ $ 2,010 ​ Other cell development equipment (SP1) ​ ​ 2,703 ​ ​ 2,206 ​ Electrolyte production and development equipment (SP2) ​ ​ 27,531 ​ ​ 35,820 ​ ​

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2023
Intangible Assets
Intangible Assets	Note 4 – Intangible Assets Intangible assets of the Company are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ ​ ​ Gross Carrying ​ Accumulated ​ Gross Carrying ​ Accumulated ​ ​ Amount Amortization Amount Amortization ​ Intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses ​ $ 149 ​ $ (56) ​ $ 149 ​ $ (51) ​ Patents ​ ​ 72 ​ ​ (3) ​ ​ — ​ ​ — ​ Patents pending ​ 1,168 ​ — ​ 984 ​ — ​ Trademarks ​ ​ 13 ​ ​ — ​ ​ 9 ​ ​ — ​ Trademarks pending ​ 17 ​ — ​ 17 ​ — ​ Total amortized intangible assets ​ $ 1,419 ​ $ (59) ​ $ 1,159 ​ $ (51) ​ ​ ​ Amortization expense for intangible assets is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 ​ 2023 2022 Amortization expense ​ $ 3 ​ $ 2 ​ $ 8 ​ $ 5 ​ ​ 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	6 Months Ended
	Jun. 30, 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 June 30, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Paper ​ $ 137,072 ​ $ — ​ $ — ​ $ 137,072 Corporate Bonds ​ $ 216,390 ​ $ — ​ $ — ​ $ 216,390 Government Bonds ​ $ 61,487 ​ $ — ​ $ — ​ $ 61,487 U.S. Treasuries ​ — ​ ​ — ​ ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ $ 3,932 ​ $ — ​ $ — ​ $ 3,932 Private Placement Warrants ​ $ — ​ $ 2,859 ​ $ — ​ $ 2,859 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Placement Warrants ​ $ — ​ $ 4,217 ​ $ — ​ $ 4,217 ​ The change in fair value of the Company’s marketable securities and long-term investments are included in other comprehensive loss. There were no transfers in and out of Level 3 fair value hierarchy during the three or six months ended June 30, 2023 or year ended December 31, 2022. For the three and six months ended June 30, 2023, the Company purchased $174,400 of marketable securities. Fair Value of Warrants The fair value of the Private Placement Warrants (defined below) has been estimated using a Black-Scholes model as of June 30, 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 companies’ common stock that matches the expected remaining life of the Warrants (defined below). 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Exercise Price ​ $ 11.50 ​ $ 11.50 ​ Stock Price ​ $ 2.54 ​ $ 2.54 ​ Volatility ​ 70.0 % 71.3 % Term ​ 3.44 ​ 3.94 ​ Risk-free rate ​ 4.32 % 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 Placement 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 Change in fair value ​ $ (0.15) ​ $ (0.43) June 30, 2023 ​ $ 0.31 ​ $ 0.43 ​ The following tables provides a reconciliation of the June 30, 2023 three and six month change in fair value for the Public Warrants and Private Placement Warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months change in ​ ​ Warrant Class Level Warrants March 31, 2023 fair value June 30, 2023 Public Warrants 1 12,684,423 ​ $ 5,576 ​ $ (1,644) ​ $ 3,932 Private Placement Warrants 2 6,648,880 ​ $ 6,203 ​ $ (3,343) ​ $ 2,860 Total 19,333,303 ​ $ 11,779 ​ $ (4,987) ​ $ 6,792 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months change in ​ ​ Warrant Class Level Warrants December 31, 2022 fair value June 30, 2023 Public Warrants 1 12,684,423 ​ $ 4,900 ​ $ (968) ​ $ 3,932 Private Placement Warrants 2 6,648,880 ​ $ 4,217 ​ $ (1,357) ​ $ 2,860 Total 19,333,303 ​ $ 9,117 ​ $ (2,325) ​ $ 6,792 ​

Warrant Liabilities

Warrant Liabilities	6 Months Ended
	Jun. 30, 2023
Warrant Liabilities.
Warrant Liabilities	Note 6 – Warrant Liabilities As of June 30, 2023 and December 31, 2022, there were 12,684,423 and 11,666,636 publicly traded warrants (“Public Warrants”) and 6,648,880 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 Warrants 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, 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 Decarbonization Plus Acquisition Corporation III’s initial public offering equal to their fair value. The Company recognized a gain in connection with changes in the fair value of warrant liabilities of $4,987 and $2,325 for the three and six months ending June 30, 2023 and $27,473 and $28,183 for the three and six months ending June 30, 2022, respectively. There have been no changes to our Public or Private Placement Warrants, including redemption terms disclosed in our 2022 Form 10-K.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity
Stockholders' Equity	Note 7 – Stockholders’ Equity Common Stock Stock options exercised for Common Stock, shares issued under the Solid Power, Inc. 2021 Employee Stock Purchase Plan (“ESPP”), and shares issued upon vesting of RSUs for the three and six months ended June 30, 2023 and 2022 are summarized in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ ​ 2023 2022 ​ 2023 2022 ​ Stock options exercised ​ 346,676 ​ 656,180 ​ 2,026,630 ​ 6,869,144 ​ Shares issued under ESPP ​ 129,928 ​ — ​ 129,928 ​ — ​ Shares issued upon vesting of RSUs ​ 163,148 ​ 20,672 ​ 163,148 ​ 20,672 ​ ​ Cash received from stock options exercised under the Solid Power, Inc. 2014 Equity Incentive Plan (the “2014 Plan”) for the six months ended June 30, 2023 and 2022 was $184 and $354 , respectively. Cash received from stock options exercised under the 2014 Plan for the three months ended June 30, 2023 and 2022 was $34 and $84 , respectively. Cash received from shares issued under the ESPP for the six months ended June 30, 2023 and 2022 was $214 and $0 , respectively. Cash received from shares issued under the ESPP for the three months ended June 30, 2023 and 2022 was $214 and $0 , respectively.

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2023
Stock Based Compensation
Stock Based Compensation	Note 8 – Stock Based Compensation There have been no 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. 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 and six months ended June 30, 2023, the Company recognized compensation costs totaling: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ 2023 2022 ​ 2023 2022 Equity-based compensation costs related to RSUs ​ $ 954 ​ $ 514 ​ $ 1,589 ​ $ 514 Equity-based compensation costs related to stock options ​ 1,889 ​ 1,800 ​ 3,476 ​ 3,396 Equity-based compensation costs related to ESPP ​ ​ 80 ​ ​ — ​ ​ 80 ​ ​ — Total equity-based compensation costs ​ $ 2,923 ​ $ 2,314 ​ $ 5,145 ​ $ 3,910 Unrecognized future compensation cost as of ​ ​ — ​ ​ — ​ ​ 34,327 ​ ​ 25,316 ​ ​ The following table summarizes our award activity for RSUs and stock options for the three and six months ended June 30, 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) Balance at March 31, 2023 ​ 2,766,573 ​ ​ 26,097,071 Granted ​ 1,753,207 ​ ​ 1,904,016 Vested or Exercised ​ (215,553) ​ ​ (346,676) Forfeited ​ (47,181) ​ ​ (466,635) Outstanding at June 30, 2023 ​ 4,257,046 ​ ​ 27,187,776 ​ Stock Options The fair value of each stock option grant during the six months ended June 30, 2023 and 2022 was estimated on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions used: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, ​ ​ 2023 2022 ​ Approximate risk ‑ free rate ​ 4.17 % ​ 2.84 % ​ Volatility ​ 46.91 % ​ 44.69 % ​ Average expected life (years) ​ 6 years ​ ​ 6 years ​ ​ Dividend yield ​ — % ​ — % ​ Weighted ‑ average grant date fair value ​ $ 2.80 ​ $ 7.26 ​ ​ Estimated fair value of total stock options granted ​ $ 7,815 ​ $ 5,659 ​ ​ ​

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2023
Earnings (Loss) Per Share
Earnings (Loss) Per Share	Note 9 – Earnings (Loss) Per Share Basic earnings (loss) per share represents net income (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 and six months ended June 30, 2023, diluted loss per share was computed without consideration to potentially dilutive instruments as their inclusion would have been anti-dilutive. Due to the net income for the three and six months ended June 30, 2022, diluted earnings per share was computed with consideration to potentially dilutive instruments. 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 earnings (loss) per share calculation for the three and six months ended June 30, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ Net income (loss) attributable to common stockholders ​ $ (12,205) ​ $ 13,667 ​ $ (31,365) ​ $ 3,321 ​ Weighted average shares outstanding – basic ​ ​ 178,063,573 ​ ​ 174,128,230 ​ ​ 177,502,037 ​ ​ 173,266,760 ​ Weighted average shares outstanding – diluted ​ ​ 178,063,573 ​ ​ 174,703,533 ​ ​ 177,502,037 ​ ​ 173,566,001 ​ Basic and diluted earnings (loss) per share ​ $ (0.07) ​ $ 0.08 ​ $ (0.18) ​ $ 0.02 ​ ​ As of the three and six months ended June 30, 2023, potentially dilutive securities excluded from the diluted loss per share calculation are as illustrated in the table below. Additionally, for the three and six months ended June 30, 2022, potentially dilutive securities included from the diluted earnings per share calculation are as follows (in shares): ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2023 2022 ​ Warrants ​ 19,333,303 19,333,303 ​ 2014 & 2021 Equity Incentive Plan - Stock Options ​ 25,892,666 27,161,312 ​ 2021 Equity Incentive Plan - RSUs ​ 2,474,393 1,674,284 ​ 2021 Employee Stock Purchase Plan - Common Stock ​ 46,352 ​ — ​ Contingently Issuable Common Stock ​ 59,055 ​ — ​ Total potentially dilutive securities ​ 47,805,769 ​ 48,168,899 ​ ​

Leases

Leases	6 Months Ended
	Jun. 30, 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 June 30, 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 Six Months Ended ​ ​ June 30, 2023 June 30, 2023 ​ Finance lease costs: ​ ​ ​ Amortization of right-of-use assets ​ $ 47 ​ $ 91 ​ Interest on lease liabilities ​ 13 ​ 25 ​ Operating lease costs ​ 290 ​ 580 ​ Total lease expense ​ $ 350 ​ $ 696 ​ ​ The components of cash flow information related to leases are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ June 30, 2023 June 30, 2023 ​ Operating outgoing cash flows – finance lease ​ $ 14 ​ $ 26 ​ Financing outgoing cash flows – finance lease ​ 74 ​ 141 ​ Operating outgoing cash flows – operating lease ​ 283 ​ 567 ​ Right-of-use assets obtained in exchange for new finance lease liabilities: ​ ​ 79 ​ ​ 89 ​ Right-of-use assets obtained in exchange for new operating lease liabilities: ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 Finance lease ​ Weighted-average remaining lease term – finance lease (in years) 2.98 ​ Weighted-average discount rate – finance lease 6.2 % Operating lease ​ Weighted-average remaining lease term – operating lease (in years) 9.71 ​ Weighted-average discount rate – operating lease 6.9 % ​ As of June 30, 2023, future minimum payments during the next five years and thereafter are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Fiscal year Finance Lease Operating Lease 2023 (remaining six months) ​ $ 174 ​ $ 571 2024 ​ ​ 349 ​ ​ 1,173 2025 ​ ​ 234 ​ ​ 1,210 2026 ​ ​ 109 ​ ​ 1,248 2027 ​ ​ 37 ​ ​ 1,288 2028 ​ ​ 16 ​ ​ 1,329 Thereafter ​ ​ — ​ ​ 5,244 Total ​ ​ 919 ​ ​ 12,063 Less present value discount ​ ​ 77 ​ ​ 3,158 Total lease liabilities ​ $ 842 ​ $ 8,905 ​

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions
Related Party Transactions	Note 11 – Related Party Transactions During the three and six months ended June 30, 2023, the Company recognized $3,470 and $6,470 , respectively, of revenue related to the BMW joint development agreement. As of June 30, 2023 the Company recorded $2,477 of accounts receivable related to the BMW joint development agreement.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Taxes
Income Taxes	Note 12 – Income Taxes The Company’s effective tax rate was 0.00% and 0.27% for the three months ended June 30, 2023 and 2022, respectively, and 0.00% and 0.49% for the six months ended June 30, 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 and six months ended June 30, 2023.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2023
Contingencies
Contingencies	Note 13 – 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.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ Commercial production equipment ​ $ 25,454 ​ $ 21,595 ​ Laboratory equipment ​ ​ 7,554 ​ ​ 3,278 ​ Leasehold improvements ​ 45,581 ​ 27,996 ​ Furniture and computer equipment ​ 1,634 ​ 1,482 ​ Construction in progress ​ 31,317 ​ 40,036 ​ Total cost ​ 111,540 ​ 94,387 ​ Accumulated depreciation ​ (16,464) ​ (11,626) ​ Net property and equipment ​ $ 95,076 ​ $ 82,761 ​
Schedule of depreciation and amortization expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2023 2022 ​ 2023 2022 ​ Depreciation expense ​ $ 2,639 ​ $ 1,026 ​ $ 4,898 ​ $ 1,777 ​
Schedule of construction in progress	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 ​ Construction in progress ​ ​ ​ ​ ​ ​ ​ EV cell line (SP1) ​ $ 1,083 ​ $ 2,010 ​ Other cell development equipment (SP1) ​ ​ 2,703 ​ ​ 2,206 ​ Electrolyte production and development equipment (SP2) ​ ​ 27,531 ​ ​ 35,820 ​

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Intangible Assets
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ ​ ​ Gross Carrying ​ Accumulated ​ Gross Carrying ​ Accumulated ​ ​ Amount Amortization Amount Amortization ​ Intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses ​ $ 149 ​ $ (56) ​ $ 149 ​ $ (51) ​ Patents ​ ​ 72 ​ ​ (3) ​ ​ — ​ ​ — ​ Patents pending ​ 1,168 ​ — ​ 984 ​ — ​ Trademarks ​ ​ 13 ​ ​ — ​ ​ 9 ​ ​ — ​ Trademarks pending ​ 17 ​ — ​ 17 ​ — ​ Total amortized intangible assets ​ $ 1,419 ​ $ (59) ​ $ 1,159 ​ $ (51) ​ ​
Schedule of amortization expense for intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 ​ 2023 2022 Amortization expense ​ $ 3 ​ $ 2 ​ $ 8 ​ $ 5 ​ ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Measurements
Schedule of financial assets and liabilities measured and recorded at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Paper ​ $ 137,072 ​ $ — ​ $ — ​ $ 137,072 Corporate Bonds ​ $ 216,390 ​ $ — ​ $ — ​ $ 216,390 Government Bonds ​ $ 61,487 ​ $ — ​ $ — ​ $ 61,487 U.S. Treasuries ​ — ​ ​ — ​ ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ $ 3,932 ​ $ — ​ $ — ​ $ 3,932 Private Placement Warrants ​ $ — ​ $ 2,859 ​ $ — ​ $ 2,859 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Placement Warrants ​ $ — ​ $ 4,217 ​ $ — ​ $ 4,217
Schedule of Level 2 inputs used in the recurring valuation of the Private Placement Warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 Exercise Price ​ $ 11.50 ​ $ 11.50 ​ Stock Price ​ $ 2.54 ​ $ 2.54 ​ Volatility ​ 70.0 % 71.3 % Term ​ 3.44 ​ 3.94 ​ Risk-free rate ​ 4.32 % 4.03 %
Schedule of reconciliation of warrants measured at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ Private Placement 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 Change in fair value ​ $ (0.15) ​ $ (0.43) June 30, 2023 ​ $ 0.31 ​ $ 0.43
Schedule of change in fair value for the Public Warrants and Private Placement Warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months change in ​ ​ Warrant Class Level Warrants March 31, 2023 fair value June 30, 2023 Public Warrants 1 12,684,423 ​ $ 5,576 ​ $ (1,644) ​ $ 3,932 Private Placement Warrants 2 6,648,880 ​ $ 6,203 ​ $ (3,343) ​ $ 2,860 Total 19,333,303 ​ $ 11,779 ​ $ (4,987) ​ $ 6,792 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months change in ​ ​ Warrant Class Level Warrants December 31, 2022 fair value June 30, 2023 Public Warrants 1 12,684,423 ​ $ 4,900 ​ $ (968) ​ $ 3,932 Private Placement Warrants 2 6,648,880 ​ $ 4,217 ​ $ (1,357) ​ $ 2,860 Total 19,333,303 ​ $ 9,117 ​ $ (2,325) ​ $ 6,792

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity
Schedule of stock options exercised	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ ​ 2023 2022 ​ 2023 2022 ​ Stock options exercised ​ 346,676 ​ 656,180 ​ 2,026,630 ​ 6,869,144 ​ Shares issued under ESPP ​ 129,928 ​ — ​ 129,928 ​ — ​ Shares issued upon vesting of RSUs ​ 163,148 ​ 20,672 ​ 163,148 ​ 20,672 ​

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Stock Based Compensation
Schedule of recognized & allocated compensation costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ 2023 2022 ​ 2023 2022 Equity-based compensation costs related to RSUs ​ $ 954 ​ $ 514 ​ $ 1,589 ​ $ 514 Equity-based compensation costs related to stock options ​ 1,889 ​ 1,800 ​ 3,476 ​ 3,396 Equity-based compensation costs related to ESPP ​ ​ 80 ​ ​ — ​ ​ 80 ​ ​ — Total equity-based compensation costs ​ $ 2,923 ​ $ 2,314 ​ $ 5,145 ​ $ 3,910 Unrecognized future compensation cost as of ​ ​ — ​ ​ — ​ ​ 34,327 ​ ​ 25,316
Schedule of award activity for stock options and RSU's	​ The following table summarizes our award activity for RSUs and stock options for the three and six months ended June 30, 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) Balance at March 31, 2023 ​ 2,766,573 ​ ​ 26,097,071 Granted ​ 1,753,207 ​ ​ 1,904,016 Vested or Exercised ​ (215,553) ​ ​ (346,676) Forfeited ​ (47,181) ​ ​ (466,635) Outstanding at June 30, 2023 ​ 4,257,046 ​ ​ 27,187,776 ​
Schedule of fair value of each option using the Black-Scholes option pricing model	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, ​ ​ 2023 2022 ​ Approximate risk ‑ free rate ​ 4.17 % ​ 2.84 % ​ Volatility ​ 46.91 % ​ 44.69 % ​ Average expected life (years) ​ 6 years ​ ​ 6 years ​ ​ Dividend yield ​ — % ​ — % ​ Weighted ‑ average grant date fair value ​ $ 2.80 ​ $ 7.26 ​ ​ Estimated fair value of total stock options granted ​ $ 7,815 ​ $ 5,659 ​ ​

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings (Loss) Per Share
Schedule of reconciliation of basic weighted average common shares outstanding to diluted weighted average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ Net income (loss) attributable to common stockholders ​ $ (12,205) ​ $ 13,667 ​ $ (31,365) ​ $ 3,321 ​ Weighted average shares outstanding – basic ​ ​ 178,063,573 ​ ​ 174,128,230 ​ ​ 177,502,037 ​ ​ 173,266,760 ​ Weighted average shares outstanding – diluted ​ ​ 178,063,573 ​ ​ 174,703,533 ​ ​ 177,502,037 ​ ​ 173,566,001 ​ Basic and diluted earnings (loss) per share ​ $ (0.07) ​ $ 0.08 ​ $ (0.18) ​ $ 0.02 ​
Schedule of potentially dilutive securities excluded from the diluted earnings per share calculation	​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2023 2022 ​ Warrants ​ 19,333,303 19,333,303 ​ 2014 & 2021 Equity Incentive Plan - Stock Options ​ 25,892,666 27,161,312 ​ 2021 Equity Incentive Plan - RSUs ​ 2,474,393 1,674,284 ​ 2021 Employee Stock Purchase Plan - Common Stock ​ 46,352 ​ — ​ Contingently Issuable Common Stock ​ 59,055 ​ — ​ Total potentially dilutive securities ​ 47,805,769 ​ 48,168,899 ​

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases
Schedule of components of lease related expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ June 30, 2023 June 30, 2023 ​ Finance lease costs: ​ ​ ​ Amortization of right-of-use assets ​ $ 47 ​ $ 91 ​ Interest on lease liabilities ​ 13 ​ 25 ​ Operating lease costs ​ 290 ​ 580 ​ Total lease expense ​ $ 350 ​ $ 696 ​
Schedule of components of cash flow information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ June 30, 2023 June 30, 2023 ​ Operating outgoing cash flows – finance lease ​ $ 14 ​ $ 26 ​ Financing outgoing cash flows – finance lease ​ 74 ​ 141 ​ Operating outgoing cash flows – operating lease ​ 283 ​ 567 ​ Right-of-use assets obtained in exchange for new finance lease liabilities: ​ ​ 79 ​ ​ 89 ​ Right-of-use assets obtained in exchange for new operating lease liabilities: ​ ​ — ​ ​ — ​
Schedule of remaining weighted-average lease term and weighted-average discount rate	​ ​ ​ ​ ​ ​ June 30, 2023 Finance lease ​ Weighted-average remaining lease term – finance lease (in years) 2.98 ​ Weighted-average discount rate – finance lease 6.2 % Operating lease ​ Weighted-average remaining lease term – operating lease (in years) 9.71 ​ Weighted-average discount rate – operating lease 6.9 %
Schedule of future minimum payments under finance lease	As of June 30, 2023, future minimum payments during the next five years and thereafter are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Fiscal year Finance Lease Operating Lease 2023 (remaining six months) ​ $ 174 ​ $ 571 2024 ​ ​ 349 ​ ​ 1,173 2025 ​ ​ 234 ​ ​ 1,210 2026 ​ ​ 109 ​ ​ 1,248 2027 ​ ​ 37 ​ ​ 1,288 2028 ​ ​ 16 ​ ​ 1,329 Thereafter ​ ​ — ​ ​ 5,244 Total ​ ​ 919 ​ ​ 12,063 Less present value discount ​ ​ 77 ​ ​ 3,158 Total lease liabilities ​ $ 842 ​ $ 8,905
Schedule of future minimum payments under operating lease	​ ​ ​ ​ ​ ​ ​ ​ Fiscal year Finance Lease Operating Lease 2023 (remaining six months) ​ $ 174 ​ $ 571 2024 ​ ​ 349 ​ ​ 1,173 2025 ​ ​ 234 ​ ​ 1,210 2026 ​ ​ 109 ​ ​ 1,248 2027 ​ ​ 37 ​ ​ 1,288 2028 ​ ​ 16 ​ ​ 1,329 Thereafter ​ ​ — ​ ​ 5,244 Total ​ ​ 919 ​ ​ 12,063 Less present value discount ​ ​ 77 ​ ​ 3,158 Total lease liabilities ​ $ 842 ​ $ 8,905

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment
Gross property and equipment	$ 111,540	$ 94,387
Accumulated depreciation	(16,464)	(11,626)
Net property and equipment	95,076	82,761
Commercial production equipment
Property, Plant and Equipment
Gross property and equipment	25,454	21,595
Laboratory equipment
Property, Plant and Equipment
Gross property and equipment	7,554	3,278
Leasehold improvements
Property, Plant and Equipment
Gross property and equipment	45,581	27,996
Furniture and computer equipment
Property, Plant and Equipment
Gross property and equipment	1,634	1,482
Construction in progress
Property, Plant and Equipment
Gross property and equipment	$ 31,317	$ 40,036

Property, Plant and Equipment -

Property, Plant and Equipment - Depreciation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property and Equipment
Depreciation expense			$ 4,906	$ 1,782
Property, Plant and Equipment
Property and Equipment
Depreciation expense	$ 2,639	$ 1,026	$ 4,898	$ 1,777

Property, Plant and Equipment_3

Property, Plant and Equipment - Construction in progress (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
EV cell line
Property, Plant and Equipment
Construction in progress	$ 1,083	$ 2,010
Other cell development equipment
Property, Plant and Equipment
Construction in progress	2,703	2,206
Electrolyte production and development equipment
Property, Plant and Equipment
Construction in progress	$ 27,531	$ 35,820

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Intangible assets:
Gross Carrying Amount	$ 1,419	$ 1,159
Accumulated Amortization	$ (59)	(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	(56)	(51)
Patents
Intangible assets:
Gross Carrying Amount	72
Accumulated Amortization	(3)
Patents pending
Intangible assets:
Gross Carrying Amount	1,168	984
Trademarks
Intangible assets:
Gross Carrying Amount	13	9
Trademarks pending
Intangible assets:
Gross Carrying Amount	$ 17	$ 17

Intangible Assets - Amortizatio

Intangible Assets - Amortization expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Intangible Assets
Amortization expense	$ 3	$ 2	$ 8	$ 5

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Liabilities
Purchase of marketable securities	$ 174,400	$ 174,400
Recurring | Public Warrants
Liabilities
Liabilities	3,932	3,932	$ 4,900
Recurring | Private Placement Warrants
Liabilities
Liabilities	2,859	2,859	4,217
Recurring | Level 1 | Public Warrants
Liabilities
Liabilities	3,932	3,932	4,900
Recurring | Level 2 | Private Placement Warrants
Liabilities
Liabilities	2,859	2,859	4,217
Recurring | Level 3
Liabilities
Transfers in or out of Level 3	0	0	0
Recurring | Commercial Paper
Assets
Assets	137,072	137,072	165,179
Recurring | Commercial Paper | Level 1
Assets
Assets	137,072	137,072	165,179
Recurring | Corporate Bonds
Assets
Assets	216,390	216,390	227,957
Recurring | Corporate Bonds | Level 1
Assets
Assets	216,390	216,390	227,957
Recurring | Municipal Bonds
Assets
Assets	61,487	61,487	42,865
Recurring | Municipal Bonds | Level 1
Assets
Assets	$ 61,487	$ 61,487	42,865
Recurring | U.S. Treasuries
Assets
Assets			9,930
Recurring | U.S. Treasuries | Level 1
Assets
Assets			$ 9,930

Fair Value Measurements - Measu

Fair Value Measurements - Measurement inputs (Details) - Recurring - Level 2 - Private Placement Warrants	Jun. 30, 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	2.54	2.54
Volatility
Fair Value Measurements
Measurement input, warrants	70	71.3
Term
Fair Value Measurements
Measurement input, warrants | Y	3.44	3.94
Risk-free rate
Fair Value Measurements
Measurement input, warrants	4.32	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) - Recurring - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Public Warrants | Level 1
Reconciliation
Beginning balance, per share	$ 0.46	$ 0.42
Change in fair value	(0.15)	0.04
Ending balance, per share	0.31	0.46
Private Placement Warrants | Level 2
Reconciliation
Beginning balance, per share	0.86	0.55
Change in fair value	(0.43)	0.31
Ending balance, per share	$ 0.43	$ 0.86

Fair Value Measurements - Fair

Fair Value Measurements - Fair value for the Public Warrants and Private Placement Warrants (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Recurring
Fair Value Measurements
Number of warrants outstanding	19,333,303	19,333,303
Reconciliation
Balance at the beginning	$ 11,779	$ 9,117
Change in fair value	(4,987)	(2,325)
Balance at the end	$ 6,792	$ 6,792
Public Warrants
Fair Value Measurements
Number of warrants outstanding	12,684,423	12,684,423	11,666,636
Public Warrants | Fair Value, Recurring | Level 1
Fair Value Measurements
Number of warrants outstanding	12,684,423	12,684,423
Reconciliation
Balance at the beginning	$ 5,576	$ 4,900
Change in fair value	(1,644)	(968)
Balance at the end	$ 3,932	$ 3,932
Private Placement Warrants
Fair Value Measurements
Number of warrants outstanding	6,648,880	6,648,880	7,666,667
Private Placement Warrants | Fair Value, Recurring | Level 2
Fair Value Measurements
Number of warrants outstanding	6,648,880	6,648,880
Reconciliation
Balance at the beginning	$ 6,203	$ 4,217
Change in fair value	(3,343)	(1,357)
Balance at the end	$ 2,860	$ 2,860

Warrant Liabilities (Details)

Warrant Liabilities (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Warrant Liabilities
Change in fair value of warrant liabilities	$ 4,987	$ 27,473	$ 2,325	$ 28,183
Warrants
Warrant Liabilities
Class of warrant or right, number of securities called by each warrant or right	1		1
Exercise price of warrants	$ 11.50		$ 11.50
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value	$ 101,253		$ 101,253
Public Warrants
Warrant Liabilities
Number of warrants outstanding	12,684,423		12,684,423		11,666,636
Private Placement Warrants
Warrant Liabilities
Number of warrants outstanding	6,648,880		6,648,880		7,666,667

Stockholders' Equity - Stock op

Stockholders' Equity - Stock options exercised (Details) - Common Stock - shares	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Stockholders' Equity
Stock options exercised (in shares)	346,676	1,679,954	656,180	6,212,964	2,026,630	6,869,144
Shares issued under ESPP (in shares)	129,928				129,928
Shares issued upon vesting of RSUs (in shares)	163,148		20,672		163,148	20,672

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stockholders' Equity
Cash received from options exercised			$ 184	$ 354
Cash received from shares issued under the ESPP	$ 214	$ 0	214	0
Equity Incentive2014 Plan [Member]
Stockholders' Equity
Cash received from options exercised	$ 34	$ 84	$ 184	$ 354

Stock Based Compensation - Comp

Stock Based Compensation - Compensation costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Compensation costs
Equity-based compensation cost	$ 2,923	$ 2,314	$ 5,145	$ 3,910
Unrecognized compensation costs related to restricted stock units	34,327	25,316	34,327	25,316
Restricted stock units (RSUs)
Compensation costs
Equity-based compensation cost	954	514	1,589	514
Employee stock option
Compensation costs
Equity-based compensation cost	1,889	$ 1,800	3,476	$ 3,396
ESPP
Compensation costs
Equity-based compensation cost	$ 80		$ 80

Stock Based Compensation - Stoc

Stock Based Compensation - Stock options and Restricted stock units (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023
Restricted stock units (RSUs)
Restricted Stock Units.
Outstanding at beginning of period	2,766,573	1,057,980	1,057,980
Granted	1,753,207	1,797,034
Vested	(215,553)
Forfeited	(47,181)	(88,441)
Outstanding at end of period	4,257,046	2,766,573	4,257,046
Employee stock option
Number of Shares
Outstanding at beginning of period	26,097,071	25,998,172	25,998,172
Granted	1,904,016	3,272,873
Exercised	(346,676)	(1,679,954)
Forfeited or expired	(466,635)	(1,494,020)
Outstanding at end of period	27,187,776	26,097,071	27,187,776

Stock Based Compensation - Fair

Stock Based Compensation - Fair value of options granted (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Stock Based Compensation
Approximate risk-free rate	4.17%	2.84%
Volatility	46.91%	44.69%
Average expected life (years)	6 years	6 years
Weighted-average grant date fair value	$ 2.80	$ 7.26
Estimated fair value of total stock options granted (in thousands)	$ 7,815	$ 5,659

Earnings (Loss) Per Share - Sch

Earnings (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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings (Loss) Per Share
Net income (loss) attributable to common stockholders	$ (12,205)	$ 13,667	$ (31,365)	$ 3,321
Weighted average shares outstanding - basic	178,063,573	174,128,230	177,502,037	173,266,760
Weighted average shares outstanding - diluted	178,063,573	174,703,533	177,502,037	173,566,001
Earnings (loss) per share - Basic	$ (0.07)	$ 0.08	$ (0.18)	$ 0.02
Earnings (loss) per share - Diluted	$ (0.07)	$ 0.08	$ (0.18)	$ 0.02

Earnings (Loss) Per Share - S_2

Earnings (Loss) Per Share - Schedule of potentially dilutive securities excluded from the diluted loss per share calculation (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Earnings (Loss) Per Share
Total potentially dilutive securities	47,805,769	48,168,899
Warrants
Earnings (Loss) Per Share
Total potentially dilutive securities	19,333,303	19,333,303
2014 & 2021 Equity Incentive Plan - Stock Options
Earnings (Loss) Per Share
Total potentially dilutive securities	25,892,666	27,161,312
2021 Equity Incentive Plan - Restricted Stock Units
Earnings (Loss) Per Share
Total potentially dilutive securities	2,474,393	1,674,284
2021 Employee Stock Purchase Plan
Earnings (Loss) Per Share
Total potentially dilutive securities	46,352
Contingently Issuable Common Stock
Earnings (Loss) Per Share
Total potentially dilutive securities	59,055

Leases - Components of lease (D

Leases - Components of lease (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 01, 2021
Leases
Operating lease renewal term (in years)			5 years	5 years
Finance lease costs:
Amortization of right-of-use assets	$ 47	$ 91
Interest on lease liabilities	13	25
Operating lease costs	290	580
Total lease expense	$ 350	$ 696

Leases - Components of suppleme

Leases - Components of supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Leases
Operating outgoing cash flows - finance lease	$ 14	$ 26
Financing outgoing cash flows - finance lease	74	141
Operating outgoing cash flows - operating lease	283	567
Right-of-use assets obtained in exchange for new finance lease liabilities:	$ 79	$ 89

Leases - Lease term and discoun

Leases - Lease term and discount rate (Details)	Jun. 30, 2023
Leases
Weighted-average remaining lease term - finance lease (in years)	2 years 11 months 23 days
Weighted-average discount rate - finance lease	6.20%
Weighted-average remaining lease term - operating lease (in years)	9 years 8 months 15 days
Weighted-average discount rate - operating lease	6.90%

Leases - Schedule of future min

Leases - Schedule of future minimum payments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Finance Lease
2023 (remaining six months)	$ 174
2024	349
2025	234
2026	109
2027	37
2028	16
Total	919
Less present value discount	77
Total lease liabilities	842
Operating Lease
2023 (remaining six months)	571
2024	1,173
2025	1,210
2026	1,248
2027	1,288
2028	1,329
Thereafter	5,244
Total	12,063
Less present value discount	3,158
Total lease liabilities	$ 8,905

Related Party Transaction (Deta

Related Party Transaction (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Revenue from Related Parties	$ 4,906	$ 2,582	$ 8,698	$ 4,778
BMW
Defined Benefit Plan Disclosure [Line Items]
Amounts due from related party	2,477		2,477
Revenue from Related Parties	$ 3,470		$ 6,470

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Taxes
Effective tax rate	0%	0.27%	0%	0.49%