SLDP - Earnings call transcript Q2 2024

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings, everyone, and welcome to the Solid Power Second Quarter 2024 Earnings Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Melanie Solomon, Investor Relations. Thank you.

begin. may you Solomon,

Melanie Solomon

Chief will today as based Welcome, laws. the joined management's based any events thank of disclaims remind reflect Power about by Solid statements discussion on Executive of Power's release information include I'd forward-looking current These Scoter; and operator. copy www.solidpowerbattery.com. Heller. to us today's website, events. forward-looking duty timing and Relations of statements any Power's for to and available events that section future today. you our Chief earnings assumptions required securities and applicable Van John I'm forward-looking today's available as Officer, Except to Officer, U.S. everyone, you, law, parts by defined Linda outcome you or future A on otherwise update to and and statements is Solid joining circumstances. President Financial are Investor Thank on are like currently future call the Solid on by expectations as of

and the discussion Commission, can today's that over see at website the be let turn Power's John please that, on forward-looking me risks filings expressed to uncertainties from it Exchange to a For results statements, could cause Scoter. in recent most the company's Solid Securities differ materially and of with actual those found which www.solidpowerbattery.com. With Van

John Van Scoter

battery year presence outlined opportunities what XXXX, to partnerships laser-focused and Power through our us order sample early ahead progress Thank strengthen on designs, a market in the AX In Overall, the technologies. commercialize our X the goals: positively we as continue and and you our be be improvement to advance view cell expand effectively, of Korea. in step-function for challenges us joining electrolyte our reach, Solid could first half key I of our capabilities today. in execute

am sample customers. continue receive pleased electrolyte of to our shipments to sampling X encouraging with the repeat shipments with we increased I pace past months, and we many potential feedback. electrolyte During the OEMs, to

side, On aimed continued our our been we our higher on standards the of relentless improvements designed performance in the cell focused which pursuit sell and AX are has to with meet at very design, primarily high advancements safety.

to successes our like some I'd with partners. Next, highlight key

with in First, to SK greatly according year under of agreement. plan. going first strong On, deliverables on our installation We milestone made the completed we R&D which our deepened relationship the is under agreement line January and progress license this

in factory Overall, an is cell and on our next Following begin on information continuing EV On's equipment. line the and SK EV It cell on On's undertaking small new been line, line thankful remain Korea. the for partnership. The preparing to share design installation to install On testing April, training SK certain focus SK to and step of has track mid-XXXX. we we in of running strong to by no with our completed and development On's is we're program acceptance for SK up have

we collaborate the as them elective sharing on future. forward Next, relevant and the Ford both with house. to sell look in the us key of partner various a continues on be We for updates to projects side

the Lewisville extended X-amp our Lastly, to employees we extension facility with under negotiated with we finally, quarter continue at them month, JDA original Last BMW hour-AXEV cell ability embedded third to in with we demonstrating collaborate BMW. hour the our until visit to Germany. as our hour XX-amp JDA a After scale longer-term cell and our JDA. cell with X-amp a a to and from BMW

cell heavily to cell ultimate see shared an sell on improving goal be We design expect all-solid-state advancing the the commercialized. a and performance focused will extension with

process, and both we be companies, desire collaborative our partnerships, see with our extension will is a beneficial a successful JDA have relationship our BMW we forthcoming all to with that its to with expect As especially line. with BMW truly mutually is solid-state

As drive each BMW. use XX in it. with BMW with XX we program cells learned their was the those we both we testing, to And last modules car how by clarity. including Each have successfully cells can Overall, shipped previously demo better that to pleased support to we view more to lot. remarkable achievement AX we this a modules discussed able I'm companies discussions capacity. as from and which call, as regarding BMW initial have we to the we provide been BMW in promised we contained cycle report amp-hour testing. using conduct a information module and built

forthcoming with the improvements, of expected program. sale to has deliveries paused JDA the on demo extended for BMW the performance car cells on focus be However, future

we As we demo for development opportunities solid future car technology. progress with with BMW to our program, plan discuss power using

to on efforts Korea. Moving our in

undertaking the easier to to are to technology-rich across we and stakeholders locations. drive SK relationships much efforts team the in establishment continue and access with The to landscape. a addition Japanese Korean than In engage from they Korea, would our of On, strengthen underscores work have we we further battery Japan dedicated growth those significant in Colorado,

our business and support to the capabilities. increase and We Korea have with team recently further Korean On add This ecosphere. us our expanded battery in collaboration development in SK Japanese activity to enables

of of sampling major with global customer. electrolyte are with players goal end the activities We in and Korea most developing ramping another the talking Japan,

are the others. sampling repeat are with our I progress with We and by Overall, And sampling encouraged in some providing all we for encouraged these engagements. we all, XXXX. new making with are objectives remain by

earnings to for industry, updating technical in new introduce as say renewable to CFO. will of a relates which financial are revenue the in runway the today we annual the years Linda commercialization guidance. detail as impact go accounting primarily to Linda Linda X more our With our expertise has continue her plan, our we I call in our will with Linda key be value. Solid has as energy toward working position on strategic experience CFO, I battery long-term leadership and Heller, Power. ESolar, technology. and thrilled than Linda successful our first milestones, Linda? CFO, but she paired resulted again adjusted plan our technologies, this alongside matters, together worked on shareholder for further new as to solid-state our with necessary in pleased I'm and long-range that deep does not strengthen execute our revision I'm cash through it deliver Now

Linda Heller

voice beginning to with Thank weather. the joining call QX first a I'm I'm for excuse start you, with revenue. John. results, under at glad Please Power. my my as bit be Solid I'll

million was and in joint development primarily electrolyte million, other delivered on $X.X during including the $XX.X Operating loss $XX.X labor Operating electrolyte and production second $X.XX revenue and the our by the production costs Capital of arrangements. or quarter expenditures million and collaborative cell million under build-out primarily loss scaling electrolyte were $XX of representing totaled driven development net operations, execution and Power in arrangements $X.X by lab. research associated with agreements of was expenses increased driven contracts. Solid new collaborative investments development, government XXXX, capabilities, continued million, execution and and per share. a

remained XX, as strong position of $XXX.X XXXX. total with June Solid Power's million liquidity of liquidity

$XX.X $XX.X $XX.X Deferred receivable total revenue accounts liabilities million. addition, totaled while was million, In million. current were

year. the of half second the to Turning

be investment million. $XX Included expect We year $XX million cash in operations to from XXXX of expected $XX the is to of $XXX and in ranges range million in be in investments in $XX XXXX. capital deferred to cash used million be Total expenditures the range million XXXX the fiscal continue of to in is company to to the range million approximately these $XX capital operational and to $XXX million.

to $XX our reducing range revenue million. are in XXXX the $XX to We be guidance of million

and partners, on there track is our X we business the are hitting impacting with for our the year. expected are While factors revenues milestones

agreement, the not be accounting revenue need the originally A of to in in reviewing recognized all projected of XXXX. recognized in will treatment will the First, portion On XXXX. be SK

Second, playing in than revised into a been feedback on not uptake receiving development extent. to our though unexpected, the forecasted, and forecast and are performance, positive while electrolyte continue also is has we slower originally lesser sampling

to production technology. accelerate partners continue We and to ASSP electrolyte optimize for players closely with and work strategic volumes

which about company's and strong execute, the plans prospects. balance We with excited to a have and I'm sheet

cash position as long-held As John not our plan the ASSP impact on our the long-range capital-light does for necessary commercialization maintain revenue runway revision mentioned, a the We technology. player. our of

we trajectory, forward and for not months. in long-term And in pivotal so, our your to coming to pathway. many therefore, of to back it be do time company's this here you rely near-term look to question. closing now support on before revenue I'll turn John the I comments honored the I'm meeting at commercialization

John Van Scoter

for goals employees, stakeholders company pleased loyalty to I'm thank Thank and on you, achieve to Linda. reiterate their I'd In track partners, remains to our the that our like and for dedication. closing, XXXX.

deep December technology, an planning to coming are We to details and model, dive in analyst into investor hold our the strategy, share and in more we'll months. long-term event

questions. will now your take We Operator?

Operator

Instructions] first Needham. from [Operator Chris question Our Pierce today from comes

Christopher Pierce

on is about thought Just of just the slower electrolyte guidance in are the a Or of deeper terms revenue that? EVs OEMs point kind made how moment? that indicator a at you of of the there reduction, second on feeling kind around the development, uptick broadly lagging is something in kind

John Van Scoter

Good day, Chris.

to the looked it When think more players back into is. very that we being would for early ASSP in and nascent early market materialized a a would talked of the it's taking market. far. measurable as not some quantities hasn't thus of to But the the credit half I the second just is so unusual I started stage we really That some be half. the year, market

look it us that's updating but as way looks we improving So forward forward, right we to to now. go and the

Christopher Pierce

that the to agreement I extended moving have nothing -- want just read it Is right? the in just the pause AX as for to the I lastly, a make it the AX deliveries longer a been next JDA it frame normal AX is like right, that of so times. sure be is date? into but anyway BMW then sure Okay. the know with a I cell coming reset there And -- pieces has a pause? make to couple that to there? there's thing to want you Or I I

John Van Scoter

Yes.

companies later are is AX ahead a But progress imminent, out lot very at -- of summary the the I to we mutual very cell pleased improvement case indicated, the the got I go decision both where and AX as performance and AX the of refocus the the around latter current level, cell the pause deliveries with with year. module there. think this correct, in work was really your

Operator

And from comes our final D.A. Davidson. today question

Michael Shlisky

any you X plus larger last the few on smaller quarter can beyond had not interest about or Shlisky D.A. talked pipeline companies comment Mike the at the the OEMs your or a over little Davidson. other for the interest anything you SK of It's pipeline power past products. or people Has from current In months from bit other you or more the solid in X, in time?

John Van Scoter

Sure. hear continuing I you, Good to Yes, X would say things. that from to grow. pipeline is The Mike.

XX as within this period multiple we many as an we've it objective equally XX. lot important, But a sample sampling We're to to of had existing time. as So of grow. to over and customers continues had now, potential

are them XX times sampling we've last gone X of through X days. Some as the or

a design, them They rents, feedback, and give So modify, integrate cell They sample sample. them repeat. into evaluate give different we we give it. their and it a us

folks interaction we've just of important, sheer the the have had think, been the we as the sampling year. of as I that's number So the since amount with beginning is

Michael Shlisky

on Maybe just that answer. follow-up a

or quarter. of sampling were So the companies XX you're these there same million current the And any since companies, progress Are looking of mentioned at think And as at customers. intensity XX around far many technology? saying either all? checking your agreements how the the you last last out time X case or as has been with first I their

John Van Scoter

of multiple then Yes, to last call, added we've of the sampling have a of been interest we prior ones their that that, program. done to them samples as progress. have indication new since in strong the and again, sampling customers number a the additional And that we

Operator

this turn And back to time, any like no Joe to at floor closing I'd comments. over questions for further with the

John Van Scoter

Solid in again Thank joining forward interest We updating quarter. to you you everyone, the your look for call today, for and next Power.

Operator

This concludes today's teleconference.

Thank your at disconnect may this You for your time. you lines participation. now

Solid Power (SLDP) 6 Aug 242024 Q2 Earnings call transcript