Solid Power net loss widens as capital spending rises
The battery developer reported a net loss of $23.8 million for the second quarter ended June 30.
Solid Power (SLDP), the developer of all-solid-state battery technology, reported a net loss of $23.8 million, or $0.11 a share, for the second quarter.
The result marked a widening of losses from the $13.0 million, or $0.06 a share, reported in the first quarter. The company's financial trajectory was impacted by a combination of declining revenue and a sharp increase in capital investment for production infrastructure.
Revenue and grant income fell to negative $0.3 million in the second quarter, compared to $3.1 million in the prior quarter. The decline was due to a $1.2 million reversal of previously recognized revenue following a change in assumptions regarding milestone payments.
Operating expenses rose slightly to $30.0 million from $29.4 million in the first quarter. Contract assets and accounts receivables also declined, falling to $3.2 million as of June 30 from $12.7 million as of March 31.
Capital expenditures rose to $6.3 million in the second quarter, up from $1.7 million in the first quarter. The increase was primarily for the construction of a continuous electrolyte production pilot line.
Total liquidity decreased to $419.3 million as of June 30, compared to $435.3 million as of March 31.
The company remains on track to deliver cash investments within its current year guidance range of $85 million to $100 million.