Solid Power, Inc. reported a revenue of $20.1 million for the fiscal year ending December 31, 2024, marking a 16% increase from $17.4 million in 2023. This growth was primarily driven by the company's performance under agreements with SK On, which contributed $11.8 million to the total revenue. However, the company also faced an operating loss of approximately $105.3 million, up from a loss of $90.6 million in the previous year, reflecting increased investments in research and development and production capabilities.
The company's total operating expenses rose to $125.5 million in 2024, compared to $108.0 million in 2023. This increase was largely attributed to a 30% rise in electrolyte production and associated costs, as well as expenses related to equipment purchases for the SK On agreements. Solid Power's cash and cash equivalents decreased to $25.4 million by the end of 2024, down from $34.5 million in 2023, while total liquidity, including marketable securities, fell to $327.5 million from $415.6 million.
Strategically, Solid Power has made significant advancements, including the commissioning of its Electrolyte Innovation Center (EIC) and the expansion of its presence in South Korea. The company entered into a series of agreements with SK On in January 2024, which included a research and development technology license and a line installation agreement. Additionally, Solid Power invested $400,000 for a 20% equity interest in a strategic partner in South Korea, further enhancing its operational capabilities in the region.
As of February 1, 2025, Solid Power employed over 260 individuals, reflecting its commitment to expanding its workforce to support ongoing research and development efforts. The company anticipates continued growth in 2025, driven by increased revenue from the SK On agreements and the execution of its Assistance Agreement with the U.S. Department of Energy, which could provide up to $50 million in funding for the installation of continuous production equipment. However, the company remains cautious, acknowledging the unpredictable nature of the battery technology market and the potential for ongoing financial losses as it works toward commercialization.
About Solid Power, Inc.
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