Q2 2024 Solid Power Inc Earnings Call Transcript
Key Points
- Solid Power Inc (SLDP) increased electrolyte sample shipments to potential customers, receiving encouraging feedback.
- The company made strong progress with key partners like SK On, completing the first milestone under their R&D license agreement.
- Solid Power Inc (SLDP) extended its Joint Development Agreement (JDA) with BMW, demonstrating significant advancements in cell design and performance.
- The company expanded its team in Korea, enhancing business development capabilities and strengthening relationships in the Korean and Japanese battery markets.
- Solid Power Inc (SLDP) maintained a strong liquidity position with $358.8 million of total liquidity as of June 30, 2024.
- Solid Power Inc (SLDP) reported a significant operating loss of $26.9 million and a net loss of $22.3 million for Q2 2024.
- The company reduced its 2024 revenue guidance to a range of $16 million to $20 million due to slower uptake in electrolyte development and revised accounting treatments.
- Operating expenses were high at $32 million, driven by increased production costs and labor associated with cell and electrolyte development.
- The uptake in electrolyte development has been slower than originally forecasted, impacting expected revenues for the year.
- BMW has paused future deliveries of cells for the demo car program as Solid Power Inc (SLDP) progresses with its development program.
Greetings, everyone, and welcome to the solid power second quarter 2024 earnings conference call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star and zero on your telephone keypads. As a reminder, this conference is being recorded is now my pleasure to introduce your host, Melanie Solomon, Investor Relations. Thank you, Simon, you may begin.
Thank you, operator, and welcome, everyone, and thank you for joining us today. I'm joined on today's call by solid powers President and Chief Executive Officer, John van Scudder and Chief Financial Officer, Linda Heller. A copy of today's earnings release is available on the Investor Relations section of solid Power's website, www.solarpowerbattery.com.
I'd like to remind you that part of our discussion today will
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