Solid Power, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting a mixed performance in revenue and increased operating losses compared to the previous fiscal period.

For the three months ended September 30, 2024, Solid Power generated revenue of $4.7 million, a decrease of 27% from $6.4 million in the same period of 2023. However, for the nine months ended September 30, 2024, revenue increased by 4% to $15.7 million, compared to $15.1 million in the prior year. The decline in quarterly revenue was attributed to reduced contributions from the BMW Joint Development Agreement, which saw no revenue in Q3 2024 compared to $3.7 million in Q3 2023.

Total operating expenses for the third quarter rose to $32.2 million, up 16% from $27.9 million in Q3 2023. This increase was driven by higher research and development expenses, which grew by 22% to $17.3 million, and selling, general, and administrative expenses, which increased by 23% to $8.0 million. For the nine-month period, total operating expenses reached $96.0 million, a 20% increase from $80.1 million in the same period of 2023.

The company reported an operating loss of $27.6 million for the third quarter, a 28% increase from the loss of $21.5 million in Q3 2023. The nine-month operating loss also widened to $80.3 million, compared to $65.0 million in the prior year. Net loss attributable to common stockholders for the third quarter was $22.4 million, up 48% from $15.1 million in Q3 2023, while the nine-month net loss increased to $65.9 million from $46.5 million.

As of September 30, 2024, Solid Power's cash and cash equivalents stood at $38.0 million, an increase from $34.5 million at the end of 2023. However, total current assets decreased to $139.9 million from $183.1 million, and total assets fell to $470.9 million from $532.8 million. The accumulated deficit grew significantly to $150.5 million from $84.6 million at the end of 2023.

Strategically, Solid Power has been active in expanding its partnerships and capabilities. The company entered into a collaborative agreement with SK On and extended its Joint Development Agreement with BMW, which now includes provisions for milestone-based extensions. Additionally, Solid Power acquired a 20% equity stake in a third-party engineering consulting firm for $400,000, reflecting its commitment to enhancing its technological capabilities.

Overall, while Solid Power experienced a slight increase in year-to-date revenue, the company faced challenges with rising operating costs and widening losses, necessitating continued focus on strategic partnerships and operational efficiencies.