In the third quarter of 2023, Solid Power, a company specialising in all-solid-state battery technology for electric vehicles (EV), reported a net loss of $15.14 million. This marked a 22% year-over-year increase in losses compared to the $12.4 million loss recorded in the same period last year. The rise in net loss was primarily due to the company's expanded efforts in building EV cells and increasing electrolyte production, necessitating additional investments.
Despite the net loss, the company emphasised that its liquidity remained robust, aligning well with its operational and capital expenditure targets for the year. Solid Power generated revenue of $6.4 million during the quarter, reflecting a remarkable 127% YoY increase. This growth was attributed to the successful execution of joint development agreements and government contracts.
Operating expenses for the quarter amounted to $21.5 million, a 37% YoY increase, driven by accelerated investments in product development and operational scaling. In Q3 2023, the company allocated $8.3 million to capital expenditures, with a primary focus on developing its new electrolyte production facility.
Solid Power's President and Chief Executive Officer, John Van Scoter, expressed enthusiasm about the company's progress, highlighting the recent milestone of delivering the first A Sample EV cells for BMW. These cells mark a significant step forward in Solid Power's journey toward commercialisation and will support BMW's demo car program, serving as a pivotal proof point for their technology.
Looking at the broader picture, during the first nine months of 2023, Solid Power reported a net loss of $46.51 million, signifying a substantial 412% YoY increase in losses. Despite this, the company's revenue for the same period stood at $15.06 million, a notable 98.4% YoY increase. Operating losses during this period amounted to $64.99 million, indicating a 56% YoY rise. The company's capital expenditures reached $29.5 million, primarily directed toward investments in the electrolyte production facility.
Solid Power also revealed its proactive approach to development and commercialisation, actively exploring opportunities in Korea and remaining open to collaborating with additional OEM partners to further its EV technology initiatives. Notably, the company had faced a significant setback earlier in the year, with a net loss of $19.2 million in the first quarter of 2023, compared to a loss of $10.3 million YoY. This was followed by a net loss of $12.21 million in the second quarter, marking an 189% YoY decrease from a profit of $13.67 million.
