$SLDP
Solid Power, Inc.

2022 Q1 Form 10-Q Financial Statement

#000110465922058460 Filed on May 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $2.196M $480.0K
YoY Change 357.5%
Cost Of Revenue $2.030M
YoY Change
Gross Profit $166.0K
YoY Change
Gross Profit Margin 7.56%
Selling, General & Admin $4.022M $597.0K
YoY Change 573.7%
% of Gross Profit 2422.89%
Research & Development $6.661M $3.106M
YoY Change 114.46%
% of Gross Profit 4012.65%
Depreciation & Amortization $753.0K $544.0K
YoY Change 38.42%
% of Gross Profit 453.61%
Operating Expenses $13.51M $4.773M
YoY Change 183.01%
Operating Profit -$11.31M -$4.293M
YoY Change 163.5%
Interest Expense $5.000K $222.0K
YoY Change -97.75%
% of Operating Profit
Other Income/Expense, Net $945.0K -$2.901M
YoY Change -132.57%
Pretax Income -$10.37M -$7.194M
YoY Change 44.11%
Income Tax -$23.00K -$53.00K
% Of Pretax Income
Net Earnings -$10.34M -$7.141M
YoY Change 44.85%
Net Earnings / Revenue -471.04% -1487.71%
Basic Earnings Per Share -$0.06 -$0.10
Diluted Earnings Per Share -$0.06 -$0.10
COMMON SHARES
Basic Shares Outstanding 172.4M 70.09M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $553.3M
YoY Change
Cash & Equivalents $450.4M $6.780M
Short-Term Investments $102.9M
Other Short-Term Assets $2.919M
YoY Change
Inventory
Prepaid Expenses
Receivables $1.639M
Other Receivables $0.00
Total Short-Term Assets $557.9M $3.538M
YoY Change 15666.87%
LONG-TERM ASSETS
Property, Plant & Equipment $34.98M
YoY Change
Goodwill
YoY Change
Intangibles $722.0K
YoY Change
Long-Term Investments $10.90M
YoY Change
Other Assets $1.239M
YoY Change
Total Long-Term Assets $55.62M $350.6M
YoY Change -84.13%
TOTAL ASSETS
Total Short-Term Assets $557.9M $3.538M
Total Long-Term Assets $55.62M $350.6M
Total Assets $613.5M $354.1M
YoY Change 73.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.135M $1.317M
YoY Change 213.87%
Accrued Expenses $1.777M $480.2K
YoY Change 270.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $88.00K
YoY Change
Total Short-Term Liabilities $6.477M $1.958M
YoY Change 230.77%
LONG-TERM LIABILITIES
Long-Term Debt $4.000K
YoY Change
Other Long-Term Liabilities $56.80M
YoY Change
Total Long-Term Liabilities $4.000K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.477M $1.958M
Total Long-Term Liabilities $4.000K
Total Liabilities $63.65M $40.09M
YoY Change 58.77%
SHAREHOLDERS EQUITY
Retained Earnings -$19.88M -$36.99M
YoY Change -46.26%
Common Stock $570.1M $6.166M
YoY Change 9145.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $549.8M $1.693M
YoY Change
Total Liabilities & Shareholders Equity $613.5M $354.1M
YoY Change 73.25%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$10.34M -$7.141M
YoY Change 44.85%
Depreciation, Depletion And Amortization $753.0K $544.0K
YoY Change 38.42%
Cash From Operating Activities -$14.37M -$3.643M
YoY Change 294.43%
INVESTING ACTIVITIES
Capital Expenditures $10.53M $68.00K
YoY Change 15380.88%
Acquisitions
YoY Change
Other Investing Activities -$38.25M
YoY Change
Cash From Investing Activities -$48.88M -$97.00K
YoY Change 50292.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 208.0K 5.546M
YoY Change -96.25%
NET CHANGE
Cash From Operating Activities -14.37M -3.643M
Cash From Investing Activities -48.88M -97.00K
Cash From Financing Activities 208.0K 5.546M
Net Change In Cash -63.04M 1.806M
YoY Change -3590.7%
FREE CASH FLOW
Cash From Operating Activities -$14.37M -$3.643M
Capital Expenditures $10.53M $68.00K
Free Cash Flow -$24.90M -$3.711M
YoY Change 570.87%

Facts In Submission

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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4974000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
450405000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6780000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
3000
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
42000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
3119000
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
65000
CY2022Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Note 1 – Nature of Business</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 10pt 0pt;"><span style="font-family:'Times New Roman','Times','serif';">Solid Power, Inc. (the “Company”), headquartered in Louisville, Colorado, is developing all-solid-state battery cell technology primarily for the electric vehicle market. The Company's planned business model is to license its all-solid-state battery cell designs and manufacturing know-how to top tier battery manufacturers or automotive original equipment manufacturers and to sell its sulfide-based solid electrolyte for incorporation into all-solid-state battery cells. As of March 31, 2022, Company has not derived material revenue from its principal business activities.</span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 10pt 0pt;"><span style="font-family:'Times New Roman','Times','serif';">On December 8, 2021 (the “Closing Date”), the Company (f/k/a Decarbonization Plus Acquisition Corporation III (“DCRC”)) consummated its previously announced business combination pursuant to the Business Combination Agreement and Plan of Reorganization, dated June 15, 2021 (as amended, the “Business Combination Agreement”), among the Company, DCRC Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of DCRC (“Merger Sub”), and Solid Power Operating, Inc., a Colorado corporation (f/k/a Solid Power, Inc., “Legacy Solid Power”). Pursuant to the terms of the Business Combination Agreement, Merger Sub merged with and into Legacy Solid Power, with Legacy Solid Power surviving the merger as a wholly owned subsidiary of the Company (the “Merger” and, together with the other transactions contemplated by the Business Combination Agreement, the “Business Combination”).</span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 10pt 0pt;"><span style="font-family:'Times New Roman','Times','serif';">Pursuant to the Business Combination Agreement, the Merger was accounted for as a reverse recapitalization in accordance with GAAP (the "Reverse Recapitalization"). Under this method of accounting, DCRC was treated as the "acquired" company and Legacy Solid Power is treated as the acquirer for financial reporting purposes. See Note 3</span></p>
CY2022Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 10pt 0pt;"><i style="font-family:'Times New Roman','Times','serif';font-style:italic;">Concentrations of Credit Risk </i></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';">Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents, marketable securities and long-term investments. As of March 31, 2022 and December 31, 2021, approximately </span><span style="font-family:'Times New Roman','Times','serif';">$405,476</span><span style="font-family:'Times New Roman','Times','serif';"> and </span><span style="font-family:'Times New Roman','Times','serif';">$492,248</span><span style="font-family:'Times New Roman','Times','serif';">, respectively, of our total cash and cash equivalents and marketable securities </span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><span style="font-family:'Times New Roman','Times','serif';">were held in U.S. money market funds, and </span><span style="font-family:'Times New Roman','Times','serif';">$21,142</span><span style="font-family:'Times New Roman','Times','serif';"> and </span><span style="font-family:'Times New Roman','Times','serif';">$3,017</span><span style="font-family:'Times New Roman','Times','serif';">, respectively, were invested in U.S. government bonds and treasury securities. The Company seeks to mitigate its credit risk with respect to cash and cash equivalents, marketable securities and long-term investments by making deposits with large, reputable financial institutions and investing in high credit rated instruments.</span><span style="font-family:'Times New Roman','Times','serif';"> </span></p>
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q1 dcrc Business Combination Exchange Ratio
BusinessCombinationExchangeRatio
3.182
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
42197000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
28550000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7219000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6468000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
34978000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22082000
CY2022Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
767000
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-45000
CY2021Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
661000
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-42000
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2000
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2000
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
92000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
130000
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
88000
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
120000
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
4000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
10000
CY2022Q1 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
3000
CY2021Q1 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
41000
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0074
CY2022Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-710000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
47170795
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24302338
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1068000
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
22000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
779000
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
22000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
802000
CY2022Q1 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
38000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
6584000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1596000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
70000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0102
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5997
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.95
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
31000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
21455000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
643000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-10344000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7141000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
172395717
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70087539
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
9000
CY2022Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
3000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
277000
CY2022Q1 us-gaap Lease Cost
LeaseCost
289000
CY2022Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
2000
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
12000
CY2022Q1 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
94000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
220000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
7731000
CY2022Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P4Y10M20D
CY2022Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.052
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y11M4D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.058
CY2022Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
42000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
818000
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
57000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1123000
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
57000
CY2022Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
238000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11174000
CY2022Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
28000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3030000
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
210000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
8144000
CY2022Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
144000
CY2021Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
81000
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0021
CY2021Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
500000

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