$SLDP
Solid Power, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021057030 Filed on November 15, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q1
Revenue $628.0K $480.0K
YoY Change 9.79%
Cost Of Revenue $709.0K
YoY Change 51.82%
Gross Profit -$81.00K
YoY Change -177.14%
Gross Profit Margin -12.9%
Selling, General & Admin $4.000M $597.0K
YoY Change 554.66%
% of Gross Profit
Research & Development $4.400M $3.106M
YoY Change 84.56%
% of Gross Profit
Depreciation & Amortization $1.673M $544.0K
YoY Change 13.73%
% of Gross Profit
Operating Expenses $8.400M $4.773M
YoY Change 180.47%
Operating Profit -$2.956M -$4.293M
YoY Change 2.27%
Interest Expense -$14.00K $222.0K
YoY Change -84.09%
% of Operating Profit
Other Income/Expense, Net -$2.000K -$2.901M
YoY Change
Pretax Income -$8.497M -$7.194M
YoY Change 185.33%
Income Tax -$47.00K -$53.00K
% Of Pretax Income
Net Earnings $5.787M -$7.141M
YoY Change -292.7%
Net Earnings / Revenue 921.48% -1487.71%
Basic Earnings Per Share -$0.08 -$0.10
Diluted Earnings Per Share -$50.43K -$0.10
COMMON SHARES
Basic Shares Outstanding 102.4M 70.09M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q3 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $109.3M
YoY Change
Cash & Equivalents $109.3M $6.780M
Short-Term Investments
Other Short-Term Assets $1.103M
YoY Change
Inventory
Prepaid Expenses
Receivables $642.0K
Other Receivables $0.00
Total Short-Term Assets $111.0M $3.538M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $13.41M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $13.84M $350.6M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $111.0M $3.538M
Total Long-Term Assets $13.84M $350.6M
Total Assets $124.9M $354.1M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.293M $1.317M
YoY Change
Accrued Expenses $1.899M $480.2K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $1.231M
YoY Change
Total Short-Term Liabilities $4.481M $1.958M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $569.0K
YoY Change
Other Long-Term Liabilities $265.0K
YoY Change
Total Long-Term Liabilities $834.0K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.481M $1.958M
Total Long-Term Liabilities $834.0K
Total Liabilities $5.479M $40.09M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$54.36M -$36.99M
YoY Change
Common Stock $131.00 $6.166M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$54.36M $1.693M
YoY Change
Total Liabilities & Shareholders Equity $350.8M $354.1M
YoY Change

Cashflow Statement

Concept 2021 Q3 2021 Q1
OPERATING ACTIVITIES
Net Income $5.787M -$7.141M
YoY Change -292.7%
Depreciation, Depletion And Amortization $1.673M $544.0K
YoY Change 13.73%
Cash From Operating Activities -$18.03M -$3.643M
YoY Change 148.12%
INVESTING ACTIVITIES
Capital Expenditures -$6.762M $68.00K
YoY Change 595.68%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$6.762M -$97.00K
YoY Change 595.68%
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 129.1M 5.546M
YoY Change 26462.35%
NET CHANGE
Cash From Operating Activities -18.03M -3.643M
Cash From Investing Activities -6.762M -97.00K
Cash From Financing Activities 129.1M 5.546M
Net Change In Cash 104.3M 1.806M
YoY Change -1445.09%
FREE CASH FLOW
Cash From Operating Activities -$18.03M -$3.643M
Capital Expenditures -$6.762M $68.00K
Free Cash Flow -$11.27M -$3.711M
YoY Change 79.02%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2021Q3 us-gaap Change In Accounting Principle Accounting Standards Update Early Adoption
ChangeInAccountingPrincipleAccountingStandardsUpdateEarlyAdoption
true
CY2021Q3 us-gaap Change In Accounting Principle Accounting Standards Update Immaterial Effect
ChangeInAccountingPrincipleAccountingStandardsUpdateImmaterialEffect
true
dcrc Common Stock Threshold Trading Period
CommonStockThresholdTradingPeriod
P20D
dcrc Common Stock Consecutive Trading Period
CommonStockConsecutiveTradingPeriod
P30D
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
-54360433
CY2021Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
350841597
CY2021Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2905322
CY2021Q3 dcrc Franchise Tax Expense
FranchiseTaxExpense
50411
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2955733
dcrc Offering Costs Allocated To Warrant Liabilities
OfferingCostsAllocatedToWarrantLiabilities
956584
CY2021Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-8737362
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
5786915
CY2021Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
35000000
CY2021Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.13
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.52
dcrc Weighted Average Shares Outstanding Of Nonredeemable Common Stock Basic And Diluted
WeightedAverageSharesOutstandingOfNonredeemableCommonStockBasicAndDiluted
8750000
dcrc Basic And Diluted Net Income Loss Per Common Share Nonredeemable Common Stock
BasicAndDilutedNetIncomeLossPerCommonShareNonredeemableCommonStock
-0.52
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
0
CY2021Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
25000
CY2021Q1 dcrc Accretion For Common Stock To Redemption
AccretionForCommonStockToRedemption
-35972254
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-1045232
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
-36992486
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-23154862
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
-60147348
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
5786915
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
-54360433
us-gaap Profit Loss
ProfitLoss
-18413179
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
12429306
CY2021Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q3 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
131
CY2021Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-54361439
dcrc Offering Costs Allocated To Warrant Liabilities
OfferingCostsAllocatedToWarrantLiabilities
956584
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
10686
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
3389025
dcrc Increase Decrease In Franchise Tax Payable
IncreaseDecreaseInFranchiseTaxPayable
133699
us-gaap Increase Decrease In Prepaid Insurance
IncreaseDecreaseInPrepaidInsurance
830911
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2346162
dcrc Investment Of Cash In Trust Account
InvestmentOfCashInTrustAccount
350000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-350000000
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
343000000
dcrc Proceeds From Sale Of Private Placement Warrants
ProceedsFromSaleOfPrivatePlacementWarrants
10000000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
25000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
678838
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
352346162
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
0
dcrc Deferred Underwriting Compensation
DeferredUnderwritingCompensation
12250000
dcrc Deferred Underwriting Fees
DeferredUnderwritingFees
12250000
dcrc Other Offering Costs
OtherOfferingCosts
678838
CY2021Q3 us-gaap Cash
Cash
0
CY2021Q1 dcrc Proceeds From Stock Offering Held In Trust Account
ProceedsFromStockOfferingHeldInTrustAccount
350000000
CY2021Q3 dcrc Redemption Percentage Of Public Shares If Business Combination Not Completed
RedemptionPercentageOfPublicSharesIfBusinessCombinationNotCompleted
1
CY2021Q3 dcrc Redemption Percentage Of Public Shares If Business Combination Not Completed
RedemptionPercentageOfPublicSharesIfBusinessCombinationNotCompleted
1
dcrc Threshold Period For Redemption Of Public Shares
ThresholdPeriodForRedemptionOfPublicShares
P24M
CY2021Q3 dcrc Net Tangible Assets Threshold Limit For Redemption Of Public Shares
NetTangibleAssetsThresholdLimitForRedemptionOfPublicShares
5000001
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2021-01-29
CY2021Q3 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
19928838
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
61935
dcrc Underwriting Fees
UnderwritingFees
7000000
CY2021Q3 us-gaap Cash
Cash
0
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-36993492
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
-36992486
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:5.13%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:5.13%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation coverage limits of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p>
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
250000
CY2021Q3 dcrc Amount Borrowed Under Working Capital Loan
AmountBorrowedUnderWorkingCapitalLoan
0
us-gaap New Accounting Pronouncement Or Change In Accounting Principle Description
NewAccountingPronouncementOrChangeInAccountingPrincipleDescription
ASU 2020-06
CY2021Q3 us-gaap Change In Accounting Principle Accounting Standards Update Adoption Date
ChangeInAccountingPrincipleAccountingStandardsUpdateAdoptionDate
2021-01-01
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:5.13%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:5.13%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the financial statement in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of this financial statement. Actual results could differ from those estimates.</p>
CY2021Q3 us-gaap Cash
Cash
0
CY2021Q3 us-gaap General Partners Offering Costs
GeneralPartnersOfferingCosts
19172254
dcrc Expensed Offering Costs
ExpensedOfferingCosts
956584
CY2021Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
dcrc Underwriters Over Allotment Option Expired Date
UnderwritersOverAllotmentOptionExpiredDate
2021-05-07
CY2021Q1 dcrc Period For Completion Of Business Combination From Closing Of Initial Public Offering
PeriodForCompletionOfBusinessCombinationFromClosingOfInitialPublicOffering
P24M
us-gaap Related Party Transaction Description Of Transaction
RelatedPartyTransactionDescriptionOfTransaction
The Company’s initial stockholders have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the Initial Business Combination or (B) subsequent to the Initial Business Combination, (x) if the last sale price of the Company’s Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.
dcrc Minimum Holding Period For Shares After Business Combination
MinimumHoldingPeriodForSharesAfterBusinessCombination
P150D
CY2021Q1 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
10000
dcrc Underwriters Option Period To Purchase Shares
UnderwritersOptionPeriodToPurchaseShares
P45D
dcrc Maximum Number Of Shares Granted For Underwriters To Purchase
MaximumNumberOfSharesGrantedForUnderwritersToPurchase
5250000
dcrc Underwriters Over Allotment Option Expired Date
UnderwritersOverAllotmentOptionExpiredDate
2021-05-07
dcrc Underwriting Agreement Deferred Fee Per Unit
UnderwritingAgreementDeferredFeePerUnit
0.35
CY2021Q3 dcrc Underwriting Agreement Deferred Fee Payable Upon Completion Of Business Combination
UnderwritingAgreementDeferredFeePayableUponCompletionOfBusinessCombination
12250000
dcrc Founder Shares Percentage
FounderSharesPercentage
0.20
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
dcrc Warrants Exercise Period Following Business Combination
WarrantsExercisePeriodFollowingBusinessCombination
P30D
dcrc Number Of Fractional Warrants Be Issued
NumberOfFractionalWarrantsBeIssued
0
dcrc Class Of Warrant Or Right Exercise Price Percentage
ClassOfWarrantOrRightExercisePricePercentage
1.15
dcrc Warrants Exercise Period Following Business Combination
WarrantsExercisePeriodFollowingBusinessCombination
P30D
dcrc Warrants Exercise Period Following Initial Public Offering
WarrantsExercisePeriodFollowingInitialPublicOffering
P12M
CY2021Q3 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2021Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-8737362
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
12429306

Files In Submission

Name View Source Status
0001564590-21-057030-index-headers.html Edgar Link pending
0001564590-21-057030-index.html Edgar Link pending
0001564590-21-057030.txt Edgar Link pending
0001564590-21-057030-xbrl.zip Edgar Link pending
dcrc-10q_20210930.htm Edgar Link pending
dcrc-10q_20210930_htm.xml Edgar Link completed
dcrc-20210930.xsd Edgar Link pending
dcrc-20210930_cal.xml Edgar Link unprocessable
dcrc-20210930_def.xml Edgar Link unprocessable
dcrc-20210930_lab.xml Edgar Link unprocessable
dcrc-20210930_pre.xml Edgar Link unprocessable
dcrc-ex311_64.htm Edgar Link pending
dcrc-ex312_65.htm Edgar Link pending
dcrc-ex321_66.htm Edgar Link pending
dcrc-ex322_67.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending