Solid Power''s Q2 net loss widens
Overview
Solid Power Q2 revenue of $6.5 mln
Company reports Q2 net loss of $25.3 mln, driven by increased operating expenses
Solid Power maintains strong liquidity position with $279.8 mln as of June 30
Outlook
Solid Power aims to drive electrolyte innovation through customer feedback
Company plans to start installing pilot continuous electrolyte manufacturing line
Solid Power to increase electrolyte sampling using innovation center
Company maintains financial discipline while investing in technology development
Result Drivers
FACTORY ACCEPTANCE TESTING - Revenue driven by completion of factory acceptance testing milestone for SK On pilot cell line
ELECTROLYTE DEMAND - Continued demand for multiple generations of electrolyte from existing and new customers
COST MANAGEMENT - Company remained fiscally disciplined, identifying opportunities to reduce operating costs while driving innovation
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | $6.48 mln | $6.45 mln (2 Analysts) | |
Q2 EPS | -$0.14 | ||
Q2 Net Income | -$25.34 mln | ||
Q2 Operating Income | -$25.87 mln | ||
Q2 Pretax Profit | -$26.01 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the auto, truck & motorcycle parts peer group is "buy"
Wall Street's median 12-month price target for Solid Power Inc is $2.00, about 81% below its August 5 closing price of $3.62
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