Solid Power, Inc. Q3 FY2023 earnings call

• Milestones: Shipped over 80 A Sample EV cells to BMW for automotive qualification; A-1 cells are 60-amp hour with SP2 electrolyte. • Electrolyte production: SP2 electrolyte production scaled, aiming for 1.25 metric tons per month by end of 2023, provided samples to customers. • Strategic priorities: Establishing presence in Korea (opened office, collaborated with Korean labs), elevating supply chain (addressed material issues, implemented SAP), enhancing external and investor communications, seeking additional OEM partner, accelerating revenue timeline.

Third quarter 2023 revenue was $6.4 million, driven by development and government contracts. Operating expenses were $27.9 million, resulting in an operating loss of $21.5 million and net loss of $15.1 million. Liquidity ended the quarter at $422.3 million.

• 2023 revenue expected $15-20M; cash investments for 2023 below guidance, ending liquidity above $375M. • 2024 guidance to be provided at year-end, with longer-term projections to be shared in 2024 IR event.

• Technical and supply chain challenges faced, but no changes in partner timelines observed despite automaker strikes.

Q: Mike Shlisky asked about presence in Asia beyond Korea and feedback on automaker strikes.

A: John Van Scoter said Korea office is for Asia, no changes in partner timelines due to strikes.

Q: Vincent Anderson asked about industry shift post-Toyota's sulfide announcement and SP1/SP2 relation.

A: John Van Scoter said sulfide backing is net positive, SP1/SP2 are interrelated.

Q: Jeffrey Campbell asked about A-1 cell endpoints and another OEM.

A: Kevin Paprzycki said A-1 cells need BMW testing, John Van Scoter said another OEM could be outside JV.

Q: Brian Dobson asked about electrolyte competitive landscape and BMW A2 timeline.

A: Kevin Paprzycki talked about competitive advantage in electrolyte production, Kevin Paprzycki said A2 timeline to be detailed in 2024 IR event