Solid Power, Inc. Q2 FY2025 earnings call

• Partnership with BMW: Achieved a significant milestone with BMW introducing the i7 test vehicle powered by their cells and solid-state battery technology, highlighting the potential of their electrolyte and cell technologies.
• SK On pilot line: Completed factory acceptance testing of the SK On pilot line, a key milestone under the line installation agreement, with work beginning towards site acceptance testing later in the year.
• Electrolyte development: Finished ordering long lead equipment and began detailed design for the continuous manufacturing pilot line for sulfide electrolyte production at SP2, expected to expand production capacity to 75 metric tons and support small volume programs. Received $3.3 million in reimbursements under the U.S. Department of Energy agreement and on track for 2026 commissioning.
• Electrolyte sampling: Continued to see demand for multiple generations of their electrolyte from customers, engaged in active sampling with key strategic customers.

In the second quarter of 2025, Solid Power generated revenue of $7.5 million, compared to $6 million in Q1 2025, with year-to-date revenue reaching $13.5 million. Operating expenses for Q2 were $33.4 million, an increase from $30 million in Q1. Year-to-date operating loss was $49.9 million, and net loss was $40.5 million or $0.22 per share. Capital expenditures totaled $5 million for the construction of the continuous electrolyte production pilot line. The company repurchased 3.3 million shares during Q2 at an average price of $1.05, totaling approximately $3.6 million. As of June 30, 2025, total liquidity was $279.8 million, contract receivables were $4.6 million, and total current liabilities were $12.4 million.

Q: A: Q: A: