Solid Power Inc (SLDP) 2025 Q1 法說會逐字稿

Good day, and welcome to the Solid Power's first-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Solid Power 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Melanie Solomon, Investor Relations. Please go ahead.

現在我想將會議交給投資者關係部門的梅蘭妮·所羅門 (Melanie Solomon)。請繼續。

Thank you, operator. Welcome, everyone, and thank you for joining us today. I'm joined on today's call by Solid Power's President and Chief Executive Officer, John Van Scoter; and Chief Financial Officer, Linda Heller. A copy of today's earnings release is available on the Investor Relations section of Solid Power's website, www.solidpowerbattery.com.

謝謝您，接線生。歡迎大家，感謝你們今天的到來。參加今天電話會議的還有 Solid Power 總裁兼執行長 John Van Scoter；和財務長琳達·海勒 (Linda Heller)。今天的收益報告副本可在 Solid Power 網站 www.solidpowerbattery.com 的投資者關係部分找到。

I'd like to remind you that parts of our discussion today will include forward-looking statements as defined by US securities laws. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Solid Power disclaims any duty to update any forward-looking statement to reflect future events or circumstances. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those expressed in today's forward-looking statements, please see Solid Power's most recent filings with the Securities and Exchange Commission, which can be found on the company's website at www.solidpowerbattery.com.

我想提醒您，我們今天的討論內容將包括美國證券法定義的前瞻性陳述。這些前瞻性陳述是基於管理層對未來事件的當前預期和假設，並基於有關未來事件的結果和時間的當前可用資訊。除適用法律另有要求外，Solid Power 不承擔更新任何前瞻性聲明以反映未來事件或情況的義務。有關可能導致實際結果與今天的前瞻性陳述中表達的結果存在重大差異的風險和不確定性的討論，請參閱 Solid Power 向美國證券交易委員會提交的最新文件，該文件可在公司網站 www.solidpowerbattery.com 上找到。

With that, let me turn it over to John Van Scoter.

現在，讓我把話題交給約翰‧範‧史考特 (John Van Scoter)。

Thank you, Melanie, and thank you all for joining us.

謝謝你，梅蘭妮，也謝謝大家加入我們。

2025 is off to a good start. I'm pleased to lead off with our first operational goal for 2025, continuing to execute on our electrolyte development roadmap. As a reminder, we're currently planning to install the first globally known continuous manufacturing pilot line for sulfide electrolyte production at SP2, which we expect will expand our production capacity to 75 metric tons per year. This project is designed to support anticipated small volume programs of current and future customers as they begin to transition from traditional lithium ion to solid state battery technology.

2025年開局良好。我很高興能夠率先提出我們 2025 年的第一個營運目標，繼續執行我們的電解質開發路線圖。提醒一下，我們目前正計劃在 SP2 安裝第一條全球知名的硫化物電解質連續生產試驗線，預計這將使我們的生產能力擴大到每年 75 公噸。該專案旨在支援當前和未來客戶在從傳統鋰離子電池技術向固態電池技術過渡時預期的小批量專案。

During the quarter, we conducted detailed design of equipment for the new line, and we received $1.5 million in reimbursements under our agreement with the US Department of Energy. We look forward to beginning facility engineering in the coming months and remain on track for commissioning of the line in 2026.

本季度，我們對新生產線的設備進行了詳細設計，並根據與美國能源部達成的協議獲得了 150 萬美元的補償。我們期待在未來幾個月內開始設施工程，並預計在 2026 年投入使用。

Our next corporate objective for this year is to continue to execute our agreements with SK On, which support SK On's efforts to develop solid state cells based on our technology and operate a solid state pilot line that we designed to use our electrolytes. We're close to completing our factory acceptance testing for the SK On line, which is a key milestone under our line installation agreement with SK On. We expect to move to site acceptance testing of the line at SK On later this year.

我們今年的下一個企業目標是繼續執行與 SK On 的協議，該協議支持 SK On 基於我們的技術開發固態電池的努力，並運營我們設計的使用我們的電解質的固態試驗生產線。我們即將完成 SK On 生產線的工廠驗收測試，這是我們與 SK On 簽訂的生產線安裝協議的重要里程碑。我們預計將於今年稍晚在 SK On 對該線路進行現場驗收測試。

Our third corporate objective for 2025 is focusing on driving electrolyte innovation and performance through feedback from internal cell development and customers. We continue to receive constructive feedback from customers that have sampled our electrolytes. This feedback is driving process engineering, which we expect will lead to improved electrolyte performance.

我們 2025 年的第三個企業目標是專注於透過內部電池開發和客戶的回饋來推動電解質創新和效能。我們不斷收到已試用過我們電解質的客戶的建設性回饋。這種回饋正在推動製程工程，我們預計這將提高電解質的性能。

During the quarter, we also continued innovating in our state-of-the-art Electrolyte Innovation Center or EIC. After commissioning the EIC last year, we've been eager to take advantage of its capabilities. We're using the EIC to develop and test production processes at the smaller scale before transferring those learnings to our pilot electrolyte manufacturing lines.

本季度，我們也持續在最先進的電解質創新中心（EIC）進行創新。自從去年 EIC 投入使用以來，我們一直渴望充分利用它的功能。我們正在使用 EIC 來開發和測試小規模的生產流程，然後將這些經驗轉移到我們的試驗電解質生產線上。

Our fourth corporate objective is to ramp electrolyte sampling and identify long-term customers. During the first part of this year, we have continued to see demand for multiple generations of our electrolytes from customers including both existing and potential new customers. We are encouraged by our customer engagement and electrolyte sampling activities, and remain confident in the promise of sulfide-based solid state batteries.

我們的第四個企業目標是增加電解質採樣並確定長期客戶。今年上半年，我們持續看到現有客戶和潛在新客戶對我們多代電解質的需求。我們對客戶參與和電解質採樣活動感到鼓舞，並對基於硫化物的固態電池的前景充滿信心。

I'll now turn it over to Linda to discuss our financial results and progress towards achieving our financial discipline goal. Linda?

現在我將把話題交給琳達來討論我們的財務表現以及實現財務紀律目標的進展。琳達？

Thank you, John. I'll start with Q1 results beginning with revenue. During the first quarter of 2025, we generated revenue of $6 million compared to our revenue of $5.9 million during the first quarter of 2024. Revenue recognized this quarter was driven primarily by the SK On agreement and execution of milestones within the line installation agreement.

謝謝你，約翰。我先從第一季的業績開始，首先是營收。2025 年第一季度，我們的營收為 600 萬美元，而 2024 年第一季的營收為 590 萬美元。本季確認的收入主要得益於 SK On 協議以及線路安裝協議中里程碑的執行。

Operating expenses were $30 million for the quarter, a decrease of $1.7 million compared to the first quarter of 2024. This decrease was driven by a lower direct labor cost necessary to execute on the milestones within our collaborative arrangements. Operating loss was $24 million, and net loss was $15 million or $0.08 per share. Capital expenditures total $2.4 million, primarily representing costs for the construction of our continuous electrolyte production pilot line.

本季營運費用為 3,000 萬美元，與 2024 年第一季相比減少 170 萬美元。這一下降是由於實現我們合作安排中的里程碑所需的直接勞動力成本較低。營業虧損為 2,400 萬美元，淨虧損為 1,500 萬美元，即每股 0.08 美元。資本支出總計 240 萬美元，主要用於建造我們的連續電解質生產試驗線的成本。

Turning to our balance sheet and liquidity during the quarter, we invested $26.3 million into operations and $2.4 million into CapEx, bringing our total cash investment to $28.7 million. We ended the quarter with total liquidity of $300 million as of March 31, 2025. In addition, contracts receivables total $2.2 million, and total current liabilities were $10.4 million.

談到本季的資產負債表和流動性，我們向營運投資了 2,630 萬美元，向資本支出投資了 240 萬美元，使我們的總現金投資達到 2,870 萬美元。截至 2025 年 3 月 31 日，本季末我們的總流動資金為 3 億美元。此外，合約應收款總額為 220 萬美元，流動負債總額為 1,040 萬美元。

The final corporate objective for this year is to remain fiscally disciplined, balancing financial discipline with appropriate investments in technology, development, and process improvements. We remain on track to achieve this objective.

今年的最終企業目標是保持財務紀律，在財務紀律與技術、開發和流程改善的適當投資之間取得平衡。我們仍在朝著實現這一目標的方向前進。

I will now turn it back to John for some final thoughts.

現在我會把話題轉回約翰，請他發表一些最後的想法。

Thank you, Linda. In closing, we continue to make progress towards achieving our 2025 objectives. I would like to thank our employees, partners, and stakeholders for their loyalty and dedication. I'm excited about our opportunity to generate a strong shareholder return.

謝謝你，琳達。最後，我們將繼續朝著實現 2025 年目標的方向前進。我要感謝我們的員工、合作夥伴和利害關係人的忠誠和奉獻。我對我們為股東帶來豐厚回報的機會感到非常興奮。

We'll now take your questions. Operator?

我們現在來回答你們的問題。操作員？

(Operator Instructions) Chris Pierce, Needham.

（操作員指示）克里斯·皮爾斯，尼德姆。

Could you just remind us sort of how to think about '25 revenue and then how should we think about a step up or revenue from customers, I guess, not firm guidance, but some sort of timing around revenue from, customers for the electrolytes, and how should we think about revenue per vehicle? Just kind of some broad brush strokes would be great.

您能否提醒我們如何看待 25 年的收入，然後我們應該如何考慮來自客戶的收入的增長，我想，這不是堅定的指導，而是圍繞來自電解質客戶的收入的某種時間安排，以及我們應該如何考慮每輛車的收入？只要有一些粗略的筆觸就很好了。

Hi, Chris, it's Linda. Let me take a stab at answering this. '25 revenue is really dominated by two items, the substantial majority, and they're related to collaborative arrangements. SK On is clearly the largest collaborative arrangement and clearly the most effort being put in in '25. So that is one.

你好，克里斯，我是琳達。讓我嘗試回答這個問題。 25 的收入其實主要由兩項組成，絕大多數都與合作安排有關。SK On 顯然是規模最大的合作安排，顯然也是 25 年投入最多精力的合作安排。這就是其中之一。

We also have some government contracts which those are also in our revenue base. And then we have our electrolyte sampling. And sampling is at a much lower level than revenue per car or anything like that, so we don't break it out on that. We look more for repeat sampling and increased size sampling is how we look at our revenue and determine our traction as well as our customer feedback.

我們還有一些政府合同，這些也屬於我們的收入基礎。然後我們進行電解質採樣。而且抽樣水平遠低於每輛車的收入或類似的水平，所以我們不會對此進行細分。我們更多地尋求重複抽樣和增加抽樣規模，這是我們看待收入、確定我們的吸引力以及客戶回饋的方式。

Yeah, so on that, but I guess, I should have asked the question a little better. I apologize, but if we think about repeat sampling and moving towards firmer orders and things like that, like I guess what's the right way to think about the trajectory of revenues potentially beyond '25? And again, I'm not looking for a number, but just like just any sort of frame of reference to think about how things could move forward, whether it's how we think about EV adoption or just broadly.

是的，就是這樣，但我想，我應該問得更好一些。我很抱歉，但如果我們考慮重複採樣並轉向更確定的訂單等事情，我想，如何正確思考 25 年以後的收入走勢？再說一次，我不是在尋找一個數字，而只是尋找一種參考框架來思考事情如何向前發展，無論是我們如何看待電動車的採用，還是只是廣泛地看待。

So Chris, our customers are in the early stages of their cell development, and that's what's driving the sampling, so, it's not large quantities compared to where we will end up. It is increasing though and quite substantially that started at the back half of last year, and it continues this year. So I think that's really what I can say at this point.

克里斯，我們的客戶正處於電池開發的早期階段，這就是推動採樣的原因，因此，與我們最終的結果相比，數量並不大。不過，從去年下半年開始，這一數字一直在增加，而且成長幅度相當大，今年也將持續增加。所以我認為這就是我現在能說的。

We've talked about timings for significant electrolyte revenue in the past as you know. We have a wide range of customers potentially as early as 2027, 2028, but the bulk of them are around 2030 and beyond. So we have seen increased revenues but not substantially given the work that is still required on the cell level.

如您所知，我們過去曾討論過大量電解質收入的時間安排。我們擁有廣泛的客戶群，最早可能在 2027 年、2028 年實現這一目標，但大多數客戶將在 2030 年左右及以後實現這一目標。因此，我們看到收入增加，但考慮到在細胞層面上仍需要進行的工作，增幅並不大。

Okay, perfect. And just lastly for me. I know you talked about government revenue, and John, I think you said something in your remarks, but I just want to -- can we drill down a little bit on the DOE loan just kind of what the latest update is there?

好的，完美。對我來說這是最後一個了。我知道您談到了政府收入，約翰，我想您在演講中提到了一些內容，但我只是想——我們能否深入了解能源部貸款的最新進展？

Hi, Chris. It's Linda again. Let me first clarify, it is not a loan, it is a grant. So there is a difference there, and we, as John mentioned, we did receive $1.5 million funds during Q1 under that grant. And at this point, that's really all we can tell you.

你好，克里斯。又是琳達。首先讓我澄清一下，這不是貸款，而是贈款。所以這裡存在差異，正如約翰所提到的，我們在第一季確實根據該撥款收到了 150 萬美元的資金。目前，我們能告訴你的只有這些。

Okay, perfect. Thank you.

好的，完美。謝謝。

(Operator Instructions) This concludes our question-and-answer session. I would like to turn the conference back over for any closing remarks.

（操作員指示）我們的問答環節到此結束。我想將會議轉回以便發表結束語。

Thank you for joining the call today and for your interest in Solid Power. Linda and I look forward to updating you again next quarter. Thank you.

感謝您今天參加電話會議以及對 Solid Power 的關注。Linda 和我期待下個季度再次向您更新最新情況。謝謝。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。