Solid Power Inc (SLDP) 2025 Q2 法說會逐字稿

Good day, and welcome to the Solid Power second-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Charlie Vangetz, Investor Relations. Please go ahead.

大家好，歡迎參加 Solid Power 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在我想將會議交給投資者關係部門的 Charlie Vangetz。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 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 statements to reflect future events or circumstances.

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。除適用法律另有規定外，Solid Power 不承擔更新任何前瞻性陳述以反映未來事件或情況的義務。

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.

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, Charlie, and thank you all for joining us. I'm pleased to provide an update on our 2025 operational goals since our last earnings call.

謝謝你，查理，也謝謝大家加入我們。我很高興提供自上次收益電話會議以來我們 2025 年營運目標的最新情況。

As announced this quarter, we reached a significant achievement in our partnership with BMW, who introduced their i7 test vehicle powered by our cells and solid-state battery technology. We believe this development marks a major step in our overall strategy as it underscores the potential of our electrolyte and cell technologies. It also highlights our 2025 corporate objective to drive electrolyte innovation and performance through feedback from cell development and customers.

正如本季宣布的那樣，我們與寶馬的合作取得了重大成就，BMW推出了採用我們的電池和固態電池技術驅動的 i7 測試車。我們相信這項發展標誌著我們整體策略邁出的重要一步，因為它凸顯了我們的電解質和電池技術的潛力。它還強調了我們的 2025 年企業目標，即透過電池開發和客戶的回饋來推動電解質創新和性能。

We're excited and proud to continue our partnership with BMW. This quarter, we completed factory acceptance testing of the SK On pilot line, which is a key milestone under our line installation agreement. Our collaboration with SK On supports their efforts to develop solid-state cells based on our technology and operate a solid-state pilot line that we designed to use our electrolyte. We have begun working towards site acceptance testing of the line at SK On's facilities, which we expect to complete later this year.

我們很高興並自豪能夠繼續與寶馬合作。本季度，我們完成了 SK On 試驗線的工廠驗收測試，這是我們生產線安裝協議下的一個重要里程碑。我們與 SK On 的合作支持他們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。我們已經開始在 SK On 的工廠對該生產線進行現場驗收測試，預計今年稍後完成。

We're making progress on our electrolyte development road map. During the quarter, we finished ordering long lead equipment and began detailed design for our planned installation of a continuous manufacturing pilot line for sulfide electrolyte production at SP2. The line is expected to expand our production capacity to 75 metric tons and enable us to support anticipated small volume programs of current and future customers.

我們的電解質開發路線圖正在取得進展。在本季度，我們完成了長週期設備的訂購，並開始對計劃在 SP2 安裝的硫化物電解質連續製造試驗線進行詳細設計。該生產線預計將使我們的生產能力擴大到 75 公噸，並使我們能夠支援現有和未來客戶預期的小批量專案。

As of June 30, we have received $3.3 million in reimbursements under our agreement with the U.S. Department of Energy for this project. We remain on track for commissioning of the line in 2026.

截至 6 月 30 日，我們已根據與美國能源部就該項目達成的協議收到 330 萬美元的補償金。我們仍有望在 2026 年投產該線路。

Finally, we are working to ramp electrolyte sampling and identify long-term customers. During the first half of the year, we continue to see demand for multiple generations of our electrolyte from customers, including both existing and new customers. We've engaged in active sampling to key strategic customers so far this year, and we remain encouraged by our customer engagement and electrolyte sampling activities.

最後，我們正在努力增加電解質採樣並確定長期客戶。今年上半年，我們繼續看到客戶（包括現有客戶和新客戶）對我們多代電解質的需求。今年到目前為止，我們已經對主要策略客戶進行了主動採樣，並且我們對客戶參與和電解質採樣活動感到鼓舞。

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 Q2 and year-to-date results, beginning with revenue. During the second quarter of 2025, we generated revenue of $7.5 million compared to our Q1 2025 revenue of $6 million. This brings revenue year to date to $13.5 million. Revenue recognized this quarter was driven primarily by the achievement of the factory acceptance testing milestone under our line installation agreement with SK On.

謝謝你，約翰。我將從第二季和年初至今的業績開始，首先是收入。2025 年第二季度，我們的營收為 750 萬美元，而 2025 年第一季的營收為 600 萬美元。這使得今年迄今的收入達到 1,350 萬美元。本季度確認的收入主要得益於我們與 SK On 簽訂的線路安裝協議中工廠驗收測試里程碑的實現。

Operating expenses for the second quarter were $33.4 million, an increase of $3.4 million compared to our first quarter of 2025 at $30 million. This increase is driven by costs incurred to support the achievement of factory acceptance testing, which was $6.7 million of our operating costs for the quarter.

第二季的營運費用為 3,340 萬美元，與 2025 年第一季的 3,000 萬美元相比增加了 340 萬美元。這一增長是由於支援工廠驗收測試完成而產生的成本，這占我們本季營運成本的 670 萬美元。

Operating loss year-to-date was $49.9 million and year-to-date net loss was $40.5 million or $0.22 per share.

年初至今的營業虧損為 4,990 萬美元，年初至今的淨虧損為 4,050 萬美元，即每股 0.22 美元。

Capital expenditures totaled $5 million, primarily representing costs for the construction of our continuous electrolyte production pilot line. We repurchased 3.3 million shares during Q2 at an average share price of $1.05, totaling approximately $3.6 million under our stock repurchase program. Thanks to a strong balance sheet, we were able to return this capital to shareholders and maximize long-term shareholder value.

資本支出總計 500 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。我們在第二季以平均每股 1.05 美元的價格回購了 330 萬股，根據我們的股票回購計劃，總額約為 360 萬美元。由於資產負債表強勁，我們能夠將這些資本返還給股東並實現長期股東價值最大化。

Turning to our balance sheet and liquidity. During the quarter, we invested $14.4 million into operations and $2.6 million into CapEx. This brings our total year-to-date cash investment to $45.7 million. We ended the quarter with total liquidity of $279.8 million as of June 30, 2025. In addition, contract receivables totaled $4.6 million and total current liabilities were $12.4 million.

轉向我們的資產負債表和流動性。本季度，我們向營運投資了 1,440 萬美元，向資本支出投資了 260 萬美元。這使得我們今年迄今的現金投資總額達到 4,570 萬美元。截至 2025 年 6 月 30 日，本季末的總流動資金為 2.798 億美元。此外，合約應收款總額為 460 萬美元，流動負債總額為 1,240 萬美元。

We continue to be disciplined fiscally balancing efficiency and process improvements with the strategic investments in technology developments and critical infrastructure.

我們將繼續嚴格控制財政開支，在效率和流程改善與技術開發和關鍵基礎設施的策略性投資之間取得平衡。

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 are steadily advancing towards our strategic objectives. I want to express my gratitude to our employees, partners and stakeholders for their continued commitment and support. I remain optimistic about our potential to deliver strong returns for our shareholders.

謝謝你，琳達。最後，我們正在穩步推進我們的戰略目標。我要向我們的員工、合作夥伴和利害關係人的持續承諾和支持表示感謝。我對我們為股東帶來豐厚回報的潛力仍然持樂觀態度。

We will now take your questions. Operator?

我們現在將回答大家的提問。操作員？

(Operator Instructions)

（操作員指示）

This concludes our question-and-answer session. I would like to turn the conference back over to John Van Scoter for closing remarks.

我們的問答環節到此結束。我想將會議交還給約翰·範·斯科特 (John Van Scoter) 作最後發言。

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

感謝您今天參加電話會議以及對 Solid Power 的關注。我們期待下個季度再次向您更新資訊。

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

謝謝。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。