Solid Power, Inc. (NASDAQ:SLDP) Chief Technology Officer Joshua Buettner-Garrett recently sold 187,500 shares of common stock, amounting to approximately $201,393. The shares were sold at a weighted average price of $1.0741, with prices ranging from $1.06 to $1.095, as part of a pre-established trading plan. This transaction was part of a Rule 10b5-1 trading plan, which was set up to manage tax liabilities and diversify assets. Following the sale, Buettner-Garrett holds 869,720 shares directly. Additionally, he exercised stock options to acquire 187,500 shares at $0.03 per share on the same date.
In other recent news, Solid Power, Inc. has reported its Q3 2024 financial results and is in negotiations for a potential $50 million grant from the U.S. Department of Energy (DOE). Despite a net loss of $22.4 million, Solid Power maintains a strong liquidity position with $348.1 million in cash as of September 30, 2024. The company earned $4.7 million in revenue primarily from SK On agreements and government contracts. Solid Power's expenses for the quarter amounted to $32.2 million.
The DOE grant, if awarded, would enhance the production of solid electrolyte materials for advanced all-solid-state batteries. Solid Power's CEO, John Van Scoter, indicated that the company is on track to achieve its 2024 goals, including the installation of a pilot line for electrolyte production. Other developments include an impending non-binding memorandum of understanding with a major battery manufacturer for electrolyte collaboration and a planned showcase of its technology strategy in early 2025. These recent developments highlight Solid Power's ongoing commitment to innovation and collaboration in the electric vehicle industry.
InvestingPro Insights
The recent stock sale by Solid Power's CTO comes at a time when the company's financial metrics and market performance paint a challenging picture. According to InvestingPro data, Solid Power's market capitalization stands at a modest $203.84 million, reflecting the company's current struggles. The stock's price has taken a significant hit, with a 39.89% decline over the past six months and a 21.53% drop in the last three months alone.
InvestingPro Tips highlight that Solid Power is "quickly burning through cash" and "suffers from weak gross profit margins." These insights align with the company's financial data, which shows a negative gross profit of $6.05 million and an alarming operating income margin of -587.71% for the last twelve months as of Q3 2023. The company's revenue growth has also been negative, with a 26.94% decline in the most recent quarter.
Despite these challenges, an InvestingPro Tip notes that Solid Power "holds more cash than debt on its balance sheet," which could provide some financial flexibility as the company navigates its current difficulties. Additionally, with the stock trading near its 52-week low and the RSI suggesting it's in oversold territory, some investors might see potential for a turnaround.
For readers interested in a deeper analysis, InvestingPro offers 17 additional tips for Solid Power, providing a comprehensive view of the company's financial health and market position.
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