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Solid Power, Inc. (NASDAQ:SLDP), a $207 million market cap company specializing in miscellaneous electrical machinery and equipment, has announced a change in its independent registered public accounting firm. According to InvestingPro analysis, the company currently trades near its Fair Value, though it faces significant challenges with weak financial health scores and a 41% decline year-to-date. On Thursday, March 7, 2025, Solid Power’s Audit Committee made the decision to dismiss Ernst & Young LLP (EY) from their role and has appointed Deloitte & Touche LLP (Deloitte) as their new accountant for the fiscal year ending December 31, 2025.
The company’s previous reports for the fiscal years ended December 31, 2024, and 2023, audited by EY, did not contain any adverse opinion or disclaimer and were not qualified or modified in terms of accounting principles or audit scope. Furthermore, there were no disagreements or reportable events between Solid Power and EY during those fiscal years or in the subsequent interim period leading up to the dismissal. While maintaining clean audit reports, InvestingPro data shows the company holds more cash than debt and maintains strong liquidity with a current ratio of 6.27.
Solid Power has complied with the standard procedure by providing EY with the disclosures made in this announcement. EY has responded with a letter, dated March 12, 2025, agreeing with the company’s statements. This letter has been filed with the Securities and Exchange Commission as part of the current report.
The appointment of Deloitte as the new independent registered public accounting firm was approved by the Audit Committee on the same day EY was dismissed. Prior to this engagement, Solid Power confirms that it had not consulted with Deloitte on any accounting principles or auditing matters that would have significantly impacted their financial statements.
This corporate update is based on information from a recent SEC filing by Solid Power, Inc. The company is headquartered in Louisville, Colorado, and operates under the IRS identification number 861888095. Solid Power’s common stock and warrants are both listed on The Nasdaq Stock Market LLC under the symbols SLDP and SLDPW, respectively. InvestingPro subscribers can access 12 additional key insights about SLDP, including detailed analysis of its cash burn rate and profitability outlook, along with comprehensive research reports available for over 1,400 US stocks.
In other recent news, Solid Power Inc. reported a 16% increase in revenue for the fourth quarter of 2024, reaching $20.1 million. Despite this growth, the company faced an operating loss of $105.3 million and a net loss of $96.5 million. Solid Power maintains a strong liquidity position with $327.5 million at year-end. The company is optimistic about its innovative electrolyte technology, which it believes can significantly improve battery performance. Solid Power has expanded its presence in Korea and continues to focus on the battery electric vehicle market. The company is also working closely with partners like BMW (ETR:BMWG) and Ford to improve cell designs. Analysts from firms like Needham have shown interest in Solid Power’s strategy, particularly its focus on electrolyte development. The company plans to invest $100-120 million in cash for 2025, highlighting its commitment to scaling manufacturing capabilities.
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