Solid Power DCRC+ Financial Overview
Summary Projected Financials
US$ in millions, unless otherwise stated
VOLUMES
3RD PARTY MANUFACTURING (GWH)
ELECTROLYTE MATERIAL (TONNES)
INCOME STATEMENT
CELL REVENUE
ELECTROLYTE REVENUE
OTHER REVENUE
TOTAL REVENUE
% GROWTH
2021E
2022E
2023E
2024E
2025E
2026E
2027E
2028E
0.1
0.4
6
50
80
50
200
3,000
25,000
40,000
•
DON 2
$0
$2
$0
$1
$20
$170
$272
0
1
1
8
30
105
875
1,400
2
1
1
2
2
7
2
2
$2
$3
$4
$10
$33
$132
$1,047
$1,674
54%
46%
127%
239%
297%
691%
60%
TOTAL GROSS PROFIT
($0)
($1)
($0)
$7
$27
$48
$373
$596
GROSS MARGIN %
NM
NM
NM
76%
81%
36%
36%
36%
EBITDA1
($21)
($39)
($40)
($32)
($6)
$14
$302
$480
EBITDA MARGIN %
NM
NM
NM
NM
NM
10%
29%
29%
CAPEX
FREE CASH FLOW²
($19)
($36)
($35)
($40)
($100)
($70)
($70)
($50)
($37)
($73)
($72)
($69)
($102)
($56)
$209
$317
Financials and
Valuation
~800k vehicles annually
(assumes 100kWh pack)
~10% market share of BMW and
Ford's 7.8mm vehicle sales
<1% share of 90+mm vehicle TAM³
Commentary
Fully-funded business through
and beyond vehicle SOP
(2026E) and self-funding
beyond
Solid Power to manufacture
electrolyte materials and
license cell designs and
manufacturing IP to Tier-1 cell
manufacturers for actual cell
production
Production volumes based
upon preliminary feedback
from partners
High margins and relatively
modest near-term negative
free cash flow profile reflect
Solid Power's unique
technology and capita- light
model
1. Operating profit plus depreciation. 2. EBITDA plus interest income less increase in net working capital, capex and income taxes. 3. International Organization of Motor Vehicle Manufacturers. Based on 2019 global vehicle
prediction, includes cars and commercial vehicles.
Solid Power DCRC+
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