Solid Power Inc. (Nasdaq: SLDP), a Louisville-based developer of solid-state battery technology, saw its stock price near a 52-week low in early trading Friday as the company’s sales slid and net loss grew in the third quarter.

For the year to date, Solid Power’s stock has lost more than 16% of its value despite an extension this summer of a joint development agreement with BMW of North America LLC and the selection in September by the U.S. Department of Energy’s Office of Manufacturing and Energy Supply Chains for $50 million for manufacturing expansion.

Solid Power’s sales in the most recent period were $4.7 million, down $1.7 million from the third quarter of 2023. “This decrease is primarily due to the timing of completing BMW JDA milestones in 2024,” the company said this week in its quarterly report.

The agreement was signed in July 2017 and expanded in 2022, with BMW agreeing to pay Solid Power $20 million, subject to certain milestones. BMW is able to access Solid Power’s expertise in all-solid-state electrode and cell manufacturing. Under this year’s extension, the companies agreed to the three-month extension, along with a revision to the payment schedule.

Solid Power’s net loss was $22.5 million in the third quarter of 2024 compared with a net loss of $15.1 million in the same period last year.

Increased expenses were “driven by increased production costs, cell and electrolyte development costs, scaling of operations, and execution under joint development agreements,” Solid Power said.

With the DOE grant funding, the company said this fall that it “intends to install the first globally known continuous manufacturing process of sulfide-based solid electrolyte materials for advanced all-solid-state batteries (ASSBs) and expand its electrolyte production capabilities” at its Thornton plant.

“The third quarter was successful on many fronts, with the major highlight being the validation we received from the DOE for our technology and business model, as we prepare to negotiate a grant for this exciting project that will expand our electrolyte production capabilities,” Solid Power CEO John Van Scoter said in a prepared statement.

Solid Power’s stock price was $1.12 at 1 p.m. Friday, down 5.51% on the day.

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