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DALLAS, Nov. 19, 2024 /PRNewswire/ -- Solidion Technology, Inc. (NASDAQ: STI), an advanced silicon anode and battery technology materials provider (the "Company" or "Solidion"), today announced its operational and financial results for the third quarter of 2024.
Previously Announced Recent Business Highlights
Technological Advancements:
Business Development and Corporate Updates:
CEO Statement:
"Solidion is well positioned for the rapidly changing political landscape as a low-cost U.S. manufacturer," said Jaymes Winters, CEO of Solidion Technology. "We have achieved several milestones that several competitors have yet to achieve, despite spending exponentially more than Solidion".
Third Quarter 2024 Financial Highlights
See below for additional information on Solidion's operational results:
Summary of Statements of Operations
For the Three Months Ended | |||||||||||
2024 | 2023 | ||||||||||
Net sales | $ | - | $ | 1,315 | |||||||
Cost of goods sold | - | - | |||||||||
Operating expenses | 4,193,006 | 1,439,900 | |||||||||
Total other income (expense) | (2,443,673) | 1,091 | |||||||||
Net Income (loss) | $ | (6,636,679) | $ | (1,437,494) | |||||||
Operating Expenses
Operating expenses increased by $2,753,106 for the three months ended September 30, 2024. This increase was primarily driven by third party validation testing of our proprietary silicon anode, professional fees, stock-based compensation, insurance, and other administrative costs associated with the Company operating as a public entity as of February 2, 2024.
Other Income (expense)
Other expense increased by $2,444,764 for the three months ended September 30, 2024. This increase was largely driven by a gain of $7,232,835 due to a change in the fair value of derivative liabilities related to the Forward Purchase Agreement, and warrants related to the Private Placement financing. Additionally, there was a loss of $9,654,799 from the issuance of common stock and warrants related to the August Private Placement financing.
The unaudited condensed consolidated financial statements of Solidion and additional information can be found in the Company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 18, 2024 (the "Form 10Q"). This earnings release should be read together with the information contained in the Form 10-Q.
About Solidion
Headquartered in Dallas, Texas with pilot production facilities in Dayton, Ohio, Solidion's (NASDAQ: STI) core business includes manufacturing of battery materials and components, as well as development and production of next-generation batteries for energy storage systems and electric vehicles for ground, air, and sea transportation. Solidion holds a portfolio of over 550 patents, covering innovations such as high-capacity, non-silane gas and graphene-enabled silicon anodes, biomass-based graphite, advanced lithium-sulfur and lithium-metal technologies.
Solidion offers two lines of battery products: (i) advanced anode materials (ready for production expansion); and (ii) three classes of solid-state batteries, including Silicon-rich all-solid-state lithium-ion cells (Gen 1), anode less lithium metal cells (Gen 2), and lithium-sulfur cells (Gen 3), all featuring an advanced polymer- or polymer/inorganic composite-based solid electrolyte that is process-friendly. Solidion's solid-state batteries can be manufactured at scale using current lithium-ion cell production facilities. Solidion batteries are designed to deliver extended EV range, improved battery safety, lower cost per KWh, and next-gen cathodes (potential to replace expensive nickel and cobalt with sulfur (S) and other more abundant elements).
For more information, please visit www.solidiontech.com or contact Investor Relations.
Forward-Looking Statements
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of Solidion's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause Solidion's actual results to differ materially from those described in the forward-looking statements can be found in Solidion's Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, which have been filed with the Securities and Exchange Commission and are available on Solidion's website, and on the Securities and Exchange Commission's website ( www.sec.gov ). Solidion does not undertake to update any forward-looking statements.
1 Source: Silicon Anode for Li-ion Batteries - Patent Landscape 2022 - FLYER (knowmade.com)
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SOURCE Solidion Technology, Inc.