Solid Power, Inc. Debt Disclosure
Note 6 – Long-term Debt
Long-term debt at December 31 is as follows:
| 2022 |
| 2021 | |||
Various equipment notes payable to banks in monthly installments ranging from $1 to $2, including interest at 6.255 percent to 12.18 percent maturing from April 2022 through April 2023. The notes are collateralized by the financed equipment. | $ | 7 | $ | 130 | ||
Total |
| 7 |
| 130 | ||
Less current portion |
| 7 |
| 120 | ||
Long-term portion | $ | — | $ | 10 | ||
The remaining balance of debt is all short-term. The Company anticipates paying off the remaining balance in the subsequent year.
Note Payable
On December 7, 2021, prior to the Closing, the Company used available cash to pay off the outstanding balance and remaining fees of a note payable to a commercial bank. The Company was in compliance with all financial covenants through the loan payoff on December 7, 2021.
Interest expense on long-term debt for the years ended December 31, 2022, 2021 and 2020 was $6, $131 and $196, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2022 | Mar 1, 2023 | Showing above |
| 2021 | Mar 23, 2022 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.