Net income was approximately $22 million and EPS was $0.23, primarily driven by changes in the value of derivative liabilities and a loss from continuing operations of $2.9 million.
DALLAS, Aug. 13, 2024 (GLOBE NEWSWIRE) — Solidion Technology Inc. (“Solidion” or the “Company”) (Nasdaq: STI), an advanced battery technology solutions provider, today announced its financial and operating results for the second quarter of 2024. Solidion's unaudited condensed consolidated financial statements and additional information, including updated pro forma information, are included in Solidion's Form 10-Q (the “Form 10Q”), filed with the Securities and Exchange Commission on August 13, 2024. This earnings release should be read in conjunction with the information included in the Form 10-Q.
Second Quarter Highlights
Net income was $22,018,416 and EPS was $0.23, including $24,966,700 from changes in fair value of derivative liabilities. Loss from continuing operations was $2.9 million. “The Company continues to make significant progress toward commercialization while keeping an eye on distressed assets within the industry,” said Jaymes Winters, CEO of Solidion Technology. “We remain focused on reducing costs as needed.”As previously announced, the Company achieved significant technology milestones related to the commercialization of its graphite and silicon anode battery materials technology.As previously disclosed, the Company was added to the broad market Russell 3000® Index effective June 28, 2024.
About Solidion
Solidion's core business includes manufacturing of battery materials and components, and developing and manufacturing next generation batteries for energy storage systems and electric vehicles for ground, air and sea transportation. Solidion offers two battery product lines: (i) advanced anode materials (ready for production scale-up), and (ii) three types of solid-state batteries including silicon-rich all-solid-state Li-ion cells (1st generation), anode-less Li-metal cells (2nd generation), and Li-sulfur cells (3rd generation). All feature process-friendly advanced polymer or polymer/inorganic composite based solid electrolytes. Solidion's solid-state batteries can be manufactured at scale using current Li-ion cell manufacturing facilities. This capability enables safe solid-state batteries to be brought to market in the shortest time. Solidion's batteries are designed to deliver significantly longer EV range, improved battery safety, lower cost per KWh, fastest time to market, and next generation cathodes (potentially replacing expensive Nickel and Cobalt with Sulfur (S) and other more abundant elements). The company is headquartered in Dallas, Texas, with a pilot production facility in Dayton, Ohio.
For more information, please visit https://www.solidiontech.com/.
Forward-Looking Statements (SH1)
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Solidion Technology Inc. (Nasdaq: STI) (“Company”, “Solidion”, “we”, “our” or “us”) seeks to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with such safe harbor. Words such as “anticipate,” “believe,” “may,” “estimate,” “continue,” “expect,” “intend,” “should,” “plan,” “potential,” “goal,” “likely,” “anticipate” and similar expressions as they relate to the Company are intended to identify forward-looking statements. The Company has based these forward-looking statements on its current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Important Factors that May Cause Actual Results to Differ from the Forward-Looking Statements Factors that may cause actual results to differ from those in the forward-looking statements include, but are not limited to, (i) the lack of an independent evaluation in the decision to proceed with the business combination; (ii) the impact of the announcement or consummation of the business combination on Solidion's business relationships, results of operations and business generally; (iii) the risk that the business combination will disrupt Solidion's current plans and operations and potential difficulties in retaining Solidion's employees as a result of the transaction; (iv) the outcome of any litigation that may be instituted against Honeycomb Battery Company or Nubia Brand International Corp. (“Nubia”) in connection with the transaction; (v) Solidion's ability to continue to list its securities on national securities exchanges; (vi) fluctuations in the price of Solidion's securities due to various factors, including changes in the competitive and regulated industry in which Solidion operates, fluctuations in the performance of its competitors, changes in laws and regulations affecting Solidion's business and changes in its capital structure following the completion of the transaction; and (vi) the ability to execute on its business plans, forecasts and other expectations following the completion of the transaction. identifying and realizing additional opportunities, and (vii) the risk of an economic downturn and changing regulatory environment in the highly competitive EV battery industry, as well as other risk factors contained in Solidion's filings with the SEC, including its Annual Report on Form 10-K filed with the SEC on April 12, 2024. Any forward-looking statements made by the Company herein speak only as of the date they are made. Factors or events that could cause actual results to differ may arise from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
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