Amprius Technologies (AMPX) Q2 2024 earnings summary

Executive summary

• Achieved strong Q2 with 105% year-over-year revenue growth to $3.3 million, driven by new high-performance battery launches, expanded manufacturing, and entry into new market segments, including aviation, micromobility, and industrial applications.

• Net loss widened to $12.5 million for Q2 2024, reflecting increased operating expenses and investments in capacity and personnel.

• Shipped to 56 customers, including 24 new ones, and doubled quarterly revenue year-over-year, with 50% of revenue from outside the U.S.

• Secured $7.6 million in new sales orders, increasing net backlog by 32% sequentially.

• Awarded $1.9 million U.S. Army contract for 500 Wh/kg SiMaxx cell development for defense applications.

Financial highlights

• Q2 2024 revenue was $3.3 million, up 43% sequentially and 105% year-over-year, all from product sales.

• Gross margin was negative 195% for Q2 2024, impacted by high costs and facility investments.

• Operating expenses were $6.4 million in Q2, up 9% sequentially but down 9% year-over-year.

• Net loss per share was $0.13 for Q2 2024, with 97 million weighted average shares outstanding.

• Ended Q2 with $46.4 million in net cash and no debt, up $7.4 million from Q1, driven by warrant exercises and ATM usage.

Outlook and guidance

• Expect to spend $1–2 million more on equipment for Fremont's 2 MWh line, aiming for full production by year-end.

• Plan to finalize design and permitting for the Colorado facility by year-end, with cost estimates to follow; capital expenditures for Colorado estimated at $75–100 million for up to 500 MWh/year capacity.

• Anticipate commercial shipment of 500 Wh/kg SiMaxx cells later this year and delivery of 100 Ah EV cells to USABC.

• Additional funding may be required to meet future operating and capital needs; further equity or debt financing is anticipated.

• Monitoring market, policy, and industry dynamics to inform future capacity and investment decisions.