Amprius Technologies (AMPX) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 revenue of $7.9 million, more than doubling sequentially and growing 181% year-over-year, driven by strong demand for SiCore batteries and expansion into new customer segments.

• Net loss increased 28% year-over-year to $10.9 million for Q3 2024, reflecting higher R&D and operating expenses.

• Secured $20 million in contracts for light electric vehicle applications, with revenue recognition expected by May 2025, and signed two LOIs with Fortune 500 industrial leaders.

• Expanded customer base to over 175 year-to-date, with 53 new customers in Q3 and shipments to 94 customers during the quarter.

• Expansion of Fremont facility to MWh-scale is underway, with full operation expected entering 2025; SiCore batteries supplied via Asian toll manufacturers; Colorado GWh-scale facility pre-construction continues, pending funding.

Financial highlights

• Q3 2024 revenue: $7.9 million (up from $2.8 million in Q3 2023); nine-month revenue: $13.5 million (up from $5.1 million year-over-year).

• Product revenue reached $6.1 million, up 81% sequentially and 176% year-over-year; development services and grant revenue totaled $1.8 million, up from none in Q2.

• Gross margin improved to -65% in Q3 2024 from -195% in Q2 and -152% in Q3 2023, impacted by $2.9 million in non-recurring Colorado facility design costs.

• Operating expenses were $6.2 million, down 4% sequentially but up 26% year-over-year, mainly due to increased sales and R&D investment.

• Ended Q3 with $35 million in net cash and no debt; $11.4 million cash used in the quarter, including $2.4 million in non-recurring Colorado facility expenses.

Outlook and guidance

• Expect to recognize $20 million in contract revenue by May 2025, with potential for additional orders from key customers.

• Fremont MWh-scale expansion expected to reach up to 2 MWh capacity by early 2025, a 10x increase over 2023.

• Colorado GWh-scale facility construction timeline depends on final design and funding availability; CapEx for Q4 expected to be $1 million for Fremont facility expansion.

• Capital equipment expenditures for Colorado facility estimated at $75M–$100M for 500 MWh/year capacity, excluding construction costs.

• Company expects to incur additional losses as it scales operations and R&D.