Amprius Technologies (AMPX) Q4 2024 earnings summary

Executive summary

• Achieved record sales revenue in 2024, with $10.6 million in Q4 and $24.2 million for the full year, representing 35% sequential and 167% year-over-year growth.

• Shipped to 98 customers in Q4 (53 new), and 235 customers for the year, including major industry players.

• Expanded product portfolio with new high-performance silicon anode batteries, including industry-first 370 Wh/kg cell and 6.3 Ah cylindrical cell.

• Secured major contracts, including a $15 million order from a leading UAS manufacturer and agreements with Fortune 500 companies.

Financial highlights

• Q4 revenue reached $10.6 million, up 35% sequentially and 170% year-over-year; full-year revenue was $24.2 million, up 167%.

• Gross margin improved to -21% in Q4 from -65% in Q3 and -98% in Q4 2023; full-year gross margin was -76%, up from -162% in 2023.

• Q4 operating expenses were $9.5 million, up 55% sequentially and 62% year-over-year, including $0.7 million non-recurring stock-based compensation and $1.9 million write-down.

• Q4 net loss was $11.4 million ($0.10/share); full-year net loss was $44.7 million ($0.45/share).

• Ended 2024 with $55.2 million in net cash and no debt, after raising $22.6 million via at-market sales.

Outlook and guidance

• Expects continued revenue growth in 2025, with sequential improvements after a softer Q1 due to macro headwinds.

• Anticipates light electric vehicle segment to exceed 25% of revenue in 2025, driven by large-volume customers and shorter qualification cycles.

• Plans to expand global contract manufacturing network, with new partnerships in Korea and Europe to mitigate geopolitical risks.

• Focused on converting existing customer pipeline to larger purchase orders and accelerating commercialization.