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Mar 31, 2023
Amprius Q1 2023 Earnings Report
Amprius faced decreased revenue due to timing of customer shipments and development services, but made progress in technology, commercial success, and production capacity expansion.
Key Takeaways
Amprius Technologies reported Q1 2023 revenue of $0.7 million, a decrease compared to $2.1 million in Q1 2022. The company experienced a GAAP net loss of $9.1 million, or $0.11 per share. Despite the revenue decrease and net loss, Amprius made advancements in technology with a new 500 Wh/kg battery platform, expanded its commercial relationships, and progressed with its production capacity expansion plans, including leasing a site in Brighton, Colorado for a large-scale production facility.
Announced new battery platform with 500 Wh/kg specific energy density and 1350 Wh/L volumetric density.
Shipped to 19 customers, including several new accounts.
Expanded relationship with AeroVironment to supply power element in Switchblade 300 Block 20 missile.
Leased site in Brighton, Colorado for large-scale production facility with a potential of up to 10 GWh.
Amprius
Amprius
Forward Guidance
Amprius anticipates being limited by manufacturing capacity until the end of 2023, with increased revenue recognition expected in the latter part of the year due to ongoing development services programs. The company expects general and administrative costs to remain at higher levels and plans to strategically add critical mass to its Amprius Lab and Amprius Fab operating units, allocating the majority of capital to scaling up manufacturing. Higher capital expenditures are expected as the 2 MWh capacity at Amprius Lab is built out and the gigawatt-hour scale Amprius Fab facility is designed and constructed. The company anticipates strong support from the U.S. Inflation Reduction Act (IRA) and has received over $10 million in state and local incentive packages related to its gigawatt-scale facility.
Positive Outlook
- Expects increased revenue recognition in the latter part of the year.
- Plans to strategically add critical mass to Amprius Lab and Amprius Fab operating units.
- Allocating the majority of capital to scaling up manufacturing.
- Anticipates strong support from the U.S. Inflation Reduction Act (IRA).
- Received over $10 million in state and local incentive packages related to its gigawatt-scale facility.
Challenges Ahead
- Manufacturing capacity is expected to be limited until the end of 2023.
- General and administrative costs are expected to remain at higher levels.
- Spending pattern is dependent on factors outside of their control, including the timing of rezoning approval for the Colorado site.
- Higher capital expenditures going forward as we continue to fully build out the 2 MWh capacity at Amprius Lab
- design and construct our gigawatt-hour scale Amprius Fab facility.