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Mar 31, 2024
Amprius Q1 2024 Earnings Report
Amprius reported a significant increase in product revenue and customer base, while continuing to scale production and innovate battery technology.
Key Takeaways
Amprius Technologies reported a 397% year-over-year increase in product revenue, driven by a doubling of customer shipments. The company continues to focus on scaling production capacity and innovating its battery technology with the SiCore platform launch.
Product revenue increased by 397% year-over-year, reaching $2.3 million.
Shipped to 82 customers in Q1, doubling the customer count from Q4 2023.
Launched the SiCore product family to serve applications demanding high energy density and longer cycle life.
Made progress in ramping up production in Fremont, California, remaining on track to achieve 2 MWh production by year-end.
Revenue by Segment
Forward Guidance
Amprius is focused on optimizing SiMaxx mass production, leveraging SiCore product availability, delivering 100 Ah EV form factor cells, finalizing design plans for the Brighton facility, and commercializing 500 Wh/kg SiMaxx cells.
Positive Outlook
- Fully optimize SiMaxx mass production process and ramp up production to a 2 MWh run rate exiting the year at the Fremont facility.
- Take advantage of the hundreds of MWhs of new SiCore product availability from toll manufacturing agreements.
- Deliver the 100 Ah EV form factor cell to the US Advanced Battery Consortium (USABC) as part of grant program during the summer.
- Finalize the design plans and begin the planning of gigawatt-scale facility in Brighton, Colorado.
- Commercialize 500 Wh/kg SiMaxx cells later this year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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