Amprius Q2 2023 Earnings Report
Key Takeaways
Amprius Technologies reported $1.6 million in revenue for the second quarter of 2023, a $0.9 million increase compared to the prior year period. The company's GAAP net loss for the quarter was $9.4 million, or a net loss of $0.11 per share. Amprius ended the quarter with $65.0 million in cash and is focused on expanding production capacity and securing customer commitments.
Announced a new Amprius Ultra-High-Power-High-Energy Battery Cell designed for eVTOL and high-performance automotive vehicles.
Amprius batteries powered BAE Systems’ first successful stratospheric flight.
Completed the U.S. Army Safe Cell Development Program, delivering 390 Wh/kg safe cells.
Shipped to 27 total customers, up from 16 in last year’s second quarter.
Amprius
Amprius
Forward Guidance
Amprius expects increased revenue recognition weighted more heavily towards the latter part of the year due to ongoing development services programs. The company anticipates being capacity constrained until exiting 2023, with the new 2 MWh capacity projected to come online. Amprius is on track with CapEx projections, expecting to spend $10 to $12 million on the Amprius Lab facility in Fremont and $50 to $80 million as construction starts at Amprius Fab.
Positive Outlook
- Increased revenue recognition expected in the latter part of the year.
- New 2 MWh capacity is projected to come online by the end of 2023.
- On track with CapEx projections for Amprius Lab and Amprius Fab.
- Strong balance sheet with vehicles to generate additional funding.
- Advantage in safety, energy, power, charging time, and temperature performance.
Challenges Ahead
- Capacity constrained until exiting 2023.
- Significant capital expenditure required for facility build-out.
- Confirmation of facility design and scale, as well as project budget, is pending.
- Reliance on additional funding through equity issuances and non-dilutive sources.
- Forward-looking statements are subject to risks and uncertainties.