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Jun 30, 2024
Amprius Q2 2024 Earnings Report
Amprius's Q2 2024 performance showed revenue growth, customer expansion, and advancements in manufacturing capacity.
Key Takeaways
Amprius finished Q2 2024 with $3.3 million in revenue, driven by a 105% year-over-year increase in product revenue, and expanded manufacturing capabilities. The company shipped to 56 customers, including 24 new ones, and logged $7.6 million in new sales orders. However, the gross margin was negative 195%, and the GAAP net loss was $12.5 million, or $0.13 per share.
Revenue reached $3.3 million, a 105% increase year-over-year, driven entirely by product revenue.
Shipped to 56 customers, with 24 being new customers, indicating customer base expansion.
Logged $7.6 million in new sales orders, reflecting a 32% increase in net backlog compared to Q1 2024.
Ended the quarter with $46.4 million in net cash, marking a $7.4 million increase from Q1.
Amprius
Amprius
Amprius Revenue by Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.comRest of World Revenue
CapyFin.com Forward Guidance
Amprius anticipates optimizing SiMaxx production, expanding customer applications with SiCore, finalizing design plans for the Brighton, Colorado facility, delivering the 100Ah EV form factor cell to the USABC, and commercializing 500 Wh/kg SiMaxx cells.
Positive Outlook
- Fully optimize SiMaxx production process and ramp up production up to a 2 MWh run rate exiting the year at our Fremont facility.
- Bring on additional new customer segments and expanding applications with our current customers as we leverage our unmatched performance and the hundreds of MWhs of SiCore production capacity through our contract manufacturing partnerships that are in place today.
- Finalize the design plans and permitting for our Brighton, Colorado facility which will include SiCore as the first line.
- Deliver the 100Ah EV form factor cell to the USABC as part of our grant program in the coming weeks.
- Commercializing our 500 Wh/kg SiMaxx cells later this year.
Challenges Ahead
- Changes in demand, supply, battery cost structure, government incentives, trade tariffs, and other considerations would also influence our decision.
- The construction scope and schedule for the facility will be determined by the final design and the availability and timing of funding.
- Gross margin continues to be impacted by pre-construction costs related to the Colorado facility and facility lease costs
- Product revenue remains largely driven by customer purchase orders that can arrive at uneven times throughout the year
- We expect to spend another $1 to $2 million on equipment to support the up to 2 MWh line in Fremont.
Revenue & Expenses
Visualization of income flow from segment revenue to net income