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Sep 30, 2023
Amprius Q3 2023 Earnings Report
Amprius reported increased revenue driven by product sales and development services.
Key Takeaways
Amprius Technologies reported a revenue of $2.8 million for the third quarter of 2023, marking a $2.0 million increase compared to the same quarter last year. The increase was driven by product revenue and development services. The GAAP net loss for the quarter was $8.5 million, or a net loss of $0.10 per share. The company ended the quarter with $53.4 million in cash and no debt.
Revenue increased by $2.0 million compared to Q3 2022, reaching $2.8 million.
Product revenue increased by $1.7 million year-over-year, driven by shipments to 38 customers.
Development services revenue was $0.6 million, reflecting the completion of the RCCTO program for the U.S. Army.
The company finished the quarter with $53.4 million in cash and no debt.
Forward Guidance
Amprius expects to be capacity constrained until the end of 2023, with the new 2 MWh capacity projected to come online. Capital allocation priorities remain the completion of the Fremont facility and the build-out of Amprius Fab in Colorado. The company expects to spend another $5 to $7 million to complete the Fremont facility and $20 to $30 million on the Colorado facility.
Positive Outlook
- Completion of MWh scale silicon anode battery manufacturing facility at Amprius Lab.
- Securing additional customer commitments.
- Delivery of 500 Wh/kg battery prototypes.
- New 2 MWh capacity is projected to come online.
- Build out of Amprius Fab remains on track, and they expect to have the facility operational entering 2025.
Challenges Ahead
- Expects to be capacity constrained until they exit 2023.
- Ramping up of factory start-up costs as they start Colorado construction.
- Brighton City Council’s re-zoning decision.
Historical Earnings Impact
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