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Sep 30, 2024
Amprius Q3 2024 Earnings Report
Amprius reported record-breaking third quarter with revenue more than doubled from the second quarter and engaged with 53 new customers.
Key Takeaways
Amprius Technologies reported a record-breaking third quarter with significant revenue growth driven by SiCore product and expansion in both aviation and light electric vehicle industries. The company more than doubled its revenue from the previous quarter and engaged with 53 new customers. They also expanded their market participation to the light electric vehicle segment and signed engagements with Fortune 500 industrial leaders.
More than doubled revenue from the second quarter and engaged with 53 new customers.
Expanded market participation to the light electric vehicle segment.
Signed two engagements with Fortune 500 industrial leaders.
Delivered high energy density 360 Wh/kg EV battery cells to industry consortium USABC and contracted for GWh scale contract manufacturing capacities.
Amprius
Amprius
Forward Guidance
Amprius expects to spend another $1.0 million in Q4 2024 on supporting equipment to complete the 2 MWh line in Fremont in addition to normal operating capital requirements.
Positive Outlook
- Technical leadership
- Great battery performance
- Growing book of customers
- Capacity to now support large volume shipments
- Set up for sustainable growth for the foreseeable future
Challenges Ahead
- Timing and availability of funding
- Monitoring the overall sector for changes in demand
- Monitoring supply
- Monitoring battery cost structure
- Monitoring government incentives and trade tariffs