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Dec 31, 2022
Amprius Q4 2022 Earnings Report
Amprius' Q4 2022 financial results reflected revenue growth and strategic investments in manufacturing capacity.
Key Takeaways
Amprius Technologies reported Q4 2022 revenue of $0.792 million and a net loss of $6.056 million. The company made progress in technology advancements, expanded its customer base, and progressed towards commercial scale manufacturing, including the selection of Brighton, Colorado for its new gigawatt facility.
Upgraded 500 Wh/kg capable batteries were verified by an independent third-party.
Batteries demonstrated extreme fast charge ability, achieving 0-80% charge in under ten minutes.
390 Wh/Kg polymer electrolyte cell successfully passed the Military Performance Specification nail penetration test.
Delivered the first set of reference cells under the United States Advanced Battery Consortium program in Q4.
Forward Guidance
Amprius expects to be limited by manufacturing capacity until the new 2 MWh capacity comes online at the end of 2023. Increased revenue recognition is expected to be weighted towards the latter part of the year. G&A costs are anticipated to continue at the higher rate experienced exiting 2022. Higher capital expenditures are expected as the company builds out the 2 MWh capacity in Fremont and designs/constructs the gigawatt-hour scale facility in Brighton, Colorado.
Positive Outlook
- Strong support from the U.S. Inflation Reduction Act (IRA) is expected as Amprius accesses Production Tax Credits at the anode and cell levels.
- Over ten million dollars in state and local incentive packages have been received relating to the gigawatt-scale facility.
- The company has secured the financial foundation necessary to support its initiatives.
- Amprius is building the capacity to become a leading commercial provider in the sustainable mobility sector.
- A pipeline of blue-chip customers is being built to meet planned expansion efforts, operating at scale of hundreds of megawatts exiting 2024.
Challenges Ahead
- Manufacturing capacity will continue to limit the company until the new 2 MWh capacity comes online at the end of 2023.
Historical Earnings Impact
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