Amprius (AMPX) 8 Aug 24 2024 Q2 Earnings call transcript

In the second quarter of 2024, Amprius Technologies showcased its commitment to innovation and growth, delivering high-performance batteries that continue to set industry standards. During the company's earnings call, CEO Dr. Kang Sun and CFO Sandra Wallach provided insights into Amprius' accomplishments, financial results, and future plans.

Amprius' High-Performance Batteries Lead the Way

Amprius has been at the forefront of battery technology for over a decade, with a strong patent portfolio and a track record of commercial shipments. The company's batteries are renowned for their high-energy density and high-power density, offering unmatched performance in the market. With a focus on safety, energy, power, and charging time, Amprius has achieved significant milestones, including the delivery of batteries with up to 450 Wh/kg and 1,150 Wh/L, and a third-party validation of a 500 Wh/kg, 300 Wh/L battery platform.

Market Expansion and Customer Engagement

In the second quarter, Amprius launched its SiCore battery, attracting new customers and expanding into new market segments. This has led to a significant increase in demand for cycle batteries in aviation, electrical transportation, and other industrial applications. With a robust manufacturing capacity of over 500-megawatt hour, Amprius is well-positioned to meet the growing demand for high-performance batteries.

Financial Performance and Future Outlook

Amprius reported a productive second quarter, with $3.3 million in total revenue and a net loss of $12.5 million. The company's product revenue increased by 43% sequentially and 105% year-over-year, driven by shipments to 56 customers. Amprius also secured additional orders from leading companies like Airbus, demonstrating the confidence in the company's battery technology.

Looking ahead, Amprius is focused on optimizing its SiMaxx production process and expanding its Fremont production capacity. The company is also finalizing the design for its Brighton, Colorado facility, which will include both SiMaxx and SiCore manufacturing capabilities. Amprius' strategy remains unchanged, with a focus on innovation, expanding its customer base, and scaling its manufacturing capacities.

Conclusion

Amprius Technologies' second quarter earnings call highlighted the company's commitment to delivering high-performance batteries that are pushing the boundaries of what is possible in the battery industry. With a strong focus on innovation, market expansion, and customer engagement, Amprius is well-positioned to continue leading the way in battery technology. The company's financial performance, coupled with its strategic initiatives, indicate a promising outlook for the future. As Amprius continues to transform the electric mobility market, investors and stakeholders will be watching closely to see how the company navigates the challenges and opportunities ahead.