Significant Revenue Growth for Amprius Technologies in Q1 2024
New Customer Base and Revenue Increase
Amprius Technologies, a prominent battery technology leader, experienced substantial growth in the first quarter of 2024. The company doubled its customer base, catering to 82 customers, and introduced a new cycle product family to enhance its Silicon nanowire platform.
Financial Achievements
Financially, Amprius witnessed a remarkable 397% increase in total revenue year-over-year, amounting to $2.3 million for the quarter. Despite a negative gross margin of 190%, the company made progress in production capabilities, aiming to reach two megawatt hours of production by year-end. Moreover, Amprius is advancing the construction of its large-scale manufacturing facility in Brighton, Colorado, and managed to raise $2.1 million through share sales with plans to secure additional funding.
Key Achievements
- Amprius Technologies reported a 397% increase in total revenue, reaching $2.3 million for the quarter.
- The customer base doubled to 82, showing significant interest in both SiCore and SiMaxx products.
- The company plans to achieve two megawatt hours of production by year-end.
- Progress is being made on the construction of the large-scale manufacturing facility in Colorado, with full drawings anticipated by the end of summer.
- While facing a negative gross margin, Amprius is confident about improvement as production capacity expands.
- By the end of the quarter, Amprius had $39 million in cash with no debt and is seeking further funding through equity issuances and non-dilutive sources.
Company Outlook
- Amprius is dedicated to scaling up manufacturing to meet the increasing demand for their batteries.
- The company is on track to enhance production capacities and looks forward to constructing a gigawatt-scale facility in Colorado.
- Confidence is high in growth opportunities within the aviation, conformal wearable battery, and EV battery markets.