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Amprius Technologies, Inc. (AMPX)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 revenue reached $10.6M, up 35% q/q and 170% y/y, with product revenue of $10.3M and development/grant revenue of $0.3M .
  • Gross margin improved to -21% from -65% in Q3 and -98% in Q4 2023, driven by SiCore’s positive margin contribution; GAAP net loss was $11.4M, or -$0.10 EPS, including ~$0.02 per share of nonrecurring charges (PPE write-down and legacy stock comp) .
  • Results beat Wall Street: revenue $10.631M vs $8.331M consensus*, EPS -$0.10 vs -$0.107 consensus*; EBITDA improved vs consensus as well (actual* -$9.0M vs consensus* -$9.6M). Bold beat catalysts: top-line acceleration and margin trajectory improvement (SiCore mix) . Consensus values marked with asterisks; see Estimates Context for S&P Global disclaimer.
  • Cash and equivalents ended at $55.2M with no debt (net cash +$20.1M q/q), supported by ATM issuance; added ~$16M new purchase orders to Q4 backlog and announced a $15M UAS order for 2H25 shipments—visibility improving into 2025 .
  • Stock-relevant narrative: accelerating commercial adoption (98 customers shipped; 53 new in Q4), globalization of manufacturing (China partners, new Korea partner, evaluating Europe), and LEV momentum (~25% of Q4 revenue) .

What Went Well and What Went Wrong

What Went Well

  • Revenue inflection with breadth: Q4 revenue $10.6M (product $10.3M), up 35% q/q and 170% y/y; shipped to 98 customers, including 53 new, diversifying revenue away from concentration .
  • Margin trajectory: Gross margin improved to -21% (from -65% in Q3) as SiCore sales are gross-margin positive “day 1”; management expects continued positive movement with SiCore growth .
  • Globalization and capacity: Access to >1.8 GWh contract manufacturing capacity; added a Korea partner and pursuing Europe to mitigate geopolitics and tariffs, while maintaining competitive costs .

Management quotes:

  • “SiCore sales are gross margin positive day 1… we should see positive progression on gross margin” — CFO Sandra Wallach .
  • “In the fourth quarter alone, we shipped to 98 total customers… fourth quarter revenue of $10.6 million” — CEO Kang Sun .
  • “We have over 1.8 gigawatt hour cell manufacturing capacity… developing a global contract manufacturing network” — CEO Kang Sun .

What Went Wrong

  • GAAP loss persists and OpEx stepped up: Q4 GAAP net loss -$11.4M; OpEx rose to $9.5M (+55% q/q) due to higher R&D through OpEx and nonrecurring charges (PPE write-down $1.9M, legacy stock comp $0.7M) .
  • Near-term cadence caution: Management flagged a tougher Q1 2025 given funding landscape changes tied to administration shift, delaying sequential trajectory at the start of the year .
  • Legacy Fremont constraint continues to weigh: Fremont’s small manual shop still drags margins; SiCore mix helps, but full resolution depends on scaling and mix shift .

Financial Results

Summary GAAP Metrics

MetricQ4 2023Q3 2024Q4 2024
Revenue ($USD Millions)$3.944 $7.900 $10.631
Product Revenue ($USD Millions)$0.900 $6.100 $10.300
Development & Grants ($USD Millions)$3.000 $1.800 $0.300
Gross Margin %-98% -65% -21%
Operating Expenses ($USD Millions)$5.865 $6.200 $9.505
Net Loss ($USD Millions)-$9.734 -$10.900 -$11.418
Diluted EPS ($USD)-$0.11 -$0.10 -$0.10
Weighted Avg Shares (Millions)88.525 110.400 109.823
Cash & Equivalents ($USD Millions)$45.761 $35.000 $55.155

Estimates vs Actual (Q4 2024)

MetricConsensus*ActualBeat/Miss
Revenue ($USD Millions)$8.331*$10.631 Beat
EPS ($USD)-$0.107*-$0.10 Beat
EBITDA ($USD Millions)-$9.6146*-$9.005*Beat

Values marked with asterisks retrieved from S&P Global.

Segment/Mix

MetricQ4 2023Q3 2024Q4 2024
Product Revenue (% of total)22.8% 77.2% 96.9%
Dev & Grants (% of total)76.1% 22.8% 2.8%
Revenue Outside U.S. (%)22% n/a77%

KPIs (commercial execution and scale)

KPIQ2 2024Q3 2024Q4 2024
Customers Shipped (count)56 94 98
New Customers (quarter)24 53 53
Shares Outstanding (period-end, Millions)107.978 111.300 116.934
Employees (period-end)88 92 99
Backlog/RPO (12/31/24)——$15.9M excl. grants; $17.2M incl. grants

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
CapEx (Fremont 2 MWh line)2025Spend ~$1M to finish build-out (Q3 call) Expect another ~$1M to complete 2 MWh line in 2025 Maintained timing/amount
Colorado facility costsQ4/Q1Q3 COGS included ~$2.9M related design/preconstruction; ramp-down expected Designs completed Oct 2024; no future facility build-out expenses expected near term Lowered (nonrecurring complete)
Gross margin outlook2025Normalization as capacity/mix improve (Q3) Positive progression expected driven by SiCore day-1 margins Improving
Revenue cadence2025Not specifiedSequential growth expected, with a softer Q1 given funding landscape changes New color
Fremont capacityEntering 2025Up to 2 MWh nameplate entering 2025 Complete supporting equipment; maintain up to 2 MWh plan Maintained
Contract manufacturing capacityOngoing~800 MWh pouch; >1 GWh cylindrical (Q3) >1.8 GWh across formats; added Korea partner; evaluating Europe Raised/diversified

Earnings Call Themes & Trends

TopicPrevious Mentions (Q2 2024, Q3 2024)Current Period (Q4 2024)Trend
Technology & product innovationLaunched SiCore; SA11/SA17 cylindrical; USABC EV cell progress 370 Wh/kg high-power cell; 10Ah samples to 6 customers; continued validation Accelerating
Supply chain/geopoliticsColorado design progress; policy watch China partners; new Korea partner; Europe evaluation to mitigate tariffs/geopolitics Diversifying
LEV segment tractionSA17 targets micromobility (Q2); $20M LEV contracts (Q3) LEV ~25% of Q4 revenue; new 6.3Ah cylindrical format Expanding
Regional mix50% ex-U.S. in Q2 —77% ex-U.S. in Q4
Regulatory/legal/cap tableWarrant programs/tender; option assumption (Q3) Administration change headwinds for Q1; cautious on Colorado Mixed (near-term headwind)
R&D/OpEx strategyCentrotherm qualification; up to 2 MWh plan (Q2) R&D reallocated from COGS to OpEx; OpEx increase from sales investment and nonrecurring items Scaling investment

Management Commentary

  • “Gross margin was negative 21% for the quarter… improvement is directly related to the launch of our SiCore product line, which has a positive gross margin contribution.” — CFO Sandra Wallach .
  • “We shipped to 98 total customers… fourth quarter revenue of $10.6 million… 77% of revenue from outside of the United States.” — CEO Kang Sun .
  • “Entering 2025, we are increasingly optimistic… secured a $15 million purchase order from a leading UAS manufacturer… expect to ship in the second half of 2025.” — CEO Kang Sun .
  • “We exited the year with $55.2 million in net cash and no debt… $22.6 million generated via ATM.” — CFO Sandra Wallach .

Q&A Highlights

  • Customer conversion and pipeline quality: Management categorizes customers by qualification timelines; expects meaningful conversion to purchase orders in 2025 as designs qualify, including Fortune 500 engagements with multi-GWh potential .
  • Manufacturing diversification: Existing partners in China; new partner in Korea; evaluating European partner to address geopolitics while maintaining competitive global cost structure .
  • Backlog/RPO visibility: RPO ~$15.9M excluding grants (>$17.2M including grants) at 12/31/24, with conversion within 12 months; ~$16M of new POs added to Q4 backlog .
  • Margin progression: SiCore mix and the completion of Colorado design/preconstruction costs support continued gross margin improvement; Fremont’s manual constraints remain a drag until scaled .
  • 2025 cadence: Management expects softer Q1 due to changes in funding landscape tied to administration shift, but sees sequential growth through the year .

Estimates Context

  • Q4 2024 actuals beat consensus: revenue $10.631M vs $8.331M consensus*, EPS -$0.10 vs -$0.107 consensus*, and EBITDA -$9.005M* vs -$9.615M* consensus. Magnitude of beats reflects faster-than-expected product revenue ramp and improved gross margin mix from SiCore . Values marked with asterisks retrieved from S&P Global.

Where estimates may adjust:

  • Revenue trajectory: Analysts likely raise near-term revenue assumptions given the breadth of shipments (98 customers), backlog additions, and LEV mix expansion (~25% of Q4 revenue) .
  • Margin path: Expect upward revisions to gross margin trajectory given SiCore’s positive contribution and completion of nonrecurring Colorado costs .

Key Takeaways for Investors

  • The company delivered a clean top-line and EPS beat vs consensus in Q4, driven by broad-based product revenue growth and margin mix toward SiCore—an actionable positive for near-term sentiment . Consensus values marked with asterisks; see Estimates Context for S&P Global disclaimer.
  • Commercial traction is broadening (98 shipped; 53 new in Q4) with international mix rising to 77%, reducing customer concentration and geographic dependence—supports multiple expansion if sustained .
  • Margin inflection underway: SiCore “day-1” margins and completion of nonrecurring Colorado design costs point to continued gross margin improvement in 2025, albeit from negative levels .
  • Manufacturing strategy de-risks capacity and geopolitics: >1.8 GWh contract capacity, new Korea partner, and exploration of Europe provide resilience against tariff/policy volatility while preserving cost competitiveness .
  • LEV exposure is becoming material (~25% of Q4 revenue) and should grow—shorter design cycles and recent larger orders add to 2025 visibility .
  • Liquidity is solid (cash $55.2M, no debt) with ATM capacity remaining; supports execution without immediate balance sheet risk .
  • Near-term caution: Management flagged a softer Q1 2025 given funding landscape changes, but expects sequential improvement thereafter—volatility around prints plausible; focus on backlog conversion and margin progression through 1H25 .
Note: Values marked with asterisks are retrieved from S&P Global.