Amprius Technologies, Inc. Q4 FY2024 earnings call

• Amprius is a pioneer and leader in the silicon anode battery space, developing high energy and power density batteries for electrical mobility. • 2024 was a productive year with record sales revenue, 235 customers, and new battery platform commercialization. • In Q4 2024, preproduction amp-hour samples were delivered to 6 customers, and high-performance EV battery cell samples were shipped to USABC. • Secured a $15 million purchase order from a leading unmanned aircraft system manufacturer. • Has over 1.8 gigawatt hour cell manufacturing capacity and is developing a global contract manufacturing network.

In the fourth quarter of 2024, product revenue was $10.3 million, representing a 71% increase sequentially. Product revenue in Q4 2023 was $0.9 million. For the full year 2024, revenue was $24.2 million, a 167% increase from 2023. Gross margin was negative 21% for the quarter compared to negative 65% in Q3 2024 and negative 98% in the prior year period. For the full year, gross margin was negative 76% compared to negative 162% in the prior year period. The improvement in gross margin is related to the launch of the SiCore product line.

• Expect to spend another $1 million on supporting equipment to complete the 2-megawatt line in Fremont in 2025. • Monitoring the Colorado facility's construction based on industry dynamics, funding, and market conditions. • Plan to expand contract manufacturing capacity in 2025 without deploying significant capital.

• Policy challenges and geopolitical concerns related to battery supply chains. • Tariff-related issues that could impact operations. • Uncertainties in the construction and timing of the Colorado facility based on industry dynamics.

Q: Colin Rusch asked about the diversity of applications and customization for customers, and how many are in late stages of evaluation.

A: Kang Sun responded that customers are of three types: those replacing batteries, those qualifying batteries for devices, and those like eVTOL needing certification. He is confident in converting many to purchase orders in 2025.

Q: Mark Shooter asked about targeting many customers vs fewer with larger volumes.

A: Kang Sun said most customers have high volume potential, engaging many allows more success, and they focus on high-volume customers while filtering through in the next 6 months.

Q: Derek Soderberg asked about categorizing Fortune 500 customers and the second customer's battery use.

A: Kang Sun explained the first customer is in battery evaluation for a vehicle, and the second is a simple replacement using a commercialized battery platform.

Q: Ted Jackson asked about end market mix shift from 2023 to 2024 and into 2025.

A: Kang Sun said 2024 saw growth in light electrical vehicle business, expecting more of that in 2025, with existing customers contributing more revenue in 2025.