Amprius Technologies, Inc. (NYSE:AMPX) Q3 2023 Earnings Conference Call November 9, 2023 5:00 PM ET Company Participants Kang Sun - Chief Executive Officer Sandra Wallach - Chief Financial Officer Conference Call Participants Colin Rusch - Oppenheimer Christopher Souther - B. Riley Securities Tim Moore - E.F. Hutton Kailash Kamoji - Northland Capital Amit Dayal - HC Wainwright Jeff Grant - Alliance Global Operator Good afternoon. Welcome to Amprius Technologies Third Quarter 2023 Earnings Conference Call. S ...

Financial Data and Key Metrics Changes - The company reported revenue of $1.6 million for Q2 2023, an increase of $0.9 million compared to $0.7 million in the same quarter last year [18] - GAAP gross margin was negative 186% in Q2 2023, an improvement from negative 518% in Q1 2023 [20] - GAAP net loss for Q2 2023 was $9.4 million, or a net loss of $0.11 per share [20] Business Line Data and Key Metrics Changes - The company shipped to 27 customers in Q2 2023, up from 16 in the same quarter last year and 19 in Q1 2023 [12] - Product revenue increased by $0.6 million, driven by shipments to the 27 customers [18] - Development Services revenue totaled $0.3 million, reflecting the Army Safe Cell delivery completed in the quarter [19] Market Data and Key Metrics Changes - The company has over 80 patents in silicon anode manufacturing technologies, positioning it as a leader in high-performance battery solutions [6] - The demand for Amprius products is growing, with significant interest from the aviation and electric vehicle markets [28] Company Strategy and Development Direction - The company aims to scale manufacturing capacity to meet increasing demand, with a long-term goal of becoming a mainstream battery solution across various segments of electrical mobility [7] - Amprius is focused on expanding its production capacity at Amprius Lab in Fremont, California, and building Amprius Fab in Brighton, Colorado, expected to be operational in 2025 [15][26] - The company is targeting the conformal wearable battery market, estimated at $1.25 billion by 2030, and the aviation market projected to be $49 billion by 2025 [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving capacity expansion goals and normalizing gross margins as production scales up [20][22] - The company anticipates increased revenue recognition in the latter part of 2023 due to ongoing development services programs [22] - Management highlighted the importance of safety, energy, and power in the aviation market, which are critical for customer acquisition [49] Other Important Information - The company appointed Mary Gustanski as an Independent Director to the Board, bringing valuable experience in the automotive sector [17] - The company exited Q2 2023 with $65 million in cash and no debt, indicating a strong balance sheet [21] Q&A Session Summary Question: Can you talk about the testing perspective around the subsystems for the megawatt scale tool? - The company has completed testing in Germany and expects to have the necessary equipment in place by the end of the year [31] Question: What percentage of new customers are sampling versus taking commercial products? - Approximately 40% of new customers are qualifying products for commercial applications [33] Question: Can you provide a sense of the timelines for updates on the performance automotive OEM? - The company expects to finalize the joint development agreement in the coming months [39] Question: How do you prioritize production for specific customer proposals? - Existing customers are prioritized for capacity allocation, while new customer inquiries are also being addressed [47] Question: What are the key factors helping win orders? - The company focuses on safety, energy, and power as top priorities for the aviation market, which are critical for customer acquisition [49] Question: What is the process and timeline for acquiring a new customer? - The timeline can vary, with some customers taking about 7-8 months for standard products, while new programs may take up to 1.5 years [55]

Part I - Financial Information [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company presents unaudited condensed consolidated financial statements showing a wider net loss and increased cash usage [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet reflects a slight asset increase, higher liabilities, and a decrease in stockholders' equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $65,010 | $69,696 | | Total current assets | $70,700 | $75,173 | | Total assets | $86,637 | $83,171 | | **Liabilities & Equity** | | | | Total current liabilities | $12,006 | $6,917 | | Total liabilities | $19,947 | $10,138 | | Total stockholders' equity | $66,690 | $73,033 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statements show a significant increase in net loss despite higher Q2 revenue due to rising operational costs Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2023 | Q2 2022 | Six Months 2023 | Six Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $1,632 | $691 | $2,311 | $2,801 | | Gross Loss | $(3,032) | $(1,364) | $(6,549) | $(2,465) | | Loss from Operations | $(10,083) | $(4,161) | $(19,834) | $(7,071) | | Net Loss | $(9,448) | $(4,154) | $(18,550) | $(7,032) | | Net Loss Per Share | $(0.11) | $(0.06) | $(0.22) | $(0.11) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash flow statements indicate a substantial increase in cash used for operations and investing activities Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(12,075) | $(5,492) | | Net cash used in investing activities | $(2,868) | $(194) | | Net cash provided by (used in) financing activities | $10,257 | $(227) | | **Net decrease in cash** | **$(4,686)** | **$(5,913)** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's liquidity, revenue obligations, lease agreements, and equity structure - The company believes its **cash and cash equivalents of $65.0 million** as of June 30, 2023, are sufficient to fund operations and capital expenditures for at least the next twelve months[30](index=30&type=chunk) - On June 2, 2023, the company and the U.S. Department of Energy mutually agreed to **end negotiations for a $50.0 million cost-sharing grant**[31](index=31&type=chunk) - As of June 30, 2023, the company had approximately **$10.4 million in remaining performance obligations**, with $7.8 million expected to be recognized as revenue within one year[57](index=57&type=chunk) - The company entered into a lease for a GWh-scale manufacturing facility in Brighton, Colorado, which is **contingent on the successful re-zoning of the site**[82](index=82&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses revenue fluctuations, widening net losses, and strategic manufacturing expansion initiatives - The company is expanding its Fremont facility and designing a GWh-scale manufacturing facility in Brighton, Colorado, with an **initial 500 MWh phase expected to be operational in 2025**[107](index=107&type=chunk)[108](index=108&type=chunk)[143](index=143&type=chunk) - Capital equipment expenditures for the GWh facility are estimated to be between **$120.0 million and $150.0 million** to achieve 1.0 GWh per year of capacity[110](index=110&type=chunk)[143](index=143&type=chunk) - Selling, general and administrative expenses **increased by 171% in Q2 2023 YoY**, primarily due to costs associated with being a public company, including professional fees, personnel costs, and insurance[135](index=135&type=chunk) - The company has a Committed Equity Financing agreement with BRPC II for up to $200 million, with approximately **$189.4 million remaining available** as of June 30, 2023[103](index=103&type=chunk)[139](index=139&type=chunk) Results of Operations Comparison (in thousands) | Metric | Q2 2023 | Q2 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | $1,632 | $691 | 136% | | Gross Loss | $(3,032) | $(1,364) | 122% | | Net Loss | $(9,448) | $(4,154) | 127% | [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rates, customer credit, and inflation, with limited current impact - The company is exposed to interest rate risk on its **$65.0 million of cash and cash equivalents**, with a hypothetical 100 basis point change affecting interest income by about $0.7 million annually[160](index=160&type=chunk) - Credit risk is concentrated with customers, which mainly consist of **U.S. government agencies and large public entities**, limiting overall credit risk[161](index=161&type=chunk)[47](index=47&type=chunk) - The company does not believe **inflation had a material impact** on its operating results and cash flows for the three and six months ended June 30, 2023[162](index=162&type=chunk) [Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concludes that disclosure controls were ineffective due to unremediated material weaknesses - Management concluded that **disclosure controls and procedures were not effective** as of June 30, 2023, due to unremediated material weaknesses[163](index=163&type=chunk) - The material weaknesses relate to (i) **inadequate controls over the financial reporting and close process**, and (ii) **lack of segregation of duties**[164](index=164&type=chunk) - **Remediation efforts are in progress**, including increasing the size of the accounting team, enhancing the monthly close process, and engaging an external specialist for risk assessment[164](index=164&type=chunk)[165](index=165&type=chunk) Part II - Other Information [Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material legal proceedings that would adversely affect its business operations - As of the report date, the company is **not a party to any litigation or legal proceedings** likely to have a material adverse effect on its business[169](index=169&type=chunk) [Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) The company identifies significant risks in operations, manufacturing scale-up, competition, and finance - Key operational risks include **potential battery performance failures**, challenges in developing a high-volume manufacturing line, and not meeting manufacturing cost targets[171](index=171&type=chunk)[172](index=172&type=chunk) - The establishment of the GWh manufacturing facility is subject to significant risks, including **re-zoning approval, construction delays, and cost overruns**[172](index=172&type=chunk)[185](index=185&type=chunk) - The company has a **history of financial losses**, expects to incur continuing losses, and has identified **material weaknesses in its internal control** over financial reporting[173](index=173&type=chunk)[251](index=251&type=chunk) - A significant portion of business depends on sales to the public sector, and the company **relies heavily on its intellectual property portfolio**, which faces infringement risks[173](index=173&type=chunk) - Ownership risks include potential stock price drops from sales of substantial amounts of common stock and the possibility that **outstanding warrants may expire worthless**[173](index=173&type=chunk)[345](index=345&type=chunk)[352](index=352&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=62&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section is noted as not applicable within the report - The report indicates **this section is not applicable**[359](index=359&type=chunk) [Defaults Upon Senior Securities](index=62&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section is noted as not applicable within the report - The report indicates **this section is not applicable**[359](index=359&type=chunk) [Mine Safety Disclosures](index=62&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is noted as not applicable within the report - The report indicates **this section is not applicable**[359](index=359&type=chunk) [Other Information](index=62&type=section&id=Item%205.%20Other%20Information) This section is noted as not applicable within the report - The report indicates **this section is not applicable**[359](index=359&type=chunk) [Exhibits](index=63&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the report, including key agreements and officer certifications - Lists various agreements and certifications filed as exhibits, including the **Agreement and Plan of Merger with Amprius, Inc.**, the Certificate of Incorporation, and certifications by the CEO and CFO[361](index=361&type=chunk)

Amprius Technologies, Inc. (NYSE:AMPX) Q1 2023 Earnings Conference Call May 10, 2023 5:00 PM ET Company Participants Kang Sun - President and Chief Executive Officer Sandra Wallach - Chief Financial Officer Conference Call Participants Colin Rusch - Oppenheimer Christopher Southern - B. Riley Chip Moore - EF Hutton Operator Good afternoon. Welcome to Amprius Technologies’ First Quarter 2023 Earnings Conference call. Joining us for today’s presentation are the Company’s CEO, Dr. Kang Sun, and CFO, Sandra Wal ...

Table of Contents _______________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________ FORM 10-Q _______________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-04321 AMPRIUS TECHNOLOGIES, INC. (Exac ...

Table of Contents Index to Consolidated Financial Statements UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 10-K __________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission ...

Amprius Technologies, Inc. (NYSE:AMPX) Q4 2022 Earnings Conference Call March 23, 2023 5:00 PM ET Company Participants Greg Bradbury - Investor Relations Kang Sun - Chief Executive Officer Sandra Wallach - Chief Financial Officer Conference Call Participants Colin Rusch - Oppenheimer Operator Good afternoon and welcome to the Amprius Technologies Conference Call and Webcast. It’s now my pleasure to turn the call over to Greg Bradbury. Greg Bradbury Good afternoon. Welcome to Amprius Technologies’ fourth qua ...