Exhibit 99.1 ar IS LETTER TO SHAREHOLDERS Q2 2024 Letter to Shareholders August 2024 Fellow Shareholders, the second quarter was a strong finish to the first half of the year for Amprius. We successfully delivered new high-performance batteries to the market, expanded our manufacturing capabilities, and engaged with new customers and market segments. With that, we are pleased to share our financial results and operational highlights with you below. Company Overview Amprius develops, manufactures, and market ...

da-kuk Investment thesis Amprius Technologies, Inc. (NYSE:AMPX) has felt the full wrath of the market if the 90% plus selloff over the past year is anything to go by. The high-power and high-density ion battery manufacturer has been under pressure, raising serious questions about whether the stock is oversold. The selloff has come despite the company doubling the number of its customers to 82. A plunge like this usually means that either the company is fundamentally flawed or it is oversold. As such, we are ...

Financial Data and Key Metrics Changes - The company reported total revenue of $2.3 million for Q1 2024, representing a 397% increase year-over-year and a 147% sequential increase [18] - Gross margin improved to negative 190% from negative 518% in the prior year and negative 98% in Q4 2023 [19] - Operating expenses were $5.9 million, a 6% decrease year-over-year and flat quarter-over-quarter [20] - The GAAP net loss for the quarter was $9.9 million, or a net loss of $0.11 per share [20] Business Line Data and Key Metrics Changes - The company shipped to 82 customers in Q1 2024, doubling the number from Q4 2023, with 52 of these being new customers [11] - The cycle product family was introduced, offering up to 400 watt-hour per kilo and 1,200 cycles at full depth of discharge, which complements the existing SiMaxx platform [9][10] - 76 customers received cycle products, indicating strong demand for this new offering [11] Market Data and Key Metrics Changes - The company has expanded its customer base across the United States, Europe, and Asia, with a primary focus on the aviation industry [31] - The introduction of the cycle platform is expected to accelerate revenue growth without additional capital investment [10] Company Strategy and Development Direction - The company aims to scale manufacturing capacity through both in-house production and partnerships with toll manufacturers [26] - Plans for a gigawatt-scale facility in Brighton, Colorado are underway, with 30% of construction completed [13] - The company is focusing on commercializing its 500 watt-hour per kilo SiMaxx cells later in 2024 [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting growing customer demand and expanding production capacity [12][17] - The company anticipates significant inquiries from customers as it ramps up production capabilities [38] - The outlook for 2024 remains strong, with expectations for continued customer engagement and potential larger orders [60] Other Important Information - The company has received recognition, including the Inaugural CleanTech Battery Company of the Year award [16] - A shelf registration on Form S-3 was filed to establish a new ATM facility for $100 million [24] Q&A Session Summary Question: What is the diversity of new customers geographically and by application? - The company has a broad customer base primarily in the United States and Europe, with some customers in Asia, mainly in the aviation industry [31] Question: How do you anticipate scaling sales with contract manufacturers? - The company is strengthening its sales team and has resolved manufacturing capacity issues for the SiCore product [33] Question: Can you confirm the number of repeat orders in the quarter? - Yes, there were 30 repeat orders in the quarter [37] Question: What is the interest level in SiCore versus SiMaxx? - There is significant interest in both products, with many customers engaging with both [56] Question: When can we expect larger orders from customers? - The company expects some customers to place larger orders later in Q2 as they complete their qualification processes [62] Question: What is the timeline for finalizing construction costs for the Colorado facility? - The company expects to provide guidance on construction costs by the end of Q3 2024 [58]

Amprius Technologies (AMPX) came out with a quarterly loss of $0.11 per share in line with the Zacks Consensus Estimate. This compares to loss of $0.11 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this battery maker would post a loss of $0.12 per share when it actually produced a loss of $0.11, delivering a surprise of 8.33%.Over the last four quarters, the company has surpassed consensus EPS estimates two times.Amprius, which belongs to the Za ...

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, 2024 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 ...

le ar LETTER TO SHAREHOLDERS Q1 2024 Exhibit 99.1 Letter to Shareholders May 2024 Fellow Shareholders, We hit the ground running in the first quarter at Amprius. We doubled the number of customers who received shipments in Q1 compared to Q4 of last year, a significant accomplishment and a testament to the marketability of our batteries. We are delivering industry-leading performance with our battery technology while also taking critical steps to scale production to meet the growing demand for our solutions. ...

Wall Street expects flat earnings compared to the year-ago quarter on higher revenues when Amprius Technologies (AMPX) reports results for the quarter ended March 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be release ...

KULR ONE Space and KULR ONE Guardian Platforms to Integrate Amprius Silicon Anode SA10 Cells SAN DIEGO, April 30, 2024 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE:KULR) (the "Company" or "KULR"), a global leader in safe and high performance energy storage solutions, today announced a leap forward in battery technology tailored for defense and space applications as KULR Technology Group (NYSE:KULR) and Amprius Technologies (NYSE:AMPX) officially announce their strategic partnership. This collaborat ...

Part I [Business](index=6&type=section&id=Item%201.%20Business) Amprius develops and manufactures ultra-high energy density lithium-ion batteries for aviation and EV markets, scaling to GWh-scale [Overview and Corporate Background](index=6&type=section&id=Overview%20and%20Corporate%20Background) - Amprius develops and commercially produces ultra-high energy density lithium-ion batteries featuring a disruptive silicon anode technology, which offers superior performance over conventional graphite batteries[17](index=17&type=chunk) - The company's primary markets are aviation applications like Unmanned Aerial Systems (UAS) and High-Altitude Pseudo Satellites (HAPS), with over **100** customers including AALTO Airbus, AeroVironment, and the U.S. Army[18](index=18&type=chunk) - Amprius offers two product platforms: **SiMaxx** (silicon nanowire) and **SiCore** (developed with Berzelius). The company is expanding its Fremont facility's capacity tenfold to **2 MWh** and building a new **GWh-scale facility** in Brighton, Colorado[19](index=19&type=chunk) - As of December 31, 2023, the company held **$45.8 million in cash** and expects to fund operations for at least the next twelve months through cash on hand, cash flows, and proceeds from its At Market Issuance Sales Agreement[23](index=23&type=chunk) [Industry Background and Market Opportunity](index=7&type=section&id=Industry%20Background%20and%20Market%20Opportunity) Electrification drives demand for advanced batteries in aviation and EVs, creating significant market opportunities - The shift to electrification in transportation is driven by a focus on sustainable energy, creating demand for advanced battery technologies in aviation (UAS, eVTOL) and ground vehicles (EVs)[24](index=24&type=chunk) Total Addressable Market (TAM) Forecasts | Market Segment | TAM by 2030/2033 | Source Year | | :--- | :--- | :--- | | Unmanned Aerial Systems (UAS) Batteries | ~$27.0 billion | 2030 | | Electric Air Mobility Batteries | ~$6.0 billion | 2030 | | Global EV Battery Market | $509.0 billion | 2033 | [Our Solution and Competitive Strengths](index=8&type=section&id=Our%20Solution%20and%20Competitive%20Strengths) Amprius's silicon anode technology provides superior battery performance with high energy density and fast charging, protected by robust IP - Amprius replaces traditional graphite anodes with a highly engineered silicon material that has a lithium storage capacity nearly **10 times greater** than graphite, significantly enhancing battery performance[34](index=34&type=chunk) Performance Metrics vs. Graphite Anode Batteries | Performance Metric | Graphite Anode Cells | Amprius SiMaxx Cells | | :--- | :--- | :--- | | Specific Energy (Wh/kg) | ~215-285 | 320-500 | | Energy Density (Wh/L) | ~530-715 | 805-1,300 | | Charging Time to 80% | 30 minutes | <6 minutes | | Cycle Life | 500-1,000 cycles | 200-1,200 cycles | - In March 2023, prototype **SiMaxx** cells were verified to deliver energy density greater than **504 Wh/kg** and **1,321 Wh/L**. In August 2023, the company unveiled a new cell with **400 Wh/kg** energy density and **10C** continuous discharge capability[38](index=38&type=chunk) - The company's technology is protected by a robust intellectual property portfolio, including over **80 issued patents** and pending applications, developed over more than **10 years**[42](index=42&type=chunk) [Our Products and Customers](index=10&type=section&id=Our%20Products%20and%20Customers) Amprius offers SiMaxx and SiCore battery platforms for aviation, with an EV-capable cell under development for future markets - The **SiMaxx** product platform includes High Energy cells (up to **500 Wh/kg**) for applications like HAPS, High Power cells (**400 Wh/kg**, **10C** discharge) for eVTOLs, and Balanced Energy/Power cells for UAS[44](index=44&type=chunk)[46](index=46&type=chunk)[48](index=48&type=chunk) - The **SiCore** product platform, developed with Berzelius, offers high energy density (up to **400 Wh/kg**) and long cycle life (up to **1,200 cycles**). It is available in various form factors and serves as a capacity bridge while **SiMaxx** production scales[49](index=49&type=chunk) - Amprius is developing an **EV-capable cell** and was awarded a contract from the U.S. Advanced Battery Consortium (USABC) to develop a low-cost, fast-charge battery meeting **2025 EV targets**, including >**400 Wh/kg** specific energy and **1,000 cycles**[53](index=53&type=chunk) [Manufacturing, Supply, and Growth Strategy](index=12&type=section&id=Manufacturing%2C%20Supply%2C%20and%20Growth%20Strategy) Amprius is scaling SiMaxx anode fabrication and building a GWh-scale facility in Colorado to meet demand and expand markets - **SiMaxx** anodes are fabricated using a proprietary Chemical Vapor Deposition (CVD) process. The company is working with centrotherm to develop high-volume anode fabrication tools[58](index=58&type=chunk)[59](index=59&type=chunk) - The company is building a **GWh-scale manufacturing facility** in a **774,000 sq. ft.** leased space in Brighton, Colorado. The initial phase is expected to have up to **500 MWh** capacity[65](index=65&type=chunk)[66](index=66&type=chunk) - Key growth strategies include completing the large-scale manufacturing facility, leveraging toll manufacturing for **SiCore** batteries, reducing costs through scale, extending its first-mover advantage in aviation, and expanding into new markets like EVs[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) - Capital equipment expenditures for the initial **500 MWh** capacity in Colorado are estimated to be between **$75.0 million and $100.0 million**, excluding facility construction and build-out costs[68](index=68&type=chunk) [Competition and Human Capital](index=15&type=section&id=Competition%20and%20Human%20Capital) Amprius competes with traditional and silicon composite anode manufacturers, supported by a dedicated team of 88 personnel - Competitors include traditional graphite anode manufacturers (CATL, Panasonic, Samsung SDI) and companies developing silicon composite anodes (Enevate, Enovix, Sila Nanotechnologies)[77](index=77&type=chunk)[78](index=78&type=chunk) - As of December 31, 2023, Amprius had **88 personnel** (**80 full-time employees**, **4 temporary employees**, and **4 contractors**), with **45 full-time employees** in manufacturing and **19** in R&D[86](index=86&type=chunk)[87](index=87&type=chunk) [Risk Factors](index=17&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks in technology, manufacturing, market, capital, IP, regulatory compliance, and internal controls - **Technology & Manufacturing Risks:** The company may not succeed in developing high-volume manufacturing lines that meet quality and cost targets, and its reliance on third parties for **SiCore** batteries and complex equipment for **SiMaxx** production introduces significant operational risks[90](index=90&type=chunk)[91](index=91&type=chunk)[96](index=96&type=chunk) - **Business & Financial Risks:** The company is an early-stage company with a history of losses and will require additional capital for growth. The battery market is intensely competitive, and future sales depend on the growth of new markets like electric aviation, which may develop slower than expected[91](index=91&type=chunk)[92](index=92&type=chunk) - **Regulatory & IP Risks:** The business relies heavily on its intellectual property portfolio and is subject to complex regulations, including environmental laws, export controls, and anti-corruption laws. Failure to comply could result in significant penalties[92](index=92&type=chunk) - **Internal Control Risks:** The company has previously identified and has not yet fully remediated material weaknesses in its internal control over financial reporting, which could affect its ability to report financial results accurately and on time[92](index=92&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk) [Unresolved Staff Comments](index=46&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[273](index=273&type=chunk) [Cybersecurity](index=46&type=section&id=Item%201C.%20Cybersecurity) Amprius manages cybersecurity with board oversight, periodic risk assessments, and employee training, having experienced past threats - The Board of Directors, led by the Audit Committee, oversees enterprise risk management, including cybersecurity threats. Management provides quarterly cybersecurity reports to the board[277](index=277&type=chunk) - The President of Amprius Lab and the Chief Technology Officer are responsible for developing and implementing the information security program. The company engages third-party vendors for simulations and requires all employees to complete regular cybersecurity training[278](index=278&type=chunk) - The company has experienced past threats, including a ransomware incident in **December 2021**, but states that such risks have not materially affected the company to date[190](index=190&type=chunk)[279](index=279&type=chunk) [Properties](index=47&type=section&id=Item%202.%20Properties) Amprius leases facilities in Fremont, CA for HQ and manufacturing, and in Brighton, CO for its future GWh-scale production Leased Properties as of December 31, 2023 | Location | Size (sq. ft.) | Use | Lease Expiration | | :--- | :--- | :--- | :--- | | Fremont, CA | ~51,000 | HQ, R&D, Manufacturing | June 2027 | | Brighton, CO | ~774,000 | Future GWh-scale Facility | May 2039 | [Legal Proceedings](index=47&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently a party to any litigation expected to materially affect its business - Amprius is not currently a party to any legal proceedings that are likely to have a material adverse effect on the business[281](index=281&type=chunk) [Mine Safety Disclosures](index=48&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - None[282](index=282&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=49&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Common stock and warrants trade on NYSE; no dividends are anticipated as earnings are retained for operations - Common stock and public warrants are listed on the NYSE under symbols "AMPX" and "AMPX.W" since **September 15, 2022**[285](index=285&type=chunk) - The company has never declared or paid dividends and does not intend to do so in the foreseeable future, retaining all funds for business operations[287](index=287&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=49&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue increased **105%** to **$9.1 million**, but net loss widened to **$36.8 million** due to higher costs, with **$45.8 million** cash on hand [Results of Operations](index=55&type=section&id=Results%20of%20Operations) Results of Operations (in thousands) | | Year ended Dec 31, 2023 | Year ended Dec 31, 2022 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $9,053 | $4,409 | $4,644 | 105% | | Cost of revenue | $23,729 | $10,063 | $13,666 | 136% | | Gross loss | $(14,676) | $(5,654) | $(9,022) | 160% | | R&D | $3,677 | $2,027 | $1,650 | 81% | | SG&A | $20,356 | $10,360 | $9,996 | 96% | | Net loss | $(36,776) | $(17,332) | $(19,444) | 112% | - Revenue increased by **$4.6 million (105%)** in 2023, driven by a **$2.6 million** increase in battery sales and a **$2.0 million** increase in non-recurring development service revenue[324](index=324&type=chunk) - Cost of revenues rose by **$13.7 million (136%)**, primarily due to a **$10.3 million** increase in production costs, including nonrecurring fees for the planned **GWh-scale facility** in Brighton, Colorado[325](index=325&type=chunk) - Selling, general and administrative expenses grew by **$10.0 million (96%)**, mainly due to increased professional fees (**$5.2M**), personnel costs (**$3.0M**), and corporate insurance (**$1.2M**) following the transition to a public company[329](index=329&type=chunk) [Liquidity and Capital Resources](index=56&type=section&id=Liquidity%20and%20Capital%20Resources) - As of December 31, 2023, the company had **$45.8 million in cash and cash equivalents**. Management believes this, along with operating cash flows and proceeds from the At Market Financing, is sufficient to fund operations for at least the next twelve months[332](index=332&type=chunk) - The company has an At Market Issuance Sales Agreement to sell up to **$100.0 million** of common stock. As of March 18, 2024, aggregate proceeds were approximately **$6.9 million**[333](index=333&type=chunk) - Capital expenditures for the initial **500 MWh** phase of the Brighton, Colorado facility are estimated to be between **$75.0 million and $100.0 million**, excluding construction and build-out costs[337](index=337&type=chunk) - In June 2023, the company and the U.S. Department of Energy mutually agreed to discontinue negotiations for a **$50.0 million** cost-sharing grant[335](index=335&type=chunk) Summary of Cash Flows (in thousands) | | Year ended Dec 31, 2023 | Year ended Dec 31, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(25,553) | $(13,882) | | Net cash used in investing activities | $(17,550) | $(1,481) | | Net cash provided by financing activities | $19,168 | $73,626 | [Quantitative and Qualitative Disclosures About Market Risk](index=60&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a "smaller reporting company," Amprius is not required to provide this information - The company is not required to provide this information as it qualifies as a "smaller reporting company"[357](index=357&type=chunk) [Financial Statements and Supplementary Data](index=61&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the company's audited consolidated financial statements for fiscal years 2023 and 2022 Key Balance Sheet Data (in thousands) | | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $45,761 | $69,696 | | Total current assets | $50,522 | $75,173 | | Property, plant and equipment, net | $21,760 | $4,236 | | Total assets | $107,736 | $83,171 | | Total current liabilities | $13,457 | $6,917 | | Total liabilities | $47,936 | $10,138 | | Total stockholders' equity | $59,800 | $73,033 | Key Statement of Operations Data (in thousands) | | Year ended Dec 31, 2023 | Year ended Dec 31, 2022 | | :--- | :--- | :--- | | Revenue | $9,053 | $4,409 | | Gross loss | $(14,676) | $(5,654) | | Loss from operations | $(38,709) | $(18,041) | | Net loss | $(36,776) | $(17,332) | | Net loss per share (basic and diluted) | $(0.43) | $(0.24) | [Changes in and Disagreements With Accountants on Accounting and Financial Disclosures](index=91&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosures) The company reports no changes in or disagreements with its accountants on accounting and financial disclosures - None[515](index=515&type=chunk) [Controls and Procedures](index=91&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective due to unremediated material weaknesses in internal control over financial reporting - Management concluded that disclosure controls and procedures were **not effective** as of December 31, 2023, due to unremediated material weaknesses in internal control over financial reporting[516](index=516&type=chunk) - The material weaknesses pertain to (i) inadequate design and maintenance of internal controls over financial reporting and close activities, and (ii) inadequate segregation of duties, attributed to inadequate controls over new application systems[517](index=517&type=chunk) - A remediation plan is underway to enhance application system controls, improve transaction review processes, and engage external specialists to assist with monitoring and implementing controls[519](index=519&type=chunk) [Other Information](index=92&type=section&id=Item%209B.%20Other%20Information) This section discloses the adoption of Rule 10b5-1 stock trading plans by several company executives during 2023 - Discloses the adoption of Rule 10b5-1 trading plans by CTO Dr. Constantin Ionel Stefan (**Dec 2023**), CEO Dr. Kang Sun (**Sep 2023**), and President of Amprius Lab Jonathan Bornstein (**May 2023**)[524](index=524&type=chunk)[525](index=525&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=92&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - None[525](index=525&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=93&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information for this item is incorporated by reference from the 2024 Annual Meeting Proxy Statement - Information is incorporated by reference from the definitive Proxy Statement for the 2024 Annual Meeting of Stockholders[527](index=527&type=chunk) [Executive Compensation](index=93&type=section&id=Item%2011.%20Executive%20Compensation) Information for this item is incorporated by reference from the 2024 Annual Meeting Proxy Statement - Information is incorporated by reference from the definitive Proxy Statement for the 2024 Annual Meeting of Stockholders[528](index=528&type=chunk) [Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters](index=93&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owner%20and%20Management%20and%20Related%20Stockholder%20Matters) Information for this item is incorporated by reference from the 2024 Annual Meeting Proxy Statement - Information is incorporated by reference from the definitive Proxy Statement for the 2024 Annual Meeting of Stockholders[529](index=529&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=93&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information for this item is incorporated by reference from the 2024 Annual Meeting Proxy Statement - Information is incorporated by reference from the definitive Proxy Statement for the 2024 Annual Meeting of Stockholders[530](index=530&type=chunk) [Principal Accountant Fees and Services](index=93&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information for this item is incorporated by reference from the 2024 Annual Meeting Proxy Statement - Information is incorporated by reference from the definitive Proxy Statement for the 2024 Annual Meeting of Stockholders[531](index=531&type=chunk) Part IV [Exhibit and Financial Statement Schedules](index=94&type=section&id=Item%2015.%20Exhibit%20and%20Financial%20Statement%20Schedules) This section lists the documents filed as part of the Annual Report on Form 10-K, including financial statements and exhibits - This section provides an index to the consolidated financial statements and a list of all exhibits filed with the Form 10-K[533](index=533&type=chunk)[534](index=534&type=chunk) [Form 10-K Summary](index=96&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable to the company - None[538](index=538&type=chunk)

Financial Data and Key Metrics - Q4 2023 revenue was $3.9 million, a $3.1 million increase compared to $0.8 million in Q4 2022, and up $1.1 million sequentially [20] - Full-year 2023 revenue was $9.1 million, representing a growth rate of over 100% from 2022 [21] - Gross margin for 2023 was negative 162%, compared to negative 128% in 2022, with significant variation due to product and services revenue mix fluctuations [22] - Operating expenses for 2023 were $24 million, a 94% increase from the prior year, driven by public company expenses, transaction-related costs, and staffing increases in R&D and sales [22] - GAAP net loss for 2023 was $36.8 million, or $0.43 per share, compared to a net loss of $0.24 per share in 2022 [23] - Cash balance at the end of 2023 was $45.8 million with no debt [24] Business Line Data and Key Metrics - Product revenue increased by $0.3 million in Q4 2023, driven by shipments to 41 customers, a record for the company [20] - Development services revenue increased by $3 million in Q4 2023, reflecting the completion of the U.S. Army Manufacturing Technology Program [21] - SiMaxx and SiCore battery families have attracted significant market attention and customer demand, with SiCore offering form factor flexibility for pouch and cylindrical cells [11][33] - The company shipped batteries to 41 customers in Q4 2023, including 16 new customers, with significant orders from eVTOL and HAPS manufacturers [13][14] Market Data and Key Metrics - The company has a strong patent portfolio with over 80 issued patents and pending applications, positioning it as a leader in silicon anode battery technology [5] - Amprius batteries deliver 450 watt-hour per kilo specific energy density and 1,150 watt-hour per liter volumetric density, with a new 500 watt-hour per kilo platform ready for commercial shipments [5][9] - The company has secured long-term battery supply agreements with key customers, including AeroVironment and Tenergy [13] - The company is targeting large markets, including a $1.25 billion conformal wearable battery market by 2030, a $33 billion aviation battery market by 2030, and a $591 billion EV battery market by 2033 [29] Company Strategy and Industry Competition - The company's strategy focuses on advancing silicon anode battery technology, expanding production capacity, and meeting significant customer demand [8][28] - Amprius is building a large-scale manufacturing facility in Brighton, Colorado, expected to be operational in 2025, and has increased manufacturing capacity in Fremont, California, by 10 times [15][16] - The company is pursuing additional funding through equity issuances, grants, loans, and incentives to support its growth strategy [26] - Amprius has been recognized as one of Fast Company's 2024 most innovative companies and won awards for its SiMaxx 400 watt-hour per kilo cell [18] Management Commentary on Operating Environment and Future Outlook - Management highlighted the unmatched performance of Amprius' silicon anode batteries, with significant customer demand and a robust pipeline [27] - The company expects to begin construction of its gigawatt-scale facility in Brighton, Colorado, in 2024 and optimize SiMaxx mass production in Fremont [28] - Management is confident in the company's growth strategy, with opportunities in aviation, EVs, and wearable markets [29] - The company is pursuing the 45x tax credit under the IRA, which could provide significant financial benefits [42] Other Important Information - The company completed its first volume shipments of Safe Cell for the U.S. Army in December 2023, marking a milestone in its manufacturing scale-up initiative [15] - Amprius received AS9100:2016 certification for its Fremont production facility, supporting its supply to the electrical aviation industry [17] - The company has raised $6.5 million through the sale of shares under its ATM facility as of March 18, 2024 [25] Q&A Session Summary Question: Customer feedback and opportunities for SiCore - SiCore has received strong feedback from customers, with form factor flexibility enabling supply of both pouch and cylindrical cells [32][33] Question: Ramp-up challenges and Colorado facility progress - The Fremont facility is expected to reach 2 megawatt-hour capacity by the end of 2024, while the Colorado facility is progressing with rezoning and permitting [35] Question: Revenue breakdown between SiMaxx and SiCore - The company has not disclosed separate revenue figures for SiMaxx and SiCore, but SiCore has potential for larger revenue due to toll manufacturing capacity [38][40] Question: Pricing and application focus for SiCore - SiCore commands a premium due to its high energy density and long cycle life, with applications in aviation and other electric mobility segments [45][47] Question: Demand and ramp for SiCore - Manufacturing capacity for SiCore exceeds 100 megawatts, with commercial revenue expected later in 2024 as customers complete qualification [50] Question: Fremont facility updates and cathode line - The cathode line in Fremont is expected to be operational in Q3 2024, with no impact on current production [52] Question: 500 watt-hour per kilo product timing and R&D goals - The 500 watt-hour per kilo product is expected to ship to customers in 2024, with R&D focused on energy density, power, and safety features [56][58] Question: Fremont capacity and revenue expectations for 2024 - Revenue is expected to ramp up in 2024, driven by Fremont capacity and SiCore product availability [65] Question: Colorado facility long lead time items and costs - Long lead time items for the Colorado facility, such as dehumidifiers and transformers, have been procured, with design and permitting ongoing [68] Question: Gross margin and operating cost expectations for 2024 - Gross margins may remain under pressure in 2024 due to Colorado facility costs, while operating expenses are expected to remain stable [71] Question: Military vs commercial revenue mix - The company does not directly track military vs commercial revenue, as it sells through OEMs, but has strong relationships with key defense contractors [73]