Amprius Technologies(US:AMPX)2023-11-12 16:00Technology and Production Capacity - As of September 30, 2023, Amprius Technologies has shipped over 10,000 batteries, validating its technology with over 40 customers including Airbus and the U.S. Army[100] - The company expects to increase its silicon anode production capacity to approximately 2 MWh by the end of 2023 with the new production machine received[109] - Amprius Technologies plans to establish a GWh-scale manufacturing facility in Brighton, Colorado, but faces zoning challenges that must be resolved by December 31, 2023[110] - The estimated capital expenditures to achieve 500 MWh per year of manufacturing capacity range between $75 million and $100 million, excluding new facility construction costs[113] - Amprius Technologies is focused on reducing manufacturing costs on a $/kWh basis to accelerate demand and expand its customer base[114] - The company is developing larger cell form factors for broader electrified transportation applications, aiming to improve battery life and energy density[118] - Amprius Technologies is the only known manufacturer using a 100% silicon anode free of inactive additives, positioning itself as a leader in high-performance aviation battery applications[115] Financial Performance - Revenue increased by $2.0 million, or 243%, to $2.8 million for the three months ended September 30, 2023, compared to $0.8 million for the same period last year[133] - Revenue increased by $1.5 million, or 41%, to $5.1 million for the nine months ended September 30, 2023, compared to $3.6 million for the same period last year[134] - Cost of revenue increased by $4.7 million, or 203%, to $7.0 million for the three months ended September 30, 2023, compared to $2.3 million for the same period last year[135] - Cost of revenue increased by $8.3 million, or 110%, to $15.9 million for the nine months ended September 30, 2023, compared to the same period last year[136] - Research and development expense increased by $0.3 million, or 66%, to $0.8 million for the three months ended September 30, 2023, compared to the same period last year[137] - Selling, general and administrative expense increased by $1.7 million, or 75%, to $4.1 million for the three months ended September 30, 2023, compared to the same period last year[138] - Other income, net increased by $0.6 million during the three months ended September 30, 2023, primarily due to increased interest income[138] Cash Flow and Capital Expenditures - Cash and cash equivalents were $53.4 million as of September 30, 2023, expected to meet working capital and capital expenditure requirements for at least twelve months[140] - The company anticipates continued increases in R&D expenses as it invests in product development and battery prototypes[126] - The company expects higher capital expenditures related to the construction of a GWh-scale manufacturing facility and automated manufacturing lines[122] - The company may receive up to $550.8 million from the exercise of outstanding warrants, with an exercise price of $11.50 for public and private warrants, and $12.50 for PIPE warrants[141] - The company expects capital expenditures between $75.0 million and $100.0 million to achieve 500 MWh per year of manufacturing capacity, with the initial phase expected to be operational in 2025[144] - The company incurred net losses of $8.5 million and $27.0 million for the three and nine months ended September 30, 2023, respectively, and anticipates increased expenses in future periods[145] - Net cash used in operating activities increased to $20.8 million for the nine months ended September 30, 2023, up from $8.2 million in the same period last year[150] - Net cash used in investing activities rose to $11.8 million for the nine months ended September 30, 2023, compared to $0.7 million in the prior year[151] - Net cash provided by financing activities decreased to $16.3 million for the nine months ended September 30, 2023, down from $71.6 million in the same period last year[152] - As of September 30, 2023, the company had cash and cash equivalents of $53.4 million, with potential interest income changes of approximately $0.5 million per annum if interest rates change by 100 basis points[162] - The company has a total future lease obligation of approximately $73.9 million, including $11.0 million for its current headquarters and $62.9 million for a future GWh-scale manufacturing facility[146] Grants and Agreements - The company received $19.1 million from sales under a terminated Purchase Agreement from January 1, 2023, to October 10, 2023[142] - The company was awarded a $50.0 million cost-sharing grant from the U.S. Department of Energy in October 2022, but negotiations for the contract were discontinued in June 2023[143]