Amprius Technologies(US:AMPX)2025-05-08 22:00Financial Data and Key Metrics Changes - The company reported total revenue of $11.3 million in Q1 2025, a 6% increase from Q4 2024 and a 383% increase year-over-year [11][23] - Product revenue was $11 million, representing a $700,000 or 6% sequential increase, and a 370% increase year-over-year from $2.3 million [23][24] - Gross margin was negative 21% for the quarter, consistent with the previous quarter, but improved from negative 190% in the prior year [25] - GAAP net loss for Q1 was $9.4 million, or negative $0.08 per share, an improvement from a net loss of $11.4 million in Q4 2024 [28] Business Line Data and Key Metrics Changes - The company shipped batteries to 102 customers in Q1, with 46 being new customers, indicating strong customer acquisition [11][12] - Approximately 25% of revenue in Q1 came from the light electrical vehicle market, highlighting a significant market penetration [14] - The company added $4.5 million in new customer purchase orders to its backlog in Q1, providing visibility into future growth [14] Market Data and Key Metrics Changes - 83% of revenue in Q1 came from outside the United States, an increase from 65% in the prior year, demonstrating global customer diversification [12][26] - The company has seen a significant increase in cycle shipments, with over 600% growth since the beginning of last year [11] Company Strategy and Development Direction - The company is focused on technology innovation, new product introduction, quality manufacturing, customer engagement, and revenue growth [33] - Plans to release new batteries from the SiCore platform and commercial availability of the Cymax 500 watt per kilo product are in place [33] - The company aims to strengthen its manufacturing capabilities and align geographically with customers worldwide [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in growth expectations for the full year despite uncertainties related to tariffs and trade conflicts [21] - The company is well-positioned for continued success with its silicon anode batteries and has adequate cash reserves with a low burn rate [36] Other Important Information - The company announced the appointment of Tom Stanton as President, bringing over 35 years of leadership experience [21] - The company has diversified its manufacturing globally to mitigate potential impacts from tariffs [20] Q&A Session Summary Question: How is the testing activity going with new customers? - Management indicated that customer contracts will be completed by the end of the year, with some in Q2 [38] Question: How important is non-China manufacturing for the Sycor product line? - Management confirmed that additional contract manufacturing facilities outside of China will be announced soon [40] Question: What areas will the company focus on for team growth? - Management highlighted the need to strengthen R&D, contract manufacturing management, and sales teams [42] Question: How does the tariff situation affect customer sampling? - Management stated that tariffs are not a primary concern due to a competitive cost base and global reach [46] Question: What is the expected timeline for large purchase orders from a Fortune 500 customer? - Management anticipates volume orders will come in the latter part of 2026 [65] Question: How will new battery platforms affect gross margins? - Management expects that the commercialization of higher-tech cells will improve gross margins over time [67]