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Amprius Technologies Inc. (AMPX-0.82%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Amprius' operations in developing, manufacturing, and marketing lithium-ion batteries for applications in the aviation, electric vehicle, and light electric vehicle industries. The company reported a net loss of $44.7 million for the year, compared to a net loss of $36.8 million in the previous year.
Revenue for the year increased to $24.2 million from $9.1 million in 2023, attributed mainly to increased sales of SiCore batteries. However, the cost of revenue also rose to $42.5 million from $23.7 million, impacting the gross margin.
Research and development expenses doubled to $7.3 million, reflecting increased investment in product development and enhancement. Selling, general, and administrative expenses decreased slightly to $18.7 million.
Amprius continues to expand its manufacturing capacity, with plans to build a GWh-scale facility in Brighton, Colorado. The completion of the expansion of its Fremont, California facility has been delayed to the first quarter of 2025.
The company raised $33.4 million through an at-the-market equity offering and $13.6 million from the exercise of stock warrants. Amprius expects these funds to support its operations and expansion plans.
Amprius' future strategy includes leveraging its contract manufacturing partnerships to meet growing demand and further developing its silicon anode technology to enhance battery performance.
The company faces risks related to competition, regulatory changes, and geopolitical factors that could impact its operations and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Amprius Technologies Inc. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.