Amprius Technologies, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved revenues of $7.9 million for the third quarter, marking a substantial increase of 181% compared to $2.8 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $13.5 million, up 165% from $5.1 million in the prior year. This growth was primarily driven by a $7.8 million increase in battery sales, particularly a $6.2 million rise in sales of SiCore batteries.

Despite the revenue growth, Amprius reported a net loss of $10.9 million for the third quarter, an increase from a loss of $8.5 million in the same quarter of 2023. For the nine-month period, the net loss was $33.3 million, compared to $27.0 million in the previous year. The increase in losses is attributed to higher operating expenses, which totaled $6.2 million for the third quarter, up from $4.9 million in the same quarter of 2023. Research and development expenses also rose significantly, reflecting the company's ongoing investment in product development.

As of September 30, 2024, Amprius had cash and cash equivalents of $35.0 million, a decrease from $45.8 million at the end of 2023. The company reported an accumulated deficit of $162.9 million and total stockholders' equity of $56.0 million. The increase in accounts receivable and inventories indicates a growing operational scale, with accounts receivable rising to $4.6 million from $1.3 million at the end of 2023.

Strategically, Amprius is expanding its manufacturing capacity, transitioning from kWh-scale to MWh-scale production, with plans for a GWh-scale facility in Brighton, Colorado. The company has entered into an At Market Issuance Sales Agreement, allowing for the sale of up to $100 million in common stock, with net proceeds of approximately $10.9 million reported for the nine months ended September 30, 2024.

The company continues to face challenges, including increased operational costs and the need for additional financing to support its growth initiatives. Amprius is also navigating risks associated with reliance on third-party manufacturers and geopolitical factors affecting its supply chain. The management has identified material weaknesses in internal controls over financial reporting, which they are actively working to address.