Amprius Technologies, Inc. reported significant financial growth in its latest 10-K filing, with revenues reaching $24.2 million for the year ended December 31, 2024, a 167% increase from $9.1 million in the previous year. This surge was primarily driven by a $14.9 million increase in sales of SiCore batteries, attributed to a growing customer base and increased order volumes. However, the company also faced a gross loss of $18.3 million, reflecting a 25% increase in losses compared to the prior year, largely due to rising costs associated with production and procurement.
The company has made notable strategic advancements, including the full commercial launch of its SiCore batteries in January 2024 and the establishment of manufacturing supply agreements with three global contract manufacturers. These agreements are expected to facilitate the production of up to 800 MWh of SiCore batteries in pouch form and 1 GWh in cylindrical form annually. Additionally, Amprius is expanding its manufacturing capacity in Fremont, California, with plans for a GWh-scale facility in Brighton, Colorado, although the completion of these expansions has been delayed due to customer order commitments.
Operationally, Amprius has engaged with over 260 customers since its inception, with shipments to 235 customers in 2024. The company has also shipped over 800,000 battery units, primarily for aviation applications, including unmanned aerial systems and high-altitude pseudo-satellites. As of December 31, 2024, Amprius employed 108 individuals, with a significant portion dedicated to research and development, reflecting its commitment to innovation in battery technology.
Despite the positive revenue growth, Amprius continues to face challenges, including a net loss of $44.7 million for the year, up from $36.8 million in 2023. The company anticipates ongoing losses as it scales operations and invests in research and development. Looking ahead, Amprius aims to enhance its manufacturing capabilities and expand its market presence, particularly in the electric vehicle sector, while navigating the competitive landscape of battery technology. The company remains focused on optimizing production costs and increasing its customer base to achieve profitability in the future.
About Amprius Technologies, Inc.
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