Amprius Technologies, Inc. — FY2023 Form 10-K
Reporting period: Fiscal year ended December 31, 2023; filed March 28, 2024. This is an annual report, not a standalone fourth-quarter report. Amprius develops silicon-anode lithium-ion batteries, primarily for aviation and unmanned aircraft applications. Its SiMaxx batteries are produced in Fremont; SiCore batteries are currently supplied through third-party manufacturing partners.
Financial performance and liquidity
| Metric | FY2023 | FY2022 |
|---|---|---|
| Revenue | $9.1 million | $4.4 million |
| Cost of revenue | $23.7 million | $10.1 million |
| Gross loss / margin | $(14.7) million / (162)% | $(5.7) million / (128)% |
| Operating expenses | $24.0 million | $12.4 million |
| Operating loss | $(38.7) million | $(18.0) million |
| Net loss | $(36.8) million | $(17.3) million |
| Basic and diluted loss per share | $(0.43) | $(0.24) |
| Cash and cash equivalents at year-end | $45.8 million | $69.7 million |
| Net cash used in operating activities | $25.6 million | $13.9 million |
| Net cash used in investing activities | $17.6 million | $1.5 million |
| Net cash provided by financing activities | $19.2 million | $73.6 million |
Revenue comprised $4.9 million of battery sales, $3.9 million of customization design services, and $0.3 million of government grant revenue. The balance sheet reported $50.5 million in current assets and $13.5 million in current liabilities. Total liabilities were $47.9 million, including $35.6 million of operating lease liabilities; the filing reports no debt balance. Total stockholders’ equity was $59.8 million.
Changes versus FY2022
- Revenue rose 105%, driven by increased battery orders from existing and new customers and more completed customization work; SiCore battery sales contributed $1.9 million of the product-revenue increase.
- Cost of revenue grew faster than revenue, increasing 136%; the gross loss widened to $14.7 million from $5.7 million.
- Net loss more than doubled. Higher operating costs included public-company expenses, added personnel, and manufacturing-facility planning and development costs.
- Operating cash use increased, while investing cash use rose substantially due mainly to production equipment and Fremont facility expansion. Financing cash inflows were lower than in 2022, which included net proceeds from the business combination and PIPE.
Outlook, risks, and unusual items
- Management said cash, operating cash flows, and potential at-the-market (ATM) proceeds were expected to fund obligations for at least 12 months from issuance of the financial statements. This depends in part on spending, execution, and access to financing; the company warns additional capital may be needed and may not be available on acceptable terms.
- The company expects Fremont capacity to reach up to 2 MWh, approximately ten times 2023 production capacity, when its expansion is fully operational, which it targeted for exiting 2024. The Brighton, Colorado facility’s initial phase is planned for up to 500 MWh and the company said it expected the facility to be operational in 2025. Timelines and costs are uncertain.
- Estimated capital equipment spending to achieve up to 500 MWh annually is $75 million to $100 million, excluding construction and facility build-out costs. The company also cited approximately $10 million in conditional state and local incentives.
- The company reported no formal revenue or earnings guidance. Its capacity and timing statements are management expectations, not assurances.
- In June 2023, Amprius and the U.S. Department of Energy mutually ended negotiations for a proposed $50 million cost-sharing grant. The company had sold $19.1 million of stock under its former purchase agreement during 2023 and $0.4 million under its ATM by year-end; it reported approximately $6.5 million of additional ATM proceeds through March 18, 2024.
- Customer concentration is significant: three customers accounted for 67% of 2023 revenue, and three customers represented 80% of year-end accounts receivable. The company also relies on Berzelius and manufacturing partners for SiCore supply, including production in China.
- Material risks include scaling manufacturing yield, throughput and cost; construction, permitting and financing for Brighton; customer concentration; supply-chain and geopolitical exposure; product safety and performance; and competition. The filing says the company has not yet achieved high-volume production.
- Management concluded disclosure controls and internal control over financial reporting were not effective at year-end because two material weaknesses remained unremediated: controls over financial reporting and close activities, and segregation of duties. The financial statements received an unqualified audit opinion; the auditor did not attest to internal control effectiveness.
- No litigation was reported as likely to have a material adverse effect. No income-tax provision was recorded; deferred tax assets were fully offset by a valuation allowance.
Investor verification priorities
- Track actual Fremont and Brighton construction, permitting, equipment commissioning, production capacity, yield, and capital spending against management’s targets.
- Monitor cash burn, ATM share sales and dilution, financing availability, and whether liquidity remains adequate as manufacturing investment grows.
- Verify customer retention, order conversion, revenue concentration, and the timing and collectability of remaining performance obligations; approximately $9.4 million was allocated to unsatisfied or partially unsatisfied obligations at year-end.
- Assess the terms, continuity, and delivery performance of Berzelius and other third-party supply arrangements, including exposure to China and customer preferences for U.S.-manufactured cells.
- Check whether the two material weaknesses are remediated and whether controls operate effectively in subsequent filings.