Amprius Technologies Inc (AMPX) 2024 Q4 法說會逐字稿

Good afternoon. Welcome to the Amprius Technologies fourth quarter and full-year 2024 earnings conference call. Joining us for today's presentation are the company's CEO, Dr. Kang Sun; and CFO, Sandra Wallach. (Operator Instructions)

午安.歡迎參加 Amprius Technologies 2024 年第四季和全年財報電話會議。參加今天演講的有公司執行長 Kang Sun 博士；和財務長桑德拉·瓦拉赫（Sandra Wallach）。（操作員指令）

Please note that this presentation contains forward-looking statements, including, but not limited to, statements regarding our financial and business performance; our business strategy; future product development or commercialization; new customer adoption and new applications; our growth and the growth of the markets in which we operate; and the timing and ability of Amprius to expand its manufacturing capacity, build its large-scale manufacturing facility, scale its business, and achieve a sustainable cost structure. These statements involve known and unknown risks, uncertainties, and other important factors that may cause Amprius' results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. For a more complete discussion of these risks and uncertainties, please refer to Amprius' filings with the Securities and Exchange Commission.

請注意，本簡報包含前瞻性陳述，包括但不限於有關我們的財務和業務表現的陳述；我們的商業策略；未來產品開發或商業化；新客戶採用和新應用；我們的發展以及我們經營所在市場的發展；以及安普瑞斯擴大製造能力、建設大型製造設施、擴大業務規模和實現可持續成本結構的時機和能力。這些聲明涉及已知和未知的風險、不確定性和其他重要因素，可能導致安普瑞斯的結果、業績或成就與此類前瞻性聲明中表達或暗示的任何未來結果、業績或成就存在重大差異。有關這些風險和不確定性的更完整討論，請參閱 Amprius 提交給美國證券交易委員會的文件。

Finally, I'd like to remind everyone that this conference call is being webcasted and a recording will be made available for replay on the company's Investor Relations website at ir.amprius.com. In addition to the webcast, the company has posted a shareholder letter that accompanies these results, which can also be found on the Investor Relations website.

最後，我想提醒大家，本次電話會議正在網路直播，錄音可在公司投資人關係網站 ir.amprius.com 上重播。除了網路直播之外，該公司還發布了隨附業績的致股東信，也可在投資者關係網站上找到。

I will now turn the call over to Amprius Technology's CEO, Dr. Kang Sun, for his comments. Sir, please proceed.

現在，我將電話轉給安普瑞斯科技的執行長孫康博士，請他發表評論。先生，請繼續。

Welcome, everyone, and thank you for joining us this afternoon. On today's call, I will give you an overview of our record performance and some of our 2024 accomplishments while also highlighting the upcoming milestones, we look forward to achieving soon. After that, our CFO, Sandra Wallach, will discuss our financial results for the period. Then I will share some closing remarks before opening the call for questions.

歡迎大家，感謝大家今天下午加入我們。在今天的電話會議上，我將向您概述我們的創紀錄業績和 2024 年的一些成就，同時強調我們期待很快實現的里程碑。之後，我們的財務長桑德拉·瓦拉赫 (Sandra Wallach) 將討論我們該期間的財務表現。然後，在開始提問之前，我將發表一些結束語。

Before I give a recap of the quarter, I would like to briefly introduce Amprius to those who may be new to our company. Amprius is a pioneer and the leader in silicon anode battery space. At Amprius, we develop, manufacture and the market high energy density and high-power density silicon anode battery with applications across all segments of electrical mobility, including the aviation, electric vehicle and light electrical vehicle industries.

在我對本季進行回顧之前，我想先向那些可能不熟悉我們公司的人簡單介紹一下安普瑞斯。Amprius 是矽陽極電池領域的先驅和領導者。在安普瑞斯，我們開發、製造和銷售高能量密度和高功率密度矽陽極電池，應用於電動車的所有領域，包括航空、電動車和輕型電動車產業。

Today, Amprius commends performance leadership with this combination of battery energy density, power density, charging time, operating time range and safety. Across our battery portfolio, we offer unmatched performance among commercially available batteries. Amprius has been delivering commercial batteries to the market with up to 450 watt-hour per kilo and 1,150 watt-hour per liter.

如今，安普瑞斯公司憑藉著電池能量密度、功率密度、充電時間、使用時間範圍和安全性的結合，展現出其性能領先地位。在我們的電池產品組合中，我們提供市售電池中無與倫比的性能。Amprius 已向市場推出能量密度高達每公斤 450 瓦時和每公升 1,150 瓦時的商用電池。

10C power capability, an extreme fast charging rate of 0% to 80% rate of charge in approximately 6 minutes, the ability to operate in a wide temperature range of minus 30 degrees Celsius up to 55 degrees Celsius and the safety design features that enable us to pass the United States Military benchmark nail penetration test. Each of these performance parameters is critically important to the real or electrical mobility applications. Now let do our batteries enable certain aircraft and vehicles to maximize performance, but they enable our customers to achieve their economic targets as well.

10C 功率能力、約 6 分鐘內從 0% 充電至 80% 的超快充電率、在零下 30 攝氏度至最高 55 攝氏度的寬溫度範圍內運行的能力以及使我們能夠通過美國軍用基準釘刺測試的安全設計特點。這些性能參數中的每一個對於實際或電動移動應用至關重要。現在，我們的電池不僅能使某些飛機和車輛最大限度地提高性能，還能使我們的客戶實現他們的經濟目標。

In addition to our commercially available batteries today, we have also achieved a third-party validation of our latest 500 watt-hour per kilo, 1,300 watt-hour per liter battery platform. It's our belief that there are no other commercial batteries on the market that can perform at these levels today. Amprius is a silicon anode battery technology pioneer with over a decade of development experience and the non-track record of commercial shipments and customer achievements.

除了我們今天可以商業化的電池外，我們最新的500瓦時每公斤、1300瓦時每公升的電池平台還獲得了第三方驗證。我們相信，目前市場上沒有其他商用電池能夠達到這樣的效能水準。Amprius 是矽陽極電池技術的先驅，擁有十多年的開發經驗以及商業出貨和客戶表現的非業績記錄。

2024 was an important and productive year for Amprius. The company introduced a new silicon anode battery platform cycle, commercialize a group of new batteries with breakthrough performance due to over 1.8 gigawatt hour contract manufacturing capacity, achieved record sales revenue engaged with 235 customers and developed a strong growth path. Innovative technologies and the breakthrough product performance and the foundation of Amprius business. Large-scale manufacturability and commercialization of these technologies and the products having labels to achieve incredible milestones and business results this year.

2024年對安普瑞斯來說，是重要且有成果的一年。該公司推出了全新的矽負極電池平台週期，憑藉超過1.8千兆瓦時的合約製造產能，實現了一批性能突破性的新型電池商業化，與235家客戶實現了創紀錄的銷售收入，形成了強勁的增長軌跡。創新技術和突破性的產品性能是安普瑞斯業務的基礎。這些技術以及帶有標籤的產品的大規模製造和商業化將在今年實現令人難以置信的里程碑和業務成果。

In January 2025, Amprius introduced the first battery cell in the industry with combined high energy and high power. 370 watt-hour per kilo energy density and the offering up to 3,500 watt-hour per kilo power. Furthermore, the cells support high discharge rates of up to 10 feet without cooling and up to 15 feet with active cooling, ensuring quick power delivery without compromising on time. This cell provides an ideal situation for aviation electrical vehicles and any electrical mobility applications that require both endurance and rapid energy delivery.

2025年1月，安普瑞斯推出業界首款高能量與高功率結合的電池單元。每公斤能量密度為 370 瓦時，每公斤可提供高達 3,500 瓦時的功率。此外，這些電池無需冷卻即可支援高達 10 英尺的高放電率，在​​主動冷卻的情況下可支援高達 15 英尺的高放電率，從而確保快速輸送電力而不影響時間。該電池為航空電動車以及任何需要耐久性和快速能量傳輸的電動移動應用提供了理想的環境。

In Q4, preproduction amp-hour samples were delivered to six of our customers, enabling real-world testing in challenging environments. We are seeing strong customer interest for this battery with industrial leaders like Teledyne FLIR already actively evaluating its capabilities. Amprius also developed shipped high-performance EV battery cell sample to the United States Advanced Battery Consortium or USABC in 2024.

在第四季度，我們向六位客戶交付了預生產安培小時樣品，以便在具有挑戰性的環境中進行真實測試。我們看到客戶對這款電池的濃厚興趣，Teledyne FLIR 等行業領導者已經在積極評估其功能。Amprius 也於 2024 年向美國先進電池聯盟 (USABC) 運送了高性能電動車電池單元樣品。

The USABC awarded Amprius $3 million grant to develop low-cost and fast-charging battery cell back in 2022. Since then, Amprius not only met the USABC's development targets, but you exceed them by delivering a cell with a specific energy of 360 watt-hour per kilo at the beginning of life and power density of 1,200 watt-hour per kilo.

早在 2022 年，USABC 就向 Amprius 授予了 300 萬美元的資助，用於開發低成本、快速充電電池。從此以後，安普瑞斯不僅達到了 USABC 的開發目標，而且超越了這些目標，推出了初始能量密度為 360 瓦時每公斤、功率密度為 1,200 瓦時每公斤的電池。

The sample EV cells can also charge to 90% of their rate energy in just 15 minutes, exceeding the USABC target of 80% with the same time frame.

樣品電動車電池還可在短短 15 分鐘內充電至其額定能量的 90%，超過了 USABC 在相同時間內充電至 80% 的目標。

In 2024, Amprius also received the X time prime award from the US Army to develop a large format 500 watt-hour per kilo battery cell. We believe that this product, which is in development with our partner, AeroVironment, will allow us to pin battery performance that is not available anywhere here. This project is expected to be complete this year.

2024年，安普瑞斯還獲得了美國陸軍的X時間黃金獎，用於開發每公斤500瓦時的大尺寸電池單元。我們相信，與我們的合作夥伴 AeroVironment 共同開發的這款產品將使我們能夠實現此處任何地方都無法實現的電池性能。該項目預計今年完工。

Today, Amprius has a high-performance commercial battery portfolio that provides critical solutions to the customer with various applications across the electric mobility market. The 14 different SKUs provide a range of performance options for different applications that are all commercially available today.

如今，安普瑞斯擁有高性能商用電池產品組合，為電動車市場中各種應用的客戶提供關鍵解決方案。14 種不同的 SKU 為目前市面上不同的應用提供了一系列效能選項。

Technical achievements have enabled our commercial success. In fact, in the fourth quarter alone, we shipped to 98 total customers with 53 of those being new to the Amprius platform. Our renting customer growth complements the volume shipments to strategic customers resulted in first quarter revenue of $10.6 million, a 35% increase from the third quarter of 2024 and 170% increase from the fourth quarter of 2023.

技術成果使我們的商業成功成為可能。事實上，光是在第四季度，我們就向 98 位客戶出貨，其中 53 位是 Amprius 平台的新客戶。我們的租賃客戶成長與對策略客戶的大量出貨量相得益彰，導致第一季營收達到 1,060 萬美元，比 2024 年第三季成長 35%，比 2023 年第四季成長 170%。

Additionally, 77% of the revenue from Q4 came from outside of the United States compared to just 22% in the same period of last year. Our shift to basis and demonstrates the expansion of our customer base worldwide.

此外，第四季 77% 的收入來自美國以外，而去年同期僅為 22%。我們向基礎的轉變展示了我們全球客戶群的擴張。

Over the course of 2024, we shipped to a total of 235 customers. This includes new customers as well as repeat volume orders from our long-term partners like auto Airbus, AeroVironment, Teledyne FLIR, Kraus Hamdani and BAE Systems. The rapid customer expansion we are driving is a testament to our product competitiveness, manufacturing capability and sales strategy. We generated $24.2 million in revenue for the full year, a 167% increase from 2023.

2024 年期間，我們共向 235 位客戶出貨。這包括新客戶以及我們長期合作夥伴（如空中巴士、AeroVironment、Teledyne FLIR、Kraus Hamdani 和 BAE Systems）的重複批量訂單。我們推動的客戶快速擴張證明了我們的產品競爭力、製造能力和銷售策略。我們全年創造了 2,420 萬美元的收入，比 2023 年成長 167%。

In 2024, we've developed some sizable business opportunities to support our growth for years to come. In Q3 and Q4, we shared that we signed two separate agreements with Fortune 500 companies. First agreement announced in September 2024 was a non-binding letter of intent with a Fortune Global 500 technology OEM to develop a high energy cycle significant cell for the light electrical vehicle market.

2024 年，我們開發了一些規模可觀的商業機會，以支持我們未來幾年的成長。在第三季和第四季度，我們分享了與財富 500 強公司簽署了兩份單獨的協議。2024 年 9 月宣布的第一項協議是與財富全球 500 強技術 OEM 簽署的一份不具約束力的意向書，旨在為輕型電動車市場開發高能量循環重要電池。

The battery solution that Amprius provide will be a technology breakthrough in cell chemistry, cell design and cell manufacturing. We believe it will be a very attractive product for the light electrical vehicle market, which in Q4 contributed about 25% of our Q4 revenue. The light electrical vehicle market is expected to grow significantly. Based on our January 2025 reported from the business research company, light electrical vehicle market size is expected to reach approximately $136 billion by 2029.

Amprius 提供的電池解決方案將是電池化學、電池設計和電池製造的技術突破。我們相信這將是輕型電動車市場非常有吸引力的產品，該市場在第四季度貢獻了我們第四季營收的約 25%。輕型電動車市場預計將大幅成長。根據我們2025年1月商業研究公司的報告，輕型電動車市場規模預計到2029年將達到約1,360億美元。

In addition, the light electrical vehicle market has a shorter design cycle because it's already operating at scale. The other agreement announced in October 2024, was a development contract for small format, custom, high energy density, SiMaxx pouch cell. Amprius high-energy batteries provide a critical solution to the customer's application. We expect to produce a battery with approximately 50% less week and size compared to their current battery without compromising performance.

此外，輕型電動車市場已經規模化運作，因此設計週期更短。2024 年 10 月宣布的另一項協議是小尺寸、客製化、高能量密度 SiMaxx 袋式電池的開發合約。Amprius 高能量電池為客戶的應用提供了關鍵的解決方案。我們希望生產一種比現有電池壽命和尺寸縮短約 50% 且性能不受影響的電池。

At the end of Q3, we also launched the two contracts totaling over $20 million to supply 40 amp-hour high-performance cells for light electrical vehicle applications. As I update these, sales are already sitting and we expect to recognize 100% revenue in 2025. In total, we had over $16 million in new customer purchase orders to our backlog in the fourth quarter, giving us additional visibility into our growth for 2025.

第三季末，我們還啟動了兩份總額超過 2000 萬美元的合同，為輕型電動車應用供應 40 安培小時高性能電池。當我更新這些內容時，銷售已經處於停滯狀態，我們預計在 2025 年實現 100％ 的收入。總體而言，第四季度我們的新客戶採購訂單超過 1,600 萬美元，這讓我們對 2025 年的成長有了更多的了解。

In addition to the performance of Amprius batteries, our manufacturing capability and capacity have attract customer attention as well. Today, Amprius has over 1.8 gigawatt hour cell manufacturing capacity and is well equipped to deliver all types of battery cells to customers, pouch cells, integral cells and the prismatic cells. The company is also actively working on developing a global contract manufacturing network. Entering 2025, we are increasingly optimistic about our future and have begun the year with a running start.

安普瑞斯電池除了性能出色之外，我們的製造能力和產能也吸引了客戶的注意。如今，安普瑞斯擁有超過1.8千兆瓦時的電池製造能力，並能提供客戶所有類型的電池，包括軟包電池、一體式電池和方形電池。該公司也積極致力於發展全球合約製造網路。邁入2025年，我們對未來更加樂觀，並以良好的開局開啟了新的一年。

Last month, we announced that we secured a $15 million purchase order from a leading unmanned aircraft system or US manufacturer for our cycle cells. This volume purchase order follows the success for field trials and qualification over the course of nine months, leading to Amprius battery being designing to the manufacturers for fixed-wing US platform. These orders secured a critical supply for the customer's production ramp and we expect to ship the sales in the second half of 2025.

上個月，我們宣布已從一家領先的無人機系統或美國製造商獲得了價值 1500 萬美元的循環電池採購訂單。此次大量採購訂單是在九個月的現場試驗和鑑定成功之後達成的，Amprius 電池因此被設計用於美國固定翼平台的製造商。這些訂單為客戶的生產提升確保了關鍵供應，我們預計將在 2025 年下半年出貨。

As more commercial and defense aviation customers completed their battery qualification process, we are seeing a strong pipeline of follow-on commitment. We believe that the orders like this indicate that the dual market is continuing to grow and that Amprius is going to play a large part empowering future applications. Important business insights projects the global drone market will surge from $18 billion in 2023 to $213 billion by 2032. So we believe we are just at the beginning of a significant expansion of one of our addressable markets.

隨著越來越多的商業和國防航空客戶完成電池認證流程，我們看到了強大的後續承諾。我們相信，這樣的訂單顯示雙重市場正在持續成長，而安普瑞斯將在未來的應用中發揮重要作用。重要的商業洞察預測全球無人機市場將從 2023 年的 180 億美元飆升至 2032 年的 2,130 億美元。因此，我們相信，我們才剛開始大規模擴張我們的一個目標市場。

This quarter, we have also designed and shipped new high-performance 6.3-ampere hour cylindrical cells for use in the light electrical vehicle sector. This cell delivers over 25% more capacity than current 21700 cells, setting a new standard for energy density in the industry for this widely used cell format. Because of its seamless integration into existing battery systems, the manufacturers can implement a high-capacity, longer-lasting power without costly redesigns.

本季度，我們還設計並交付了用於輕型電動車領域的新型高性能 6.3 安培小時圓柱形電池。該電池的容量比目前的 21700 電池高出 25% 以上，為這種廣泛使用的電池格式的行業能量密度樹立了新的標準。由於它與現有電池系統無縫集成，製造商無需昂貴的重新設計即可實現高容量、更持久的電源。

As a final note, we have obviously monitoring the policy challenges and potential industry headwinds resulting from the recent changes in federal administration. With much of the global battery supply in Asia, we are not new to economic policy impacting the region. But we are taking strict actions to mitigate any risks to the extent we are able, including diversifying our manufacturing partnerships and the supply chains to avoid geopolitics, geopolitical concerns and the tariff-related issues.

最後要說的是，我們顯然正在關注聯邦政府近期變化所帶來的政策挑戰和潛在的產業阻力。由於全球大部分電池供應來自亞洲，因此我們對影響該地區的經濟政策並不陌生。但我們正在採取嚴格的措施，盡可能地降低風險，包括多樣化我們的製造合作夥伴關係和供應鏈，以避免地緣政治、地緣政治擔憂和關稅相關問題。

We plan to share additional updates with you as they become available. We remain confident in our expectation for growth throughout 2025.

我們計劃在有更多更新內容時與您分享。我們對 2025 年全年的成長預期依然充滿信心。

With that, I will now turn the call over to Sandra to review our financial results.

說完這些，我現在將電話轉給桑德拉來審查我們的財務結果。

Thank you, Kang. I would now like to spend a few minutes covering some of our key financial updates. As a reminder, our detailed financials can be found in our shareholder letter. We ended the fourth quarter with $10.6 million in total revenue. As we have previously discussed, our total revenue is the combination of our main revenue streams: product revenue and development services and grant revenue.

謝謝你，康。現在我想花幾分鐘介紹我們的一些關鍵的財務更新。提醒一下，我們的詳細財務資訊可以在股東信中找到。我們第四季的總收入為 1,060 萬美元。正如我們之前討論過的，我們的總收入是我們主要收入來源的組合：產品收入、開發服務以及補助收入。

This quarter, $10.3 million came from our product revenue, representing a $4.3 million or 71% increase sequentially. Product revenue in Q4 2023 was just $0.9 million, marking a nearly 1,000% increase year over year. Our development services and grant revenue totaled $0.3 million this quarter, which was down from $1.8 million in Q3 and $3 million year over year.

本季度，我們的產品收入為 1,030 萬美元，比上一季增加 430 萬美元，增幅為 71%。2023 年第四季的產品收入僅 90 萬美元，年增近 1,000%。本季，我們的開發服務和補助收入總計 30 萬美元，低於第三季的 180 萬美元，低於去年同期的 300 萬美元。

As we've discussed in the past, development services and grant revenue from large development programs are non-recurring in nature, leading to greater fluctuations depending on the comparison period. The overall increase in revenue this quarter was primarily driven by the addition of new customers.

正如我們過去所討論過的，開發服務和大型開發項目的補助收入本質上是非經常性的，因此根據比較期的不同，波動會更大。本季整體營收的成長主要得益於新客戶的增加。

As Kang mentioned, we shipped to 98 customers in the fourth quarter. Of these customers, only three accounted for greater than 10% of revenue, a decrease from four in the third quarter and an increase from two customers counted in the fourth quarter of 2023. Going forward, we plan to continue adding to our customer mix to diversify our revenue streams and provide more reliable product shipments as we get to a position of scale.

正如 Kang 所提到的，我們在第四季度向 98 家客戶發貨。在這些客戶中，只有三家客戶貢獻了超過 10% 的收入，比第三季的四家有所減少，比 2023 年第四季的兩名客戶增加。展望未來，我們計劃繼續增加客戶結構，以實現收入來源多元化，並在達到規模優勢後提供更可靠的產品出貨。

Pivoting to our full-year results, we closed 2024 with $24.2 million in revenue. This represents a 167% increase from the $9.1 million in revenue we generated in 2023. This achievement was fueled by the increase in product sales as a percentage of total sales, supported by the impressive growth of our customer base. As a reminder, we shipped to 235 individual accounts in 2024.

回顧我們的全年業績，2024 年底我們的收入為 2,420 萬美元。這比我們 2023 年創造的 910 萬美元收入成長了 167%。這項成就得益於產品銷售額佔總銷售額的百分比增加，以及客戶群的大幅成長。提醒一下，我們在 2024 年向 235 個個人帳戶發貨。

Moving to our profitability metrics. Gross margin was negative 21% for the quarter compared to negative 65% in Q3 of 2024 and negative 98% for the prior year period. For the full year, gross margin was negative 76% compared to negative 162% in the prior year period. The improvement is directly related to the launch of our SiCore product line, which has a positive gross margin contribution.

轉向我們的獲利指標。本季毛利率為負 21%，而 2024 年第三季為負 65%，去年同期為負 98%。全年毛利率為負76%，去年同期為負162%。這項改善與我們 SiCore 產品線的推出直接相關，該產品線對毛利率做出了積極的貢獻。

As a reminder, we see significant gross margin variation as our product and services revenue mix fluctuates. Gross margins in 2024 were also impacted by preconstruction planning cost related to the Colorado facility, which were completed in October of 2024.

提醒一下，隨著我們的產品和服務收入組合波動，我們看到毛利率有顯著變化。2024 年的毛利率也受到科羅拉多工廠施工前規劃成本的影響，該廠於 2024 年 10 月完工。

Now moving on to our operating expense management. Our operating expenses for the fourth quarter were $9.5 million, an increase of $3.4 million or 55% compared with Q3 2024 and an increase of $3.6 million or 62% from the prior year period. OpEx increased from Q3 to Q4 as a result of higher R&D costs associated with operating expenses compared to cost of sales. This change coincides with the runoff of large development contracts as we pivoted to a mix of revenue that is more heavily weighted to product sales.

現在來談談我們的營運費用管理。我們第四季的營運費用為 950 萬美元，與 2024 年第三季相比增加 340 萬美元（即 55%），比去年同期增加 360 萬美元（即 62%）。由於與銷售成本相比，與營運費用相關的研發成本較高，導致營運支出從第三季到第四季增加。這項變更與大型開發合約的減少相吻合，因為我們的收入結構已轉向更加專注於產品銷售。

The sequential increase in OpEx also included non-recurring G&A, stock-based compensation of $0.7 million in Q4, which was associated with a fully vested grant that was made by our formal holding company, Amprius, Inc., for key employees and service providers prior to the assumption of stock options by Amprius Technologies and a non-recurring loss on a write-down of property, plant and equipment of $1.9 million in Q4.

營運支出的連續增長還包括非經常性一般及行政費用、第四季度 70 萬美元的股票薪酬，該費用與我們的正式控股公司 Amprius, Inc. 在 Amprius Technologies 承擔股票期權之前為關鍵員工和服務提供商提供的完全歸屬授予有關，以及第四季度 190 萬美元的物業、廠經常房和設備減記的非經常性損失。

Year over year, the increase in OpEx was driven by increased investment in sales. The aforementioned reallocation of R&D from cost of goods sold as development services agreements run off and the same non-recurring stock-based compensation charge and loss on a write-down of property, plant and equipment.

與去年同期相比，營運支出的成長是由銷售投資的增加所推動的。前文提到的將研發費用從銷售成本中重新分配，作為開發服務協議的流失，以及相同的非經常性股票薪酬費用和財產、廠房和設備減記的損失。

For the full year, our operating expenses were $27.9 million compared to $24 million in 2023. Our GAAP net loss for the fourth quarter was $11.4 million or a net loss of $0.10 per share, with 109.8 million weighted average number of shares outstanding. In Q3 2024, our net loss was $10.9 million or negative $0.10 per share with 110.4 million weighted average number of shares outstanding.

全年而言，我們的營運費用為 2,790 萬美元，而 2023 年為 2,400 萬美元。我們第四季的 GAAP 淨虧損為 1,140 萬美元，即每股淨虧損 0.10 美元，加權平均流通股數為 1.098 億股。2024 年第三季度，我們的淨虧損為 1,090 萬美元，即每股負 0.10 美元，流通股加權平均數為 1.104 億股。

Q4 2023 net loss was $9.7 million or negative $0.11 per share with 88.5 million weighted average number of shares outstanding. Our GAAP net loss included two non-recurring charges that totaled $0.02 per share. The first onetime event was a loss on a write-down of property, plant and equipment of $1.9 million as shown in our financial statements. The second is the stock-based compensation charge from Amprius, Inc. of $0.7 million.

2023 年第四季淨虧損為 970 萬美元，即每股負 0.11 美元，流通股加權平均數為 8,850 萬股。我們的 GAAP 淨虧損包括兩筆非經常性費用，總計每股 0.02 美元。第一個一次性事件是我們的財務報表中顯示的 190 萬美元的財產、廠房和設備減記損失。第二項是來自 Amprius, Inc. 的 70 萬美元股票薪資費用。

For the full year, net loss was $44.7 million or negative $0.45 basic and diluted EPS with 101.9 million weighted average number of shares outstanding compared to a net loss of $36.8 million or negative $0.43 per share with 86.2 million weighted average number of shares outstanding in 2023. As of December 31, 2024, there were 99 full-time employees up from 92% at the end of the third quarter with those employees primarily based in our Fremont, California location.

全年淨虧損為 4,470 萬美元，即基本和稀釋每股收益為負 0.45 美元，加權平均流通股數為 1.019 億股，而 2023 年的淨虧損為 3,680 萬美元，即每股收益為負 0.43 美元，加權平均流通數為 8620 萬股。截至 2024 年 12 月 31 日，全職員工人數為 99 人，高於第三季末的 92%，這些員工主要位於我們位於加州弗里蒙特的辦公室。

Our share-based compensation for the fourth quarter was $2.4 million compared to $1.7 million in Q3 and $1.1 million in the prior year period. The sequential increase is primarily based on the non-recurring grant of fully vested shares by Amprius, Inc. for key employees and service providers. For the full year, share-based compensation was $7.3 million compared to $3.9 million in 2023. This change is primarily due to changes in the Board of Directors and the previously mentioned non-recurring grant of fully vested shares by Amprius, Inc.

我們第四季的股權激勵費用為 240 萬美元，而第三季為 170 萬美元，去年同期為 110 萬美元。環比成長主要源自於安普瑞斯公司向關鍵員工和服務提供者非經常性授予的完全歸屬股份。全年股權激勵費用為 730 萬美元，而 2023 年為 390 萬美元。這項變更主要是由於董事會的變化以及前面提到的 Amprius, Inc. 非經常性授予的完全歸屬股份。

As of December 31, 2024, we had 116.9 million shares outstanding, which was up 5.6 million from the prior quarter. The change includes 5.5 million shares forfeited and canceled as part of the option assumption agreement with Amprius Inc., prior to its dissolution. This decrease was more than offset by 0.3 million shares related to option exercises and RSU vestings and 10.8 million shares issued from our ATM reserve.

截至 2024 年 12 月 31 日，我們已發行 1.169 億股，比上一季增加了 560 萬股。該變更包括在 Amprius Inc. 解散前根據其選擇權承擔協議沒收並取消的 550 萬股股票。這一減少被與選擇權行使和 RSU 歸屬相關的 0.3 百萬股以及從我們的 ATM 儲備中發行的 10.8 百萬股所抵消。

Now turning to the balance sheet. We exited the year with $55.2 million in net cash and no debt. The $20.1 million net increase in cash is related primarily to the $22.6 million we generated through the issuance of common stock under our at market sales agreement. As of December 31, 2024, we had over $66 million left on the facility. Other key drivers for cash for the quarter included $6.1 million used in operating cash flow.

現在轉向資產負債表。我們今年的淨現金為 5,520 萬美元，並且沒有債務。2,010 萬美元的現金淨增加額主要與我們根據市場銷售協議發行普通股所產生的 2,260 萬美元有關。截至 2024 年 12 月 31 日，該設施還剩餘超過 6,600 萬美元。本季現金的其他主要驅動因素包括 610 萬美元的營運現金流。

We continue to remain lean with a $2.5 million to $3 million monthly run rate, excluding transaction-related costs. Our fourth-quarter operating cash results included minimal non-recurring expenses for the design and preconstruction work on the Colorado facility, which was completed in October of 2024. At this time, we do not expect future expenses related to the facility build-out.

我們繼續保持精簡的營運規模，每月的營運成本（不包括交易相關成本）為 250 萬至 300 萬美元。我們第四季的營運現金業績包括科羅拉多工廠設計和施工前工作的最低非經常性支出，該工廠於 2024 年 10 月完工。目前，我們預計未來不會產生與設施建設相關的費用。

We also had $4.2 million of cash inflow associated with the return of our deposits for long lead time items related to the Colorado facility. This was partially offset by $0.6 million in property, plant and equipment purchases for the Fremont facility. Considering our business achievements and ongoing projects, we believe we are efficiently using capital to drive Amprius forward.

我們還獲得了 420 萬美元的現金流入，與退還與科羅拉多工廠相關的長交貨期項目的押金有關。這部分被弗里蒙特工廠購買的 60 萬美元的財產、廠房和設備所抵消。考慮到我們的業務成就和正在進行的項目，我們相信我們正在有效地利用資本來推動安普瑞斯向前發展。

Before I turn the call back over to Ken, I would like to take a moment to discuss our CapEx outlook for 2025. We expect to spend another $1 million on supporting equipment to complete the 2-megawatt line in Fremont in addition to normal operating capital requirements. Now that the designs are effectively complete for Colorado, we will continue to monitor the larger industry dynamics driving our ability to proceed further.

在我將電話轉回給肯之前，我想花點時間討論一下我們對 2025 年的資本支出前景。除正常營運資金需求外，我們預計還將花費 100 萬美元購買支援設備，以完成弗里蒙特的 2 兆瓦線路。現在科羅拉多州的設計基本上已經完成，我們將繼續專注於更大的行業動態，推動我們進一步發展。

The scope and schedule of the construction will be determined based on, among other factors, timing and availability of funding, along with monitoring the overall sector for changes in demand, supply, battery cost structure, government incentives, trade tariffs, and other considerations may also influence our decision, including whether to proceed with the construction at all.

建設範圍和時間表將根據資金時間和可用性等因素確定，同時監測整個行業的需求、供應、電池成本結構、政府激勵措施、貿易關稅和其他考慮因素的變化也可能影響我們的決定，包括是否繼續建設。

As Kang mentioned, we have secured adequate capacity for the foreseeable future through our contract manufacturing network and plan to expand that in 2025 without deploying our capital. That concludes my financial discussion, and I will now pass the call back to Kang.

正如 Kang 所提到的，我們已經透過合約製造網絡確保了可預見的未來足夠的產能，並計劃在 2025 年不投入資本的情況下擴大產能。我的財務討論到此結束，現在我將電話轉回給康。

Thanks, Sandra. As we look ahead, our strategy at Amprius remains unchanged. Our top priorities are leading in technology innovation and product performance, ensuring world-class manufacturing capability and sufficient production capacity, growing our customer pipeline and driving revenue growth and having a healthy balance sheet. We are excited about the year ahead and looking forward to growing our business on the momentum we built in 2024.

謝謝，桑德拉。展望未來，安普瑞斯的戰略保持不變。我們的首要任務是引領技術創新和產品性能，確保世界一流的製造能力和充足的生產能力，擴大我們的客戶管道，推動收入成長並擁有健康的資產負債表。我們對未來的一年充滿期待，並期待藉助 2024 年建立的勢頭來發展我們的業務。

In 2025, Amprius expects to deliver new high-performance batteries, anticipated in new market segments, engage with more customers, due to additional manufacturing partnerships and bring our business to another level. We believe that the opportunity ahead of Amprius is tremendous.

2025 年，Amprius 預計將推出面向新細分市場的新型高性能電池，透過增加製造合作夥伴關係吸引更多客戶，並將我們的業務提升到一個新的水平。我們相信，安普瑞斯面臨的機會是巨大的。

Our team is confident in delivering what we have planned and the promise. We have begun the year strong and we are looking to build increasing momentum throughout 2025. Over the next few months, we will be attending several industrial and financial conferences and we hope to see you there. Thank you for your continued support of Amprius Technologies.

我們的團隊有信心實現我們的計劃和承諾。我們已經以強勁的勢頭開啟了新的一年，並期待在 2025 年繼續保持強勁勢頭。在接下來的幾個月裡，我們將參加幾個工業和金融會議，希望在那裡見到您。感謝您對 Amprius Technologies 的持續支持。

With that, I will turn it back to the operator for Q&A.

說完這些，我將把問題交還給接線員進行問答。

(Operator Instructions) Colin Rusch, Oppenheimer.

（操作員指示）科林·拉什（Colin Rusch），奧本海默。

Kang, you've got such a big list of customers at this point, you've been able to close a handful of them into larger contracts. Can you talk a little bit about the diversity of applications that you're seeing getting tested for? How much customization is required for those customers? And how many are in late stages of evaluation where you might see something, call in the next quarter or so where they would pull the trigger on a bigger purchase order?

康先生，目前您已經有了這麼大的客戶名單，您已經能夠與其中一些客戶簽訂更大的合約。您能否稍微談談您所看到的測試應用程式的多樣性？這些客戶需要多少客製化？有多少公司正處於評估的後期階段，您可能會看到一些情況，並在下個季度左右打電話詢問他們是否會下達更大的採購訂單？

Okay. Thanks, Colin. We have 230 customers in 2024. This is at top of our pipeline funnel. There are three types of customers.

好的。謝謝，科林。2024 年我們將有 230 個客戶。這是我們管道漏斗的頂部。有三種類型的顧客。

There are customers already have the devices and using other batteries, just use our battery to replace it. Those can be very quick replacement that demonstrated in 2024 for light electrical vehicle business and a small fraction of the aviation business that takes a couple of months they started using our battery. We will anticipate some business like this in 2025.

有些客戶已經有設備並使用其他電池，只需使用我們的電池來更換它。這些可以非常快速地替代，這在 2024 年對輕型電動車業務和一小部分航空業務進行了演示，只需幾個月的時間他們就會開始使用我們的電池。我們預計 2025 年會出現一些類似的業務。

The second type of customer is they have devices, but they needed to qualify that. They need to redesign not the devices, okay, the battery pack and valid our battery to fit into their application. This could be nine months to a year type of qualification process.

第二種類型的客戶是他們有設備，但他們需要對其進行鑑定。他們需要重新設計，不僅僅是設備，還有電池組和驗證我們的電池以適應他們的應用。這可能是九個月到一年的資格認證過程。

The third type of customer, for example, eVTOL, not only they need to qualify our products, they need to certify their own product. So those who would take longer. But we look at -- based on our 2024 experience, we are quite confident we can convert a large portion of those customers to the purchase order in 2025.

第三類客戶，例如 eVTOL，他們不僅需要認證我們的產品，還需要認證自己的產品。因此那些人可能會花更長時間。但根據我們 2024 年的經驗，我們非常有信心在 2025 年將其中很大一部分客戶轉化為採購訂單。

And then in terms of your manufacturing base and your geographic exposure, can you talk about your strategy for incremental contract manufacturing potentially or other strategies around managing some of the dynamics around the changing pool environment.

然後，就您的製造基地和地理分佈而言，您能否談談您的增量合約製造潛在策略或圍繞管理不斷變化的池環境的一些動態的其他策略。

The contract manufacturing strategy has been very successful for us. We have [a month]. We have not spent $1 on the ground for the manufacturing capacity. We also have a lot of flexibility in terms of cell design then there is quite a successful strategy so far. Of course, many of those relationship requires a certain scale. Currently, all our manufacturing facility are located in China.

對我們來說，合約製造策略非常成功。我們有[一個月]。我們沒有在實地花費一美元來提高製造能力。我們在電池設計方面也具有很大的靈活性，並且到目前為止我們的策略相當成功。當然，很多這種關係需要一定的規模。目前，我們所有的製造工廠都位於中國。

We have three partners. So we offer all battery formats. We have silicon and pouch. So at the same time, this year, just early this year, we also developed the manufacturing partnership in Korea, okay? We are evaluating the sample produced on their production line.

我們有三個合作夥伴。所以我們提供所有電池格式。我們有矽膠和小袋。所以同時，今年，也就是今年年初，我們還在韓國建立了製造業合作關係，好嗎？我們正在評估他們生產線上生產的樣品。

Next month, wel go to Europe to have a conversation with another European -- potential European contract manufacturers. We're doing those for mainly for geopolitics regions. Now in terms of cost, we have very competitive manufacturing cost structure today, I would say we are not only can compete in US, we can compete globally in terms of the manufacturing -- contract and manufacturing structure -- cost structure we have here. So moving forward, we definitely need to have a global supply chain to support our contract and manufacturing practice. We need to have a global contract manufacturing partnership.

下個月，我們將前往歐洲與另一家歐洲公司——潛在的歐洲合約製造商進行對話。我們主要針對地緣政治區域進行這些活動。現在就成本而言，我們今天的製造成本結構非常有競爭力，我想說我們不僅可以在美國競爭，我們還可以就製造（合約和製造結構）成本結構在全球範圍內競爭。因此，展望未來，我們肯定需要擁有一條全球供應鏈來支持我們的合約和製造實踐。我們需要建立全球合約製造合作夥伴關係。

So I think this would happen in the first half of the 2025.

所以我認為這將在 2025 年上半年發生。

Excellent. And then last one is for Sandra. Obviously, you supplemented the balance sheet here in the fourth quarter. Can you give us an update on the year-to-date activity against that ATM? You've had a certain amount of volume and some volatility in the stock, which has given you some opportunities.

出色的。最後一個是給桑德拉的。顯然，你在第四季補充了資產負債表。您能否向我們介紹一下今年迄今為止該 ATM 機的活動情況？股票有一定的交易量和波動性，這給你帶來了一些機會。

Just want to get a sense of where -- how much you've been active in the market with that and roughly where you think the cash balance may be at the end of the quarter doing that or with the half in the quarter here.

只是想了解一下——您在市場上的活躍程度如何，以及您認為在本季末或本季上半年，現金餘額可能大致是多少。

So as of December 31, we went into a traditional blackout period because of our financial results. So we've not been in the market.

因此，截至 12 月 31 日，我們因財務表現而進入了傳統的停牌期。因此我們還沒有進入該市場。

Jed Dorsheimer, William Blair.

傑德·多斯海默、威廉·布萊爾。

You have Mark Shooter on for Jed Dorsheimer. Congrats on the year and the new 53 customers this quarter, that's great to hear. I guess I'll dig in a little bit deeper on Colin's point, which is I was a bit surprised to hear you're looking to continue to expand and diversify and add more customers to your list. Can you walk us through the strategic decision to target many customers with smaller volumes versus fewer customers with larger volumes? Or does it just take this many engagements to land a large PO?

馬克舒特 (Mark Shooter) 取代傑德多斯海默 (Jed Dorsheimer)。恭喜今年並恭喜本季新增 53 位客戶，聽到這個消息我非常高興。我想我會更深入地探討科林的觀點，當我聽到您希望繼續擴大和多樣化並在您的名單中增加更多客戶時，我感到有點驚訝。您能否向我們介紹一下針對大量交易量較小的客戶和針對少量交易量較大的客戶的策略決策？或是只需要這麼多的參與就能獲得一份大採購訂單嗎？

Mark, we -- most of those customers we are dealing with, they have a high volume of potential. Otherwise, we wouldn't do it, right? If a customer tell us the maximum needs 30,000 cells per year. We're not going to deal with them because every customer we are dealing with, they are -- they have large volume potential. Of course, we do our due diligence.

馬克，我們打交道的大多數客戶都具有很大的潛力。否則我們就不會這麼做，對嗎？如果客戶告訴我們每年最多需要 30,000 個電池。我們不會與他們打交道，因為我們正在打交道的每個客戶都具有巨大的銷售潛力。當然，我們會盡責。

We will see the growth path, we will see their devices, how much battery they need per device, right? This is a very competitive market, okay? The more customers we can engage more opportunity for success. So that's why we have a large pile of customers at this time. And during the next six months, I think we will filter through, okay?

我們將看到成長路徑，我們將看到他們的設備，每台設備需要多少電池，對嗎？這是一個競爭非常激烈的市場，好嗎？我們吸引的客戶越多，成功的機會就越大。這就是為什麼我們此時擁有大量客戶的原因。在接下來的六個月裡，我想我們會過濾掉這些，好嗎？

We have to focus on -- another reason in this market, we have a huge manufacturing capacity to support us. So the capacity is not an issue for us.

我們必須專注於這個市場的另一個原因是，我們擁有巨大的製造能力來支持我們。所以容量對我們來說不是問題。

That's why they enable us to engage with very high volume of customers, but focus on high-volume customer is our priority. That's not all about that would make a manufacturing is much easier. Even we engage with so many customers, so we don't customize our battery for each customer. So we have 14 SKUs, our catalog. We probably even want to shrink to about 10 SKUs in the future.

這就是為什麼它們使我們能夠接觸大量客戶，但專注於大量客戶是我們的首要任務。這還不是全部，這將使製造業變得更容易。即使我們與如此多的客戶合作，我們也不會為每個客戶量身定制電池。我們的目錄有 14 個 SKU。我們將來甚至可能希望縮減到 10 個 SKU 左右。

So because of the performance of our products, most of the customers would like to accommodate our cell format, our standard, I would call it the standard battery cell format.

因此，由於我們產品的性能，大多數客戶願​​意適應我們的電池格式，我們的標準，我稱之為標準電池格式。

Thank you, that's very helpful. Talking about the aerospace and defense customers, I know you have a strategy to include a more geographically diverse production contract manufacturing of Korea, you mentioned in Europe. I'm interested, do you have any of those customers reluctantly walked away or have not purchased yet because of the China supply?

謝謝，這很有幫助。談到航空航太和國防客戶，我知道你們有一個戰略，包括更地理上多樣化的生產合約製造，例如韓國，以及你提到的歐洲。我有興趣，有沒有客戶因為中國供應而勉強離開或還沒購買？

Surprisingly, none of the customers walking away because of the source of supply. But we do have a customer ask us to change the manufacturing base in nine months or six months to nine months or, say, 2026, you have to manufacture in so called little friendly countries.

令人驚訝的是，沒有一個客戶因為貨源問題而離開。但確實有客戶要求我們在九個月或六個月到九個月內改變生產基地，或者比如說到 2026 年，你必須在所謂的友善小國進行生產。

Chip Moore, Roth MKM.

奇普摩爾，羅斯 MKM。

I wanted to ask on maybe just an update on commercial side. Obviously, you're having good engagement with new customers. Maybe talk about investments you're making there on the SG&A is that somewhere you're investing in? And I guess, what can you do there to maybe help accelerate some of those commercial adoption?

我想問的可能只是商業上的最新消息。顯然，您與新客戶的互動良好。也許可以談談您在銷售、一般及行政費用 (SG&A) 方面進行的投資，那是您在某個地方進行投資嗎？我想，您可以做些什麼來幫助加速某些商業應用程式？

Yes, Chip, this is Sandra. So we definitely have increased our investment in sales. We've effectively over 2024, tripled the size of our sales team. It's still a small, but mighty team. Based on the fact that, as Kang mentioned, this is really a design-in win process.

是的，奇普，這是桑德拉。因此我們確實增加了對銷售的投資。到 2024 年，我們的銷售團隊規模實際上已經擴大了兩倍。雖然這支隊伍規模不大，但實力強大。正如 Kang 所提到的，基於這一事實，這確實是一個設計成功的過程。

So it just takes time to manage these accounts. G&A separately was up because of some of the non-recurring items that you saw and you'll see in the financials.

因此，管理這些帳戶需要時間。另外，由於您看到的以及您將在財務報表中看到的一些非經常性項目，一般及行政費用有所增加。

Got it. Appreciate it. And maybe a follow-up on the customer side, I think it was 77% outside US. Any more color there on how to spread that out, is the concentration within that? Or how do you think about that shift to outside the US.

知道了。非常感謝。也許是在客戶方面進行跟進，我認為美國以外地區佔了 77%。還有沒有關於如何展開的更多信息，濃度是否在其中？或者您如何看待向美國以外轉變。

Yes, we expect we have more customer outside of the US, not because the US business doesn't grow. Just we have more international customers. Once we set up additional manufacturing partnerships, we expect we will have a strong customer inquiries outside of the United States.

是的，我們預計會有更多的美國以外的客戶，這並不是因為美國業務沒有成長。只是我們有更多的國際客戶。一旦我們建立了更多的製造合作夥伴關係，我們預計我們將在美國以外收到大量客戶的諮詢。

Yes. Just to clarify, the US grew; no question. It just grew at a smaller rate, and that's what -- just because of the global interest in the batteries.

是的。需要澄清的是，美國發展了；毫無疑問。只是成長速度比較慢，這只是因為全球對電池的興趣。

Perfect. Okay. And maybe just the last one. I think you said what you added over $16 million to backlog, Q4, you've won some more orders this year. maybe just any way to help us frame, I guess, where backlog stands at year-end and how to think about visibility in 2025?

完美的。好的。或許這只是最後一個。我記得你說過，第四季你們增加了 1600 多萬美元的積壓訂單，今年你們又贏得了一些訂單。我想，也許有任何方法可以幫助我們了解年底積壓訂單的情況以及如何考慮 2025 年的可見性？

Yes. I will field that one. Let's see. We just filed the 10-K, and we report out on our RPO and RPO, I believe -- just find it, my apologies, $16 million, $17 million in that range, there's backlog. RPO was $15.9 million at the end of December for under -- excluding government grant revenue and then $17.2 million, including government grant revenue, and it's all expected to convert within the next 12 months. But as you know, customers are placing POs quarter by quarter. So that's more indicative of what we have fueling the first half of the year.

是的。我會處理這個。讓我們來看看。我們剛剛提交了 10-K 表格，並報告了我們的 RPO 和 RPO，我相信 — — 只是發現，抱歉，1600 萬美元、1700 萬美元這個範圍內有積壓。截至 12 月底，RPO 為 1,590 萬美元（不包括政府補助收入），1,720 萬美元（包括政府補助收入）預計將在未來 12 個月內轉換。但正如您所知，客戶是按季度下訂單的。所以這更能說明我們為今年上半年提供了哪些動力。

Got you. That's what I was getting at.

明白了。這正是我要說的。

Derek Soderberg, Cantor Fitzgerald.

德里克索德伯格、康托費茲傑拉。

Congrats on the results here. I wanted to start with some of your Fortune 500 customers. It sounds like there's significant upside with them. What's it going to take to get maybe a sizable project expansion with those customers, what's kind of the criteria that they're looking for initially? Is that how the batteries perform in the market?

祝賀所取得的成果。我想先從你們的一些財富 500 強客戶開始。聽起來它們有很大的優勢。要與這些客戶一起實現大規模專案擴張需要做些什麼，他們最初尋求的標準是什麼？電池在市場上的表現是這樣的嗎？

Can you just talk about the potential of getting to the next level with those customers? And then I've got a follow-up.

您能否談談與這些客戶一起邁向更高水準的潛力？然後我有一個後續行動。

Okay, Derek. Two engagements we announced. One has about 2 gigawatt hour purchase possibility, okay? This is related to 6.3 ampere-hour cell we just delivered. Another one has about 1 million cells per year potential is actually the high-end consumer electronics product, is not our major focus, but this customer's product at this moment only our technology can support.

好的，德里克。我們宣布了兩項約定。一個人大概有2千兆瓦時的購買可能性，好嗎？這與我們剛剛交付的 6.3 安培小時電池有關。另外一個有每年約100萬個電池潛力的產品其實是高階消費性電子產品，不是我們的主要重點，但這個客戶的產品目前只有我們的技術可以支援。

So those are two, we call Fortune-500 technology company engagement we launched. In addition to that, we have been engaging with some large corporation for different projects.

這就是我們推出的兩項財富 500 強科技公司參與活動。除此之外，我們也與一些大公司合作不同的專案。

And Kang, earlier in the call, you laid out three types of customers for those Fortune 500 companies and opportunities, where would you kind of -- which bucket would you put those in?

康先生，在早期的電話會議中，您列出了財富 500 強公司的三種類型的客戶和機遇，您會把它們歸類到哪一類？

Okay. The first one, call it the electrical vehicle. This has a 2 gigawatt hour opportunity. They have the vehicle. Their vehicle already set up.

好的。第一個，我們稱之為電動車。這有2千兆瓦時的機會。他們有車輛。他們的車輛已經設定好了。

That's not a problem. But this is the battery has a much higher energy -- much higher energy and much higher power. So I think the battery evaluation is a major part of this venture, okay? They don't need to certify their vehicle, they need to get our battery qualified. And these group of people will come to our contract manufacturing partnership factory in April.

那不是問題。但這種電池具有更高的能量——更高的能量和更高的功率。所以我認為電池評估是這個專案的重要部分，好嗎？他們不需要對他們的車輛進行認證，他們只需要讓我們的電池獲得認證。這群人將於四月來到我們的合約製造合作工廠。

So for the second contract, the other one, even easier, okay? That's just a simple replacement. And our batch is way qualified. If you see that the current performance level by a very large margin.

那麼對於第二份合同，另一個，甚至更容易，好嗎？這只是一個簡單的替換。我們的批次是完全合格的。如果您發現目前的效能等級有很大提升。

Got it. That's helpful. And then, Kang, just on that point, the second customer, are they looking to use a battery platform that you're already commercializing today? Or is this kind of a next-generation battery platform that they're hoping to use? Can you discuss that at all?

知道了。這很有幫助。然後，Kang，就這一點而言，第二位客戶，他們是否希望使用您今天已經商業化的電池平台？或者這是他們希望使用的下一代電池平台？你能討論一下這個嗎？

Yes. The cell chemistry are the same. We already have this battery manufactured since 2018, this cell chemistry. But the cell format is different. This is a problem the smallest battery, Amprius has ever needed.

是的。細胞化學是相同的。我們從 2018 年開始生產這種電池，即這種電池化學。但單元格格式不同。這是 Amprius 公司生產過的最小的電池所遇到的問題。

Got it. That's super helpful. And then Sandra, just based on some of the visibility that you guys have into demand this year, some large programs expected to hit. How should we think about gross margin sort of going from negative to positive? Can you talk about the gross margin progression for the year as we sort of reach scale here?

知道了。這非常有幫助。然後桑德拉，僅根據你們對今年需求的一些了解，一些大型項目預計將會實現。我們該如何看待毛利率從負數變成正數呢？當我們達到這一規模時，您能談談今年的毛利率進展嗎？

Yes. So we've talked about the fact that SiCore sales are gross margin positive day one. So that's what has helped to drive the gross margin to negative 21% in Q4, which is, again, balancing the historical negative margin that we've had here in Fremont because we've been so capacity constrained, and we've got such a tiny manual shop here. So I think we'll continue to see since most of the growth is going to come from SiCore, positive movement in the gross margin. Again, SiCore is growing.

是的。我們已經討論過 SiCore 銷售第一天的毛利率為正的事實。因此，這導致第四季度的毛利率降至負 21%，這再次平衡了我們在弗里蒙特的歷史負利潤率，因為我們的產能非常有限，而且我們的手動車間規模非常小。因此我認為我們將繼續看到毛利率的積極變化，因為大部分成長將來自 SiCore。再一次，SiCore 正在成長。

And we also had cost of goods sold in 2024 for the preconstruction and design work for Colorado that's not recurring that wrapped up in October. So we should see positive progression on gross margin.

而且，我們也計算了 2024 年科羅拉多州的預施工和設計工作的銷售成本，這些工作不是經常性的，已於 10 月結束。因此我們應該看到毛利率有正面進展。

Jeff Grampp, Alliance Global Partners.

聯盟全球合作夥伴 (Alliance Global Partners) 的 Jeff Grampp。

I was curious to go back on the topic of pipeline and future business opportunities. I'm curious, Kang, like on the spectrum of sizes of these various customers you're talking to, how would you contextualize these ones that you've won of size, these kind of $15 million, $20 million orders that you guys have been successful with? Where would you say those rank? Is there a way to kind of book end or think about what an average could be in any sense. I know it's probably a wide range, but just trying to get a sense of how material those wins are in the context of future opportunities you're looking at.

我很好奇地再次討論管道和未來商業機會的話題。我很好奇，Kang，在您所交談的這些不同規模的客戶範圍內，您如何看待您贏得的這些規模較大的訂單，例如您成功獲得的 1500 萬美元、2000 萬美元的訂單？您認為這些排名如何？有沒有辦法結束這本書或思考平均值在任何意義上是什麼。我知道範圍可能很廣，但我只是想了解這些勝利在你正在尋找的未來機會的背景下有多麼重要。

Yes. All those customers have the potential to reach that level. I mean, the $10 million or $15 million, even $50 million sales. But in 2025, okay. We don't think they all reached their optimized purchase volume.

是的。所有這些客戶都有潛力達到這一水平。我的意思是 1000 萬美元、1500 萬美元，甚至 5000 萬美元的銷售額。但在 2025 年，好吧。我們認為他們並未都達到最佳購買量。

I think -- but we will see the orders at the current level, that means $10 million to $20 million, maybe $30 million order is quite possible. Our sales team now the major function of our sales team today is to accelerate the sales -- the customer battery qualification process to close the deals, okay. We do everything beyond the sales function to help our customer to get our battery qualified to have their products certified large fraction of our customers have a very decent volume potential. We just need to get those deals close, getting deals closed is to help them to qualify our battery as quickly as we can.

我認為——但我們會看到當前水平的訂單，這意味著 1000 萬美元到 2000 萬美元，甚至 3000 萬美元的訂單也是很有可能的。我們的銷售團隊現在的主要職能是加速銷售——客戶電池資格認證流程以完成交易，好的。除了銷售功能之外，我們竭盡全力幫助我們的客戶獲得電池合格認證，我們的大部分客戶都具有非常大的銷售潛力。我們只需要完成這些交易，完成交易是為了幫助他們盡快驗證我們的電池資格。

Got it. Okay. That's really helpful. And for my follow-up, with respect to looking at diversifying the contract manufacturing base that you have, would you say that's explicitly for, I guess, you always say, trade-related contingencies or are there other benefits to being in other jurisdictions or continents from a customer preference perspective or otherwise? Are there other factors at play there?

知道了。好的。這真的很有幫助。接下來我想問的是，關於考慮使你們的合約製造基地多樣化，你們是否明確地認為這是為了應對貿易相關的突發事件，或者從客戶偏好的角度來看，在其他司法管轄區或大洲設立工廠還有其他好處？還有其他因素在起作用嗎？

Yes. Always good to have a diversified manufacturing base here. We have a different type of customers located in different regions. So even without geopolitics, it's good to have a different manufacturing base. So currently, because the supply chain is almost 100% in Asia.

是的。在這裡擁有多元化的製造基地總是好事。我們有位於不同地區的不同類型的客戶。因此，即使沒有地緣政治，擁有不同的製造業基礎也是件好事。所以目前，由於供應鏈幾乎 100% 在亞洲。

So that's why the Asia is going to be our major focus in terms of manufacturing facility development. So we not -- currently, we have China. We have the best quality, faster turnaround time and the lowest cost, okay? We certainly have a customer very appreciated, we have the facility there. And at the same time, we had to serve the customer have geopolitics concern.

這就是為什麼亞洲將成為我們製造設施開發的重點。因此，目前，我們有中國。我們擁有最好的品質、更快的周轉時間和最低的成本，好嗎？我們確實有一個非常感激的客戶，我們在那裡有設施。同時，我們必須為有地緣政治關注的客戶提供服務。

So that's why we are working with several Korean battery manufacturers.

這就是我們與多家韓國電池製造商合作的原因。

So of course, we don't use all of them at the end of the day. but we received very positive results. European customer, we have European customer. Actually, we are dealing with one of the major European drone companies these days. So they would like us to have some participants in Europe in terms of manufacturing.

所以當然，我們最終並不會用到它們全部。但我們獲得了非常正面的結果。歐洲客戶，我們有歐洲客戶。實際上，我們最近正在與歐洲一家大型無人機公司打交道。因此他們希望我們在歐洲有一些製造業的參與者。

Ted Jackson, Northland Securities.

北國證券的泰德傑克森 (Ted Jackson)。

Thank you very much. Congratulations on the quarter. My first question for you is, looking at your customers. So you have about 235 customers. You had 182 new customers just in the year.

非常感謝。恭喜本季取得佳績。我要問您的第一個問題是，看看您的客戶。所以您有大約 235 個客戶。光是去年，您就擁有了 182 位新客戶。

So I mean three-quarters of your customer base is new to you relative to the year. You commented that you had 25% of your revenue in the fourth quarter come from the LED segment. And so I'm going with this. I'm curious when you look at the end markets that you've been selling into, what was the mix of those end markets with the 48 or whatever is the total amount of customers that you had in '23? What was the mix with it in '24? How did it shift?

所以我的意思是，相對於今年而言，四分之三的客戶群都是新客戶。您曾說過，第四季你們 25% 的營收來自 LED 部分。所以我會這麼做。我很好奇，當您查看您一直銷售的終端市場時，這些終端市場與 48 個市場的比例是多少，或者您在 23 年的客戶總數是多少？'24 年時它與什麼混合在一起？它是如何轉變的？

And then when you look at the opportunities in front of you for '25, how would you see that mix change further in '25? Does that question make sense? That's my first question.

那麼，當您回顧 25 年擺在您面前的機會時，您認為這種組合在 25 年將發生怎樣的進一步變化？這個問題有意義嗎？這是我的第一個問題。

Makes sense. Yes. So '23 to '24, we certainly had electrical vehicle business. 2023, we didn't have any participation. So the customer come to us, say, we look at our battery specs, they think is ideal for their application.

有道理。是的。因此，從 23 年到 24 年，我們肯定有電動車業務。 2023年，我們沒有任何參與。因此，客戶來找我們，說，我們看了看我們的電池規格，他們認為這對他們的應用來說是理想的。

So we look at the market size is very large, the qualification time much shorter, the check size is bigger. So we decided to get into light electrical vehicle. 2024 confirmed it was a successful engagement. So 2025, we anticipate that we have more likely electric vehicle business. And of course, the aviation is still growing, but the electrical vehicle business, we're getting bigger.

因此，我們認為市場規模非常大，資格審查時間更短，檢查規模更大。因此我們決定進軍輕型電動車領域。 2024年證實這是一次成功的訂婚。因此，我們預計到 2025 年我們的電動車業務將會更加強勁。當然，航空業仍在成長，但電動車業務我們正在變得更大。

What was -- so if I was to think of 2024 in the first quarter was the LED segment basically non-existent in the fourth quarter, it was 25% of revenue. And what I expect that as we go through that the LED segment would potentially be more than 25% of revenue given what we saw in '24?

那麼，如果我考慮 2024 年第一季的情況，那麼 LED 部分在第四季基本上不存在，佔營收的 25%。我預計，根據 24 年的情況，LED 部分的收入可能會超過總收入的 25%？

That [would happen]. Yeah, for two reasons. The reason number one, we have some customer has a larger volume and its early adopters. They don't need to spend months, a year to qualify. They think our batteries are perfect if they can design into the pack and they can use it. So there are a lot of those programs already reached advanced postage. For that reason, I would have think -- I would forecast we will have probably over 25% at the electrical vehicle revenues.

那[會發生]。是的，有兩個原因。原因一是，我們的一些客戶數量較大，是早期採用者。他們不需要花費數月甚至一年的時間來獲得資格。他們認為，如果我們的電池能夠設計到電池組內並且能夠使用的話，那麼它就是完美的。因此，許多程序已經達到預付郵資。因此，我認為——我預測我們的電動車收入可能會成長 25% 以上。

Okay. My second question, when -- it's not -- I know it's not really a great metric, but it's just kind of a thing to look at to kind of see where -- how you're progressing in terms of kind of larger orders and shipments, how you're progressing in terms of your customers' products really going commercial. And so if I look at the revenue per customer, and I look at the last four quarters, it was 28,000 and it was 60,000, then it was 64,000, then to 105,000. And so what that tells me is that you are seeing some of these new design wins come to fruition, become production-level shipments.

好的。我的第二個問題是，當——它不是——我知道這不是一個很好的指標，但它只是一種用來觀察的東西，看看你在更大的訂單和出貨量方面取得了怎樣的進展，你在客戶產品真正商業化方面取得了怎樣的進展。因此，如果我查看每位客戶的收入，並查看過去四個季度，它是 28,000，然後是 60,000，然後是 64,000，然後是 105,000。這告訴我，您會看到一些新的設計成果得以實現，並達到了生產級的出貨量。

When I look at that and I think forward and about -- and I think about the new customer wins you had, will I see your revenue become more driven by existing customers and perhaps not see so many new customers in '25 or Will I see both?

當我看到這一點並向前思考時——我想到您贏得的新客戶，我是否會看到您的收入更多地由現有客戶驅動，並且可能不會在'25 年看到那麼多新客戶，或者我會看到兩者兼而有之？

I mean, how would I think about that mix? Because in your new customers, you had 48 new customers in '23, you had 182 in '24. Is it going to be another 182 new customers? Or will we see that customer -- new customer growth kind of slow down, but see greater revenue generation from existing customers that are becoming -- that -- whose products are becoming commercial. That's my next question.

我的意思是，我會如何看待這種混合？因為在您的新客戶中，您在'23年有 48 個新客戶，在'24年有 182 個新客戶。這是否會再增加182位新客戶？或者我們會看到新客戶的成長速度放緩，但現有客戶的收入卻增加，因為現有客戶的產品正在走向商業化。這是我的下一個問題。

Yes. Existing customer will contribute more revenue than the new customer for sure, because normally, if we engage with the customer, unless the customer already know our battery and they see the spec already feeding to their pack or their application. Most customers come in with a couple of hundred cells, couple of thousand cells and it becomes, let's say, 25,000, 50,000 cells, then they grew for 100,000 cells. This is the qualification process in this business. If we look into this, the existing customers certainly in to contribute a lot more revenue than the new customer.

是的。現有客戶肯定會比新客戶貢獻更多的收入，因為通常情況下，如果我們與客戶接觸，除非客戶已經了解我們的電池，並且他們看到規格已經應用到他們的電池組或應用程式中。大多數客戶一開始會帶幾百個細胞、數千個細胞，然後數量增加到 25,000 個、50,000 個細胞，最後增加到 100,000 個細胞。這就是這個業務的資格認證流程。如果我們研究這個問題，現有客戶肯定比新客戶貢獻更多的收入。

But now would we still see -- I mean, if we think about your new customer pipeline, I mean is it so robust that we could still see you add 100 or 200 new customers in '25? Or are you getting to the point now where it's less about that like that's going to slow down, and it's really about harvesting the customers that you've brought in?

但現在我們仍然會看到 - 我的意思是，如果我們考慮您的新客戶管道，我的意思是它是否如此強勁，以至於我們仍然可以看到您在'25年增加100或200個新客戶？或者你現在已經到了這樣的地步：你不再那麼關注這些事情了，而是真正地去收穫你帶來的客戶？

Yes. We have a very solid coverage of aviation market today. It doesn't mean a fixed wing electrical aircraft, the drones, taxi, EV tall types and (inaudible) super satellite. We have very solid coverage here. But there are many emerging companies come out.

是的。我們對現今的航空市場進行了非常詳盡的報告。它並不意味著固定翼電動飛機、無人機、計程車、電動高層建築和（聽不清楚）超級衛星。我們的報道非常詳盡。但也有許多新興公司湧現。

You talk about the drone company, just in Ukraine, over 200 drone companies. And Taiwan almost have a new drone companies every other week. We will be more selective in 2025. 2024, 2023, anybody come to us, we take it because it is the early stage of market development. Now of our coverage is credit solid.

您談到無人機公司，光是烏克蘭，就有 200 多家無人機公司。而台灣幾乎每隔一週就會出現一家新的無人機公司。我們在 2025 年、2024 年、2023 年會更加挑剔，無論誰來找我們，我們都會接受，因為這是市場發展的早期階段。現在我們的報道是信用穩健的。

Now we know who's been to win, who is not going to win in the near term. So we will selectively acquire new customers, but the most important task for Amprius is the current customer to commercialization stage.

現在我們知道誰會贏，誰在短期內不會贏。因此我們會有選擇地獲取新客戶，但對 Amprius 來說，最重要的任務是從現有客戶走向商業化階段。

Sort of following on to this thing with new customers. The 182 customers, new customers that you had in '24 meaning it was just such a substantial ramp. The SiCore came out in that period of time. Can you give some sort of sense in terms of those new customers? What's the mix between SiMaxx and SiCore?

對新客戶繼續採取這種做法。您在 24 年擁有的 182 名客戶、新客戶意味著這是一個巨大的成長。SiCore 就是在那段時期問世的。您能對這些新客戶做出一些解釋嗎？SiMaxx 和 SiCore 的混合是什麼？

Primarily, I would say 90% for SiCore because SiCore is readily available. We have capacity to support. When a customer comes to us, they are not only looking for the performance, particularly those sizable customers. They want to see how manufacturing capacity to support otherwise, we would engage. So for SiCore, we developed a huge manufacturing capacity available is 1.8 gigawatt hour capacity.

首先，我認為 SiCore 的比例為 90%，因為 SiCore 隨時可用。我們有能力提供支援。當客戶來找我們時，他們尋求的不僅僅是性能，特別是那些規模較大的客戶。他們想看看製造能力如何支持，否則，我們就會參與。因此對於 SiCore，我們開發了巨大的製造能力，可用的產能為 1.8 千兆瓦時。

So the customers feel very comfortable to engage you with us.

因此，客戶會非常放心地與我們合作。

My last question, and I'm sorry to ask so many and it's really just a net picky one. Just kind of looking at my model, I had a gap in, I'm curious like at the end of -- you ended 2024 with 235 customers. What was the customer count at the end of fiscal '23.

這是我的最後一個問題，很抱歉問了這麼多，這真的只是一個挑剔的問題。只是看我的模型，我有一個差距，我很好奇，就像在 2024 年底你有 235 個客戶。23財政年度結束時的客戶數量是多少？

You know what, Ted, let me pull that from our filings, and I'll send that over to you.

你知道嗎，泰德，讓我從我們的文件中提取這個，然後我會把它發給你。

Amit Dayal, H.C. Wainwright.

阿米特·達雅爾，H.C.溫賴特。

With respect to the revenue cadence for 2025, can you provide any color on whether we should expect sequential improvements through 2025 relative to what the fourth-quarter results?

關於 2025 年的營收節奏，您能否說明我們是否應該預期 2025 年的營收會相對於第四季的業績出現連續改善？

Yes. So I think we would expect to see sequential. We're not a seasonal business per se. But I think the first quarter has been -- has just had some headwinds. There's been a lot of changes as far as the funding landscape.

是的。因此我認為我們期望看到連續的結果。從本質上來說，我們並不是一個季節性的企業。但我認為第一季遇到了一些阻力。就融資狀況而言，已經發生了許多變化。

So we're confident in what the year growth has the potential to be. But we're expecting Q1 is going to be a little tougher just because of the change in the administration here?

因此，我們對今年的成長潛力充滿信心。但我們預計，由於政府部門的變化，第一季將會變得更加艱難？

Understood. And a follow-up with that on that with you offline. Gross margins, Sandra, is there a level that you have a sense, revenue-wise, where you think you can start turning gross margin positive? Is it like $15 million to $20 million or higher than that per quarter where you can start seeing gross margins stand positive?

明白了。我們將在線下與您進行後續跟進。毛利率，桑德拉，從收入角度來看，您是否認為在某個水平上毛利率可以開始變為正值？每季的毛利率是不是要達到 1500 萬到 2000 萬美元或更高？這樣您才能開始看到毛利率為正值嗎？

We haven't given guidance on that yet. I think we're still -- we're working on a target model, but we don't have anything concrete today.

我們尚未就此給出指導。我認為我們仍在努力建立目標模型，但目前還沒有任何具體成果。

Okay. And maybe for Kang, with respect to sort of larger applications like eVTOL, et cetera, how different is the sort of the battery chemistry or technology relative to what you are already shipping to customers currently? And how much improvements need to be made to sort of win some of those types of orders?

好的。也許對於 Kang 來說，就 eVTOL 等較大的應用而言，電池化學或技術與您目前向客戶交付的產品相比有何不同？那麼需要做出多少改進才能贏得這些類型的訂單呢？

Yeah. For eVTOL, we already qualified for one customer application. So our chemistry is very robust. I would say we don't need to change whole lot of chemistry to support this market. When we say aviation, we basically use the same cell chemistry with slightly adjustments. For example, customers want to have more energy.

是的。對於 eVTOL，我們已經獲得了一個客戶應用的資格。所以我們的化學反應非常強烈。我想說我們不需要改變大量的化學成分來支持這個市場。當我們說到航空時，我們基本上使用相同的細胞化學，並略作調整。例如，顧客希望擁有更多的能量。

They want to have more power we can make some changes to satisfy them. There is no major invention involved because the platform is quite robust. You look at the battery we delivered 370 watt hour per kilo with 10C capability. So we rather as the baseline we almost can deliver the sales for all applications in this market segment.

他們希望擁有更多權力，我們可以做出一些改變來滿足他們的要求。由於該平台非常強大，因此並不涉及重大發明。您可以看看我們為電池提供的 10C 容量，其能量密度為每公斤 370 瓦時。因此，我們幾乎可以以此為基準，實現該細分市場中所有應用程式的銷售量。

That's all I have. Other questions have been asked. I'll follow up with you guys offline.

這就是我的所有了。也提出了其他問題。我將離線跟進你們。

Thank you. At this time, this concludes our question-and-answer session. If you have any additional questions, you may Amprius Investor Relations team at ir.amprius.com. I'd now like to turn the call back over to Dr. Sun for his closing remarks.

謝謝。到此，我們的問答環節就結束了。如果您有其他問題，可以造訪 ir.amprius.com 聯絡 Amprius 投資者關係團隊。現在我想將電話轉回給孫博士，請他作最後發言。

Thanks, Ed, everyone, for joining us today. As a reminder, you can find out more about our company, receive additional updates and learn about the upcoming events and the presentations from the investor relation session of our newly revamped website. I hope you can check it out, and we look forward to updating you on the exciting progress we are making in transforming the electrical mobility market.

謝謝 Ed，以及大家今天加入我們。提醒一下，您可以在我們新改版的網站的投資者關係會議上了解有關我們公司的更多資訊、獲得更多更新以及了解即將舉行的活動和簡報。我希望您能查看一下，我們期待向您通報我們在改變電動車市場方面所取得的令人興奮的進展。

Finally, I'd like to thank our employees, partners and shareholders for their continued support. Operator?

最後，我要感謝我們的員工、合作夥伴和股東的持續支持。操作員？

Thank you for joining us today for Amprius Technologies fourth quarter and full-year 2024 earnings conference call. You may now disconnect.

感謝您今天參加 Amprius Technologies 2024 年第四季和全年財報電話會議。您現在可以斷開連線。