FREMONT, Calif. - Amprius Technologies, Inc. (NYSE: AMPX), known for its Silicon Anode Platform for lithium-ion batteries, has secured purchase orders from AALTO HAPS for the company's 450 Wh/kg SiMaxx cells. These cells are designed to power High-Altitude Platform Stations (HAPS), specifically for the Zephyr aircraft, which has achieved record-breaking stratospheric flights.
The SiMaxx cells are touted for their ability to withstand extreme flight conditions, offering an energy density that is currently unmatched in the commercial market. This feature is crucial for operations like those of AALTO's Zephyr, which requires batteries capable of sustaining overnight flights in the stratosphere across all seasons and latitudes.
Amprius's CEO, Dr. Kang Sun, highlighted the importance of the company's batteries in enhancing the range and payload capacity of electric aircraft. The partnership with AALTO, a long-time customer, aims to support its high-altitude pseudo-satellite missions.
In 2022, AALTO's Zephyr 8/S, powered by Amprius's 400 Wh/kg high-energy cells, completed a 64-day cross-continental test flight without descending from the stratosphere, surpassing its previous 25-day record.
AALTO's Chief Technical Officer, Pierre-Antoine Aubourg, emphasized the significance of Amprius's ultra-high-energy density batteries in advancing the capabilities of solar-powered, stratospheric flight, particularly in nighttime operations and coverage latitude.
Shipments against the new purchase orders began in Q1 of 2024, with Amprius expecting to continue fulfilling orders in the upcoming months. The company is also working on expanding its SiMaxx production capacity in Fremont, California.
Amprius Technologies produces the industry's highest known energy density cells, delivering up to 450 Wh/kg and 1,150 Wh/L, with third-party validation of 500Wh/kg and 1,300 Wh/L. AALTO HAPS, a spin-off of Airbus, operates the Zephyr high-altitude platform station, which is powered entirely by solar energy and can remain airborne for months.
The information in this article is based on a press release statement from Amprius Technologies, Inc.
InvestingPro Insights
As Amprius Technologies, Inc. (NYSE: AMPX) forges ahead with its innovative Silicon Anode Platform, providing high-energy density cells for cutting-edge applications like AALTO's Zephyr aircraft, the financial landscape presents a complex picture. Here are some key insights based on real-time data and InvestingPro Tips:
The company's market capitalization stands at a modest $158.46 million, reflecting investor valuations in the context of the broader market. Despite the challenges, analysts see a silver lining with expectations of sales growth in the current year, which could signal a positive trajectory for Amprius's revenue streams. This anticipated growth is likely linked to the strategic partnerships and technological advancements that the company continues to pursue.
On the financial health front, Amprius holds more cash than debt on its balance sheet, which is a reassuring sign of the company's ability to manage its financial obligations and invest in growth opportunities. Additionally, the company's liquid assets exceed its short-term obligations, providing a cushion for operational flexibility.
However, it's important to note that Amprius is quickly burning through cash and suffers from weak gross profit margins, as evidenced by a gross profit margin of -162.11% over the last twelve months as of Q1 2023. Moreover, the stock has taken a significant hit, trading near its 52-week low and reflecting a price total return of -81.22% over the past year.
For those looking to delve deeper into Amprius's financials and future prospects, InvestingPro offers additional insights. With 16 more InvestingPro Tips available for AMPX, investors can gain a comprehensive understanding of the company's position. To access these valuable tips, visit https://www.investing.com/pro/AMPX and don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
Investors should keep an eye on the next earnings date scheduled for May 8, 2024, which will provide further clarity on the company's financial performance and operational progress.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.