FREMONT, Calif. - Amprius Technologies, Inc. (NYSE: AMPX), a manufacturer of high-energy lithium-ion batteries, disclosed on Thursday that it has received a notice from the New York Stock Exchange (NYSE) regarding non-compliance with the exchange's listing standards. The notice, sent to the company on September 19, 2024, indicated that Amprius's average stock price had fallen below the minimum required average closing price of $1.00 over a consecutive 30 trading-day period.
The NYSE's notice is a warning of non-compliance rather than an immediate step towards delisting. Amprius's stock will continue to trade on the NYSE, and the company has a six-month period to rectify the deficiency. To regain compliance, Amprius must achieve a closing stock price of at least $1.00 on the last trading day of any calendar month within the six-month period and maintain an average closing price of at least $1.00 over the 30 trading days ending on that day.
Amprius has expressed its intention to take all necessary steps to meet the NYSE's continued listing standards and has stated that the notice will not impact its ongoing business operations or its SEC reporting requirements.
The company, known for its Silicon Anode Platform, has been recognized for producing cells with some of the highest energy density in the industry. Amprius's SiMax™ batteries are reported to deliver up to 450 Wh/kg and 1,150 Wh/L, with third-party validation of 500Wh/kg and 1,300 Wh/L. In 2024, Amprius expanded its product lineup with the introduction of the SiCore™ platform, aimed at serving a broader range of customer applications.
Headquartered in Fremont, California, Amprius operates a research and development lab and a manufacturing facility for silicon anodes and cells. The company has also secured over 500MW/h of contract manufacturing capacity and has recently leased a gigawatt-hour-scale facility in Brighton, Colorado, to meet customer demand.
The information regarding Amprius's NYSE notice and its business operations is based on a press release statement from the company.
In other recent news, Amprius Technologies has reported a significant 105% year-over-year increase in its second-quarter revenue, reaching $3.3 million, signaling a robust market demand for its products. Despite this, the company reported a net loss of $12.5 million and a negative gross margin, primarily due to preconstruction costs for a new Colorado facility and increased operating expenses. The company has also seen changes in its board of directors, with the resignation of Justin Mirro and Mary Gustanski, and the appointment of Livingston "Tony" Satterthwaite as a Class II director.
Financial services firm Oppenheimer has adjusted its price target for Amprius from $15.00 to $14.00, while maintaining an Outperform rating. This adjustment reflects Amprius's strategic shift as it continues to build a solid customer base. In addition, Amprius has revealed plans to partner with a Fortune Global 500 technology company to supply high-energy SiCore™ cylindrical cells for Light Electric Vehicles (LEVs). This partnership could result in orders exceeding 2 GWh of battery production for Amprius over the contract period. These are the recent developments for Amprius Technologies.
InvestingPro Insights
In light of Amprius Technologies' recent notification of non-compliance from the NYSE, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, Amprius holds a market capitalization of $97.16 million, indicating it is a relatively small player in the market, which can often lead to higher volatility. The company's stock has indeed been volatile, experiencing a significant price drop of 79.65% over the last year.
InvestingPro Tips suggest that Amprius is quickly burning through cash, which is corroborated by a substantial negative gross profit margin of -153.77% for the last twelve months as of Q2 2024. This financial metric is critical as it reflects the company's ability to generate income from its core business operations. Moreover, Amprius's price has fallen to just 14.77% of its 52-week high, and analysts have revised their earnings downwards for the upcoming period, signaling potential concerns about the company's future profitability.
Despite these challenges, Amprius holds more cash than debt on its balance sheet and has liquid assets that exceed short-term obligations, which could provide some financial flexibility in the near term. Additionally, analysts anticipate sales growth in the current year, which may offer a glimmer of hope for the company's revenue prospects.
For investors seeking a deeper dive into Amprius's performance and future outlook, InvestingPro offers additional insights and metrics, with a total of 18 InvestingPro Tips available for those interested in a more comprehensive analysis.
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