Amprius Technologies, Inc. (NYSE:AMPX), a manufacturer of miscellaneous electrical machinery and equipment, disclosed on Thursday that Justin Mirro has resigned from his position as a member of the board of directors and from all of its committees, effective September 6, 2024. The company, formerly known as Kensington Capital Acquisition Corp. IV, stated that Mirro’s departure is not due to any disagreements on operational, policy, or practice matters.
The announcement, made in a filing with the Securities and Exchange Commission, did not specify a reason for Mirro's resignation or mention a successor for his role on the board. The company's stock, traded under the ticker AMPX, and its redeemable warrants, AMPX.W, are both listed on the New York Stock Exchange.
In other recent news, Amprius Technologies reported a significant 105% year-over-year increase in its second-quarter revenue, reaching $3.3 million, signaling strong market demand for its products. Despite this growth, 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.
In addition, Amprius announced a change in its board of directors with Mary Gustanski resigning and Livingston "Tony" Satterthwaite filling the vacancy as a Class II director.
The financial services firm Oppenheimer adjusted its price target for Amprius from $15.00 to $14.00, while maintaining an Outperform rating. The adjustment reflects Amprius's strategic shift as it continues to build a solid customer base.
In other developments, 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, outlined in a non-binding Letter of Intent, could result in orders exceeding 2 GWh of battery production for Amprius over the contract period.
InvestingPro Insights
In light of the recent board changes at Amprius Technologies, Inc. (NYSE:AMPX), investors may be seeking additional context on the company's financial health and market performance. According to InvestingPro data, Amprius has a market capitalization of $97.87 million, with a notably high revenue growth of 216.99% in the last twelve months as of Q2 2024. Despite this impressive growth, the company's gross profit margin stands at a negative 153.77%, indicating costs significantly exceed revenues.
InvestingPro Tips suggest that analysts expect sales growth in the current year, although the company is quickly burning through cash. Furthermore, Amprius has been experiencing high price volatility, and analysts have revised their earnings downwards for the upcoming period. For those interested in a deeper analysis, there are 17 additional InvestingPro Tips available, which provide a comprehensive understanding of Amprius's financial position and market outlook.
Investors considering Amprius Technologies as part of their portfolio may want to weigh these factors, especially in the context of recent board changes which can impact company strategy and investor confidence. For a more detailed investment analysis, visit https://www.investing.com/pro/AMPX.
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