Amprius Technologies, Inc. (NYSE:AMPX) Q4 2023 Earnings Call Transcript

Amit Dayal: Thank you. Good afternoon, everyone. Sandra, in terms of costs in 2024, should we expect some improvements in the gross margin side, given volumes could be a little bit higher for you? And then on the operating costs, also, like how should we expect costs in 2024 relative to 2023?

Sandra Wallach: Great question. So we will get economies of scale on Fremont. You’re absolutely right, but we’ll also start — continue to incur cost in Colorado without the benefit of revenue in 2024. I — so there’s design cost and preconstruction work that is ongoing. So I think the margins are still going to be under some pressure in 2024. And again, we’re not expecting to have a significant change in operating expense. We had $24 million in full year 2023. We continue to look surgically at where we need to add resources, but I wouldn’t expect to see something significantly different.

Amit Dayal: Thank you for that. And then for 2024, do you have a sense of what your military versus commercial revenues mix could be?

Sandra Wallach: So that’s hard for us to tell because we sell through OEMs. We’re not selling directly, unless we’re doing a development program. So that’s hard for us to estimate. What we do know is that we continue to build our relationships with folks like AeroVironment, Teledyne Clear and Alto Airbus as well as BAE systems. So the development program that we just wrapped up, the $3 million for the U.S. Army, that was the largest one that we had in the backlog.

Amit Dayal: Okay. Understood. Yeah. That’s all I have for now guys. I’ll take my other questions offline. Thank you.

Operator: Thank you. At this time, this concludes our question-and-answer session. If you have any additional questions, you may contact 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.

Kang Sun: Thanks again, everyone, for joining us today. As a reminder, you may learn more about our company from the additional updates and learn about the upcoming events and presentations from the Investor Relations section of our website. We hope to see you at our upcoming investor conferences, and we’ll continue to update you on the exciting progress we are making in Colorado. Finally, I’d like to thank our employees, partners and shareholders for their continued support, operator.

Operator: Thank you for joining us today for Amprius Technologies fourth quarter and full year 2023 earnings conference call. You may now disconnect.