Amprius Technologies Q1 2024 Earnings Call Transcript

Quartr
Provided by Quartr
May 9, 2024

There are 10 speakers on the call.

Operator

Good afternoon. Welcome to Amprius Technologies First Quarter 2024 Earnings Conference Call. Joining us for today's presentation are the company's CEO, Doctor. Kang Sun and CFO, Sandra Wallach. At this time, all participants are in listen only mode.

Operator

Following management's remarks, we will open the call for questions. Please note that this presentation contains forward looking statements, including but not limited to statements regarding future product commercialization, new customer adoption, and the timing and ability of Amprius to build its large scale manufacturing facility, expand its manufacturing capacity, 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. Finally, I would like to remind everyone that this call is being webcast and a recording will be made available for replay on the company's Investor Relations website at ir.amprias.com.

Operator

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

Speaker 1

Welcome, everyone, and thank you for joining us this afternoon. On today's call, I will report our accomplishments from the Q1. We are also highlighting some of the upcoming milestones we are expecting for this year. Our CFO, Sandro Wallach, will then discuss our financial results for the period. Of that, I will share some closing remarks before opening the call for questions.

Speaker 1

Before I give a recap of the quarter, I would like to briefly introduce Ampere to those who may be new to the company. As a reminder, here at Ampere, we develop, manufacture and market high energy density and high power density batteries with application across all segments of the electrical mobility, including the aviation and the EV industries. Across our battery portfolio, we offer unmatched performance, including batteries capable of a specific energy density of 4.50 watt per kilo and a volumetric energy density of 11.50 wattlerperliter. 10 feet power capability, the extreme fast charge rates of 0% to 80% scale 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's benchmark new penetration test. Later last year, we achieved a third party validation of our latest 500 Whkg, 1300whperliter battery platform, which we expect will be ready for commercial shipment later in 2024.

Speaker 1

Each of these performance parameters is critically important to electrical mobility applications. Not only do our batteries enable certain aircraft and the vehicles to function, but they enable our customers to achieve their economic targets as well. It's our belief that there are no other commercial batteries on the market that can perform at this level today. Ampere is a silicon annual battery technology pioneer. With over a decade of the development experience, strong patent portfolio of over 80 issued patents and patent applications and the long track record of commercial shipments and the customer successes.

Speaker 1

Turning now to a review of our Q1. To start 2024, in addition to driving industry leading performance with our battery technology, we took a critical step to drive our scale up efforts and increase our output to meet the growing demand for our solutions. In January, as a part of this continued push to make our products available to the electric mobility space, We launched our all new cycle product semi to go along with our existing silicon nanowire platform, now called CEMEX. Complementary to CEMEX, which is Ampere's highest energy density performance battery offering, The cycle platform services applications that demand both high energy density and longer cycle life, offering up to 400 watt hour per kilo and as many as 1200 cycles at full depths of discharge. The cycle product family also has additional form factor flexibility, capable for both pouch and cylindrical cell form factors.

Speaker 1

This enables very utilization across a broader range of applications, such as e bike and other micro mobility market segments. In addition to having another product platform available for Ampere's customers, introduction of a cycle battery accelerates our revenue growth without additional capital investment and serves our customer without a delay. To produce cycle batteries, we take advantage of existing available lithium ion battery production capacity in the industry and have the toll manufacturers as a bridge between NAV and the operation of our own largest scale manufacturing facility. These 2 manufacturing agreements provide us with hundreds of megawatt hours of cycle capacity today. Overall, CEMEX and the cycle are the culmination of years of work in silicon anode space and are just beginning of our vision here at Ampeus to transform electric mobility.

Speaker 1

We look forward to manufacturing both the CEMEX and the cycle at our Brighton, Colorado facility in the future. So far, 2024 has been a huge success commercially for Amperes. In Q1, we doubled the number of customers we shipped to over Q4 2023, shipping to 82 customers, up from 41. 52 of these shipments were to new customers across the electric mobility sector, complementing our strong repeat customer base that includes auto Airbus, Teledyne, the U. S.

Speaker 1

Army, KOS, and BAE Systems. The cycle platform and the manufacturing capacity is a primary driver of our ability to meet this market demand. In the Q1, we shipped cycle product to 76 customers. As we further build out our book of customer for cycle, we are confident that we'll be able to continue to meet the strong demand for our batteries, while our CEMEX production approaches a large scale capacity. As customer demand for Ampere's battery is accelerating, expanding production capacity is our priority.

Speaker 1

In Q1, we continued to make a significant progress in ramping up our production in Fremont, California. Also recently, we complete the qualification process for our central thermal machine, which is used in the silicon anode fabrication process. We remain on track to achieve 2 megawatt hour production in 3 months by end of the year. We are also implementing CEMEX CASEL production in house to streamline our manufacturing process. We plan to have this capacity up and running in 3 months later this year.

Speaker 1

We have continued to make important progress at our largest scale manufacturing site in Brighton, Colorado as well. We currently have completed 30% of construction design drawings and specifications for the facility. And have taken several regulatory steps forward including submitting our site plan and advancing all other regulatory plans and applications for the facility. As an additional step and in response to the market's strong reaction to our cycle platform, we have updated our plans for the Brighton facility to redesign our initial production line to be cycle focused. We will continue to produce CEMEX out of Fremont until a second line begins production in Brighton.

Speaker 1

Looking ahead, we have already carried our momentum from the beginning of the year into the Q2 across several of our initiatives. First, we recently signed our first long term manufacturing agreement with one of our top manufacturing partners to confirm our collaboration and the strategic alignment. This new agreement establishes overall engagement and move us from operating transactionally to partnership framework. 2nd, we have extended our partnership with several customers, including multiple purchase orders from out of Airbus for our CEMEX 450 Hour Per Keto High Energy Density Cell. They are continuing to use these cells in their project at Zifrem with CEMEX supplying the necessary power and the endurance for their stratospheric fly operation.

Speaker 1

We have also received the first production order for the U. S. Army Safe Sales and we expect to deliver them later this year. This is the first order we have received after the success completion of the development contract that we discussed during our last call. 3rd, we have signed several new strategical partnerships in the Q2, most notably with AI bots and the staff systems.

Speaker 1

Ambreos will soon provide a sidecar sales to both partners, ensuring maximum power and reliability for AI bots mission critical operation and serving as a staff assisting preferred battery cell supplier. We look forward to partnering with both teams as they work on shaping the future of electric mobility. I believe that these collaborations can provide Amperes with increase in sales, expanding market reach and a greater market share in the high performance battery market segment. Together, these high profile customers and the strategic partnerships have helped strengthen Ampere's traction in our industry. Just a few weeks ago, in response to the growing global awareness of our battery, Ampere's host is the 1st Taiwan battery forum, where over 100 attendees from the industry leading companies and institutions learned about Amprius breakthrough silicon anode battery technologies and the partnership opportunities.

Speaker 1

Also in April, Amprius was honored with the inaugural Flintech Battery Company of the Year Award at the Market Intelligence and the Research Group Tech Breakthrough. This comes on the heels of the Amprius nomination to the Fast Charge's annual list of the world most innovative companies, another point of recognition for our business. While we have a long known that our products are yet to be matched at the commercial level, we are proud that the industry is taking notice as well. It's clear that our recent customer expansion and the new industry recognition signal a strong start to 2024 for Ampere. We are working hard to expand our production capacity to meet our sizable demand and we are confident in the path forward for Ampere.

Speaker 1

With that, we will turn the call over to our CFO, Sandra Wallach, to review our financial results for the quarter. Sandra?

Speaker 2

Thank you, King. I would now like to spend a few minutes covering some key financial updates. As a reminder, our detailed financials can be found in our shareholder letter. We finished the Q1 with $2,300,000 in total revenue. As we've previously discussed, our total revenue is the combination of 2 main revenue streams, product revenue and development services and grant revenue.

Speaker 2

This quarter, all $2,300,000 of our revenue came from our product revenue, representing a 3 97% increase from the prior year period and 147% sequential increase. These increases were largely driven by shipments to 82 customers in the quarter, a significant increase for Amprius. Although our product revenue remains largely driven by customer purchase orders that can arrive at uneven times throughout the year, we have shown consistent new customer growth and diversification in recent quarters. Also of these customers, only 3 customers represented greater than 10% of revenue, a testament to our diverse customer set. As we've discussed in prior quarters, our development services revenue comes largely from large development programs that are non recurring in nature.

Speaker 2

Moving to our profitability metrics, our gross margin was negative 190% for the quarter compared to negative 5 18% in the prior year period and negative 98% in Q4 of 2023. As a reminder, we see significant gross margin variation as our product and services revenue mix fluctuates. Also, we anticipated that factory startup costs would ramp up as we start Colorado design and pre construction and still expect this to be the case through at least 2024. Longer term, we're confident that our GAAP gross margin will begin to normalize as we approach our capacity expansion goals. Now on to our operating expense management.

Speaker 2

Our operating expenses for the Q1 were $5,900,000 a 6% decrease from the prior year period and flat quarter over quarter. This decrease is primarily attributable to a decrease in G and A costs that were offset by investment in R and D and sales. Our GAAP net loss for the Q1 was $9,900,000 or a net loss of $0.11 per share with $90,000,000 weighted average number of shares outstanding compared to a net loss of $0.11 per share with $84,600,000 weighted average number of shares outstanding in the prior year period. Also as of March 31, 2024, there were 81 full time employees, up from 80 in the 4th quarter and 65 in the prior year period, with those employees primarily based in our Fremont, California location. Our share based compensation for the Q1 was $1,200,000 compared to $1,100,000 in Q4 of 2023 $700,000 in the prior year period.

Speaker 2

As of March 31, 2024, we have 92,300,000 shares outstanding. Now turning to the balance sheet, we exited the Q1 with $39,000,000 in cash and no debt. Key drivers of our cash to continue our build out of our expanded 2 megawatt production line in Fremont, dollars 800,000 used for progress payments to secure our production slots for mechanical, electrical and plumbing equipment and $8,200,000 of cash inflow added primarily through the usage of our ATM. Considering our business achievements and ongoing projects, we believe we are efficiently using capital to drive Amprius forward. Before I turn the call back over to Kang, I would like to take a moment to discuss our outlook for the remainder of the year.

Speaker 2

We expect to spend another $1,000,000 to $2,000,000 on equipment to support the 2 megawatt line in Fremont. This includes the necessary tools to have our cathode line up and running by the Q4 of this year. As Kang mentioned, we're also finalizing the design work for our Colorado facility. We expect to publicly communicate a construction cost forecast once the plan is finished. As part of our ongoing strategic planning efforts, we filed a shelf registration on Form S-three back in October of 2023 and once effective established a new ATM facility for 100,000,000 dollars Subsequent to March 31, 2024 and through May 3, we have raised gross proceeds of about 2,100,000 through the sale of approximately 1,000,000 shares under the ATM facility.

Speaker 2

To support our strategic plan, we are pursuing additional funding through multiple vehicles, including equity issuances, such as warrant exercises and sales under our ATM and non dilutive sources such as grants, loans and incentives. With that, I will conclude the financial discussion and pass the call back to Kang.

Speaker 1

Thanks, Andrew. I'd like to reemphasize a few key points before closing. First, Ampere's silicon nanotechnology continues to demonstrate unmatched performance in our industry. Ampere's battery command firmly with their combination of safety, energy, power, charging time and the temperature performance. They are uniquely positioned for the electrical mobility market.

Speaker 1

2nd, Ampere's battery are commercially available today. Our breakthrough technologies are validated by over 80 customer orders. This quarter, we doubled our number of customers who received the shipments. Not only did we have our normal repeat customers, but a safety to our new customers, a testament to our robust demand pipeline. We look forward to further building out our customer book in the coming quarters.

Speaker 1

3rd, we are scaling our manufacturing capacity through building our own production capacities and partnering with tall manufacturing partners. With our rent underway in Fremont, our design process moving forward in Brighton and the signed partnerships with additional tour manufacturing partners in place, we remain on track to deliver expanded production capacities to fulfill market demand. Finally, we are looking forward to several exciting upcoming milestones over the rest of the year. We expect to fully optimize our CEMEX mass production process and the ramp up production to a 2 megawatt hour run rate exiting the year at our Fremont capacity facility. This will represent a 10 fold increase in our production levels that we had at least in 2023 and give us additional available product for the strategical customers.

Speaker 1

We look forward to taking advantage of the hundreds of megawatt hours of new cycle product availability provided by our tool manufacturing agreements to reach more customers and expand our current customer engagements. During the summer, we will deliver the 100 Ampere Hour EV Form Factor Sale to the U. S. Advanced Battery Consortium, USABC, as a part of our grant program. We are in the process of finalizing the design plans and are excited to begin the construction of our gigawatt scale facility in Brighton, Colorado.

Speaker 1

As we always prioritize, we will continue to bring to market new and innovative products that push the boundaries of what is possible for our industry. As part of this, we look forward to commercializing our 500 Wawer Per Keto CEMEX sales later this year. As we look ahead, our strategy and focus on Ampere remains unchanged. We believe that the opportunity in front of Ampere's is tremendous and that our product portfolio positioned us to both grow in the aviation market and expand to other industries seeking batteries with a leading performance. Our addressable market are growing and durable, including the 1.2 farm building conformal variable battery market by 2,030, The 33 building aviation battery market by 2,030 and the 500,000,000,000 EV battery market by 2,000,000 33, all of which are on track growth path in coming years.

Speaker 1

2024 is off to a strong start. We look forward to continuing to deliver what we have planned and promised in the year ahead. Thank you for your continued support of Ampeus Technologies. With that, I will turn it back to the operator for the Q and A.

Speaker 3

Thank you. At this time, we'll open the lines for questions. Our first question is from Khalid Rush with Oppenheimer and Company. Please proceed.

Speaker 4

Thanks so much. Guys, there's an awful lot of new customers. Can you give us a sense of what the diversity is from a geographic standpoint and an application standpoint? You mentioned mobility. I'm just curious if you can give us a sense of who those folks are and what sort of sampling they're doing at this point?

Speaker 1

Yes, Collin, we have disclosed some customers we can disclose. Our customer coverage is quite broad. We are primarily in United States and Europe. We also have Asian customers. For example, we have customers in India.

Speaker 1

Our primary battery application for those customers are still in aviation industry.

Speaker 4

Excellent. Thanks so much. And then as you move into working with the contract manufacturer, can you talk a little bit about how you anticipate your potential scaling of sales? It seems to me that you guys are in a unique position to grow fairly quickly as you get into the balance of the year from a revenue perspective?

Speaker 1

We are strengthening our sales team with the introduction of 5 core products. We basically resolved the manufacturing capacity issue for that particular product. We have 100 megawatt hours capacity behind us both in cylindrical form and in pouch form. So this gave us a tremendous support for our customer development effort here. So the company recently we just added more individuals to our sales force.

Speaker 4

Thanks so much. And then in Fremont, just the final one for me. Can you talk a little bit about the tool qualification and how that's going? Are the machines and primarily the key machine working as you anticipated as you go through all testing processes?

Speaker 1

In Fremont, the Omni machine is measured. It's the central firm machine which produce the silicon nano, nanowire anode, right. Rest of the equipment are off shelf equipment just like other people are using in the industry. So recently the Fremont Central Therm Machine started producing silicon anode for our batteries. So of course, we still need adjust the production to the production protocol, make it more efficient.

Speaker 1

This machine, when we say qualification of the machine, we mean the machine can produce quality silicon anode for our battery.

Speaker 4

Thanks so much guys.

Speaker 3

Our next question is from Donovan Shafer with Northland Capital Markets.

Speaker 5

So, first, I want to also ask about, with the customer orders there, with there being so many of the 82 deliveries to customers. So just to kind of cross the T's and dot the I's, I just want to confirm, so you say 52 of those were to new customers across the electricity or electric mobility sector. Is there any caveat there? Or can I just take the 82 minuteus the 52 and just to say that you got you had 30 repeat orders in the quarter? Is that accurate?

Speaker 2

Yes, that's right now.

Speaker 5

Okay, great. And then the other part of that is it looks like 76 of those the shipments were for Saiccor. So, I guess that raises the question, do you have some repeat customers where they previously did SCIMAX orders and now they're showing an interest in SCICOR. And so, I guess, they had enough interest in SCIMAX, but are also curious to know how this other product potentially works for them. Is that kind of what's going on there?

Speaker 1

The answer is yes. We have a customer interest in both products.

Speaker 5

And some of it's crossing over, it seems like?

Speaker 1

Those products offer yes, that's right. Yes.

Speaker 5

Okay. And then, I saw in the letter to investors that the initial production in Colorado, you switched to that, that will be for SCICOR now instead of SCIMAX. And you say that that's in response to kind of customer interest. But what I'm curious is, can you give us anything more in terms of like what are the specific attributes about SCICOR versus SCIMAX that is that's causing that interest? And also is there a difference in manufacturing costs that's an impact there, where one is less expensive to manufacture versus the other?

Speaker 1

Yes. One of the reasons we have a tremendous interest for cycle because we have more cycle for customer today. We have a large production capacity behind us, so we can serve a lot of more customers. So the more customer we serve, the more interest that come to us. So that's the reason we look at the momentum we build up here, we say, hey, we probably need to do the cycle first, because those customers, at the time we finish our factory, we will have very significant inquiries from our customers.

Speaker 5

Okay. And I see. So you've got it's the fact that you can have these conversations around Synchor, where you've got the tolling arrangements in place already with some manufacturers. So you that creates more of an interest with the potential customer because, okay, gee whiz, you're ready to provide volume. And then you might as well bring that manufacturing in house over time.

Speaker 5

So then I guess the question there is, how long when should we start to expect to maybe see that tolling partnership that you've kind of buttoned up with 1 manufacturer. Do you have any sense around when that could start turning into some kind of a revenue around the Sycor product at a scale, even though it's sort of through tolling?

Speaker 1

Yes, we already have you can see we have so many customer engagements now, right. So we believe this year part of those customers will start some of those customers still in the qualification stage. Not every customer gives big orders, but since we have so many customers, we have over 80 customers, We expect traction of those customers will place decent orders this year.

Speaker 5

Okay. And I guess that makes sense in terms of sequence that they're going to be incrementally more interested in taking CICOR, qualifying it and figuring out if they can incorporate that into their offering at scale. But to get to show that interest and go through that qualification process, once you've validated or had handshakes and contracts and so forth signed with people, so you can back it up and say, okay, once you place an order, we're ready to go. Okay, sorry, just thinking that through out loud. I'll take the rest of my questions offline.

Speaker 5

Thank you, guys. Thanks.

Speaker 3

Our next question is from Jed Dorsheimer with William Blair. Please proceed.

Speaker 6

Hi, everybody. This is Mark Schutter on for Jed Dorshimer. Tom, question on the 76 customers, say they all come to fruition and I know you have 100 of megawatts in the toll coders, but is there a scenario in which you'll have to restrict allocation to a certain number of customers?

Speaker 1

Yes. Mark, we have a tremendous capacity capacity behind for cycle customer, I would say in 2024, maybe even 2025, we should not have supply issues.

Speaker 6

Understood. Okay. And do you see any of those potential customers? Is there any restriction on converting to PO based on where the material is coming from? I'm thinking, okay, I'd like to place a PO if you would rather wait for U.

Speaker 6

S. Domestic production. Is that a factor at all in your conversations?

Speaker 1

The customer engaged, they shouldn't have that problem. The customers who have concerns would not engage with us for the manufacturing model.

Speaker 6

Understood. Okay. Thank you. And lastly here, congrats on the award with the military. Can you give any color on the unit volumes we should be expecting or ASPs or margin and any color of how we should be modeling that?

Speaker 1

Lee, some we yes, just Andrew, let you address this.

Speaker 2

So that is a larger order that is scheduled to go out this year, but it we haven't given guidance on pricing and margins on that.

Speaker 6

Okay, understood. Thank you.

Speaker 3

Our next question is from Chris Souther with B. Riley Securities. Please proceed.

Speaker 7

Hey, guys. Thanks for taking my questions. So about 6 months ago, we were talking about customer commitments of tens of megawatt hours and indications of 100 of megawatt hours for Scimax. Are most of those commitments for customers that can switch over to Saiccor at least in the interim if that's the first line you're going to have up and running and maybe even utilize some of the toll manufacturing in the interim Or can you help kind of understand like what the customer evolution is a little bit better as far as switching over to this newer product just because you're going to have

Speaker 6

a lot more capacity quicker for that product?

Speaker 1

Yes, the customer Chris, customer who are interested in FENEX, they would not easily shift to the side core. Because as you know, we sold out our 2024 capacity for CEMEX. The demand for CEMEX is still very strong. So the customer wants to have a CEMEX product for reason. CEMEX not only offers super high energy density, also offer very high power capability.

Speaker 1

We have a customer interest in both products, but I have not seen customer waiting to compromise, say, since the CEMEX is not readily available, I'm going to use the cycle.

Speaker 7

Okay. So what are the conversations like as far as those customers who were expecting like the first line to be in Colorado, it would be Cymax and now it might be a little bit further that they'd have to wait. Is that going to impact any product launches with some of the key customers you've talked about previously? Or how do you kind of address that

Speaker 6

in the interim, I'm curious?

Speaker 1

At this time, our design like to have a first line for Saiccor. That doesn't mean we have to wait for 2 or 3 years to build a CEMEX. So the CEMEX, by the year end, we have full manufacturing protocol for CEMEX validate at Fremont with this 2 Megawatt facility. So we are ready to go larger scale. So now our plan is we design this factory not only for Saiccor, also for CEMEX.

Speaker 1

We just procure our first line and production line for CICOR.

Speaker 7

Okay. And then can you quantify in any way beyond the customer numbers being impressively quick to grow here, how commitments and indications are for Sycor that you're kind of prioritizing that one for the first line? And are there significant expectations of CapEx savings for that initial line for SCICOR versus SCIMAX?

Speaker 1

Yes. SCICOR line, of course, is based on our estimate, FEGO line is relatively lower cost, okay. This is off shelf production line, right. So it's a proven manufacturing process. Currently, we are using a poor manufacturing partner to do for us.

Speaker 1

We know exactly how the process looks like, how the machine configuration is.

Speaker 3

Our next question is from Jeff Grampp with Alliance Global Partners. Please proceed.

Speaker 8

Afternoon. Curious going back to the customer count that you guys had in the quarter, Curious if you guys have kind of a percentage or rough numbers that are taking both SCICOR and SCIMAX. I'm wondering if you have a sense or any insight as to the ones that maybe are taking both. Is that to maybe assess a better fit within a specific use case? Or might there customers that could be ultimately be customers of both products for differing use cases?

Speaker 8

Any insight there?

Speaker 1

As we mentioned in our call, up quarter, primary driver of our revenue. Last quarter actually we have almost the people purchase equal amount FEMEX and the FAICOR. But we have a lot more new customers for FAICOR product because we have capacity available to them. If we have had more capacity for CEMEX, we'll have a lot of more CEMEX customers as well.

Speaker 8

Understood. That's helpful. And for my follow-up, maybe for Sandra, any rough numbers or timeline in terms of when you guys might a final number to share publicly on the cost of Colorado? Is that something that's months away, a year end or just any kind of benchmark to kind of think about here without holding it to too tight of a timeline?

Speaker 2

Yes. So we've completed the 30% construction drawings. We believe we'll have the 100% construction drawings at the end of the summer. That will allow us to get a more high confidence cost estimate as well as the schedule. And so I think we should be able to give some sort of guidance in exiting

Speaker 1

the Q3.

Speaker 6

Great. Look forward to it. Thank you.

Speaker 2

Thank you.

Speaker 3

Our next question is from Amit Dayal with H. C. Wainwright. Please proceed.

Speaker 6

Thank you and good afternoon everyone.

Speaker 9

With respect to sort of this ramp in new customers, how should we think about revenues for 2024 given that you do have the tolling capacity available? Is there anything in the pipeline that could materialize into sort of an order that is larger than everyone is sort of expecting at this point that could move expectations for 2024 higher than where they are?

Speaker 1

So we as you see, we have very impressive number of customers today. So at this moment, we don't know which customer can finish their qualification process. We have some customer already placed order for their commercial use. But we have a large fraction of the customer just engaged with us, started purchasing small quantity of the batteries for qualification. I think we may have more clarity and of that in Q2, later part of Q2, which customer can start offering our larger orders.

Speaker 9

Okay, understood. And then the $2,300,000 in sales for 1Q, was it all Cymax? If you could just maybe give color on what the mix was between Cymax and Saiccor?

Speaker 2

Yes, great question. So it was roughly fifty-fifty between the 2.

Speaker 9

Okay. And the SCIMAX was coming

Speaker 2

from the 1 year? No, it's a little bit I'm sorry, it's a little bit more. I gave an answer too fast. It's about $1,000,000 in SCIMAX and about $1,300,000 in SCICOR.

Speaker 9

Okay. And SCIMAX all came from Fremont?

Speaker 2

Yes.

Speaker 9

Okay. That's all I have guys. I'll take my other questions offline. Thank you.

Speaker 3

At this time, this concludes our question and answer session. If you have any additional questions, you may contact Embryus Investor Relations team at irapryus.com. I would now like to turn the call over to Doctor. Sun for his closing remarks.

Speaker 1

Thanks again everyone for joining us today. As a reminder, you may learn more about our company, find additional updates and learn about upcoming events and the 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 both FEMA and Colorado. Finally, I'd like to thank our employees, partners and the shareholders for their continued support. Operator?

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Earnings Conference Call
Amprius Technologies Q1 2024
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