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Friday, Cantor Fitzgerald reaffirmed its Overweight rating on Amprius Technologies (NYSE:AMPX) shares, maintaining a $10.00 price target. The stock, currently trading at $2.31 with a market capitalization of $255 million, has shown significant momentum with a 13% gain over the past week. According to InvestingPro data, analyst targets range from $4 to $14, suggesting substantial upside potential. The firm’s analyst highlighted Amprius Technologies’ significant progress throughout 2024, noting that the company secured nearly 2GWh of outsourced production in Asia and began large-scale shipments of its SiCore battery cell.
Amprius Technologies witnessed a substantial increase in battery cell revenue, which soared by 350% year-over-year. The company’s customer base expanded dramatically, from approximately 40 in the fourth quarter of 2023 to 235 in the same period of 2024. This growth is attributed to the company’s consistent commercial presence in the market for over six years and its established battery technology.
The analyst also pointed out recent strategic moves by Amprius Technologies, including the signing of two agreements with Fortune 500 companies. These partnerships are seen as potential multi-hundred-million-dollar annual opportunities that could further propel the company’s growth.
The combination of Amprius Technologies’ proven battery technology, the expanding customer base, and increased production capacity is expected to potentially generate over $1 billion in annual revenue. The firm’s reiterated Overweight rating and 12-month price target reflect confidence in the company’s future performance and market position. For deeper insights into AMPX’s valuation and growth prospects, including 13 additional ProTips and comprehensive financial analysis, check out the full research report on InvestingPro.
In other recent news, Amprius Technologies Inc. reported significant revenue growth in its fourth-quarter and full-year 2024 financial results. The company’s quarterly revenue increased by 35% from the previous quarter and 170% year-over-year, totaling $10.6 million. Despite this growth, Amprius posted a net loss of $11.4 million for the quarter. For the full year, revenue rose by 167% compared to 2023, reaching $24.2 million. Amprius ended the year with $55.2 million in net cash and no debt, indicating a strong cash position. The company also noted that its gross margin improved significantly to -21% from -65% in the previous quarter. In terms of market expansion, Amprius added 182 new customers in 2024, bringing the total to 235. Analysts from firms like Oppenheimer and Roth MKM have expressed interest in the company’s progress and customer engagement strategies.
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