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FREMONT, Calif. - Amprius Technologies, Inc. (NYSE: AMPX), known for its advanced lithium-ion batteries, has appointed Tom Stepien as its new President, effective May 1, 2025. Stepien, who also joins the Board of Directors, will oversee operations, commercial growth, and market expansion. His appointment comes as Amprius aims to meet the rising demand for its high-performance silicon battery technology. The company has demonstrated strong commercial traction, with revenue growth of 167% in the last twelve months, according to InvestingPro data. Despite market volatility, analysts maintain a bullish stance with price targets ranging from $6 to $15.
With 35 years of experience in customer-centric and innovative tech companies, Stepien’s background includes leadership roles at South 8 Technologies, Primus Power, and Applied Materials. His expertise in growing energy and manufacturing businesses is expected to guide Amprius through its next commercial phase. CEO Dr. Kang Sun expressed confidence in Stepien’s ability to leverage his experience for Amprius’ global expansion. The company maintains a strong financial position with a current ratio of 4.0, indicating robust liquidity to support growth initiatives.
Stepien’s entry into Amprius coincides with the company’s scale-up in production to supply the increasing demand for its silicon batteries, which are notable for their high energy density. These batteries are critical in powering sectors such as electric aviation, defense, and electric mobility. Stepien will focus on strategic partnerships, customer relations, and exploring new opportunities in high-impact markets.
Amprius’ batteries stand out for their industry-leading energy density, with the SiMax™ batteries delivering up to 450 Wh/kg and 1,150 Wh/L. The company has also introduced the SiCore™ platform, further enhancing its product range for various applications. Amprius operates its headquarters, R&D lab, and manufacturing facility in Fremont, California, and has secured over 1.8GWh of contract manufacturing capacity to meet customer demand.
This announcement is based on a press release statement and includes forward-looking statements regarding Amprius’ growth, product commercialization, and market expansion. These statements are not guarantees of future performance and are subject to risks and uncertainties, as reflected in the stock’s beta of 2.18, indicating higher volatility than the broader market. InvestingPro analysis suggests the stock is currently trading below its Fair Value, with 12 additional ProTips available to subscribers. For more information on Amprius Technologies, Inc., visit www.amprius.com or access the comprehensive Pro Research Report available on InvestingPro, covering key metrics and expert analysis.
In other recent news, Amprius Technologies reported significant financial results for the fourth quarter and full year of 2024, highlighting a 35% increase in quarterly revenue from the previous quarter and a 170% increase year-over-year. Despite these impressive gains, the company posted a net loss of $11.4 million for the quarter. Amprius ended the year with $55.2 million in net cash and no debt, showcasing a stable financial position. The company’s gross margin also improved significantly to -21% from -65% in the previous quarter. Additionally, Amprius Technologies expanded its customer base from 40 to 235 customers over the year, reflecting its growing market presence. Cantor Fitzgerald maintained an Overweight rating on Amprius shares, with a price target of $10, citing the company’s progress in outsourced production and large-scale shipments of its SiCore battery cell. The firm also noted Amprius’s strategic agreements with Fortune 500 companies, which could result in substantial annual revenue opportunities. These developments underscore Amprius’s potential for continued growth and expansion in the battery technology market.
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