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Amprius Technologies, Inc. (NYSE:AMPX), a $256 million market cap player in the miscellaneous electrical machinery sector, has announced the appointment of Tom Stepien as its new President, effective May 1, 2025. The company, which has seen its stock price fluctuate significantly with a 41% gain over the past six months despite a 23% year-to-date decline, currently trades at $2.17. According to InvestingPro analysis, the stock appears to be slightly undervalued based on its Fair Value assessment. The company, headquartered in Fremont, California, also elected Stepien to serve as a Class I director on its board, with his term set to expire at the 2026 annual meeting of stockholders.
Stepien, with a robust background in the battery and energy storage industries, brings to Amprius a wealth of experience, having served as CEO of South 8 Technologies and as an Operating Partner at KCK Group. He co-founded Primus Power and has held several leadership roles at Applied Materials (NASDAQ:AMAT). His academic credentials include a B.S. and M.S. in Mechanical Engineering from MIT, and he is a co-inventor on numerous battery patents.
According to the press release statement, the company’s current President and CEO, Dr. Kang Sun, will continue in his role as CEO. The transition comes as Amprius Technologies continues to navigate the competitive landscape of the energy sector.
The terms of Stepien’s employment, as detailed in an offer letter, include an annual base salary of $475,000 and eligibility for an annual cash bonus with a target amount equal to 70% of his base salary, based on performance goals. Additionally, he will receive a grant of 400,000 restricted stock units under the company’s 2022 Equity Incentive Plan, which will vest over four years.
The company has also made provisions for severance benefits for Stepien, should his employment be terminated under specific conditions. These benefits include a continuation of his base salary for six months post-termination, contingent upon the execution of a release of claims. While the company maintains a strong liquidity position with a current ratio of 4.0 and more cash than debt on its balance sheet, InvestingPro data indicates challenges ahead with analysts expecting a decline in net income this year.
This executive move aligns with Amprius Technologies’ strategic plans, as Stepien’s appointment is expected to strengthen the company’s leadership with his extensive industry experience. The company has clarified that there were no transactions involving Stepien that are required to be reported under SEC regulations.
Amprius Technologies’ financial position and strategic direction will continue to be closely watched by investors and industry analysts as the company moves forward with its new leadership structure. With its next earnings report due on May 8, 2025, and significant revenue growth of 167% in the last twelve months, the company presents an interesting case for investors. For deeper insights into AMPX’s financial health and growth prospects, investors can access comprehensive analysis and 14 additional ProTips through InvestingPro’s detailed research reports, available as part of their coverage of over 1,400 US stocks.
In other recent news, Amprius Technologies reported significant financial results for the fourth quarter and full year 2024, showcasing a 170% year-over-year increase in quarterly revenue and a 167% rise in full-year revenue compared to 2023. Despite the revenue growth, the company posted a net loss of $11.4 million for the quarter. Notably, Amprius ended the year with $55.2 million in net cash and no debt. Cantor Fitzgerald maintained its Overweight rating on Amprius shares, highlighting the company’s progress, including securing nearly 2GWh of outsourced production and expanding its customer base from 40 to 235 within a year.
Additionally, Amprius announced the appointment of Tom Stepien as its new President, aiming to capitalize on the growing demand for its silicon battery technology. The company also signed agreements with two Fortune 500 companies, presenting potential multi-million-dollar opportunities. These strategic moves are expected to contribute significantly to Amprius’ future growth. Furthermore, Amprius is scaling up production to meet the increasing demand for its high-energy-density batteries, which are critical for sectors such as electric aviation and defense. The company’s recent developments reflect its ongoing efforts to expand its market presence and enhance its product offerings.
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