Jonathan Bornstein, President of Amprius Lab at Amprius Technologies, Inc. (NYSE:AMPX), recently sold shares worth a total of $286,319. The transactions, disclosed in a recent SEC filing, took place over two days. On November 20, Bornstein sold 133,536 shares at an average price of $1.9237. The following day, he sold an additional 15,000 shares at an average price of $1.9624. An additional transaction involved the sale of 18,170 shares at $1.9646, generating $35,696, as part of a mandatory arrangement to cover tax obligations related to the vesting of restricted stock units. This series of transactions reflects Bornstein's ongoing management of his holdings in the company.
In other recent news, Amprius Technologies reported substantial growth in its third-quarter earnings. The company's revenues more than doubled from the previous quarter and nearly tripled year-over-year, reaching $7.9 million. This financial surge is attributed to the successful introduction of their SiCore product line and an expansion of their customer base, which now totals over 175 for the year.
Amprius Technologies also inked significant contracts worth $20 million for light electric vehicle applications, a promising development in its business trajectory. Additionally, the company is expanding its manufacturing capacities, with 800 megawatt-hours of pouch cell and over one gigawatt-hour of cylindrical cell production available.
Despite these positive developments, Amprius Technologies reported a gross margin of negative 65% and a net loss for the quarter of $10.9 million. However, these figures represent an improvement from previous periods. The company expects significant market opportunities in aviation and light electric vehicles, and plans to ramp up production in its new manufacturing facilities in Brighton, Colorado, and Fremont, California.
These recent developments indicate a company on the rise, with strong revenue growth and expansion in both product offerings and manufacturing capabilities. With significant market opportunities on the horizon, Amprius Technologies is positioning itself as a key player in the evolving electric mobility market.
InvestingPro Insights
The recent insider selling by Jonathan Bornstein at Amprius Technologies (NYSE:AMPX) comes at a time when the company's stock has shown significant volatility. According to InvestingPro data, AMPX has experienced a strong return of 85.05% over the last three months, despite a year-to-date price total return of -62.57%. This volatility aligns with an InvestingPro Tip indicating that the stock generally trades with high price volatility.
Amprius Technologies' financial health presents a mixed picture. While the company's revenue growth is impressive at 196.22% for the last twelve months as of Q3 2024, it is currently not profitable, with a gross profit margin of -114.16% over the same period. This aligns with another InvestingPro Tip suggesting that the company suffers from weak gross profit margins.
Despite these challenges, analysts anticipate sales growth in the current year, according to an InvestingPro Tip. This positive outlook could potentially explain why the stock has seen recent gains, even as insiders like Bornstein reduce their holdings.
For investors seeking a more comprehensive analysis, InvestingPro offers 15 additional tips for Amprius Technologies, providing a deeper understanding of the company's financial position and market performance.
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