Amprius Technologies, Inc.

Good afternoon. Welcome to Amperius Technologies' fourth quarter and full year 2023 earnings conference call. Joining us for today's presentation are the company's CEO, Dr. Kang Sun, and CFO, Sandra Wallach. At this time, all participants are in listen-only mode. 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, 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, and AMPRIUS's financial and business performance. These statements involve known and unknown risks, uncertainties, and other important factors that may cause AMPRIUS's 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's filings with the Securities and Exchange Commission. Finally, I would like to remind everyone that this conference call is being webcast, and a recording will be made available for replay on the company's Investors Relations website at ir.amprius.com. In addition to the webcast, the company has posted a shareholder letter that accompanies these results, which can also be found on the Investors Relations website. I'll now turn the call over to Ambria's technology CEO, Dr. Kang Sun, for his comments. Sir, please proceed.

Welcome, everyone, and thank you for joining us this afternoon. On today's call, I will report our progress and accomplishments for the fourth quarter, while also highlighting some of the milestones we achieved in 2023. Our CFO, Sandra Wallach, will then discuss our financial results for the period. After that, I will share some closing remarks before opening the call for questions. The fourth quarter was a strong end of a great year for Amplius. Before I give a recap of the year, I would like to briefly introduce Amplius to those who may be new to the company. Amperes develops, manufactures, and markets high energy density and high power density batteries with applications across all segments of electrical mobility, including the aviation and EV industries. As a pioneer of silicon anode battery technologies, Amperes has spent the last decade developing various silicon anode structures and cell chemistries. as well as manufacturing processes. The company has a strong patent portfolio of over 80 issued patents and pending applications. When it comes to the battery performance, Amplia's silicon annual batteries command a firm leading position in the industry. Amplia's batteries deliver 450 Wh per kilo specific energy density. and the 1,150-watt per liter volumetric energy density, and have been available commercially since early 2022. In 2023, we developed a 500-watt per kilo, 1,300-watt per liter battery platform, which will be ready for commercial shipment soon. Also, Amperes silicon anode structures And the cell chemistries enable us to power capability and to balance the high energy and the high power battery designs. Our silicon-handled batteries have the extreme fast charging rate of zero to 80% stay of the charge in approximately six minutes. Can operate in a wide temperature range of minus 30 degrees Celsius up to 55 degrees Celsius. And they have safety design features that enable us to pass the United States military benchmark and nail penetration test. Each of these performance parameters is critically important for electrical mobility applications. Not only do our battery enable certain aircraft and the vehicles function, but in doing so, They also enable our customers to achieve their economic targets as well. MPS has been in commercial battery production since 2018. So the company has many years of experience manufacturing high energy density and high power density lithium ion batteries. It's our belief that there are no other commercial batteries on the market that can perform at these levels today. Between our two battery families, Femex and Seiko, Ampere's high-performance batteries have attracted significant market attention and customer demand. The company's priority today is to build additional manufacturing capacity as quickly as we can to meet the significant customer demand for our products. 2023 was a transformational year for Ampere. we came into the year with three major goals. First, we set out to further advance our silicon annual battery technology to deliver breakthrough performance. Second, we sought new customer wins as we continue to grow our product shipment volume. And third, we strive to expand our production capacity to meet the increasing demand of our batteries. We made significant progress across each of these areas and are confident that our effort has positioned Amperes to continue executing on its growth strategy in 2024 and beyond. Specifically, we had several noteworthy accomplishments in 2023. Last year turned out to be a banner year for our technology development. Back in March, we unveiled our 500-watt-per-kilo battery platform, a first for our industry. To the best of our knowledge, once our sales began shipping to customers this year, Ampere would be the first company to achieve 500-watt-per-kilo energy density in a commercially available battery. Then in August, we also unveiled our breakthrough battery cell chemistry and design that enables 400 Wh per kilo energy density with a simultaneous latency power capability. The energy and the power delivered by this cell make it the ideal solution for electrical mobility applications such as aviation and EVs. For EV tours, this battery is designed to provide the necessary proportion power and energy for taking off, cruising, and landing, while also extending flight range by as much as 50% as modeled based on commercially available alternatives. We complete the customer evaluations and begin shaping batteries to select customers in 2023 with the expanded commercialization expected in 2024. We hit the ground running in 2024 as well. In January, we launched our all-new cycle product family to go along with our existing silicon nanowire platform, now called CEMEX. While CEMEX includes our highest performance batteries. The cycle platform services the applications that demand high energy density and longer cycle life, offering up to 400 watt per kilo and as many as 1,200 cycles at full depth of discharge. Developed in close collaboration with Basilius, a formerly affiliated company, we are able to achieve greater manufacturing capacity in the short term by working with two manufacturing partners, which we expect will allow us to serve more customers and bring in additional revenue while we extend our U.S. manufacturing capacity. We believe that tool manufacturing capacities can create a bridge until our facility in Colorado comes online. The cycle products also have additional form factor flexibility, capable for both pouch and cylindrical cells form factors. This allows them to be used in more applications and to be available at a scale today. These two product platforms are the culmination of years of work in silicon anode space and are just the beginning of our vision here at Amperes to transform electrical mobility. Overall, when it comes to battery performance, we continued setting new bars for ourselves in 2023. We are confident that Amre's battery can reach unmatched level of performance, and we look forward to trying to extend our performance lead in 2024. We believe that the highest endorsements of our technology are customer orders. Our industry continues to notice the battery performance success that we are having. And as a result, our demand far outstrips our supply. Throughout the year, we had several customer wins. We furthered our partnership with AeroVironment in Q1, started a new technical engagement with a leading high-performance automotive OEM in Q2. and reached a long-term battery supply agreement with Panergy in Q3. Also, in the fourth quarter, we made a significant progress on building out our book of customers, shifting to 41 total customers in the quarter, up from 38 in Q3. While many of them were repeating customers like auto, Airbus, other than FLIR and the US Army and the BAE systems. Sixteen of them were new customers who came to us from across the electrical mobility sector. For example, we announced the volume purchase order from a VTOL manufacturer in October and complete the high volume shipment of CYMAX cells to the Korean Aerospace Research Institute in December. We also successfully secured the CEMEX purchase order from three premier electrical aviation manufacturers. For customer, 450-watt-per-kilo cell for battery pack development and quantification. These customer cells were developed in collaboration with MPS's strategical partners to address their unique HEPS qualification requirements and enable these customers to operate in highly challenging environments with greater energy density and the longer cycle life than the previous 400-watt per kilo platform. The new cell the only known commercially available batteries of their kind that can provide enough power and endurance to help overnight stratospheric flight applications. These orders help strengthen Ampere's position as a premier global battery solution for eVTOL and HEPS applications. Also, we think our variable variables market, we complete our first volume shipment of the safe cell for the U.S. Army in December. This shipment is an important milestone for us because it completes our scale-up manufacturing initiative under the U.S. Army-funded manufacturing technology program, which allows us to now have a large deployment of our sales for the mission critical products. To meet the market and the customer demand, we have made significant progress in building out our manufacturing capacity. First, we complete our new production line, Fremont, California in December. With this investment, we have increased our manufacturing capacity by approximately 10 times and expect to achieve two megawatt hours of capacity exiting 2024. In our largest scale manufacturing site in Brighton, Colorado, we received the final rezoning permit that allows us to move forward with the site. We have made progress in recent months on ordering long lead time items such as electrical, mechanical, and plumbing systems to ensure that we remain on track with our timeline. We are also continuing the design and the pre-construction work that will allow us to be operational in 2025. In addition to our own manufacturing capacity development, we have developed two manufacturing partnerships to provide us with the largest scale manufacturing capacity for cycle battery production right away. Overall, we believe that 2023 was a highly successful year across our major initiatives. As we turn our attention to 2024, it remains critical to our growth strategy that we continue advancing our technology and expanding our production capacity. We are off to a good start. In addition to a long cycle and the making progress of pre-construction activities at Ampere's FAB, we announced that we received the AS9126 certification for our Fremont production facility. The crucial certification received from Smith's quality assessment as we continue to supply battery to the burgeoning electrical aviation industry, helping to advance the technology like eVTOL, HABs, and the drones. As shown in our recent customer wins and the technology advancement, we believe that low-IRs can commercially offer capabilities that match those of ampere's batteries. Early this week, We were named one of the Fast Companies 2024 Most Innovative Companies, largely due to our battery's advanced capabilities. We were also recognized at a recent International Battery Seminar, winning the Best of Show New Product Award for our CEMEX 400-watt per kilo cell. This is our second consecutive award in this category at IBS as well, as we won last year for our 450 Wh per kilo, 1150 Wh per liter lithium ion cell. Overall, these awards further underscore the demand for our innovative solutions. We are working hard to expand our production capacity to meet that demand, and we are confident in the path forward for MPS. With that, I will now turn the call over to our CFO, Sandra Wallach, to review our financial results for the quarter.

Sandra. 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 fourth quarter with $3.9 million in revenue. a 3.1 million increase compared to 0.8 million in the same quarter last year, and up 1.1 million sequentially. There were three drivers of this net increase in Q4 versus Q4 of 2022. First, our product revenue increased by 0.3 million from the prior year period to 0.9 million, largely driven by shipments to 41 customers in the quarter, a second consecutive quarterly record 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 two customers represented greater than 10% of revenue, a testament to our diverse customer set. Second, our development services revenue increased by 3 million. a reflection of the successful completion of the U.S. Army Manufacturing Technology Program delivery that Kang mentioned earlier. Development services are non-recurring in their nature due to disparate programs. Third, these two increases were partially offset by $0.2 million reduction in government grant revenue period over period due to the completion of the DOE program in Q3 2023. Pivoting to our full-year results, We closed 2023 with $9.1 million in revenue. This represents a growth rate of over 100% from 2022. Moving to our profitability metrics, our gross margin was negative 162% for the full year, compared to negative 128% in the prior year period. As we've discussed in prior quarters, 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 construction. Longer term, we are confident that our GAAP gross margin will begin to normalize as we approach our capacity expansion goals. Now onto our operating expense management. Our operating expenses for the full year 2023 were 24 million, a 94% increase from the prior year. While we continue to maintain a lean cost structure, The increase is primarily attributed to the increased G&A related to public company expenses and transaction-related costs, as well as targeted staffing increases in R&D and sales and marketing. Our gap net loss for the full year 2023 was 36.8 million, or a net loss of 43 cents per share, with 86.2 million weighted average number of shares outstanding, compared to a net loss of 24 cents per share with 71.3 million weighted average number of shares outstanding. Also, as of December 31st, 2023, there were 80 full-time employees, up from 76 in the third quarter, and 59 at the end of 2022, with those employees primarily based in our Fremont, California location. Our share-based compensation for the year was 3.9 million compared to 2.7 million in 2022. Turning to the balance sheet, we exited the year with $45.8 million in cash and no debt. Key drivers of our cash activity for the year were $25.6 million used in operating cash flow, $17.6 million used for costs related to the build-out of the Fremont and Brighton facilities, and $19.2 million inflow added primarily through the usage of our equity financing. 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 2024. We expect to spend another two to three million completing the new cathode line and other support equipment for the megawatt hour line in Fremont this year. As detailed design work on our facility in Brighton is finalized, and construction gets underway, we expect to finalize our construction cost forecast and will provide updates as the year goes on. As part of our strategic planning efforts, we filed a shelf registration on Form S3 in October 2023, and once effective, established a new ATM facility for $100 million. We have terminated the committed equity facility concurrent with the effectiveness of the shelf registration statement. Subsequent to December 31st, 2023, we have raised gross proceeds of about 6.5 million through the sale of approximately 2 million shares under the ATM facility as of March 18th, 2024. To support our strategic plan, we are pursuing additional funding through multiple vehicles, including both 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 Ken.

Thanks Sandra. I'd like to re-emphasize a few key points before closing. First, Amperes Silicon annual technology continues to demonstrate unmatched performance in our industry. Amperes Battery commend a firm lead with their combination of 50 energy, power, charging time, and temperature performance, and are uniquely positioned for the electrical mobility market. Second, MP3 batteries are commercially available today. We have been shipping commercial products since 2018, and our technological advancement continues to bring in significant customer demand. This quarter, we not only delivered to repeat customers and expand our technical engagements, we add 16 new customers as well. Our demand pipeline is robust and we look forward to further building out our customer book in the coming quarters. Third, we are scaling our manufacturing capacity to serve significant demand ahead and support a US-based supply chain. We believe that the introduction of a side core helps us meet some of the near-term demand. Finally, we are looking forward to several exciting milestones in the year ahead. In 2024, we are working to begin construction of our Gigawatt skill facility in Brighton, Colorado. fully optimize our CEMEX mass production process in Fremont. Get the new customers and deliver additional sales to current customers as we increase in our CEMEX sale production. Ramp up our total manufacturing efforts to secure hundreds of megawatts of capacity in 2024 so that we can maximize our opportunity to deliver cycle batteries to customers. commercialize our 500-watt-per-kilo cells, and continue to bring to market new and innovative products, and continue to innovate and push the boundary of what is possible for our industry. As we look to the rest of the year, our strategy and focus and ambition remains unchanged. We have a tremendous opportunity ahead with a product portfolio that positions us to both growth in aviation market and expand to other industries seeking batteries with leading performance. The opportunities in front of Amperes are enormous, including the 1.25 billion conformal variables battery market by 2030, the 33 billion aviation battery market by 2030, and the 500 man-building EV battery market by 2033, all which are Ampere's growth path in coming years. 2023 was a very productive year for the company, and we believe that 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 Amplius Technologies. With that, I will turn it back to the operator for Q&A.

Thank you. And at this time, we'll open up the line for questions. The company requests that each participant limit their comments to one question and one follow-up. To ask a question, press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Once again, press star 1 to ask a question and limit yourself to one question and one follow-up. Thank you. And our first question comes from Colin Rush with Oppenheimer and Company. Please state your question.

Hi, this is Lydia. I'm for Colin. Could you speak to the customer direction and opportunity you're pursuing with Sitecore? What has the initial feedback been so far?

We have been working on Sitecore for some time. We explore this market since the middle of 2023. We received a very strong feedback from the customers. So cycle has form factor flexibility. Currently, we are not only supplying the pouch cell we have been making last few years. This particular product enable us to supply energy cylindrical cell as well.

Great. And then for my follow up, on-ramp, are there any surprises you're running into on ramp up of your megawatt scale tool? And then in Colorado, how is the permitting and procurement of equipment going as you figure out the best use of your balance sheet? Thank you.

Let me answer the ramping up question. We have a food facility set up in Fremont, California that would enable us to produce approximately two megawatt hour products at the end of the year. For Colorado, we finished the rezoning. Rezoning was successful. Now we are working on the air permitting and emergency response plan.

Thank you. And our next question comes from Jed Dorsheimer with William Blair. Please state your question.

Hi, you have Mark Shooter on for Jed Dorsheimer. Thanks for your time, Tom. Could you give a little bit more color on the revenue breakdown between SciMax and SciCorps?

So, Mark, this is Sandra. So, we have not disclosed the separation of those two. It's reported under our product revenue in our filings.

Okay. Directionally, do you think that, you know, for 2024 that they'll be even, one more than the other?

We will still be limited in 2024 by the capacity that is already spoke for here in Fremont of two megawatts. There is not a capacity restriction on SICOR because it's being made by our total manufacturing partners. potential to be much larger.

Okay, great. Could you speak to a little bit of the IRA subsidies? Are you participating in any of that with the facility in Fremont?

Yes, so we have gone through our study with our tax advisors and we're pursuing the 45X tax credit, manufacturing tax credit, which is 10% of the anode manufacturing cost and $35 per kilowatt hour. So that'll be part of our tax planning for 2023. We can take advantage of it with this year's filing and part of our financial planning going forward.

Awesome. Thank you, Sandra.

Thank you. Our next question comes from Chris Souther with B. Reilly Securities. Please state your question.

Hi, thanks for taking my question. On the side core, how does the pricing compare to, you know, kind of commodity batteries that are out there as well as side max? I'm just kind of curious where that sits as far as kind of premium pricing would be helpful to understand.

Yeah, Chris, since we have a large scale manufacturing facility available to us, So today, we certainly have a competitive production cost. In terms of AST, the pricing, what do we charge for our customer? Because of the superb performance our battery delivers, we deliver very high energy density as well as a long cycle. So we still commend the premium for those applications.

Got it. Okay. And, you know, maybe just a little more on some of the application focus for SICOR. Is that, you know, it seems like it's some pretty similar end markets that you're going after with, you know, the CIMAX that we've been talking about for quite some time. You know, is the additional form factor something that kind of increases the different applications you're going after or, you know, customers you're going after? Maybe just, you know, higher level, like what, if there's any differentiation as far as the end market focus that you're looking at with that new product.

Our end market focuses remain the same, but the cycle product offer flexible form factor, so certainly enable us to participate in other market segments. We have our product catalog available. From that, you can see we have battery already achieved EV performance. That means the energy has 350 watt per kilo, 1,200 cycles, and meter or other EV battery specifications. The cylindrical cell opened a new market for us, not only for aviation, also for other electrical mobility segments.

Okay, that's helpful. I'll hop in the queue. Thanks.

Our next question comes from Chip Moore with Ross MKM. Please state your question.

Hey, everybody. Great to see you earlier this week. I wanted to ask another one on Psycorps. I think you talked about potential for 100-plus megawatt hours of demand there in the future? Or already, maybe just help us think about the ramp of pulling capacity and how we should think about potential revenues there.

The manufacturing capacity, we have been developing those customers, those partners for some time. So manufacturing capacity is available for us. It's over 100 megawatts. The question is the qualification. So the customers still need to qualify these products. We have some purchasing orders for commercial applications already, but a large fraction of the customers still in the evaluation phase. We believe the commercial revenue will come in later over the year. The capacity is not our issue today, but the customer has to go through the factory qualification and the product qualifications.

Got it. That's very helpful, Ken. I appreciate that. And maybe on my follow-up for Fremont, I guess anything to keep in mind as the year progresses, tie-in of the cathode line or any other equipment that you need to put in, any downtime or anything like that, we should keep in mind. Thanks.

Yeah, our cathode line will come in probably third quarter. That's the only missing piece of equipment, only missing equipment at this time. The reason is we have for our castle has a very specific coding specification, so the supplier want to make sure they can satisfy our specification.

Got it. Okay. Congrats on all the progress this year. Thanks.

Thank you. And our next question comes from Jeff Gramp with Alliance Global Partners. Please state your question.

Good afternoon. Question for you guys on the 500-watt-hour product that's going to be commercially available this year. Just curious to dig in on the timing a little bit more. Is that going to be a back half of 24 kind of in line with that cathode line? and just, you know, big picture, kind of the pipeline that you guys are seeing in terms of demand there.

Yes, the cathode line will not affect the shipment of this product. We are planning to have this product shipped to customers this year.

Okay, thank you. And for my follow-up, on the R&D side of things, curious, you know, kind of main initiatives or goals maybe for 2024, if you had to maybe you know, bucket those in terms of key objectives, whether those relate to things like, you know, density, cycle life, different form factors, or just any other kind of big picture objectives you guys are thinking about as it relates to R&D in 24. Thanks.

Yeah, we have very ambitious goal for 24, and you will see the energy improvement in energy density and the power, particularly the balance of energy density and the power. We are working on additional safety features for our battery. So 2024, you will see some breakthrough performance delivered from AmpliSled.

All right. We'll stay tuned. Thanks for the time.

Thank you. Just a reminder to the audience, to ask a question, press star 1. And to remove yourself from the question queue, press star 2 on your telephone keypad. Our next question comes from Donovan Schaefer with Northland Capital Markets. Please state your question.

Hey, guys. Thanks for taking my question. So just real quick for the first one. Sorry if I missed this. And I'm guessing with the cathode line not coming on until Q3. I just want to clarify. So is it correct to say that the run rate for the megawatt hour capacity in Fremont right now is from that incremental equipment is essentially zero, it's still just the 250 kilowatt hours of capacity at the moment, or are you actually able to get some incremental capacity out of whatever has been put in place already?

The line started running, already producing annual. As I mentioned, we have been sourcing cattle from our manufacturing partners for years, so it's missing this cattle line for for next quarter is not going to affect our output. So today we already started producing the battery and the anode, but the full capacity will be reached sometimes in Q4.

And what would you say is kind of the run rate capacity right now? Is it half a megawatt hour, one megawatt hour?

Not there yet. Remember, we just set up this line in December. But this line certainly helped us to meet our revenue plan.

Okay, okay. And then for 2024, I know you don't give a revenue guidance or anything like that, but just in kind of a general sense or at a high level, with the line coming on and the capacity increasing, should we at least expect to see a revenue increase in 24 versus 23, and maybe even something like a run rate based on the Q4 numbers?

Yeah, that's a great question. Go ahead. Yeah.

Go ahead. Okay.

So that's a great question. So we absolutely expect to see our revenue continue to ramp up through 2024. over 2023, as Kang mentioned. We've got two drivers of that. One is the capacity for Fremont that will be coming online and starting to contribute to revenue soon. And getting to what we think is capacity exiting 2024 in Q4. We also have the side core product, which is available today, and we've been sampling that under market exploration. That's, again, not capacity constraint, but it will continue to increase as customers get through their qualification and testing.

Kang, did you have anything to add? 2024 certainly is going to be an exciting year for us. We have two product families. One of the product family, we actually have significant production capacity behind us.

Okay. And then just one last question. If I can ask about, you know, you mentioned long lead time items for the Colorado facility. And so I know there will be a full cost kind of estimate that comes out later and that will be down the line. But can you give us any just kind of broad sense of what kind of investments or, you know, how much funds are needed to do that type of near-term procurement, you know, for long lead time items or other things that sort of can't wait to get a full budget put together? Just, you know, in the next, I don't know, whatever, this year or something like that or first half of the year, just kind of what expenses are involved in that? Just the rough terms.

So the procurement of long lead time items around mechanical and electrical and plumbing were for things like the dehumidifier, the switchgear, and the transformers. Those purchase orders and down payments were placed in Q3 with some additional payments in Q4. So that's already been taken care of. Those are the long pole in the tent. And we're focused on permitting and finalizing the design in order to be able to share a high-confidence construction and build-out budget.

Okay. Okay. Fantastic. Thanks, guys. I'll take the rest of my questions offline.

Thank you. And our next question comes from Amit Dayal with HC Wainwright. Please state your question.

Thank you. Good afternoon, everyone. Sandra, in terms of costs in 2024, should we expect some improvements on the gross margin side? Given volumes could be a little bit higher for you. And then on the operating costs also, how should we expect costs in 2024 relative to 2023?

Great question.

we will get economies of scale on fremont you're absolutely right but we'll also start uh continue to incur cost in colorado without the benefit of revenue in 2024. uh so there's design cost and and uh and pre-construction work that is ongoing so i think the margins are still going to be under some pressure in 2024 and again we're not expecting to have a significant change in operating expense. We had 24 million in full year 2023. We continue to look surgically at where we need to add resources, but I wouldn't expect to see something significantly different.

Okay, thank you for that.

And then, you know, for 2024, do you have a sense of, you know,

what your military versus commercial revenues weeks could be so that's hard for us to tell because we we sell through oems we're not selling directly unless we're doing a development program so that's hard for us to estimate what we do know is that we continue to to build our relationships with folks like air environment taliban clear and Alto Airbus, as well as BAE Systems. So the development program that we just wrapped up, the $3 million for the U.S. Army, you know, that was the largest one that we had in the backlog.

Okay, understood. Yeah, that's all I have for now, guys. I'll take my other questions offline. Thank you.

Thank you. At this time, this concludes our question and answer session. If you have any additional questions, you may contact Amprius' investor relations team at ir.amprius.com. I'd now like to turn the call back over to Dr. Sun for his closing remarks.

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

Thank you for joining us today for Amperius Technologies' fourth quarter and full year 2023 earnings conference call. You may now disconnect.