Manatee Research published on Amprius Technologies (NYSE: AMPX — $2.31 billion), a lithium-ion battery company. Manatee noted that the “stock has run up ~490% in the last year on a flurry of new unnamed customer and key supplier announcements” and argued that many of the company’s suppliers lacked substance. Manatee also highlighted that the company’s CEO previously ran a startup that now appears to be worthless and wrote:
“[Amprius Technologies] trades at an absurd ~15x forward revenue, having spent just $22.5M cumulative on R&D from 2022-2025 versus QuantumScape at ~$1.4B, Enovix at ~$381M, Solid Power at ~$239M, and Microvast at ~$164M over the same period.”
#short #analyst/manatee-research
last updated: