Core Insights - Amprius Technologies (NYSE: AMPX) is under scrutiny regarding its new business strategy linked to the SiCore product launch, with previous skepticism expressed about its viability [1] Company Overview - Amprius Technologies is focused on developing disruptive technology within the small to mid-cap sector, particularly in the electrification space [1] Investment Strategy - The investment approach emphasizes identifying companies with growth potential while avoiding those that may underperform, with a typical investment horizon of two years or longer [1] Historical Context - The investment philosophy is influenced by family history in investing, including experiences from the 1929 stock market crash and the oil crises of the 1970s, leading to a cautious yet strategic investment approach [1]

Investment Strategy - The company employs a contrarian investment style, focusing on high-risk, illiquid options and shares [1] - The investment portfolio is split approximately 50%-50% between shares and call options, with a typical investment timeframe of 3-24 months [1] - The company targets stocks that have recently experienced sell-offs due to non-recurrent events, particularly when insiders are buying shares at lower prices [1] Analysis Methodology - Fundamental analysis is utilized to assess the health of companies, including their leverage and financial ratios compared to sector and industry averages [1] - Professional background checks are conducted on insiders who purchased shares after sell-offs to ensure credibility [1] - Technical analysis is employed to optimize entry and exit points, using multicolor lines for support and resistance levels on weekly charts [1]

Group 1 - The company maintains a bullish rating on AMPX, driven by the upcoming mass production of SiCoreä 450 Wh/kg high-energy cell [1] - AMPX has entered into agreements with three global manufacturers to enhance its production capabilities [1] - The analyst employs a "First Principles" approach to identify overlooked investment opportunities in technology and sustainability [1] Group 2 - The analyst has a strong background in investment, private equity, and venture capital, with a proven track record of delivering strong returns [1] - Articles focus on emerging technologies, sustainable investing, and the intersection of innovation and finance [1] - The analyst expresses a passion for sharing insights and learning from fellow investors to drive positive change [1]

Financial Data and Key Metrics Changes - The company reported total revenue of $11,300,000 in Q1 2025, a 6% increase from Q4 2024 and a 383% increase year-over-year [12][24] - Product revenue was $11,000,000, marking a $700,000 or 6% sequential increase and a 370% increase from $2,300,000 in Q1 2024 [25] - Gross margin was negative 21% for the quarter, consistent with the previous quarter, but improved from negative 190% in the prior year [26] - GAAP net loss for Q1 was $9,400,000, or negative $0.08 per share, an improvement from a net loss of $11,400,000 in Q4 2024 [28] Business Line Data and Key Metrics Changes - The company shipped batteries to 102 customers in Q1, with 46 being new customers, indicating strong customer acquisition [12][26] - Approximately 25% of revenue in Q1 came from the light electrical vehicle market, showcasing penetration in this segment [15] Market Data and Key Metrics Changes - 83% of revenue came from outside the United States, an increase from 65% in the prior year, demonstrating global customer diversification [13][24] - The company announced a $15,000,000 purchase order from an unmanned aerial OEM, indicating strong demand in the aviation sector [14] Company Strategy and Development Direction - The company is focused on technology innovation, new product introduction, quality manufacturing, customer engagement, and revenue growth [33] - Plans to expand manufacturing capabilities geographically to better align with customers worldwide [34] - The company aims to release new batteries that will further its lead in the battery space, including products from the SiCore platform [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in growth expectations for the full year despite uncertainties related to tariffs and trade policies [22] - The company is well-positioned for continued success with its silicon anode batteries backed by gigawatt-hour scale manufacturing capabilities [35] Other Important Information - The company has completed hardware retrofitting at its Fremont facility and is focused on optimizing manufacturing processes [17] - A new president, Tom Stanton, has joined the company, bringing over 35 years of leadership experience [22] Q&A Session Summary Question: Order numbers and testing activity with customers - Management confirmed that customer contracts will be completed by the end of the year, with some in Q2 [37] Question: Importance of non-China manufacturing for Sycor products - Management indicated that additional contract manufacturing facilities outside of China will be announced soon [38] Question: Scaling the organization and team growth - Management plans to strengthen R&D, contract manufacturing management, and expand the sales team [40] Question: Revenue growth expectations from backlog - Management expects strong revenue growth due to a robust pipeline and advanced customer qualifications [53] Question: Risk of cannibalization with new offerings - Management acknowledged potential cannibalization but emphasized the need to innovate and improve performance [54] Question: Timeline for large purchase orders from Fortune 500 customers - Management anticipates volume orders from a leading supplier in the industry by late 2026 [61] Question: Gross margin expectations with new battery platforms - Management stated that the SiCore product has been gross margin positive from day one and expects continued improvement [63]

Financial Data and Key Metrics Changes - The company reported total revenue of $11.3 million in Q1 2025, a 6% increase from Q4 2024 and a 383% increase year-over-year [11][23] - Product revenue was $11 million, representing a $700,000 or 6% sequential increase, and a 370% increase year-over-year from $2.3 million [23][24] - Gross margin was negative 21% for the quarter, consistent with the previous quarter, but improved from negative 190% in the prior year [25] - GAAP net loss for Q1 was $9.4 million, or negative $0.08 per share, an improvement from a net loss of $11.4 million in Q4 2024 [28] Business Line Data and Key Metrics Changes - The company shipped batteries to 102 customers in Q1, with 46 being new customers, indicating strong customer acquisition [11][12] - Approximately 25% of revenue in Q1 came from the light electrical vehicle market, highlighting a significant market penetration [14] - The company added $4.5 million in new customer purchase orders to its backlog in Q1, providing visibility into future growth [14] Market Data and Key Metrics Changes - 83% of revenue in Q1 came from outside the United States, an increase from 65% in the prior year, demonstrating global customer diversification [12][26] - The company has seen a significant increase in cycle shipments, with over 600% growth since the beginning of last year [11] Company Strategy and Development Direction - The company is focused on technology innovation, new product introduction, quality manufacturing, customer engagement, and revenue growth [33] - Plans to release new batteries from the SiCore platform and commercial availability of the Cymax 500 watt per kilo product are in place [33] - The company aims to strengthen its manufacturing capabilities and align geographically with customers worldwide [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in growth expectations for the full year despite uncertainties related to tariffs and trade conflicts [21] - The company is well-positioned for continued success with its silicon anode batteries and has adequate cash reserves with a low burn rate [36] Other Important Information - The company announced the appointment of Tom Stanton as President, bringing over 35 years of leadership experience [21] - The company has diversified its manufacturing globally to mitigate potential impacts from tariffs [20] Q&A Session Summary Question: How is the testing activity going with new customers? - Management indicated that customer contracts will be completed by the end of the year, with some in Q2 [38] Question: How important is non-China manufacturing for the Sycor product line? - Management confirmed that additional contract manufacturing facilities outside of China will be announced soon [40] Question: What areas will the company focus on for team growth? - Management highlighted the need to strengthen R&D, contract manufacturing management, and sales teams [42] Question: How does the tariff situation affect customer sampling? - Management stated that tariffs are not a primary concern due to a competitive cost base and global reach [46] Question: What is the expected timeline for large purchase orders from a Fortune 500 customer? - Management anticipates volume orders will come in the latter part of 2026 [65] Question: How will new battery platforms affect gross margins? - Management expects that the commercialization of higher-tech cells will improve gross margins over time [67]

Part I - Financial Information [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Amprius reported Q1 2025 revenue of $11.3 million, a gross loss of $2.4 million, and a net loss of $9.4 million [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets were $118.5 million, with cash at $48.4 million, and total liabilities at $48.1 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Current Assets** | | | | Cash and cash equivalents | $48,417 | $55,155 | | Accounts receivable, net | $10,396 | $5,580 | | Inventories | $4,003 | $6,574 | | Total current assets | $66,123 | $68,763 | | **Total Assets** | **$118,472** | **$121,125** | | **Current Liabilities** | | | | Accounts payable | $6,225 | $7,424 | | Total current liabilities | $13,960 | $17,210 | | **Total Liabilities** | **$48,076** | **$51,653** | | **Total Stockholders' Equity** | **$70,396** | **$69,472** | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 revenue surged to $11.3 million, resulting in a gross loss of $2.4 million and a narrowed net loss of $9.4 million Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $11,284 | $2,336 | | Cost of revenue | $13,645 | $6,781 | | **Gross loss** | **($2,361)** | **($4,445)** | | Research and development | $2,003 | $1,581 | | Selling, general and administrative | $5,307 | $4,293 | | **Loss from operations** | **($9,671)** | **($10,319)** | | **Net loss** | **($9,371)** | **($9,886)** | | **Net loss per share (basic and diluted)** | **($0.08)** | **($0.11)** | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations increased to $14.1 million in Q1 2025, with $8.5 million provided by financing activities Cash Flow Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($14,126) | ($9,779) | | Net cash used in investing activities | ($913) | ($3,896) | | Net cash provided by financing activities | $8,505 | $8,159 | | **Net decrease in cash** | **($6,534)** | **($5,516)** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The company's $48.4 million cash is deemed sufficient for 12 months, despite a history of losses and customer concentration - The company believes its cash and cash equivalents of **$48.4 million** as of March 31, 2025, will be sufficient to fund obligations for at least the next twelve months. This is supplemented by an At Market Issuance Sales Agreement, which has provided net proceeds of **$42.2 million** since its inception[29](index=29&type=chunk) - As of March 31, 2025, four customers represented approximately **71%** of total accounts receivable, indicating significant customer concentration[45](index=45&type=chunk) - The company had remaining performance obligations of approximately **$36.8 million** as of March 31, 2025, which are expected to be recognized as revenue within one year[63](index=63&type=chunk) Revenue by Geographic Area (in thousands) | Region | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | United States | $1,922 | $822 | | Rest of the world | $9,362 | $1,514 | | **Total** | **$11,284** | **$2,336** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q1 2025 revenue growth to SiCore batteries, scaling production, and managing liquidity through financing [Overview](index=21&type=section&id=Overview) Amprius develops SiCore and SiMaxx batteries, securing 1.8 GWh SiCore capacity and pausing GWh-scale facility plans - The company's primary product platforms are SiCore and SiMaxx batteries, targeting aviation, EV, and LEV industries[91](index=91&type=chunk) - Amprius has secured access to up to **1.8 GWh** of annual production capacity for its SiCore batteries through a supply agreement with Berzelius and three global contract manufacturers[92](index=92&type=chunk)[97](index=97&type=chunk) - Plans for a GWh-scale manufacturing facility in Brighton, Colorado are on hold, pending funding and monitoring of industry dynamics. The company is exploring a potential sublease of the property[94](index=94&type=chunk)[98](index=98&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) Q1 2025 revenue increased 383% to $11.3 million, reducing gross loss to $2.4 million despite rising operating expenses Comparison of Operations (in thousands) | Metric | Q1 2025 | Q1 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $11,284 | $2,336 | $8,948 | 383% | | Cost of revenue | $13,645 | $6,781 | $6,864 | 101% | | **Gross loss** | **($2,361)** | **($4,445)** | **$2,084** | **(47)%** | | Gross margin | (21)% | (190)% | - | 169% | | R&D expense | $2,003 | $1,581 | $422 | 27% | | SG&A expense | $5,307 | $4,293 | $1,014 | 24% | | **Net loss** | **($9,371)** | **($9,886)** | **$515** | **(5)%** | - The **383%** revenue increase was primarily due to an **$8.6 million** increase in sales of batteries, driven by sales of SiCore batteries[115](index=115&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) Amprius holds $48.4 million cash, relying on its At Market Financing program for liquidity despite increased operational cash usage - The company had cash and cash equivalents of **$48.4 million** as of March 31, 2025[121](index=121&type=chunk) - The company has an At Market Financing agreement for up to **$100.0 million**, with approximately **$57.8 million** remaining available as of March 31, 2025[123](index=123&type=chunk) - Net cash used in operating activities increased to **$14.1 million** in Q1 2025 from **$9.8 million** in Q1 2024, primarily due to the timing of cash receipts from customers and payments to suppliers[133](index=133&type=chunk) - Contractual obligations consist primarily of operating leases for facilities in California and Colorado, with total future minimum lease payments of approximately **$69.1 million** over a weighted-average term of 13.2 years[129](index=129&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a 'smaller reporting company,' Amprius is exempt from providing market risk disclosures - The company is not required to provide information under Item 3 as it qualifies as a 'smaller reporting company' as defined by Item 10 of Regulation S-K[143](index=143&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[144](index=144&type=chunk) - No changes occurred during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[145](index=145&type=chunk) Part II - Other Information [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to materially impact its business - Amprius is not currently involved in any legal proceedings that are likely to materially impact its business[146](index=146&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) Key risks include battery performance, manufacturing reliance, scaling, competition, capital needs, financial losses, and regulatory compliance [Summary of Risk Factors](index=30&type=section&id=Summary%20of%20Risk%20Factors) Material risks include battery performance, third-party manufacturing, scaling, competition, capital, losses, IP, and regulatory compliance - Key operational risks include potential battery performance failures, reliance on third-party manufacturers, and difficulties in scaling up high-volume manufacturing lines while meeting cost targets[148](index=148&type=chunk) - Business and financial risks include intense competition, dependence on the growth of battery-powered markets, the need for additional capital, a history of financial losses, and maintaining effective internal controls[149](index=149&type=chunk) - Regulatory and market risks include protecting intellectual property, compliance with extensive legal and environmental regulations, impacts from U.S. tariffs and trade policy, and maintaining the NYSE listing[149](index=149&type=chunk) [Risks Related to Our Technology, Products and Manufacturing](index=32&type=section&id=Risks%20Related%20to%20Our%20Technology%2C%20Products%20and%20Manufacturing) Risks include battery defects, third-party manufacturing reliance, high-volume production challenges, and GWh-scale facility uncertainties - The company's batteries may have design or manufacturing defects, which could lead to repairs, recalls, and termination of orders[150](index=150&type=chunk) - Amprius relies on third parties, including Berzelius and other contract manufacturers, to produce its SiCore batteries, subjecting it to risks of price increases, supply disruptions, and quality control issues[152](index=152&type=chunk)[157](index=157&type=chunk) - The company may not succeed in developing its own high-volume manufacturing lines that meet requirements for quality, yield, and throughput, which is critical for scaling production and achieving cost targets[154](index=154&type=chunk)[160](index=160&type=chunk) [Risks Related to Our Business and Industry](index=38&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Industry) Business risks include intense competition, market growth dependency, capital needs, financial losses, customer concentration, and cybersecurity threats - The battery market is intensely competitive, with competitors that may have significantly greater resources[188](index=188&type=chunk) - The company may require additional capital to support business growth, which might not be available on commercially reasonable terms. The At Market Financing program is a key potential source of funds[205](index=205&type=chunk)[206](index=206&type=chunk) - The company has a history of financial losses, incurring a net loss of **$9.4 million** in Q1 2025, and expects to incur continuing losses for the foreseeable future[219](index=219&type=chunk) - Three customers accounted for approximately **66%** of revenue during the three months ended March 31, 2025, indicating significant customer concentration risk[202](index=202&type=chunk) [Risks Related to Litigation and Regulatory Compliance](index=49&type=section&id=Risks%20Related%20to%20Litigation%20and%20Regulatory%20Compliance) Regulatory risks include environmental laws, trade policies, export controls, reliance on Chinese suppliers, and anti-corruption compliance - The company is subject to numerous environmental, health, and safety laws, and failure to comply could result in substantial fines and liabilities[261](index=261&type=chunk)[262](index=262&type=chunk) - Reliance on suppliers in China subjects the company to risks from U.S. trade policy, tariffs, and potential Chinese export restrictions on key battery materials or finished products[282](index=282&type=chunk)[285](index=285&type=chunk)[286](index=286&type=chunk) - The company's products and investments may be subject to U.S. export controls, economic sanctions, and foreign investment regulations like CFIUS, which could impair its ability to compete internationally or raise capital[278](index=278&type=chunk)[280](index=280&type=chunk) [Risks Related to Ownership of Our Common Stock](index=54&type=section&id=Risks%20Related%20to%20Ownership%20of%20Our%20Common%20Stock) Stock ownership risks include NYSE listing compliance, anti-takeover provisions, reduced disclosure, dilution from stock sales, and worthless warrants - The company must maintain compliance with NYSE listing standards to avoid delisting, having previously regained compliance after its stock price fell below the **$1.00** minimum[291](index=291&type=chunk) - Sales of substantial amounts of common stock, including through the At Market Financing program, could reduce the market price and cause significant dilution to existing stockholders[307](index=307&type=chunk)[310](index=310&type=chunk) - There is no guarantee that the company's outstanding warrants (public, private, and PIPE) will be 'in the money' before they expire, potentially rendering them worthless[314](index=314&type=chunk) - As an 'emerging growth company' and 'smaller reporting company,' Amprius takes advantage of certain exemptions from disclosure requirements, which could make its securities less attractive to investors[304](index=304&type=chunk)[306](index=306&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=59&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[320](index=320&type=chunk) [Defaults Upon Senior Securities](index=59&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[321](index=321&type=chunk) [Mine Safety Disclosures](index=59&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reported no mine safety disclosures - None[322](index=322&type=chunk) [Other Information](index=59&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the quarter - No director or officer adopted or terminated a Rule 10b5-1 trading plan during the quarter[323](index=323&type=chunk) [Exhibits](index=60&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents and certifications - The exhibits include corporate governance documents, an offer letter for Tom Stepien, certifications by the CEO and CFO as required by the Sarbanes-Oxley Act, and Inline XBRL documents[324](index=324&type=chunk)

amprius Exhibit 99.1 LETTER TO SHAREHOLDERS Q1 2025 Letter to Shareholders May 2025 Fellow Shareholders, In the first quarter, Amprius demonstrated its commitment to innovation and business growth. We shipped batteries to over 100 customers and successfully introduced several new cell chemistries highlighted by our development of a 370 Wh/kg high-power pouch cell and a 6300 mAh high-energy cylindrical cell. With that, we are pleased to share our financial results and operational highlights with you below. C ...

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