Amprius Technologies(AMPX) - 2025 Q2 - Quarterly Results

Letter to Shareholders This letter details Amprius's technological advancements, commercial momentum, manufacturing expansion, and robust financial performance Company Overview and Technology Advancements Amprius leads in silicon anode battery technology, highlighted by the SA102 SiCore cell achieving 450 Wh/kg for electric mobility applications - Amprius is a pioneer and leader in silicon anode batteries, targeting the electric mobility market, including aviation and light electric vehicles[6] - In April, the company introduced the SA102, the first SiCore cell to reach 450 Wh/kg, an energy density 73% higher than typical conventional batteries (260 Wh/kg)[9] SA102 SiCore Cell Performance Specifications | Performance Metric | Specification | | :--- | :--- | | Specific Energy Density | Up to 450 Wh/kg | | Volumetric Energy Density | Up to 1,150 Wh/L | | Power Capability | Up to 10C continuous power | | Fast Charge Rate | 0-80% state of charge in ~6 minutes | | Operating Temperature | -30°C to 60°C | | Safety | Passes U.S. military nail penetration test | Commercial and Strategic Developments Amprius achieved strong Q2 commercial momentum with 93 customers, highlighted by AALTO's record drone flight and selection for Amazon's Climate Tech Accelerator - Shipped batteries to 93 customers in Q2, comprising 43 new and 50 repeat customers. Long-time strategic partners include AALTO/Airbus, BAE Systems, and the U.S. Army[18] - AALTO's Zephyr, a solar-powered drone, set a new record by flying for 67 days without interruption, using Amprius high-capacity silicon-anode batteries for overnight power[13][14] - Selected by Amazon to participate in the inaugural 'Amazon Devices Climate Tech Accelerator' to explore more efficient energy solutions for Amazon's devices and operations[14][16] - Recent U.S. government actions, including a June 2025 Executive Order and a July DoD directive, are expected to promote domestic drone manufacturing and accelerate adoption, benefiting Amprius[29][30] Manufacturing and Operations Amprius is expanding manufacturing capacity at its Fremont pilot line and through a new South Korean contract partner to meet rising demand and enhance flexibility - Expanded production at the Fremont, California pilot line to quickly deliver samples and expedite customer qualification processes[12][28] - Announced a contract manufacturing agreement with a leading battery manufacturer in South Korea to expand its physical manufacturing footprint and serve customers with specific geographic supply chain needs[26] - The company is opportunistically sourcing additional partners to gain greater geographic diversification and operating flexibility[25] Financial Performance Amprius reported record Q2 2025 financial results, achieving $15.1 million revenue and a 9% positive gross margin, driven by increased SiCore shipments and a strong cash position Key Financial Highlights (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Total Revenue | $15.1 million | $3.3 million | +350% | | Gross Margin | 9% | -195% | N/A | | Net Loss | ($6.4 million) | ($12.5 million) | +49% Improvement | | Net Loss Per Share | ($0.05) | ($0.13) | +61.5% Improvement | - First-half 2025 revenue of $26.4 million has already surpassed the full-year 2024 total of $24.2 million[20] - Revenue growth was primarily driven by a greater than 450% increase in SiCore shipments over Q2 2024[22] - International diversification increased, with 86% of Q2 revenue from outside the U.S., compared to 60% in Q2 2024[23] - Ended Q2 with $54.2 million in cash and no debt[43] Financial Outlook and Summary Amprius's strategy focuses on technology leadership, scalable manufacturing, customer engagement, and financial health, supported by Fremont facility investment and a capital-light contract manufacturing model - Strategically investing to expand manufacturing capacity at the Fremont facility, supported by a $10.5 million contract from the U.S. Government Defense Innovation Unit awarded in July 2025[44] - The large-scale Colorado facility project remains on hold as the company monitors industry dynamics; current and foreseeable demand will be met through its expanding contract manufacturing network[45] - The company's capital-light contract manufacturing model provides access to over 1.8 GWh of capacity, positioning it to meet expected future demand[48] - The company's strategy for long-term success is built on four pillars: industry-leading technology, GWh-scale manufacturing, extensive customer engagement, and strong financial health (adequate cash, low burn rate, no debt)[54] Financial Statements This section presents Amprius's condensed consolidated balance sheets, statements of operations, and cash flows for the reported periods Condensed Consolidated Balance Sheets As of June 30, 2025, Amprius reported total assets of $123.0 million, with $54.2 million in cash and $76.7 million in stockholders' equity Condensed Consolidated Balance Sheets (in thousands) | (In thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $54,189 | $55,155 | | Total current assets | $71,854 | $68,763 | | Total assets | $123,041 | $121,125 | | Liabilities & Equity | | | | Total current liabilities | $12,079 | $17,210 | | Total liabilities | $46,387 | $51,653 | | Total stockholders' equity | $76,654 | $69,472 | | Total liabilities and stockholders' equity | $123,041 | $121,125 | Condensed Consolidated Statements of Operations For Q2 2025, Amprius reported $15.1 million revenue, a $1.3 million gross profit, and a narrowed net loss of $6.4 million or ($0.05) per share Condensed Consolidated Statements of Operations (in thousands, except per share data) | (In thousands, except per share data) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | $15,067 | $3,345 | | Gross profit (loss) | $1,340 | ($6,531) | | Gross margin | 9% | (195)% | | Loss from operations | ($6,813) | ($12,932) | | Net loss | ($6,370) | ($12,517) | | Net loss per share, basic and diluted ($) | ($0.05) | ($0.13) | Condensed Consolidated Statements of Cash Flows For the six months ended June 30, 2025, net cash used in operations was $18.4 million, with $19.3 million provided by financing activities, ending with $55.6 million in cash and equivalents Condensed Consolidated Statements of Cash Flows (in thousands) | (In thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($18,391) | ($17,738) | | Net cash used in investing activities | ($1,629) | ($5,501) | | Net cash provided by financing activities | $19,261 | $25,125 | | Net (decrease) in cash | ($759) | $1,886 | | Cash, cash equivalents and restricted cash, end of period | $55,645 | $47,703 |