Amprius Technologies(US:AMPX)2025-11-06 22:11Customer Engagement and Sales - Amprius Technologies has engaged with over 400 customers since inception, with shipments to 159 end customers during the three months ended September 30, 2025, including 80 new customers[99]. - Amprius Technologies entered into a Sales Agreement allowing for the sale of up to $100 million in common stock, resulting in gross proceeds of approximately $45.2 million during the nine months ended September 30, 2025[106]. - The company aims to develop larger form factor batteries for broader electrified transportation applications as it expands its customer base[117]. Manufacturing and Production Capacity - The company has access to annual production of over 1.8 GWh of SiCore batteries through manufacturing agreements, including a battery manufacturer in South Korea[101][107]. - The company plans to expand its manufacturing capacity in Fremont, California, supported by a $10.5 million contract from the U.S. Government Defense Innovation Unit[103]. - The company plans to invest in expanding manufacturing capabilities in Fremont, California, supported by a $12.0 million contract from the U.S. Government Defense Innovation Unit[141]. - The company has completed the retrofit of its anode fabrication machine to optimize manufacturing output for the SiMaxx 500 Wh/kg battery platform[104][105]. Financial Performance - Revenue increased by $13.6 million, or 173%, to $21.4 million for the three months ended September 30, 2025, driven by a $15.0 million increase in battery sales[125]. - Revenue increased by $34.2 million, or 253%, to $47.8 million for the nine months ended September 30, 2025, primarily due to a $34.8 million increase in battery sales[126]. - Gross profit increased by $8.4 million, or 165%, to $3.3 million for the three months ended September 30, 2025, and by $18.4 million, or 114%, to $2.3 million for the nine months ended September 30, 2025[128]. - Net loss was $3.9 million for the three months ended September 30, 2025, and $19.6 million for the nine months ended September 30, 2025, representing a decrease of 64% and 41% respectively compared to the same periods last year[139]. - Net cash provided by financing activities increased to $48.0 million during the nine months ended September 30, 2025, up from $24.6 million in the same period last year, primarily due to higher net proceeds from the issuance of common stock and stock options[151]. Research and Development - Research and development expenses are expected to increase as the company invests in enhancing product capabilities and building battery prototypes to meet market demand[120]. - Research and development expenses increased by $0.7 million, or 38%, to $2.5 million for the three months ended September 30, 2025, and by $1.6 million, or 32%, to $6.7 million for the nine months ended September 30, 2025[129]. Cost and Expenses - Cost of revenue is expected to increase as the company scales its business and increases the volume of orders for SiCore batteries[119]. - Cost of revenue increased by $5.2 million, or 40%, to $18.1 million for the three months ended September 30, 2025, and by $15.9 million, or 54%, to $45.5 million for the nine months ended September 30, 2025[127]. - Selling, general and administrative expenses increased by $1.2 million, or 27%, to $5.5 million for the three months ended September 30, 2025, and by $3.4 million, or 26%, to $16.8 million for the nine months ended September 30, 2025[131]. Strategic Agreements and Partnerships - The company entered into an Exclusive Supply Agreement with Berzelius in November 2023, granting exclusive rights to purchase proprietary silicon anode materials in the United States, Canada, and Mexico[152]. Company Classification and Accounting - The company is classified as an emerging growth company under the JOBS Act, allowing it to take advantage of reduced reporting requirements[153]. - The company is also a smaller reporting company, which allows it to provide only two years of audited financial statements[154]. - There have been no changes to the company's critical accounting estimates during the nine months ended September 30, 2025[157]. Cash Position - As of September 30, 2025, cash and cash equivalents were $73.2 million, expected to meet working capital and capital expenditure requirements for at least twelve months[134]. Product Innovation - The SiCore battery cells delivered to customers include high-energy cells with specifications of 450 Wh/kg, supporting advanced drone and UAV applications[102]. - The company is the only known manufacturer using a 100% silicon anode free of inactive additives, positioning itself as a leader in high-performance batteries for aviation and LEV applications[111].