Amprius Technologies(AMPX) - 2025 Q3 - Quarterly Results

Financial Performance - Amprius generated a record revenue of $21.4 million in Q3 2025, representing a 42% increase from Q2 and a 173% increase year-over-year[3] - Revenue for Q3 2025 was $21.4 million, a significant increase from $7.9 million in Q3 2024, resulting in a gross margin of 15% compared to a gross loss margin of (65)% in the same period last year[68] - The net loss for Q3 2025 was $3.9 million, improving from a net loss of $10.9 million in Q3 2024[68] - Operating loss decreased to $4.7 million in Q3, a reduction of over 30% compared to the previous quarter[50] - Non-GAAP Adjusted EBITDA loss improved to negative $1.4 million in Q3, down from negative $3.8 million in Q2[51] - Adjusted EBITDA for the three months ended September 30, 2025, was ($1,398) thousand, compared to ($8,669) thousand for the same period in 2024, indicating a significant reduction in losses[71] Customer and Market Growth - The company shipped batteries to 159 end customers in Q3, with 80 being new customers, bringing the total customer count to 444[8] - Approximately 75% of Q3 revenue came from the aviation segment, primarily driven by the unmanned aerial systems (UAS) market[16] - A significant order of $35 million was received from a leading UAS manufacturer, following a $15 million order earlier in the year[18] - The electric aerospace market is projected to grow from $40-50 billion today to $80 billion by the end of the decade, with batteries accounting for about 10% of a drone's bill of materials[32] Operational Efficiency - The gross margin improved to 15% in Q3, up from 9% in Q2, due to a favorable product mix and higher volumes[49] - The company ended Q3 with a backlog of $53.3 million in orders, an 83% increase from Q2[48] - The company secured a $12.0 million contract in Q3 2025 to expand manufacturing capacity within its Fremont facility, focusing on electrode manufacturing[54] - The company plans to leverage its contract manufacturing partners' capacity to efficiently convert demand into revenue with minimal additional capital investment[58] Cash Flow and Financial Position - The company exited Q3 with $73.2 million in cash and no debt, with $9.2 million used in operating cash flow, remaining flat with the average projected run rate of $2.5 to $3.0 million monthly[52] - Cash, cash equivalents, and restricted cash equivalents at the end of the period totaled $74,680 thousand, up from $36,301 thousand at the end of the same period in 2024, reflecting a 106% increase[70] - The company reported a net cash provided by financing activities of $28,691 thousand for the three months ended September 30, 2025, compared to a net cash used of $540 thousand in the same period of 2024[70] - The total current assets increased to $106.7 million as of September 30, 2025, up from $68.8 million at the end of 2024[66] - The accumulated deficit as of September 30, 2025, was $194.0 million, compared to $174.3 million at the end of 2024[66] Shareholder Information - As of September 30, 2025, the company had 130.4 million shares outstanding, an increase of 5.4 million shares from the previous quarter[52] - The company has approximately $20.1 million remaining on its at-market sales agreement as of September 30, 2025[53] Industry Dynamics - The company is monitoring industry dynamics for its Colorado facility project, with decisions influenced by demand, supply, and government incentives[55] Other Financial Metrics - Cash flows from operating activities resulted in a net cash used of $9,246 thousand for the three months ended September 30, 2025, slightly improved from $9,529 thousand in the same period of 2024[70] - Stock-based compensation for the three months ended September 30, 2025, was $1,763 thousand, slightly higher than $1,720 thousand for the same period in 2024[71] - The company experienced a significant increase in accounts receivable, net, with a decrease of $10,776 thousand for the three months ended September 30, 2025, compared to a decrease of $2,852 thousand in the same period of 2024[70] - Depreciation and amortization expenses for the three months ended September 30, 2025, were $1,181 thousand, compared to $864 thousand for the same period in 2024, marking a 37% increase[71] - The company reported a net increase in cash, cash equivalents, and restricted cash equivalents of $19,031 thousand for the three months ended September 30, 2025, compared to a decrease of $11,402 thousand in the same period of 2024[70] - Interest income and other for the three months ended September 30, 2025, was ($450) thousand, compared to ($403) thousand for the same period in 2024, indicating a slight increase in interest expenses[71]