Amprius Technologies, Inc. (AMPX): A Bull Case Theory

Core Thesis - Amprius Technologies, Inc. (AMPX) is positioned as a leader in high-performance silicon-anode batteries, which are commercially shipping in consumer electronics and are expected to significantly evolve lithium-ion technology [2] Company Overview - AMPX's stock was trading at $10.61 as of December 1st [1] - The company has been in commercial production since 2021, offering batteries with 100% active silicon anodes [2] Market Potential - The market for silicon-anode batteries is projected to grow from $357 million in 2024 to $3.6 billion by 2030, representing a 50% CAGR [2] - Adoption of silicon-anode technology is accelerating across various sectors including smartphones, wearables, electric vehicles (EVs), drones, and aerospace applications [2] Financial Performance - AMPX reported Q3 2025 revenue of $21.4 million, a 173% increase year-over-year and a 42% increase quarter-over-quarter, surpassing estimates [2] - Revenue for the first nine months of 2025 reached $47.9 million compared to $24 million for all of 2024 [2] - The company ended Q3 with $73.2 million in cash and zero debt [2] Competitive Advantages - AMPX's batteries achieve an energy density of 450–500 Wh/kg and a volumetric energy density of 1,300 Wh/L, which are industry-leading metrics [2] - Key partnerships with aerospace players and KULR target premium markets that value performance and energy density [2] Stock Performance - AMPX's stock has increased by 995% over the past year, trading around $11–12 [2] - Despite high valuation, the company's accelerating revenue growth and margin improvement present a compelling investment narrative [2] Hedge Fund Interest - AMPX was held by 11 hedge fund portfolios at the end of Q2, an increase from 10 in the previous quarter [2]