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 ...

Core Insights - JBT Marel (JBTM) reported quarterly earnings of $0.97 per share, exceeding the Zacks Consensus Estimate of $0.82 per share, and up from $0.85 per share a year ago, representing an earnings surprise of 18.29% [1] - The company posted revenues of $854.1 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 2.69%, and significantly up from $392.3 million year-over-year [2] - JBT shares have declined approximately 15.7% since the beginning of the year, compared to a 3.3% decline in the S&P 500 [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.25 on revenues of $880.7 million, and for the current fiscal year, it is $5.78 on revenues of $3.6 billion [7] - The estimate revisions trend for JBT is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Technology Services industry, to which JBT belongs, is currently ranked in the top 28% of over 250 Zacks industries, suggesting that companies in the top half of the Zacks-ranked industries tend to outperform those in the bottom half by more than 2 to 1 [8]

Manufacturing and Production Capacity - The company has access to annual production of up to 800 MWh of SiCore batteries in pouch form and up to 1 GWh in cylindrical form through manufacturing supply agreements as of December 31, 2024[120]. - The company is in the process of developing an automated, high-volume manufacturing line for its SiMaxx silicon anode, which is crucial for scaling production[124]. - The company has not yet commenced high-volume production of its batteries, and achieving cost efficiency in manufacturing is critical for profitability[129]. - The Fremont, California facility currently operates at a kWh-scale manufacturing capacity and is being expanded to a MWh-scale facility, with plans for a GWh-scale facility in Brighton, Colorado, covering approximately 774,000 square feet[132]. - As of December 31, 2024, the company completed pre-construction planning for the new manufacturing facility, but the construction schedule will depend on funding availability and market dynamics[133]. - Significant capital expenditures will be required to scale production capacity and improve supply chain processes, with higher costs anticipated for silicon anode equipment compared to traditional graphite anodes[135]. Financial Performance and Challenges - The company reported net losses of $44.7 million and $36.8 million for the years ended December 31, 2024 and 2023, respectively, with revenues of $24.2 million and $9.1 million[187]. - The company continues to face significant operating expenses without generating sufficient revenue to cover expenditures, indicating a highly speculative investment[187]. - The company has identified material weaknesses in internal control over financial reporting, although these were remediated by December 31, 2024[196]. - Future revenues are difficult to predict, and actual results may differ from estimates, potentially affecting the company's financial condition and operations[186]. - The company incurred significant expenses as a public entity, which may adversely affect its financial condition and operational results[267]. - The accumulated deficit as of December 31, 2024, was $174.3 million, indicating ongoing financial challenges since inception[395]. - The company expects to incur additional losses as it scales operations and increases expenditures, particularly in headcount[395]. Market Competition and Risks - The battery market is highly competitive, with many competitors having significantly greater resources[116]. - The company may not succeed in developing new high-volume manufacturing lines that meet its quality and performance metrics[124]. - The company may face challenges in retaining key technical talent necessary for successful operations and growth[114]. - The company may encounter delays and technical obstacles in developing new battery products tailored to customer specifications, which could impact order fulfillment and reputation[142]. - The company faces risks related to supply chain constraints, construction delays, and potential cost overruns in establishing the new facility[132]. - The company is actively monitoring geopolitical conflicts and their potential impact on supply chains and commodity prices, which could adversely affect business operations[153][154]. Customer Dependency and Revenue Generation - Approximately 47% and 67% of the company's revenue during the years ended December 31, 2024, and 2023, respectively, came from three customers who represent 10% or more of total revenue[169]. - The company may experience adverse effects on its business if existing customers do not renew contracts or reduce purchases, as historical revenue has been significantly dependent on a few key customers[168]. - The company has not begun the evaluation process with any EV manufacturers, which may delay revenue generation and market acceptance of its products[165]. Capital and Funding - The company has entered into an At Market Issuance Sales Agreement to offer shares of common stock with an aggregate offering price of up to $100 million, with net proceeds of approximately $33.4 million and $33.8 million raised during the year ended December 31, 2024, and from the date of the Sales Agreement through December 31, 2024, respectively[172][179]. - The company may require additional capital to support business growth, and this capital might not be available on commercially reasonable terms[172]. - The company raised approximately $33.4 million from the issuance of common stock under the At Market Issuance Sales Agreement during the year ended December 31, 2024[394]. - The company has entered into a Sales Agreement allowing for the sale of up to $100 million in common stock, providing potential future funding[394]. Intellectual Property and Compliance Risks - The company relies heavily on its intellectual property portfolio, and failure to protect these rights could harm its competitive position and revenue[219]. - The company may face claims of intellectual property infringement, which could result in substantial costs and divert management's attention[221]. - The evolving landscape of privacy and data security laws may require the company to modify operations and increase costs to comply[218]. - Compliance with environmental laws and regulations is costly and failure to comply may result in significant fines and operational disruptions[230]. Operational and Regulatory Challenges - The company is subject to risks associated with government contracts, which could adversely affect its business if contracts are not maintained[205]. - The company may face limitations on utilizing net operating losses and tax credit carryforwards due to ownership changes[199]. - The unavailability or reduction of government incentives could materially affect the company's financial condition and operations[201]. - The company experienced a ransomware incident in December 2021, highlighting vulnerabilities in its information security systems[211]. - The company anticipates increased compliance burdens regarding battery product regulations, which may incur additional costs for oversight and monitoring[215]. Shareholder and Stock Information - Executive officers and directors beneficially own approximately 12.9% of the company's outstanding common stock, allowing them significant control over corporate decisions[266]. - The company does not expect to declare any dividends in the foreseeable future, requiring investors to rely on share price appreciation for potential gains[268]. - A resale registration was filed covering up to 105,680,194 shares of common stock, which could impact market price if substantial sales occur[273]. - As of December 31, 2024, shares reserved for future issuance under various plans total 38,461,496 shares, which may dilute existing shareholders' interests[276].

Financial Data and Key Metrics Changes - The company reported total revenue of $10,600,000 for Q4 2024, a 35% increase from Q3 2024 and a 170% increase year-over-year from Q4 2023 [12][22][26] - Full-year revenue for 2024 reached $24,200,000, representing a 167% increase from $9,100,000 in 2023 [13][25] - Gross margin improved to negative 21% in Q4 2024 from negative 65% in Q3 2024 and negative 98% in Q4 2023 [26][29] - The net loss for Q4 2024 was $11,400,000, compared to $10,900,000 in Q3 2024 and $9,700,000 in Q4 2023 [29][30] Business Line Data and Key Metrics Changes - Product revenue in Q4 2024 was $10,300,000, a 71% sequential increase and nearly a 1000% increase year-over-year [23][25] - Development services and grant revenue totaled $300,000 in Q4 2024, down from $1,800,000 in Q3 2024 and $3,000,000 year-over-year [23][24] - The company shipped to 98 customers in Q4 2024, with 53 being new to the platform [12][25] Market Data and Key Metrics Changes - 77% of Q4 revenue came from outside the United States, compared to 22% in the same period last year [12][26] - The light electrical vehicle market is projected to reach approximately $136 billion by 2029, indicating significant growth potential [15] Company Strategy and Development Direction - The company aims to lead in technology innovation, ensure world-class manufacturing capability, and grow its customer pipeline to drive revenue growth [36][37] - Plans to expand the global contract manufacturing network to mitigate geopolitical risks and enhance supply chain resilience [20][46][88] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth throughout 2025, supported by a strong customer pipeline and ongoing projects [36][37] - The company is monitoring policy changes and potential industry headwinds due to geopolitical factors, taking actions to mitigate risks [20][21] Other Important Information - The company has over 1.8 gigawatt-hour cell manufacturing capacity and is well-equipped to deliver various battery cell types [17] - The company expects to spend $1,000,000 on supporting equipment in 2025, in addition to normal operating capital requirements [34] Q&A Session Summary Question: Can you talk about the diversity of applications and customization required for customers? - The company has 235 customers, with three types: quick replacements, those needing redesigns, and those requiring product certification, with confidence in converting many to purchase orders in 2025 [39][42][43] Question: Can you discuss your strategy for managing contract manufacturing in light of geopolitical dynamics? - The company has successfully utilized contract manufacturing without significant capital expenditure, with facilities currently in China and plans for partnerships in Korea and Europe [44][46][47] Question: Can you provide an update on the balance sheet and cash activity? - The company entered a traditional blackout period as of December 31, limiting market activity [48][49] Question: What is the strategic decision behind targeting many customers with smaller volumes? - The company engages with customers that have high volume potential, focusing on a large customer base to increase opportunities for success [54][56] Question: How do you see gross margin progression for the year? - The company expects positive movement in gross margin driven by the Sycor product line, which is gross margin positive from day one [78][80] Question: How will existing customers contribute to revenue compared to new customers? - Existing customers are expected to contribute more revenue as they progress through the qualification process, while new customer growth will be more selective [99][102]

Financial Reporting - Amprius Technologies, Inc. reported preliminary financial information for Q4 and full year 2024 on March 4, 2025[6]. - The press release detailing financial results is attached as Exhibit 99.1[9]. Company Classification - The company is classified as an emerging growth company under the Securities Act of 1933[5].

Financial Data and Key Metrics - The company reported $7.9 million in total revenue for Q3 2024, more than doubling the revenue from Q2 2024 and nearly tripling the revenue from Q3 2023 [16] - Product revenue accounted for $6.1 million, an 81% sequential increase and a 176% year-over-year increase [26] - Development services and grant revenue totaled $1.8 million, up from none in Q2 and $1.2 million year-over-year [27] - Gross margin improved to negative 65% in Q3 2024, compared to negative 195% in Q2 2024 and negative 152% in Q3 2023 [28] - GAAP net loss for Q3 2024 was $10.9 million, or $0.10 per share, compared to a net loss of $0.13 per share in Q2 2024 and $0.10 per share in Q3 2023 [29] Business Line Data and Key Metrics - The company shipped to 94 customers in Q3 2024, including 53 new customers, bringing the year-to-date customer count to over 175 [16] - The SiCore product line was a primary driver of growth, with $20 million in contracts signed for light electric vehicle applications [17][18] - The company delivered high-energy density 360 Wh/kg EV battery cells to the USABC, achieving 1,200 Wh/kg power density and a 15-minute charge to 90% capacity [14] - The company now offers 14 different SKUs, with energy densities ranging from 350 Wh/kg to 450 Wh/kg, covering a significant portion of customer applications [12] Market Data and Key Metrics - The global drone market is projected to grow from $18 billion in 2023 to $213 billion by 2032, while the electric aircraft and eVTOL battery market could reach $50 billion by 2030 [9][10] - The light electric vehicle market is expected to grow at a CAGR of 9.74% from 2023 to reach $206 billion by 2032 [10] - The company has expanded its market participation in the light electric vehicle segment, signing $20 million in customer contracts and two LOIs with Fortune 500 industrial leaders [11] Company Strategy and Industry Competition - The company's strategy focuses on innovating next-generation batteries, growing the customer base, and scaling manufacturing capabilities [36] - Amprius has secured over 500 MWh of additional manufacturing capacity and launched two dedicated production lines for its batteries, with a total capacity of 800 MWh for pouch cells and over 1 GWh for cylindrical cells annually [21][22] - The company is exploring additional manufacturing partners in Asia and Europe and has finalized the design for its Colorado facility [37] - Amprius' batteries are recognized as best-in-class for energy, power, cycle life, charging time, temperature performance, and safety, validated by increased customer purchasing volume [12][15] Management Commentary on Operating Environment and Future Outlook - Management is optimistic about the road ahead, citing technical leadership, strong battery performance, a growing customer base, and the capacity to support large volume orders [23] - The company expects to recognize $20 million in revenue from light electric vehicle contracts by mid-2025 [18][45] - Management believes the company is set up for sustainable growth, with a clear path to operational cash flow breakeven driven by the SiCore product line [42] Other Important Information - The company completed production line specifications and construction design drawings for its Colorado facility and remains on track from a regulatory standpoint [22] - Amprius exited Q3 2024 with $35 million in net cash and no debt, using $11.4 million in cash during the quarter, primarily for operating cash flow and facility build-out [31] - The company expects to spend an additional $1 million in Q4 2024 to complete the 2-megawatt production line in Fremont [32] Q&A Session Summary Question: Customer List and Potential for Large Orders - The company has concluded two significant customer contracts totaling $20 million and is in discussions with three other high-volume potential customers [40] Question: Path to Operational Cash Flow Breakeven - The SiCore product line is profitable from day one, and the company expects near-term revenue growth to come from SiCore, driving operational profitability [42] Question: Organizational Capacity and OpEx Investments - The company has made key hires in sales, business development, and R&D to support growth and drive faster cycles of learning [43] Question: Revenue Recognition Timeline for $20 Million Contracts - The company plans to recognize the $20 million in revenue by May 2025, with shipments already underway [45] Question: Customer Strategy and Gross Margin Targets - The company aims to focus on large customers with substantial volume orders, though no specific gross margin targets have been provided [46][47] Question: Potential Growth for $20 Million Contracts - The $20 million contracts are expected to satisfy customer needs until mid-2025, with potential for additional orders as demand grows [49] Question: Milestones for LOI in Electric Vehicle Space - The company is working on perfecting cell design and plans to deliver the first batch of samples to the customer, with factory inspections delayed to early 2025 [50][51] Question: Drivers of Increased Customer Receptivity - The primary drivers are the company's battery performance and the availability of manufacturing capacity and capability [54][55] Question: Customer Qualification Timelines - Qualification timelines vary by application, with the $20 million contract benefiting from a shorter certification process [58] Question: Impact of Colorado Facility Spending on Gross Margin - The $2.4 million spent on the Colorado facility in Q3 2024 is expected to ramp down, with minimal impact on Q4 gross margin [61][62] Question: Fremont Facility Capacity and CapEx - The company expects to enter 2025 with up to 2 megawatts of capacity at its Fremont facility, with an additional $1 million in CapEx planned for Q4 2024 [66][67]

Manufacturing Capacity and Expansion - The company anticipates expanding its SiMaxx battery manufacturing capacity to 2 MWh by early 2025, which is approximately 10 times its production capacity in 2023[93]. - Amprius expects capital equipment expenditures between $75 million and $100 million to achieve up to 500 MWh per year of manufacturing capacity in its Brighton, Colorado facility[98]. - The company plans to construct a new GWh-scale manufacturing facility in Brighton, Colorado, to meet battery demand[129]. - Amprius is focusing on reducing manufacturing costs of SiMaxx batteries on a $/kWh basis to accelerate demand and expand its customer base[101]. - The company is developing larger form factor batteries for broader electrified transportation applications, currently producing batteries up to approximately 15Ah for small-sized aircraft[105]. - The company has established a network of toll manufacturing partnerships to meet increased demand for SiCore batteries, currently leveraging existing production lines[99][100]. - The company expects to expand production capacity through a Copy Exact methodology, but may reduce initial capacity if cash is less than expected and financing is unavailable[133]. Financial Performance - Revenue increased by $5.1 million, or 181%, to $7.9 million during the three months ended September 30, 2024, primarily due to a $3.9 million increase in battery sales[117]. - Revenue increased by $8.4 million, or 165%, to $13.5 million during the nine months ended September 30, 2024, primarily due to a $7.8 million increase in battery sales[118]. - Cost of revenue increased by $5.9 million, or 84%, to $13.0 million during the three months ended September 30, 2024, and by $13.7 million, or 86%, to $29.6 million during the nine months[119]. - Research and development expenses increased by $1.0 million, or 123%, to $1.8 million during the three months ended September 30, 2024, and by $2.7 million, or 112%, to $5.1 million during the nine months[120]. - Selling, general and administrative expenses increased by $0.3 million, or 7%, to $4.3 million during the three months ended September 30, 2024, but decreased by $2.4 million, or 15%, to $13.4 million during the nine months[121]. - Net loss was $10.9 million for the three months ended September 30, 2024, and $33.3 million for the nine months[130]. Cash Flow and Financing - As of September 30, 2024, the company had cash and cash equivalents of $35.0 million[124]. - Net cash used in operating activities increased to $27.3 million during the nine months ended September 30, 2024, compared to $20.8 million during the same period last year, primarily due to increased personnel-related costs[136]. - Net cash used in investing activities decreased to $6.8 million during the nine months ended September 30, 2024, from $11.8 million in the prior year, mainly due to the timing of purchases of production equipment[138]. - Net cash provided by financing activities increased to $24.6 million during the nine months ended September 30, 2024, from $16.3 million in the same period last year, primarily from the issuance of common stock[140]. - The company may need to seek additional equity or debt financing if resources are insufficient to meet cash requirements, which could adversely affect business operations[132]. - The primary source of cash from operations is revenue from battery sales and customization design services, with significant cash uses including personnel costs and procurement of materials[135]. Market Position and Product Development - Amprius Technologies has shipped over 400,000 batteries since inception through September 30, 2024, serving over 175 customers[91]. - The company is engaged in ongoing development activities to improve battery life and energy density, exploring different cathode materials[103][104]. - The company is the only known manufacturer using a 100% silicon anode free of inactive additives, positioning itself competitively in the battery market[102]. - Amprius is monitoring broader industry dynamics, including changes in demand, supply, battery cost structure, and government incentives, which may influence its manufacturing decisions[96]. Compliance and Reporting - The company qualifies as an emerging growth company and a smaller reporting company, allowing it to take advantage of reduced reporting requirements[142][143]. - There have been no changes to critical accounting estimates during the nine months ended September 30, 2024[145].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________ FORM 8-K _________________________ CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 29, 2024 _________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, par value $0.0001 per share AMPX The New York ...

Battery Production and Capacity - Company has shipped over 150,000 batteries enabling mission-critical applications, validated by over 100 customers including AALTO Airbus and BAE Systems[91] - SiMaxx battery production capacity expected to reach 2 MWh by end of 2024, a 10x increase from 2023 levels[92] - SiCore battery production capacity exceeds 500 MWh through toll manufacturing partnerships, with plans for a GWh-scale facility in Brighton, Colorado[93] - Expansion plans include scaling manufacturing capacity in Fremont, California, and building a GWh-scale facility in Brighton, Colorado[97] - The company is expanding its manufacturing capacity from kWh-scale to MWh-scale in Fremont, California, while designing a new GWh-scale facility in Brighton, Colorado[131] Financial Performance and Capital Expenditures - Company raised $11.2 million in net proceeds from stock sales under the At Market Issuance Sales Agreement as of June 30, 2024[95] - Capital equipment expenditures estimated at $75-100 million to achieve 500 MWh/year capacity in Brighton, Colorado facility[99] - Revenue increased by $1.7 million (105%) to $3.3 million in Q2 2024, driven by a $2.0 million increase in battery sales, including $1.8 million from SiCore batteries[120] - Cost of revenue increased by $5.2 million (112%) to $9.9 million in Q2 2024, primarily due to nonrecurring fees for the GWh manufacturing facility and higher material and personnel costs[121] - Research and development expenses increased by $0.9 million (115%) to $1.7 million in Q2 2024, driven by higher personnel-related costs and stock-based compensation[122] - Selling, general, and administrative expenses decreased by $1.5 million (25%) to $4.7 million in Q2 2024, due to a $2.5 million reduction in non-recurring professional fees and insurance costs[123] - Net loss increased by $3.1 million (32%) to $12.5 million in Q2 2024, compared to the same period last year[116] - The company expects capital expenditures of $75.0 million to $100.0 million to achieve up to 500 MWh/year manufacturing capacity, excluding costs for the new GWh-scale facility in Brighton, Colorado[131] - Net loss of $12.5 million for the three months ended June 30, 2024, and $22.4 million for the six months ended June 30, 2024[132] - Net cash used in operating activities increased to $17.7 million for the six months ended June 30, 2024, up from $12.1 million in the same period last year[135] - Net cash used in investing activities increased to $5.5 million for the six months ended June 30, 2024, compared to $2.9 million in the same period last year[136] - Net cash provided by financing activities increased to $25.1 million for the six months ended June 30, 2024, up from $10.3 million in the same period last year[137] - Total cash flow changes: operating activities increased by $5.663 million, investing activities increased by $2.633 million, and financing activities increased by $14.868 million[138] - Company may seek additional equity or debt financing if current resources are insufficient to meet cash requirements[134] - Expansion plans may be reduced or delayed if financing is unavailable, potentially impacting production capacity and business operations[134] Research and Development - Research and development focuses on improving battery life, energy density, and larger cell form factors for broader electrified transportation applications[104][105] - Company faces challenges in reducing manufacturing costs due to higher capital equipment costs for silicon anode production compared to graphite anodes[102] Market and Competitive Landscape - Company is the only known manufacturer using a 100% silicon anode without inactive additives, targeting aviation applications[103] - Company operates in a highly competitive market with established manufacturers and new entrants developing alternative battery technologies[103] Liquidity and Financing - Cash and cash equivalents stood at $46.4 million as of June 30, 2024, with liquidity expected to cover working capital and capital expenditure needs for at least twelve months[127] - The company raised $10.9 million in net proceeds from the At Market Financing program during the first six months of 2024[128] - A total of 12.6 million public warrants and 500,000 private warrants were exercised for cash, generating $13.6 million in net proceeds[129] Leases and Future Commitments - Future minimum lease payable of $70.7 million over a weighted-average lease term of 13.9 years, with $2.5 million payable in the next twelve months[133] Related Party Transactions - Company continues to purchase raw materials and development materials from previous related parties, including finished batteries for the SiCore product platform[141] Regulatory Status - Company qualifies as an emerging growth company and smaller reporting company, allowing for reduced reporting requirements and extended transition periods for new accounting standards[142][143]