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]

Core Insights - NEO Battery Materials Ltd. has signed a multi-year offtake agreement and a Joint Development Agreement with a North American lithium-ion battery company to supply silicon anode materials for high-performance applications [2][3][4] Offtake Agreement - The customer has committed to purchasing a total of 50 tons of NEO's silicon anode materials, specifically NBMSiDE® P-200 and P-300N, over an initial four-year term, with supply expected to start in 2026 [3] - Pricing for the silicon anode materials will be determined based on a mutually agreed structure reflecting raw material and processing costs at the time of supply [3] Joint Development Agreement - The JDA establishes a framework for collaboration where NEO will supply its silicon anodes for evaluation within the customer's battery cells, focusing on enhancing energy density, charging/discharging rates, and power output [4] - Both parties will conduct joint development and optimization of battery performance through field tests in unmanned aerial systems (UAS) and drones [4] Production Expansion - NEO is progressing towards expanding its silicon anode production to 20 tons per year, with plans to scale up to 240 tons per year to meet increasing demand [5] - The company is also exploring leasing a commercial facility to produce high-performance, customized batteries for various applications, including drones and robotics [5] Strategic Goals - The agreements represent a significant milestone in the commercialization of NEO's silicon battery technology, aiming to establish a robust North American battery supply chain [6] - The company aspires to become a leading producer of high-performance battery materials and components for various end-use applications [6][7]