Core Thesis - Amprius Technologies, Inc. is transitioning from a high-potential R&D company to one with real revenue and momentum toward profitability, with a share price of $8.37 as of September 15th [1] Financial Performance - The company reported $26.4 million in revenue for the first half of 2025, surpassing its total revenue for 2024, with Q2 sales of $15.1 million reflecting a 350% year-over-year increase [2] - Amprius achieved its first positive gross margin in Q2, improving from -195% to +9%, indicating scalable economics [3] Customer Base and Market Position - Amprius has over 90 paying customers, with half being repeat buyers, including notable clients such as Airbus, BAE Systems, AeroVironment, and the U.S. Army [2] - The company's SA102 battery, part of the SiCore platform, offers industry-leading energy density of 450 Wh/kg and is already shipping [3] Technological Advancements - The Airbus subsidiary AALTO's Zephyr drone, powered by Amprius' silicon-anode batteries, set a world record by flying for 67 consecutive days, showcasing the company's breakthrough technology [2] Strategic Advantages - Amprius leverages contract manufacturing in the U.S. and South Korea, avoiding heavy capital expenditures while securing 1.8 GWh of production capacity [3] - Recent U.S. policy directives favoring domestic drone production align with Amprius' strengths in defense and aerospace, providing a favorable growth environment [3] Expansion Opportunities - The company is exploring expansion into light electric vehicles, offering drop-in replacement batteries that provide immediate performance gains for OEMs without costly redesigns [4] - With $54 million in cash and no debt, Amprius is well-positioned compared to peers still seeking validation in the market [4]