0001628280-25-050308
SEC filingRevenue surged 173% YoY to $21.4M in Q3 2025, driven by SiCore battery sales, with gross margin improving to 15% from -65%.
For the three months ended September 30, 2025, revenue increased 173% to $21.4 million from $7.9 million in the same period last year. This growth was primarily driven by a $15.0 million increase in sales of SiCore batteries, supported by new customer acquisitions and higher order volumes from existing customers. Non-product revenue declined due to a $1.5 million decrease in customization design services, partially offset by a $0.1 million increase in government grants. Cost of revenue rose 40% to $18.1 million, reflecting higher purchase volumes of SiCore batteries and increased production costs. Gross profit swung to a positive $3.3 million from a loss of $5.1 million, and gross margin improved to 15% from (65)%, benefiting from product mix and scale.
Research and development expenses increased 38% to $2.5 million due to higher personnel costs and stock-based compensation from expanded headcount. Selling, general and administrative expenses rose 27% to $5.5 million, driven by a $0.9 million increase in personnel costs and $0.3 million in professional fees. Loss from operations improved to $4.7 million from $11.3 million, a 58% reduction. Other income increased 99% to $0.8 million, mainly from government grant income. Net loss narrowed to $3.9 million from $10.9 million, a 64% improvement.
For the nine-month period, revenue grew 253% to $47.8 million, with battery sales increasing $34.8 million. Gross profit was $2.3 million versus a loss of $16.1 million, and net loss improved to $19.6 million from $33.3 million.
The company does not report segment-level financials in the MD&A. However, the discussion highlights that SiCore battery sales are the primary growth driver, with SiMaxx production still in optimization. The company's product platforms—SiCore and SiMaxx—serve aviation, UAV, and defense customers, with SiCore generating the bulk of revenue through contract manufacturing partnerships providing over 1.8 GWh annual capacity.
Management expects revenue to continue growing as customer engagements expand, but they highlight risks from global trade policies, competition, and funding uncertainties. The company plans to expand manufacturing capacity in Fremont, California using a $12.0 million government contract, while the Brighton, Colorado GWh-scale facility is under review and may be subleased. Operating expenses are expected to increase as the company scales headcount and invests in R&D. Cash and equivalents of $73.2 million, plus $20.1 million remaining under the Sales Agreement, are deemed sufficient for at least twelve months. No specific financial guidance is provided, but the focus is on scaling SiCore production and developing larger form factors for broader electrified transportation applications.
As of September 30, 2025, Amprius Technologies held $73.2 million in cash and cash equivalents, up from $55.2 million at December 31, 2024. Total assets were $156.5 million, with current assets of $106.7 million. The company's working capital position is strong, with current assets exceeding current liabilities by $90.7 million. Stockholders' equity increased to $103.2 million from $69.5 million, driven primarily by equity issuances under the At Market Issuance Sales Agreement. The company maintains a net loss position, with an accumulated deficit of $194.0 million, but believes its cash will be sufficient to fund obligations for at least twelve months.
The Notes disclose significant contractual obligations. Future operating lease payments (net of tenant improvement allowance) total $67.4 million, with $3.4 million due within one year, $12.7 million in years 1-3, and $59.0 million beyond three years. The company also has $53.3 million in remaining performance obligations (including deferred revenue and government grants), all expected to be recognized as revenue within one year. Additionally, the company has a $12.0 million U.S. Government Defense Innovation Unit contract awarded in July 2025, with $0.4 million recognized as other income in the three months ended September 30, 2025.
Capital allocation activities are limited. The company has no share buyback program or dividend policy. Capital expenditures were $2.0 million for the nine months ended September 30, 2025 (4.3% of revenue), down from $6.8 million in the prior-year period. The primary source of financing has been the At Market Issuance Sales Agreement, under which $20.1 million remains available as of September 30, 2025. The company has no debt, with total liabilities of $53.3 million consisting primarily of operating lease liabilities ($37.7 million) and accounts payable ($7.8 million).
The company operates as a single reportable segment: the battery business. Revenue is disaggregated by geography: for the nine months ended September 30, 2025, United States revenue was $9.3 million (19.4%) and rest of world revenue was $38.5 million (80.6%). Revenue from battery products was $46.6 million, customization design services $0.3 million, and government grants $0.9 million. One customer represented 35% of revenue in both the three- and nine-month periods ended September 30, 2025. Two customers represented 64% of accounts receivable as of September 30, 2025.