0001899287-26-000015
SEC filingRevenue surged 202% to $73.0M driven by SiCore battery sales, while gross margin turned positive to 11%, but impairment charges weighed on results.
Amprius Technologies, Inc. develops, manufactures, and markets lithium-ion batteries for mobility applications, including aviation, ground, and marine vehicles. The company's core innovation is its disruptive silicon anode technology, which replaces traditional graphite anodes to achieve significantly higher energy density, power density, and fast charging capabilities. The company highlights that its silicon anodes are a direct drop-in replacement for graphite, leveraging conventional manufacturing processes. Currently, batteries are primarily used for aviation applications such as unmanned aerial systems (UAS), drones, and high-altitude pseudo satellites (HAPS). The company has shipped over 4.2 million battery cells since inception and served over 500 customers by December 31, 2025.
Amprius offers two main product platforms: SiCore and SiMaxx. SiCore batteries, launched commercially in January 2024, are based on a proprietary silicon anode material system developed with Berzelius, offering energy density up to 450 Wh/kg and cycle life up to 1,400 cycles. SiCore includes three design variants—High Energy (up to 450 Wh/kg, 1C discharge), High Power (up to 360 Wh/kg, 10C discharge), and Balanced Energy/Power (up to 340 Wh/kg, 3C discharge). SiMaxx is an earlier-generation technology using nanowire silicon anodes with energy density exceeding 500 Wh/kg (prototype stage). As of December 2025, most customers have transitioned from SiMaxx to SiCore. The company also develops EV-capable cells, with A-sample cells delivered to USABC showing 360 Wh/kg and 15-minute fast charging to 90%.
Amprius sells directly to customers and through contract manufacturing partnerships. Named customers include AALTO Airbus, AeroVironment, BAE Systems, Kraus Hamdani Aerospace, Nokia Drone Networks, Nordic Wing, Teledyne FLIR, and the U.S. Army. Customer concentration is notable: one customer accounted for $27.1 million of total revenue in 2025. Sales are global, with a significant portion to Europe. The company also leverages government contracts, such as a $14.8 million award from the U.S. Defense Innovation Unit.
The company faces competition from graphite anode battery manufacturers such as ATL, CATL, LG Energy Solution, Panasonic, and Samsung SDI, as well as silicon composite anode developers including Berzelius, Enevate, Enovix, Group14 Technologies, Nexeon, and Sila Nanotechnologies. For aviation applications, Amprius believes its silicon anode technology is currently the only solution suitable for broad adoption due to industry-leading specific energy and power density, but expects increased competition as technologies improve.
Amprius's growth strategy includes: (1) leveraging existing contract manufacturing capacity to produce SiCore batteries, with access to over 2.0 GWh annual production; (2) expanding its Fremont facility to a 10 MWh pilot line, supported by a DIU contract; (3) extending its first-mover advantage in aviation to become market leader; (4) further improving performance characteristics of its anode and battery cells; and (5) expanding end markets into EVs and LEVs as cycle life and cost improve.
As of December 31, 2025, Amprius had 109 total employees: 97 full-time and 12 temporary hires/contractors. Of these, 27 were in R&D and 45 in manufacturing. Employees are primarily located at the Fremont, California headquarters. The company emphasizes competitive compensation and equity to attract talent, and maintains good employee relations with no union representation.
For the year ended December 31, 2025, revenue increased 202% to $73.0 million from $24.2 million in 2024. The growth was driven by a $49.5 million increase in battery sales, led by a $48.1 million surge in SiCore battery sales from new and existing customers, along with a $0.5 million increase in government grants. This was partially offset by a $1.2 million decline in non-recurring customization design service revenue. Gross profit turned positive to $8.3 million (11% margin) from a loss of $18.3 million (-76% margin) in the prior year, reflecting improved scale and cost leverage as cost of revenue grew at a slower 52% pace. Operating expenses rose 97% to $54.9 million, driven by a $20.7 million increase in impairment and other charges, including $19.1 million related to the Brighton facility impairment and $3.5 million for equipment retirement. R&D and SG&A expenses grew 28% and 23%, respectively, reflecting increased headcount and professional fees. Net loss improved slightly from $44.7 million to $44.0 million.
The company does not report discrete segment financials, but the MD&A highlights two product lines: SiCore and SiMaxx. SiCore batteries, produced via contract manufacturing, drove the bulk of revenue growth, contributing $48.1 million of the revenue increase. SiMaxx batteries, manufactured in-house in Fremont, also contributed to growth. The company is expanding its Fremont pilot line to 10 MWh to support SiCore prototypes, while termination of the Brighton facility lease (with a $20.0 million payment in Q1 2026) signals a strategic pivot to contract manufacturing to minimize capital investment.
Management expects continued net losses as operating expenses increase with headcount and R&D. Capital expenditure will focus on the Fremont expansion, partially funded by a $14.8 million DIU contract. The company believes its cash of $90.5 million, together with expected revenue, will fund operations for at least twelve months. No specific revenue or margin guidance was provided. Key strategic priorities include scaling contract manufacturing capacity, developing larger form factors, and improving battery life and energy density through R&D. The termination of the Brighton lease underscores a shift to a capital-light model via global contract manufacturing partnerships.
As of December 31, 2025, Amprius Technologies held $90.5 million in cash and cash equivalents, a significant increase from $55.2 million at the end of 2024. Total assets were $156.9 million, up from $121.1 million. The company's liquidity position was bolstered by $63.6 million in net proceeds from its At Market Issuance Sales Agreement during 2025. Total stockholders' equity improved to $103.8 million from $69.5 million, driven by equity issuances and stock-based compensation, partially offset by a net loss of $44.0 million. The accumulated deficit reached $218.4 million. The company had no debt on its balance sheet. Operating lease liabilities totaled $39.9 million, with $4.7 million classified as current.
The Notes disclose $44.5 million in remaining performance obligations (backlog) as of December 31, 2025, all expected to be recognized as revenue within one year. This represents a substantial increase from prior periods, reflecting strong customer demand. The company also had a $2.7 million deferred grant liability related to a U.S. government contract. A significant subsequent event involved the termination of the Brighton, Colorado facility lease on January 30, 2026, for a one-time payment of $20.0 million, resulting in a net loss on lease termination of approximately $0.1 million. Future operating lease payments as of December 31, 2025 totaled $68.9 million, with $4.9 million due in 2026.
Amprius did not repurchase any shares or pay dividends during the period. Capital expenditures were $4.4 million in 2025, down from $3.2 million in 2024, representing 6.0% of revenue. The company's primary capital allocation activity was equity issuance: it sold 10.7 million shares under its At Market Issuance Sales Agreement for net proceeds of $63.6 million, exhausting the $100.0 million capacity. Additionally, $2.3 million was received from cash warrant exercises. The company has no debt, and its financing activities were entirely equity-based.
The company operates as a single reportable segment: batteries. Revenue is disaggregated geographically: North America contributed $11.8 million, EMEA $52.6 million (including $33.0 million from Ukraine), and Asia Pacific $8.6 million. Revenue from customers was $71.9 million, with $1.1 million from government grants. One major customer accounted for $27.1 million of total revenue. The company's property, plant, and equipment are all located in the United States.
The most material risks center on battery performance and manufacturing. The company's SiCore batteries, based on Berzelius's proprietary material system, have limited field data, increasing the risk of unexpected failures, recalls, and safety incidents. The silicon anode structure introduces unknown failure modes that could lead to severe financial penalties and reputational damage. The company also faces risks in expanding manufacturing capacity, particularly in meeting NDAA-compliant component requirements for the DIU program, which could cause significant delays and cost overruns.
Amprius relies heavily on third-party manufacturers, including Berzelius (a Chinese corporation) and partners in South Korea, for SiCore battery production. This creates exposure to price increases, supply disruptions, and quality control issues. The lack of established commercial terms with Berzelius adds uncertainty. U.S. tariffs on Chinese imports and potential retaliatory actions increase costs for components and equipment. Export controls on lithium battery materials from China could further constrain supply.
The battery market is intensely competitive, with larger, well-funded rivals. The company's energy density advantage may erode as competitors improve conventional lithium-ion technology. Market growth for battery-powered aviation and EVs may develop slower than expected. Customer concentration is a risk, with one customer representing $27.1 million of revenue in 2025.
As an early-stage company with a history of losses, Amprius may need additional capital that may not be available on favorable terms. The company is subject to extensive regulations, including anti-corruption laws, export controls, and environmental regulations. Changes in U.S. defense spending or government contracting policies could impact revenue from public sector customers. The company also faces risks related to internal control over financial reporting, having previously identified material weaknesses.
A significant portion of sales are to customers outside the U.S., particularly in Europe, exposing the company to geopolitical risks from military conflicts (Russia-Ukraine, Middle East). These conflicts could affect demand for defense-related products or disrupt supply chains. The company's reliance on Chinese suppliers also creates exposure to U.S.-China trade tensions and potential export restrictions.
Amprius Technologies' cash flow statement for FY2025 shows a dramatic improvement in operating cash flow, which turned positive at $2.5 million compared to a negative $33.5 million in FY2024. This $36.0 million swing was driven by a $48.8 million increase in revenue and a $24.3 million improvement in gross profit, partially offset by higher operating expenses and a $22.5 million impairment charge. Net loss remained relatively flat at $44.0 million, but the operating cash flow improvement indicates better working capital management and a shift toward cash-generative operations.
Capital expenditures decreased sharply to $3.2 million from $10.1 million, reflecting lower investment in property, plant, and equipment. Free cash flow (operating cash flow minus capex) was negative $0.7 million, a significant improvement from negative $43.6 million in the prior year. Financing activities provided $35.9 million, primarily from equity issuances, which bolstered the cash balance to $90.5 million at year-end.
No share repurchases or dividends were paid. The company's cash flow quality is improving but remains dependent on continued revenue growth and cost control to achieve sustained positive free cash flow.