0001628280-25-038983
SEC filingRevenue surged 364% YoY to $26.4M in H1 2025, driven by SiCore battery sales, though gross margin remained negative at -4%.
For the six months ended June 30, 2025, Amprius Technologies reported revenue of $26.4 million, a 364% increase from $5.7 million in the prior year period. This growth was primarily driven by a $19.9 million surge in battery sales, led by the SiCore product platform, along with increased new customer acquisitions (43 new customers in Q2 2025 alone) and higher order volumes from existing customers. Customization design services contributed an additional $0.3 million, and government grants added $0.5 million.
Cost of revenue increased 64% to $27.4 million, reflecting higher SiCore battery purchases and increased production costs including personnel, shipping, and overhead. Despite this, gross profit improved significantly from a loss of $11.0 million to a loss of $1.0 million, with gross margin rising to -4% from -193% in the prior year. The improvement was attributed to higher sales volume of both SiCore and SiMaxx batteries and favorable product mix.
Operating expenses increased 26% to $15.5 million, driven by higher R&D spending (up 28% to $4.2 million) from increased headcount and stock-based compensation, and SG&A expenses (up 25% to $11.3 million) from additional personnel and professional fees. Net loss narrowed 30% to $15.7 million from $22.4 million, as gross profit improvement outpaced operating expense growth.
Amprius operates through two primary battery platforms: SiCore and SiMaxx. SiCore batteries, produced through contract manufacturing partnerships and the Berzelius supply agreement, were the primary revenue driver, with access to annual production capacity of up to 1.8 GWh as of June 30, 2025. A new contract manufacturing agreement with a South Korean battery manufacturer in May 2025 is expected to enhance SiCore production scale. SiMaxx batteries, manufactured in-house at Fremont, California, also contributed to higher sales volumes. The company is optimizing its SiMaxx 500 Wh/kg platform after completing a retrofit of its anode fabrication machine. Customization design services and government grants provided incremental revenue but remain secondary to battery product sales.
Management's outlook focuses on scaling production capacity and expanding customer reach. Key strategic priorities include: (1) expanding the global network of contract manufacturing partnerships to meet SiCore demand, (2) optimizing Fremont facility output with support from a $10.5 million U.S. Government Defense Innovation Unit contract awarded in July 2025, and (3) evaluating the Brighton, Colorado GWh-scale facility, where pre-construction planning is complete but scope and timing depend on funding availability. The company has engaged a commercial real estate firm to explore subleasing all or part of that facility, signaling potential delays. Management expects operating expenses to increase as the company invests in R&D and SG&A to support growth. Cash and cash equivalents of $54.2 million, along with up to $46.7 million available under the Sales Agreement, are expected to fund operations for at least twelve months. No specific revenue or earnings guidance was provided.
As of June 30, 2025, Amprius Technologies held $54.2 million in cash and cash equivalents with no outstanding debt (excluding operating lease liabilities of $37.7 million on a present value basis). Total assets were $123.0 million, primarily composed of cash, accounts receivable ($10.8M), and operating lease right-of-use assets ($32.6M). Stockholders' equity stood at $76.7 million, up from $69.5 million at year-end 2024, driven by equity issuances under the at-market sales agreement. The company believes existing cash is sufficient to fund obligations for at least twelve months.
The company's primary contractual obligations are operating leases for facilities in Fremont, CA and Brighton, CO, with total future lease payments of $68.3 million (undiscounted). The weighted-average remaining lease term is 13.0 years. Additionally, remaining performance obligations (RPO) from customer contracts total $29.1 million, expected to be recognized as revenue within one year. There are no material purchase commitments for inventory or capacity beyond normal operations.
The company has no share repurchase program or dividend payments. Capital allocation is focused on organic growth, with capital expenditures of $1.6 million in the first half of 2025 (6.2% of revenue), primarily for production equipment and construction in progress. Financing activities included net proceeds of $18.2 million from at-the-market equity sales and $1.1 million from stock option exercises. As of June 30, 2025, $46.7 million remained available under the $100 million sales agreement.
Amprius operates as a single segment – the battery business. In Q2 2025, revenue reached $15.1 million, a 350% increase year-over-year. Geographically, 86% of revenue came from outside the United States ($13.0 million), driven by battery product sales. The U.S. contributed $2.1 million. Revenue from battery products alone was $14.5 million, with $6.2 million from bill-and-hold arrangements. Customization design services contributed $0.3 million, and government grants added $0.2 million.