Research Reports

Prepared Highlights

Q4 2025 revenue reached a record $25.2M, up 18% QoQ and 137% YoY (CFO). Full-year 2025 revenue was $73M, 3x the 2024 level (CEO).
Q4 2025 gross margin improved to 24%, up 9ppt QoQ and 45ppt YoY (CEO). Full-year 2025 gross margin was 11%, vs. -76% in 2024 (CEO).
Q4 2025 GAAP net loss was $24.3M, or -$0.18/share, on 132.1M weighted-average shares outstanding (CFO). Excluding a $22.5M one-time charge, loss would have been $1.9M, or -$0.01/share (CFO).
Q4 2025 adjusted EBITDA was negative $1.8M, vs. negative $1.4M in Q3 2025 (CFO). For full-year 2025, adjusted EBITDA would have been negative $5.3M excluding Colorado facility costs (CFO).
Q4 2025 operating loss was $25.4M, including the $22.5M one-time charge (CFO). Excluding that charge, operating loss would have been $2.9M, down 37% QoQ (CFO).
Full-year 2025 operating loss was $46.6M, or $24.1M excluding the one-time charge, a 48% reduction from 2024’s $46.2M operating loss (CFO).
Cash and debt at year-end 2025: $90.5M cash, no debt (CFO).
Q4 2025 operating cash flow used $13.5M, driven by a $1.8M increase in AR and a $2.1M increase in inventory (CFO).
CapEx: Q4 2025 = $2.24M (funded by DIU); full-year 2025 = $4.4M (CFO).
Q4 2025 financing activities generated $23.1M, including $19.6M from ATM issuance and $3.5M from warrants/option exercises (CFO). ATM program terminated in January 2026 (CFO).
DIU contract increased to $14.8M for NDAA-compliant SiCore pouch cell prototyping (CEO).
Product portfolio: 22 cell designs (energy, power, balanced) in pouch and cylindrical formats; introduced 3 new cells in Q4 2025, retired 1 (CEO).
Customer base exceeded 550 (CEO).

Official Guidance (2026)

Revenue: at least $125M (CFO)
Adjusted EBITDA: at least $4M (first full year of positive adjusted EBITDA) (CFO)
Net loss: ~$8M, or -$0.06/share, assuming 134.5M shares (CFO)
CapEx: less than $10M, mostly funded by the $14.8M DIU contract (CFO)
Target beyond 2030: over $600M contracted capacity, >30% gross margins, at least 20% EBITDA margins (CFO)

Mgmt Quotes

“2025 was a landmark year for Amprius Technologies, Inc. Our second generation SiCore silicon anode batteries gained broad adoption with many unmanned aerial vehicle customers.” (CEO)
“Fourth quarter revenue reached a record $25.2 million, representing an 18% quarter-over-quarter improvement and a 137% year-over-year increase.” (CEO)
“Our silicon anode lithium-ion battery was selected from thousands of entrants for delivering an industry-leading 520 watt-hours per kilogram.” (CEO)
“I am particularly excited about crossing the $100 million annual revenue run-rate mark, which positions us to deliver over $1 million of revenue per employee, joining a very selective and unique group of companies.” (CFO)
“With what we know today, we believe that by leveraging our platform and existing relationships, we can deliver at least $125 million of revenue in 2026, which would enable us to have our first full year of adjusted positive EBITDA of at least $4 million.” (CFO)

Prepared Metrics

Metric	Value	Speaker/Context
Q4 2025 Revenue	$25.2M	CFO (record, +18% QoQ, +137% YoY)
FY 2025 Revenue	$73.0M	CEO (3x vs. 2024)
Q4 2025 Gross Margin	24%	CEO (+9ppt QoQ, +45ppt YoY)
FY 2025 Gross Margin	11%	CEO (vs. -76% in 2024)
Q4 2025 GAAP Net Loss	($24.3M), -$0.18/sh	CFO (132.1M shares)
Q4 2025 Adjusted EBITDA	($1.8M)	CFO
FY 2025 Adjusted EBITDA (ex-CO)	($5.3M)	CFO (excluding Colorado costs)
Year-end Cash	$90.5M	CFO (no debt)
FY 2026 Revenue Guidance	≥$125M	CFO
FY 2026 Adj. EBITDA Guidance	≥$4M	CFO
DIU Contract Value	$14.8M	CEO
Cell Designs in Portfolio	22	CEO

Q&A Batch (1-5 of 10)

Q1 — Eric Stine

Topic: 11个组件选型进展与后续步骤
Key points:
- 已选定阳极、阴极、电解质、隔膜等内部组件，主供应商和备选供应商均已确定；测试始于2025年7月的DIU项目，历时6–8个月，部分组件性能略有提升。
- 后续工作包括产品化、签订多年期供应协议、确保供应商向代工厂交付组件；Tom上周在韩国与部分供应商谈判。
- 技术端“重活已完成”，转为运营团队负责锁定供应和交付。
Mgmt stance: 中性偏正面 — 技术验证通过，但仍有供应链和运营工作需要完成。

Q2 — Austin Volle

Topic: 新客户增长与区域收入指引
Key points:
- 客户数从11月电话会的444增至550，新增超100家；多数新客户处于评估阶段（订单几百颗电池），但Q4平均订单金额环比增长。
- 收入仍为个位数市占率，早期阶段。
- 2026年指引假设区域结构与2025年Q2/Q3相似，主要依靠欧洲/国际，美国可能带来额外上行但未完全计入。
Mgmt stance: 中性 — 客户基础扩大但收入体量小，美国政策落地前保持谨慎。

Q3 — Mark Schubert

Topic: 地缘政治对国防客户需求的影响及产能方案
Key points:
- 周末有一家侦察无人机客户因自身需求拉动而要求快速交付（数周内），Fremont试产线可快速响应。
- Nanotech合作用于圆柱电池；部分客户对NDAA合规有要求，需美本土制造；预计未来2–3年需求将形成约1/3来自韩国、1/3来自美国本土、1/3来自其他地区的平衡。
- 试产线主要用于赢得初始设计，批量订单（数千颗）转至合作伙伴。
Mgmt stance: 偏正面 — 看到即时需求拉升，但有产能过渡期。

Q4 — Colin Rusch

Topic: 技术路线图、阴极改进与增长节奏
Key points:
- 阳极硅设计已成熟；瓶颈在阴极，可能限制能量密度突破450–500 Wh/kg；R&D聚焦测量并提升能量密度。
- 测试体系完善：小型手动线 + 30台由国防部资助的新设备。
- 公司认为若Slide 7的技术目标达成且市场仅实现一半（Slide 4），结合容量杠杆和替换需求，$600M+收入目标可达。
Mgmt stance: 偏正面 — 技术领先且能支持长期增长，目标“相当可实现”。

Q5 — Ryan Pfingst

Topic: 军用/高性能无人机市场份额及2026年收入指引细节
Key points:
- 整体无人机市占率个位数；公司在需要高功率、高能量载荷（多传感器、摄像头等）的无人机中份额较高；低端市场（遥控车电池）不参与。
- 2026年收入指引主要基于现有客户及Q3/Q4预期转化客户；欧洲UAV市场持续加速，美国本土的增量需求未完全计入，需等PO确认。
- 公司正与第三方合作细化无人机子市场分类（Group 1–3、工业vs防务、地区等），因市场变化快。
Mgmt stance: 中性偏等待 — 需求趋势有利但需PO落地才能量化。

Q&A Batch (6-10 of 10)

Q6 — Ted Jackson

Topic: SiMax和SiCore的收入占比变化及2026年展望
Key points:
- 2025年初，SiMax收入占总收入比例约为25%
- 管理层预计到2026年，SiMax收入占比将降至0%
Mgmt stance: 中立（明确给出具体比例及退出时间表）

Q7 — Thomas Stepien & Ricardo Rodriguez

Topic: 客户合作状态及市场参与度
Key points:
- 幻灯片4上的公司标志包括已公开客户、正在测试的潜在客户及尚待建立信任的客户
- 这些公司均为可能购买电池的合理对象，部分已购买小批量产品用于测试
Mgmt stance: 中性（未夸大合作深度，区分不同关系阶段）

Q8 — Derek Soderberg（开头被打断，内容缺失）

Topic: 未记录
Key points: 无
Mgmt stance: 无

Q9 — Thomas Stepien

Topic: Nokia合作及无人机市场竞争力
Key points:
- Nokia平台能将5G信号传送至难以铺设基站的地点
- 搭载Amprius电池的Nokia无人机，飞行时间延长40%-50%；其他客户电池飞行时间可翻倍
Mgmt stance: 乐观（强调“espresso advantage”带来的明确性能优势）

Q10 — Ricardo Rodriguez & Thomas Stepien

Topic: 电池更换市场潜力及新市场机会（数据中心、军用电池等）
Key points:
- 在eVTOL/UAV/机器人领域，电池更换市场规模可能超过初始安装量（类似航空发动机售后市场）
- 高功率电池可应用于数据中心机架级场景
- 军用电池包：标准锂离子电池改为高能量密度电池，可减轻约50%重量或翻倍容量，同时几乎使电池包寿命翻倍
Mgmt stance: 乐观（将电池更换类比为“剃须刀-刀片”模式，明确认为数据中心和军用是重要的新增市场）