Amprius Technologies (AMPX) Q1 2025 earnings summary

Executive summary

• Achieved Q1 2025 revenue of $11.3 million, up 6% sequentially and 383% year-over-year, driven by strong SiCore battery shipments and new customer wins, with 102 customers served and 46 new added in Q1.

• Expanded global reach with 83% of revenue from outside the U.S. and over 320 customer engagements.

• Introduced new high-performance batteries, including a 370 Wh/kg pouch cell and a 6300 mAh 21700 cylindrical cell, both receiving strong market interest.

• Announced a $15 million purchase order from an unmanned aerial systems OEM and added $34.5 million in new customer purchase orders to backlog.

• Appointed Tom Stepien as President and Board member to support global expansion and operational scaling.

Financial highlights

• Q1 2025 revenue reached $11.3 million, with $11 million from product sales and $0.3 million from development services and grants.

• Gross margin was negative 21%, improved from negative 190% year-over-year.

• Operating expenses were $7.3 million, up 24% year-over-year due to increased sales and R&D investment.

• GAAP net loss was $9.4 million, or negative $0.08 per share, improving from Q1 2024.

• Ended Q1 with $48.4 million in net cash and no debt.

Outlook and guidance

• Expects continued revenue growth through 2025, supported by a strong backlog and advanced-stage customer qualifications.

• Plans to release new SiCore and SiMaxx batteries, further expanding product leadership.

• Anticipates additional contract manufacturing capacity outside China in 2025.

• Minimal CapEx planned for the remainder of 2025, with focus on operational efficiency and contract manufacturing expansion.

• Construction of the Brighton, CO facility is contingent on funding availability and market dynamics; subleasing options are being explored.