10-K: Amprius 2025 Annual: Revenue Soars, Brighton Lease Terminated

Amprius Technologies reported a 202% revenue increase in 2025, driven by SiCore battery sales, while strategically terminating its Colorado GWh-scale facility lease.

Summary

• Revenue increased by 202% to $73.0 million in 2025, up from $24.2 million in 2024, primarily due to a $48.1 million increase in SiCore battery sales.
• The company achieved a gross profit of $8.3 million in 2025, a significant improvement from a gross loss of $18.3 million in 2024.
• Net loss slightly decreased to $44.0 million in 2025, compared to $44.7 million in 2024.
• Impairment and other charges totaled $22.5 million in 2025, mainly due to a $19.1 million impairment related to the Brighton, Colorado facility lease termination.
• Amprius is expanding its Fremont, California pilot line to 10 MWh for SiCore batteries, accelerated by a $14.8 million contract from the U.S. Government Defense Innovation Unit (DIU).
• The company has access to annual production exceeding 2.0 GWh of SiCore batteries through global contract manufacturing agreements.
• Dr. Kang Sun transitioned from CEO to Executive Advisor, a part-time position, effective January 1, 2026, with an annual salary of $633,000.
• The $100.0 million aggregate offering capacity under the Sales Agreement for common stock was fully utilized by December 4, 2025, generating cumulative net proceeds of $97.5 million.
• Cash and cash equivalents stood at $90.5 million as of December 31, 2025.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive report due to strong revenue growth and a return to gross profitability, indicating increasing market acceptance of its SiCore technology. However, significant impairment charges and ongoing net losses, coupled with reliance on foreign supply chains and the need for future capital, temper the overall sentiment.

Positives

• Achieved substantial revenue growth of 202% to $73.0 million in 2025, driven by strong demand for SiCore batteries.
• Returned to gross profitability with an $8.3 million gross profit in 2025, a significant turnaround from an $18.3 million gross loss in 2024.
• Expanded customer engagements to over 500 since inception, with shipments to hundreds of customers in 2025, validating market acceptance.
• Secured access to annual production capacity exceeding 2.0 GWh of SiCore batteries through global contract manufacturing, enabling rapid scalability.
• Awarded a $14.8 million contract from the U.S. Government Defense Innovation Unit (DIU) to accelerate the expansion of the Fremont pilot line to 10 MWh.
• SiCore battery cells offer high energy density (up to 360 Wh/kg) and high discharge rates (up to 10C without cooling, 15C with active cooling), ideal for aviation applications.
• Developed a prototype SiMaxx battery cell delivering >500 Wh/kg and >1,300 Wh/L, verified by a leading testing house, demonstrating industry-disrupting performance potential.
• SiMaxx A-Sample EV cells surpassed USABC's 2025 performance goals for specific energy (360 Wh/kg vs. 275 Wh/kg target) and fast charging (90% in 15 minutes vs. 80% target).
• Maintains a robust intellectual property portfolio with over 80 patents issued or pending and 10 registered trademarks.
• Successfully passed rigorous abuse testing, including the nail penetration test for SiMaxx 390 Wh/kg polymer electrolyte cells per MIL-PRF-32383, enhancing safety and defense application suitability.
• Announced a first partnership with a U.S. contract manufacturer, Nanotech Energy, in January 2026, diversifying manufacturing base.

Negatives

• Continued to incur net losses, with a $44.0 million net loss in 2025, contributing to an accumulated deficit of $218.4 million.
• Recorded significant impairment charges of $19.1 million in 2025 related to the termination of the Brighton, Colorado facility lease, indicating a strategic misstep or change in market dynamics.
• High reliance on third-party manufacturers and foreign suppliers (China, South Korea) for SiCore batteries and materials introduces supply chain risks, potential quality control issues, and intellectual property concerns.
• Faces intense competition in the battery market from established companies with significantly greater resources and new entrants developing alternative technologies.
• Requires further improvements in battery cycle life, increased production quantity, and reduced costs to effectively compete in the high-volume electric vehicle (EV) market.
• Customer concentration risk, with one customer accounting for $27.1 million of total revenue in 2025.
• Exposure to geopolitical risks, including military conflicts (Russia-Ukraine, Middle East) and changes in trade policies (e.g., China's export controls), which could disrupt operations and sales.
• The company is an early-stage entity with a limited operating history and continues to test its business model, leading to inherent uncertainties.
• Certain members of management have limited experience operating a public company, potentially leading to higher compliance costs and time allocation challenges.

Risks

• Batteries may fail to perform as expected, leading to defects, recalls, design changes, and adverse effects on sales and brand reputation.
• Primary reliance on third parties (Berzelius, global contract manufacturers) for battery and material manufacturing exposes the company to risks such as price increases, supply disruptions, quality control issues, and potential loss of intellectual property.
• Challenges in expanding manufacturing capacity, developing production lines, and sourcing National Defense Authorization Act (NDAA)-compliant components at acceptable cost targets may result in significant delays, increased capital expenditures, and operational inefficiencies.
• Failure to meet production cost targets could limit market opportunities and negatively impact profitability.
• Heavy reliance on complex equipment for operations carries risks of unexpected malfunctions, production delays, and increased costs.
• Inability to retain and attract key employees, particularly technical talent, could severely disrupt operations and hinder business growth.
• Resource allocation decisions for new product platforms may lead to failure in capitalizing on more profitable opportunities or products with a greater likelihood of success.
• Potential delays and technical obstacles in developing new battery products, such as different cell formats, to meet varied market requirements.
• Hazardous components in batteries pose safety risks (e.g., fire, thermal runaway), which could lead to accidents, product recalls, product liability claims, and substantial liabilities.
• Inaccurate estimation of future supply and demand for batteries could result in inventory inefficiencies, increased costs, or delays in fulfilling orders.
• Difficulty in establishing supply relationships for necessary finished batteries, materials, components, or equipment, or being forced to pay higher-than-anticipated prices.
• Intense competition in the battery market from new entrants and established companies with significantly greater resources.
• Slower-than-expected growth of markets for battery-powered applications (aviation, EV, LEV) could adversely affect future sales opportunities.
• Developments in alternative technologies (e.g., fuel cells, advanced diesel, breathing batteries) may adversely affect demand for Amprius's battery products.
• Unsuccessful development agreements and other strategic alliances could have an adverse impact on the business.
• Customers may reduce or cease purchases of batteries manufactured outside the United States, impacting revenue if U.S. manufacturing expansion is delayed.
• The company may require additional capital to support business growth, and this capital might not be available on commercially reasonable terms or at all.
• History of financial losses and expectation of incurring significant expenses and continuing losses for the foreseeable future.
• Obligation to develop and maintain proper and effective internal control over financial reporting; past material weaknesses identified in 2023 and 2022, though remediated by December 31, 2024.
• Ability to utilize net operating losses (NOLs) and tax credit carryforwards to offset future taxable income may be subject to limitations under Section 382 of the Internal Revenue Code.
• The unavailability, reduction, or elimination of government and economic incentives (e.g., tax credits) could materially adversely affect the business.
• Failure to receive and maintain government contracts or changes in public sector contracting or fiscal policies could have a material adverse effect on the business.
• Reliance on intellectual property portfolio; inability to prevent unauthorized use or defend against infringement claims could harm competitive position.
• Exposure to litigation, environmental, health and safety, investment screening, and national security laws, with compliance being expensive and non-compliance leading to penalties.
• Subject to anti-corruption, anti-bribery, and anti-money laundering laws, with non-compliance leading to significant fines and penalties.
• Recent and potential tariffs imposed by the United States government or a global trade war could increase product costs and disrupt supply chains.
• Reliance on suppliers in foreign countries (China, South Korea) subjects the company to risks from foreign laws, regulations, and changes in international relations (e.g., China's export controls on lithium-ion battery materials).
• Any change in demand from existing customers, including those representing a significant amount of sales, could decrease revenue.
• Sales to customers outside the United States, particularly in Europe, expose the company to geopolitical risks, such as military conflicts.
• Sales of substantial amounts of common stock in the public markets, or the perception of such sales, could cause the market price of common stock to drop significantly and result in dilution.
• Warrants may not be 'in the money' and could expire worthless, or may be redeemed prior to their exercise at a disadvantageous time for holders.
• The terms of the warrants may be amended in a manner adverse to holders with the approval of at least 50% of the outstanding warrants.

Future Outlook

Amprius Technologies anticipates increased R&D expenses as it continues to develop and enhance product capabilities and test battery prototypes. Selling, general and administrative expenses are also expected to rise due to public company compliance requirements and additional personnel. The company plans to expand its global network of contract manufacturing partnerships to meet growing demand for SiCore batteries and believes this strategy enables rapid capacity expansion with minimal capital investment. Future R&D efforts will focus on improving battery life, further increasing energy density through new cathode materials, and developing larger cell form factors (up to 70 Ah) for broader electrified transportation applications. The company expects to reflect the Brighton lease termination in its Q1 2026 financial results. It also notes that the enforcement of China's new export controls on lithium-ion batteries and materials is suspended until at least November 2026, and the company will need to adapt its supply chain to meet future NDAA requirements for U.S. government contracts.

Management Comments

• "We believe that our outsource contract manufacturing strategy enables rapid capacity expansion with minimal capital investment."
• "We believe that our existing Exclusive Supply Agreement with Berzelius... and our existing manufacturing supply agreements with global contract manufacturers will allow us to continue supporting the increasing demand for our SiCore batteries."
• "We believe we are the leading company in the market today with a high-performance battery that can meet the requirements of aviation applications."
• "We believe we have the highest-performing commercially available batteries in the market. We intend to maintain our performance advantage by continuing to invest in our anode and cathode chemistries."
• "Our goal is to fully realize the benefits of our silicon anode technology and remain a developer of industry-leading batteries."
• "Management believes that there are no claims against us for which the outcome is expected to have a material effect on our financial position, results of operations or cash flows."

Industry Context

StockSavvy.ai notes that Amprius Technologies operates in the rapidly expanding electric mobility market, particularly aviation (UAS, HAPS, eVTOL) and light electric vehicles, where demand for high-energy-density, fast-charging batteries is critical. The company's disruptive silicon anode technology positions it as a potential leader against conventional graphite lithium-ion batteries, which are nearing their theoretical limits. The strategic shift towards global contract manufacturing aligns with industry trends seeking rapid scalability and reduced capital expenditure, especially as geopolitical factors and supply chain resilience become paramount. The company's engagement with the U.S. Government Defense Innovation Unit (DIU) highlights the increasing importance of advanced battery technology for defense applications and the need for NDAA-compliant supply chains. The competitive landscape is intense, with both established players and new technology companies vying for market share, necessitating continuous innovation and cost optimization.

Comparison to Industry Standards

• Amprius's SiCore and SiMaxx batteries offer approximately up to double the specific energy and energy density of conventional graphite battery cells (e.g., Panasonic NCR18650G, Sony VTC6).
• SiCore batteries enable significantly faster charging times compared to conventional graphite cells.
• A prototype SiMaxx battery cell delivers >500 Wh/kg and >1,300 Wh/L, which is approximately half the weight and volume of other existing state-of-the-art, commercially available lithium-ion cells.
• SiMaxx A-Sample EV cells achieved 360 Wh/kg specific energy, exceeding the USABC's 2025 target of 275 Wh/kg at end of life.
• SiMaxx A-Sample EV cells deliver a power density of 1,200 W/kg, meeting high-performance requirements.
• SiMaxx A-Sample EV cells can charge up to 90% of their rated energy in just 15 minutes, surpassing USABC's target of 80% within the same timeframe.
• Amprius's silicon anodes operate at a voltage at least 100 mV higher than graphite anodes, contributing to faster charging and improved cell safety at lower temperatures.
• The company claims to have the only known anode technology using a 100% silicon anode that is free of any inactive additives.
• Amprius's high energy SiCore cells have powered AALTO Airbus Zephyr S stratospheric vehicle to endurance records, including flying continuously for 67 days in 2025, demonstrating superior performance in demanding applications.

Management Changes

Corporate Governance

Legal Proceedings

• The company is not currently a party to any litigation or legal proceedings that are likely to have a material adverse effect on its business.
• In December 2020, the company settled a patent infringement case against it and agreed to make licensing payments.
• The company's predecessor, Kensington, a special purpose acquisition company (SPAC), has been subject to increased regulatory oversight and scrutiny, including from the SEC, which could lead to future investigations or inquiries.

Related Party Transactions

• Dr. Kang Sun, Executive Advisor and a director, serves on the board of directors of Berzelius (Nanjing) Co., Ltd. and its holding company.
• Amprius Technologies developed its SiCore batteries in collaboration with Berzelius and entered into an Exclusive Supply Agreement with Berzelius in November 2023 for proprietary silicon anode materials in the United States, Canada, and Mexico.
• The company purchases SiCore batteries and raw materials for SiMaxx battery production and R&D activities from Berzelius, with no purchase commitments as of December 31, 2025.
• Amprius Holdings, the former majority stockholder and parent company, voluntarily liquidated and dissolved on October 23, 2024, distributing approximately 57.2 million shares of Amprius Technologies' common stock to its stockholders, including some executive officers and directors.
• Upon the liquidation of Amprius Holdings, Amprius Technologies assumed all of Amprius Holdings' outstanding options to purchase shares, including those held by some executive officers and directors.

Stakeholder Impact

• **Shareholders**: Experience potential dilution from future equity raises and warrant exercises. The market price of common stock could be influenced by sales of substantial amounts of securities. Financial performance, including revenue growth and net losses, directly impacts shareholder value.
• **Employees**: Dr. Kang Sun's transition to Executive Advisor reflects a change in leadership structure. The company anticipates increased headcount for growth and offers stock-based compensation plans (stock options, RSUs, ESPP). All employees are required to complete regular cybersecurity training.
• **Customers**: Benefit from advanced battery technology (SiCore, SiMaxx) offering high energy/power density and fast charging capabilities. Potential for delays in product delivery if manufacturing capacity or supply chain is disrupted. Subject to product recalls or defects, though the company has not recorded product warranty liability.
• **Suppliers**: Reliance on third-party manufacturers (e.g., Berzelius, Amprius Korea Battery Alliance) and raw material suppliers (e.g., from China) creates interdependencies. Suppliers are exposed to risks of price increases, supply chain disruptions, and geopolitical factors.
• **Creditors**: Impacted by the company's liquidity and ability to generate sufficient cash flows to meet its financial obligations. The company has not incurred debt during 2025 and 2024, relying on revenue and equity financing.

Next Steps

• Expand the Fremont, California facility to increase the SiCore pilot line capacity to 10 MWh, with acceleration from the DIU contract.
• Reflect the Brighton lease termination and the $20.0 million payment in the financial results for the fiscal first quarter of 2026.
• Expand the global network of contract manufacturing partnerships to meet increasing demand for SiCore batteries.
• Continue investing in research and development to improve battery life, further enhance energy density (including exploring different cathode materials), and develop larger cell form factors (up to 70 Ah).
• Optimize combinations of performance characteristics and form factors to meet specific customer needs and drive adoption in new areas of electrified transportation.
• Adapt the supply chain to meet future National Defense Authorization Act (NDAA) requirements for U.S. government contracts.
• Engage in technical evaluations with other eVTOL manufacturers as the eVTOL market grows.

Key Dates

Recommendation

Amprius Technologies shows strong revenue growth and improved gross profit, indicating positive market traction for its SiCore batteries. However, the company continues to incur net losses, faces significant impairment charges from strategic shifts, and relies heavily on external manufacturing and foreign supply chains, introducing considerable operational and geopolitical risks. The need for future capital raises and intense competition in the broader EV market suggest a cautious approach, warranting a 'hold' as the company navigates its growth strategy and aims for sustained profitability.

Keywords

lithium-ion batteries, silicon anode, energy density, electric aviation, UAS, drones, HAPS, eVTOL, electric vehicles, battery technology, manufacturing capacity, SEC filing, 10-K, Amprius Technologies, AMPX, Berzelius, DIU, contract manufacturing, intellectual property, financial performance, risk factors, corporate governance