8-K: Amprius Achieves Record Revenue, First Positive Gross Margin

Amprius Technologies reported record Q2 2025 revenue of $15.1 million and achieved positive gross margins for the first time, driven by strong SiCore shipments and customer diversification.

Summary

• Achieved record Q2 2025 revenue of $15.1 million, marking a 34% sequential increase and a 350% year-over-year increase.
• Reported positive gross margins of 9% for the first time in company history, a significant improvement from negative 21% in Q1 2025 and negative 195% in Q2 2024.
• Shipped energy-dense lithium-ion batteries to 93 customers in Q2, including 43 new customers, demonstrating expanded market reach.
• Introduced the SA102 SiCore cell in April 2025, which reaches 450 Wh/kg, representing a 73% higher energy density than typical conventional batteries.
• First half 2025 revenue totaled $26.4 million, already surpassing the full-year 2024 revenue of $24.2 million.
• GAAP net loss for Q2 2025 improved to $6.4 million, or $0.05 per share, compared to $12.5 million, or $0.13 per share, in Q2 2024.
• Ended Q2 2025 with a strong cash position of $54.2 million and no debt.
• Secured a $10.5 million contract from the U.S. Government Defense Innovation Unit in July 2025 to expand electrode manufacturing at its Fremont facility.

Sentiment

Score: 8

Explanation: The company reported record revenue and achieved positive gross margins for the first time, indicating a significant turning point in its financial performance. Strong growth in SiCore shipments, customer diversification, and strategic partnerships with Airbus and Amazon, coupled with favorable government policies for drones, highlight strong operational momentum and market adoption. While still incurring a net loss, the substantial improvements in revenue and gross margin, along with a healthy cash position and no debt, suggest a positive trajectory and efficient capital use.

Positives

• Achieved record Q2 2025 revenue of $15.1 million, a 34% sequential increase and a 350% year-over-year increase.
• Reported positive gross margins of 9% for the first time in company history, a significant improvement from negative 195% in Q2 2024.
• First half 2025 revenue of $26.4 million already surpassed the full-year 2024 total of $24.2 million.
• Successfully introduced the SA102 SiCore cell, reaching 450 Wh/kg, which is 73% higher than typical EV/power tool batteries.
• Expanded customer base, shipping to 93 customers in Q2, with 43 new customers and 50 repeat customers.
• Reduced customer concentration, with only 2 customers individually accounting for greater than 10% of Q2 revenue, down from 3 in previous quarters.
• Experienced strong growth in SiCore shipments, increasing by over 450% compared to Q2 2024.
• Achieved significant international revenue diversification, with 86% of Q2 revenue from outside the United States, up from 60% in Q2 2024.
• AALTO (Airbus subsidiary) Zephyr drone set a new record of 67 days of continuous flight using Amprius cells.
• Selected by Amazon to participate in their inaugural Devices Climate Tech Accelerator cohort.
• Secured a $10.5 million contract from the U.S. Government Defense Innovation Unit in July 2025 for Fremont facility expansion.
• Achieved an average energy density of 517 Wh/kg with AV (AeroVironment) for the xTech Prime U.S. Army grant program.
• Ended the quarter with $54.2 million in cash and no debt, indicating strong financial health.
• Net loss improved to $6.4 million in Q2 2025 from $12.5 million in Q2 2024.
• Operating cash flow improved to -$4.3 million in Q2 2025 from -$7.9 million in Q2 2024.
• Signed a contract manufacturing agreement with a leading battery manufacturer in South Korea, expanding manufacturing footprint and geographic diversification.
• Benefiting from increased demand for drone technologies following the June 2025 U.S. Executive Order promoting domestic drone manufacturing and the July Department of Defense directive prioritizing U.S.-made drones for procurement.

Negatives

• Operating expenses increased to $8.2 million in Q2 2025, up 12% sequentially and 27% year-over-year.
• Remaining performance obligations decreased sequentially to $29.1 million from Q1 2025, which included a $15 million purchase order.
• Still reported a GAAP net loss of $6.4 million for the quarter.
• Net cash used in operating activities was $4.3 million for the quarter and $18.4 million for the six months ended June 30, 2025.
• The Colorado facility project's next steps and timing are still under evaluation, influenced by various industry dynamics and funding availability.

Risks

• Market demands for SiCore batteries may not meet expectations.
• Ability to deliver high-performance products to customers at acceptable prices and meet demands via contract manufacturing arrangements.
• Third-party producers of Amprius batteries may not continue to produce expected quantities, caliber, or at expected prices.
• Customers may not continue to purchase batteries directly from Amprius.
• Risks related to the rollout of Amprius business and the timing of expected business milestones.
• Effects of competition on Amprius business.
• Amprius's liquidity position and its ability to raise additional capital.
• Adverse effects from economic, business, or competitive factors, including supply chain interruptions and developments in alternative technologies.
• Inability to manage other risks and uncertainties.
• Effect of macroeconomic factors, such as increased tariffs and related retaliatory actions, trade barriers, economic downturns, and other business interruptions affecting the global economy and capital markets.
• Changes in governmental policies impacting Amprius customers and addressable markets.
• Changes in domestic and foreign business, market, financial, political, and legal conditions.

Future Outlook

Amprius Technologies is committed to delivering the next generation of lithium-ion batteries, executing its product roadmap with new innovations, and building global manufacturing scale to meet growing demand. The company expects to accelerate adoption timelines and open new opportunities in the drone market due to recent U.S. government policy actions. It plans to strategically invest in diversifying its supply chain and expanding electrode manufacturing at its Fremont facility, supported by a $10.5 million U.S. government contract. The company will continue to leverage its capital-light contract manufacturing model, which provides access to over 1.8 GWh of capacity, to fulfill customer demand and aims to move more customer engagements from evaluation to full platform integration for mass production. The decision on the Colorado facility's next steps and timing remains under evaluation, influenced by various industry dynamics and funding availability.

Management Comments

• "We believe SA102 cements Amprius position at the forefront of this market."
• "We believe no other commercially available lithium-ion batteries on the market today can match the performance of our silicon anode cells."
• "In the second quarter, Amprius generated a record $15.1 million in revenue and reached positive gross margins for the first time in our history."
• "We are excited about the opportunity to explore how our cells could provide more efficient energy solutions in their industrial, consumer electronics, and mobility-focused platforms." (Regarding Amazon partnership)
• "We believe that through our breakthrough energy performance and ample production capacity, we attracted new customers and generated $26.4 million in revenue during the first half of this year, already surpassing our full-year 2024 total of $24.2 million."
• "SiCore has a proprietary silicon anode that uses standard lithium-ion processing equipment and is gross margin positive, enabling us to report positive gross margin for the first time."
• "We are enjoying increased market adoption and a more favorable policy stance from the U.S. government that we believe creates new opportunities for innovation and deployment."
• "We expect these policy actions to accelerate adoption timelines and open new opportunities across both the defense and commercial sectors."
• "Amprius has operated in this sector for 7 years and we believe we enjoy a first-mover advantage."
• "Higher energy density delivers tremendous customer value, notably longer flight time and/or additional payloads."
• "Going forward, we plan to continue adding to our customer mix to diversify our revenue streams and provide more reliable product shipments as we get to a position of scale."
• "Considering our business achievements and ongoing projects, we believe we are efficiently using capital to drive Amprius forward."
• "We believe our technology is already raising the bar in real-world applications by providing unmatched performance and solving meaningful problems for our customers."
• "We believe his leadership will accelerate our go-to-market efforts and drive deeper penetration into the fast-moving markets we serve." (Referring to Tom Stepien)
• "Looking ahead, we believe Amprius is well-positioned for sustainable growth and long-term success, supported by four core pillars."

Industry Context

Amprius Technologies operates in the rapidly evolving electric mobility sector, particularly in aviation (drones) and light electric vehicles, where demand for high-energy density and fast-charging batteries is critical. The company's focus on silicon anode technology positions it at the forefront of innovation, aiming to surpass conventional lithium-ion battery performance. The accelerating global drone demand, coupled with favorable U.S. government policies promoting domestic drone manufacturing and procurement, creates a significant market tailwind for Amprius. Its selection for the Amazon Devices Climate Tech Accelerator also highlights the growing industry-wide push for more efficient and sustainable energy solutions in consumer electronics and industrial applications. The company's capital-light contract manufacturing model allows it to scale production efficiently in a competitive market.

Comparison to Industry Standards

• Amprius's SA102 SiCore cell reaches 450 Wh/kg, which is 73% higher than the typical 260 Wh/kg of conventional batteries used in electric vehicles and power tools.
• The company's 500 Wh/kg, 1,300 Wh/L battery platform has received third-party validation, indicating a significant lead over current market offerings.
• Amprius batteries offer an extreme fast charge rate of 0-80% state of charge in about six minutes, which is a competitive advantage in applications requiring rapid turnaround.
• The successful 67-day continuous flight of AALTO's (Airbus subsidiary) Zephyr drone, powered by Amprius cells, demonstrates superior endurance compared to standard drone capabilities.
• Amprius's cells achieved an average energy density of 517 Wh/kg in collaboration with AV (AeroVironment) for the U.S. Army grant program, showcasing performance beyond its commercially available 450 Wh/kg product and significantly exceeding industry averages.
• The company claims no other commercially available lithium-ion batteries on the market today can match the performance of its silicon anode cells in terms of energy density, power density, charging time, operating temperature range, and safety.

Management Changes

Stakeholder Impact

• Shareholders: Positive impact due to record revenue, first-time positive gross margins, improved net loss, strong cash position, and strategic growth initiatives. Potential for future value creation from technology leadership and market expansion. Dilution from at-market sales agreement (3.2 million shares issued in Q2).
• Customers: Benefit from breakthrough battery performance (e.g., 450 Wh/kg, 517 Wh/kg, 6-minute fast charge), enabling longer flight times and additional payloads for drones, and more efficient energy solutions for other applications. Increased production capacity through contract manufacturing ensures better supply.
• Employees: Positive outlook due to company growth, strategic investments in facilities, and continued innovation.
• Suppliers: Potential for increased demand for materials and components as manufacturing scales.
• U.S. Government/Defense: Strengthened partnership through the $10.5 million contract and contribution to domestic drone manufacturing initiatives.

Next Steps

• Continue to expand production at the Fremont, California pilot line.
• Expedite customer qualification process for SiCore samples.
• Deliver high-volume orders through existing and new contract manufacturing partners.
• Ramp up production with the new South Korean contract manufacturer.
• Further diversify customer mix to provide more reliable product shipments and achieve scale.
• Strategically invest in diversifying the supply chain and expanding electrode manufacturing at the Fremont facility.
• Monitor larger industry dynamics and funding availability to decide on next steps and timing for the Colorado facility.
• Move more customer engagements from evaluation to full platform integration for mass production.
• Participate in upcoming investor conferences hosted by Oppenheimer, Needham, Gateway, and H.C. Wainwright.

Key Dates

Recommendation

The company has demonstrated a significant inflection point in its financial performance, achieving record revenue and its first-ever positive gross margin. This indicates successful commercialization of its advanced silicon anode technology, particularly the SiCore platform, which is gaining strong traction in the high-growth drone market. Strategic partnerships with industry leaders like Airbus and Amazon, coupled with a substantial $10.5 million government contract, validate its technology and market position. The company's strong cash position, absence of debt, and capital-light manufacturing model provide a solid foundation for sustainable growth. While still operating at a net loss, the trajectory of improvement is compelling, suggesting strong future potential. The favorable policy environment for domestic drone manufacturing further enhances its market opportunities.

Keywords

Silicon anode batteries, Lithium-ion batteries, High energy density, UAS, Drones, Electric vehicles, Battery technology, Energy storage, Amprius Technologies, SiCore, SA102, Battery manufacturing, Financial results, Q2 2025, Gross margin, Revenue growth, Defense Innovation Unit, Amazon Devices Climate Tech Accelerator