Executive Summary

Q1 2025 was another step-up quarter: revenue rose 6% q/q and 383% y/y to $11.284M; GAAP EPS was -$0.08, and gross margin held at -21% as mix and Fremont overhead continued to weigh . Versus S&P Global consensus, revenue beat by ~30% and EPS beat by ~$0.01 (see Estimates Context) .*
Commercial traction broadened: 102 shipped customers (46 new), LEV ~25% of revenue, and 83% of revenue shipped outside the U.S., reducing tariff exposure .
Backlog and visibility improved: $34.5M of new customer POs added in Q1; remaining performance obligations stood at ~$37.8M including government grant (Q&A) .
Strategy pivot intact: capital‑light contract manufacturing at GWh scale, SiCore as near‑term growth engine, focus on higher-density product roadmap; Colorado greenfield now “no plans to move forward,” reducing capex risk while preserving capacity optionality .

What Went Well and What Went Wrong

What Went Well
- Strong top-line and beat vs estimates: revenue $11.284M grew 6% q/q and 383% y/y; management emphasized SiCore shipments up >600% y/y as the primary driver . “We generated revenue of $11.3 million in Q1, a 6% increase… and up 383% from the same period last year” .
- Customer and backlog momentum: shipped to 102 customers (46 new); added $34.5M new POs; announced $15M UAS PO shipping in 2H25 .
- Product innovation and market recognition: launched 370 Wh/kg high‑power pouch and 6,300 mAh 21700; the 21700 was named “Best in Show” at the 2025 International Battery Seminar .
What Went Wrong
- Profitability still negative: gross margin -21% (flat q/q) and GAAP net loss -$9.371M as Fremont’s small-scale SiMaxx footprint and mix continue to weigh; management reiterated variability tied to mix .
- Working-capital burn: operating cash outflow was $14.126M, above the $2.5–$3.0M/month run-rate, largely from late-quarter billings in A/R .
- Colorado factory paused: “no plans to move forward” at this time; while it reduces capex, it delays U.S. onshore capacity until demand/funding/tariff dynamics warrant, potentially extending reliance on ex‑U.S. partners .

Financial Results

Metric	Q1 2024	Q4 2024	Q1 2025
Revenue ($USD Millions)	$2.336	$10.631	$11.284
Gross Margin (%)	-190%	-21%	-21%
Operating Expenses ($USD Millions)	$5.874	$9.505	$7.310
GAAP Net Loss ($USD Millions)	$(9.886)	$(11.418)	$(9.371)
Diluted EPS ($)	$(0.11)	$(0.10)	$(0.08)
Cash & Cash Equivalents ($USD Millions)	$39.045	$55.155	$48.417

Segment/Revenue Composition

Metric	Q4 2024	Q1 2025
Product Revenue ($USD Millions)	$10.3	$11.0
Development Services & Grants ($USD Millions)	$0.3	$0.3

Key KPIs and Operating Metrics

KPI	Q3 2024	Q4 2024	Q1 2025
Customers Shipped (count)	94	98	102
New Customers (count)	53	53	46
Revenue Outside U.S. (% shipped-to)	—	77%	83%
LEV Revenue (% of total)	—	~25%	~25%
New POs Added to Backlog ($USD Millions)	—	>$16.0	$34.5
Remaining Performance Obligations (incl gov’t grant)	—	$17.2 (Dec)	~$37.8 (Mar)
Large PO Highlight	—	—	$15.0 UAS PO (ships 2H25)
Shares Outstanding (period end, Millions)	111.339	116.934	120.546
Net Cash / No Debt (commentary)	—	$55.2 net cash	$48.4 net cash

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Capex cadence	2025	Q4 2024: ~$1.0M to complete Fremont 2 MWh line plus normal operating capex	“Steady state” quarterly investment in normal operating items; hardware upgrade behind Fremont	Maintained/clarified steady state
Colorado facility	2025+	Designs complete; monitor demand/cost/incentives/tariffs/funding before proceeding	“No plans to move forward” at this time; continue monitoring industry dynamics	Lowered/paused
Capacity strategy	Ongoing	Contract manufacturing network to expand in 2025 without deploying capital	Maintain and further expand contract manufacturing in 2025; optimizing Fremont for SiMaxx	Maintained

No explicit numerical guidance was provided for revenue, margins, opex, OI&E, tax, or dividends in Q1 materials .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q3 2024, Q4 2024)	Current Period (Q1 2025)	Trend
Contract manufacturing outside China	Exploring Korea/Europe partnerships to diversify; lines dedicated to Amprius products launched; access to >1.8 GWh capacity	“Very soon” to announce ex‑China contract manufacturing partners; diversification to insulate from tariffs	Improving diversification
LEV penetration	Signed >$20M 40Ah LEV contracts; LEV ~25% of Q4 revenue	LEV ~25% of Q1 revenue; 21700 6,300 mAh samples to Fortune 500 LEV OEM; drop‑in replacement positioning	Sustained growth driver
Tariffs/macro exposure	Monitoring policy; mitigating via global partners; U.S. revenue grew but mix shifted ex‑U.S.	83% revenue shipped outside U.S.; management not “primarily concerned” due to competitive costs and global reach	Risks mitigated via mix
Backlog/visibility	Added >$16M POs in Q4; RPO ~$16–17M at Dec	Added $34.5M POs; RPO ~$37.8M incl grants at Mar; $15M UAS PO ships 2H25	Visibility strengthening
Margin trajectory	SiCore positive GM day 1; GM improved to -21% in Q4	SiCore to drive GM “more positive over time”; Q1 GM -21%	Gradual improvement, mix‑dependent
SiMaxx/500 Wh/kg	Development for AALTO/Airbus and U.S. Army xTech; Fremont retrofit	Fremont retrofit complete; optimizing SiMaxx production; plan commercial availability	Execution phase

Management Commentary

Technology and commercialization: “Amprius is manufacturing high-performance silicon anode batteries at scale… with 370 Wh/kg high-power pouch and 6300 mAh 21700 cylindrical cells” .
Market mix and tariffs: “In Q1, 83% of our revenue came from outside of the United States… This customer diversification has allowed us to grow despite headwinds… We are diversifying our manufacturing globally to insulate us from the potential impact of tariffs” .
Profitability path: “SiCore product has been gross margin and cash flow positive from day 1… that’s going to continue to drive gross margins to be more positive over time” .
Capital allocation and capacity: “We exited the first quarter with $48.4 million in net cash and no debt… no plans to move forward with the Colorado facility… secured adequate capacity through our contract manufacturing network” .
Strategic hiring: “Three areas… R&D… contract manufacturing management… sales. Every quarter, you will see our sales team is expanding” .

Q&A Highlights

Backlog and RPO: RPO at ~$37.8M including government grant as of the Q1 filing; backlog additions in Q1 totaled $34.5M (letter) .
Ex‑China manufacturing timing: Management indicated ex‑China contract manufacturing would be announced “very soon” in 2025 .
Margin outlook: SiCore is GM‑positive; as SiCore mix grows, gross margin should trend more positive; 21700 is on SiCore .
LEV 21700 Fortune 500 timeline: Samples delivered; volume orders anticipated “later part of 2026” after qualification .
Revenue cadence 2025: Management expects sequential improvements through 2025, noting Q1 faced funding/policy headwinds (from Q4 call preview) .

Estimates Context

Metric (Q1 2025)	S&P Global Consensus	Actual	Beat/(Miss)
Revenue ($USD Millions)	$8.6895*	$11.284	+$2.5945 (≈+30%)*
GAAP EPS ($)	-$0.0914*	-$0.08	+$0.0114*

Values marked with * retrieved from S&P Global (Capital IQ). Actuals from company filings as cited.

Implications: Street models likely need to raise near-term revenue on stronger SiCore uptake and backlog conversion; margin assumptions should reflect continued mix variability but gradual improvement as SiCore scales .

Key Takeaways for Investors

Revenue momentum remains intact with broadening customer base and a sizable Q1 backlog build, supporting sequential growth into 2H25 alongside the $15M UAS PO .
SiCore is the near-term growth and margin lever; as mix skews to SiCore (including 21700 format), gross margins should improve from current -21% levels, albeit gradually .
Tariff risk is partially mitigated by ex‑U.S. revenue mix (83% in Q1) and by expanding contract manufacturing outside China, which management expects to announce in 2025 .
Capital discipline lowers execution risk: with Colorado paused and capacity secured via partners, cash ($48.4M) and ATM flexibility support operations without heavy capex .
Product roadmap is a differentiator: 370 Wh/kg high‑power and 6,300 mAh 21700 earned industry recognition and are opening LEV and aviation opportunities; SiMaxx 500 Wh/kg optimization targets higher‑end niches .
Watch catalysts: ex‑China manufacturing announcement, additional large POs/backlog updates, LEV 21700 qualification milestones, and gross margin progression as SiCore scales .
Risk checks: sustained negative GM from mix/Fremont overhead, working capital swings (A/R timing), and timing risk on LEV/aviation design‑ins (9–18 month cycles) .

Earnings Call Themes & Trends (Expanded)

Topic	Previous Mentions (Q3 & Q4)	Current Period (Q1 2025)	Trend
Supply chain/tariffs	Monitoring policy; diversifying partners; U.S. grew but ex‑U.S. faster	Majority ex‑U.S. revenue; active tariff mitigation via supply chain and diversification	Improving resilience
Regional trends	77% ex‑U.S. in Q4	83% ex‑U.S. in Q1	More international mix
R&D execution	USABC EV cell 360 Wh/kg; xTech Prime U.S. Army project	New chemistries; 370 Wh/kg high‑power; optimizing SiMaxx	Continued delivery
Product performance	SiCore drives growth; dedicated lines at partners	21700 “Best in Show”; 450 Wh/kg SiCore cell introduced entering Q2	Advancing

Citations: .

Management Commentary (Selected Quotes)

“We shipped batteries to 102 customers, including 46 customers that are new to the Amprius platform.”
“In Q1, 83% of our revenue came from outside of the United States on a shipped‑to basis.”
“We added $34.5 million in new customer purchase orders to our backlog in the first quarter.”
“SiCore product has been gross margin and cash flow positive from day 1… that’s going to continue to drive gross margins to be more positive over time.”
“At this time, there are no plans to move forward with the Colorado facility… We have secured adequate capacity… through our contract manufacturing network.”

Q&A Highlights (Detail)

RPO/backlog: “The remaining performance obligations are I think $37.8 million, including the government grant.” — CFO .
Ex‑China capacity: “Very soon, you will learn from us, we have additional contract manufacturing facility outside of China.” — CEO .
LEV 21700 timing: “We anticipate the volume orders will come in sometimes later part of 2026.” — CEO .
Margin mix: “SiCore… positive from day 1… going to continue to drive gross margins to be more positive over time… 21700… is the SiCore platform.” — CFO .
Hiring focus: “We are calling 3 areas… R&D… contract manufacturing… sales.” — CEO .

Footnote: Values marked with * in Estimates Context are retrieved from S&P Global (Capital IQ).

Amprius Technologies, Inc. (AMPX)·Q1 2025 Earnings Summary