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Amprius Technologies, Inc. (AMPX)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 delivered record revenue of $15.07M, sequential growth of 34% and 4.6x YoY, driven by >450% YoY increase in SiCore shipments and diversified customer base; gross margin turned positive to 9%, first time in company history .
  • Results beat Wall Street consensus: revenue $15.07M vs $12.42M*, EPS ($0.05) vs ($0.081*) — a material top-line beat and narrower loss; target price consensus stood at $17.17* [GetEstimates: Q2 2025].
  • Operations advanced: 93 customers shipped (43 new), 86% revenue outside U.S.; strong aviation mix (>90%) and a new South Korea contract manufacturing partner expected to produce cells shortly; access to >1.8 GWh capacity via capital-light contract manufacturing .
  • Near-term catalysts: DIU $10.5M contract to expand Fremont (electrode manufacturing) and domestic NDAA-compliant supply; U.S. Executive Order and DoD directives accelerating drone adoption; management expects continued positive margins and sequential revenue improvement into Q3 .

What Went Well and What Went Wrong

What Went Well

  • Positive gross margin (9%) on record revenue [$15.07M], with product revenue $14.5M and development/grant $0.5M; GAAP net loss narrowed to $6.37M and OpEx remained lean at $8.15M .
  • Customer and geographic diversification: shipped to 93 customers (43 new), only two >10% revenue contributors, and 86% of revenue shipped outside the U.S., reducing concentration risk .
  • Strategic progress: new South Korea manufacturing partner ramping, DIU $10.5M award to expand Fremont, and access to >1.8 GWh capacity via contract manufacturing; management underscored capital efficiency .
    • “Through our capitalized contract manufacturing model, we have access to over 1.8 GWh of capacity...” .

What Went Wrong

  • RPO fell sequentially (to $29.1M) given the $15M PO added in Q1; gross margin variability and lumpiness remain due to mix, with LEV cycles short and uneven .
  • Cash used in operations was $4.3M in Q2 (improved vs Q1 due to better net loss), and overall burn still expected in the $7.5–$9.0M per quarter range as scale builds .
  • Colorado factory remains paused amid macro, tariffs, incentives, funding timing; expansion depends on policy and economics, leaving U.S. greenfield capacity timing uncertain .

Financial Results

MetricQ4 2024Q1 2025Q2 2025
Revenue ($USD)$10.631M $11.284M $15.067M
GAAP EPS ($USD)($0.10) ($0.08) ($0.05)
Gross Margin %(21)% (21)% 9%
Operating Expenses ($USD)$9.505M $7.310M $8.153M
Net Loss ($USD)($11.418M) ($9.371M) ($6.370M)
Cash & Equivalents ($USD)$55.155M $48.417M $54.189M
Weighted Avg. Shares (M)109.823 117.970 121.784
Shares Outstanding (Period End, M)116.934 120.546 125.076

Actual vs Consensus (Q2 2025):

MetricQ2 2025
Revenue Actual ($USD)$15.067M
Revenue Consensus ($USD)$12.415M*
Revenue Surprise ($USD)+$2.652M*
EPS Actual ($USD)($0.05)
EPS Consensus ($USD)($0.081)*
EPS Surprise ($USD)+$0.031*
Target Price Consensus ($USD)$17.17*

Values with asterisks retrieved from S&P Global.

Segment and Geography Mix:

MetricQ4 2024Q1 2025Q2 2025
Outside-U.S. Revenue Mix (%)77% 83% 86%
Aviation Revenue Mix (%)n/an/a>90%
LEV Revenue Mix (%)~25% ~25% n/a (remainder primarily LEV)

KPIs:

KPIQ4 2024Q1 2025Q2 2025
Customers Shipped (Count)98 102 93
New Customers (Count)53 46 43
RPO / Backlog ($USD)n/an/a$29.1M

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY 2025No quantitative guidance provided No quantitative guidance provided Maintained
Gross Margin2H 2025No guidance; margins negative in Q1 Expect margins to remain positive and grow over time Raised (qualitative)
Operating ExpensesNear-termLean OpEx; steady-state investments post Fremont upgrade Remain lean; no wholesale change expected Maintained
CapEx (Fremont Electrode Mfg.)2H 2025–2026Steady-state; no Colorado build DIU $10.5M to fund >50% of Fremont expansion; company to contribute remainder fraction Raised targeted Fremont investment
Colorado Facility2025+Designs complete; monitoring macro; no build decision Monitoring macro; adequate capacity via partners; no near-term build Maintained
Manufacturing Capacity2025>1.8 GWh via contract manufacturing >1.8 GWh via capital-light model Maintained
Dividendsn/aNone disclosed None disclosed Maintained

No standalone Q2 press releases beyond the shareholder letter furnished on Form 8‑K were found .

Earnings Call Themes & Trends

TopicPrevious Mentions (Q4 2024)Previous Mentions (Q1 2025)Current Period (Q2 2025)Trend
Product Performance (SiCore/SiMaxx)Introduced 370 Wh/kg high-power cell; pre-prod samples to customers 370 Wh/kg high-power pouch; 6,300 mAh 21700 cylindrical “Best in Show” SA102 hits 450 Wh/kg; 517 Wh/kg sample cells in DoD program Strengthening
Supply Chain & ManufacturingAccess >1.8 GWh; expanding global partners Gigawatt-scale capacity; Fremont retrofit for SiMaxx South Korea partner ramping; Fremont electrode manufacturing expansion (DIU) Expanding
Tariffs/MacroMonitoring tariffs/incentives; diversifying partners Defense layers vs tariffs; >80% revenue out-of-scope Favorable U.S. policy (Exec Order, DoD) accelerating drone adoption Improving policy backdrop
Aviation/Drone MarketPipeline growth; UAS purchase order expectation $15M UAS PO added; shipment 2H 2025 >90% revenue from aviation; momentum post U.S. directives Accelerating
LEV Market~25% of Q4 revenue ~25% of Q1 revenue; shorter design-in cycles Remainder primarily LEV; lumpy profile Mixed (lumpy)
Regulatory & DoD ProgramsxTech Prime award; USABC EV program Continued xTech/USABC execution DIU $10.5M award; FAA BVLOS normalization commentary Increasing gov’t engagement
R&D ExecutionMultiple SKUs; high-energy/high-power advances New chemistries; awards and validation SA102 launch; 517 Wh/kg demo; rapid pilot-line iterations Sustained

Management Commentary

  • “We believe our technology is already raising the bar in real world application… while building global manufacturing scale to meet the significant and growing demand.” — CEO, Kang Sun .
  • “Thanks to our breakthrough energy performance and the ample production capability, we attracted new customers and generated $26.4M in revenue during the first half of this year.” — President, Tom Stepien .
  • “Gross margin was positive 9% for the quarter… Operating expenses for the second quarter continued to be lean at $8.2 million.” — CFO, Sandra Wallach .
  • “The $10.5M [DIU] is going to cover more than 50% of that overall build out… pilot line around 10 MWh/year… NDAA compliant.” — President, Tom Stepien .
  • “Through our capitalized contract manufacturing model, we have access to over 1.8 GWh of capacity…” — CEO, Kang Sun .

Q&A Highlights

  • Revenue inflection: Pipeline moving from qualification to revenue; management expects more customers entering production and sequential revenue increase in Q3 .
  • Margin trajectory & cash: SiCore positive margin drives expansion; with $54M cash, no debt, and ~$7.5–$9.0M quarterly burn, runway remains solid; margins should “stay positive” and grow .
  • Drone TAM & pricing: Management cited ~$50B global drone market (battery ~10% of COGS) and ability to command premium pricing due to performance; near-term focus on value over price .
  • Manufacturing footprint: South Korea partner to begin manufacturing “next month” (from Aug 7 call), with geographic flexibility and domestic NDAA-compliant pilot line expansion underway .
  • Colorado facility: Designs complete; build contingent on tariffs/incentives/funding; current capacity sufficient (>1.8 GWh) .

Estimates Context

  • Q2 2025 beats: Revenue $15.07M vs $12.42M*; EPS ($0.05) vs ($0.081*); # of estimates 6–7; target price consensus $17.17* [GetEstimates: Q2 2025] .
  • Potential estimate revisions: Positive gross margin and sequential revenue growth may prompt upward revenue and margin estimates for 2H 2025; management commentary suggests continued scaling with diversified manufacturing and policy tailwinds .

Values with asterisks retrieved from S&P Global.

Key Takeaways for Investors

  • Revenue/margin inflection: Record Q2 revenue with first positive gross margin marks a structural shift toward profitability as SiCore scales; watch for sustained margin progression in 2H .
  • Demand catalysts: U.S. Executive Order/DoD directives and FAA BVLOS commentary are accelerants for aviation/drone adoption — AMPX appears well positioned with performance leadership .
  • Manufacturing de-risking: South Korea partner ramp and DIU-funded Fremont electrode build enhance geographic flexibility and NDAA-compliance, reducing tariff/geopolitical exposure .
  • Backlog and pipeline: RPO at $29.1M with Q1’s $15M UAS PO underscores near-term visibility; management expects Q3 sequential revenue increase as qualifications convert .
  • Customer diversification: 93 shipped in Q2 with only two >10% contributors; 86% outside U.S. mix mitigates concentration/macro risks .
  • Cash runway: $54.2M cash, no debt, ATM capacity remaining; burn rate manageable while scaling through contract manufacturing .
  • Near-term trading lens: Expect focus on sustained margin positivity, South Korea production start timing, DIU milestones, and Q3 sequential growth confirmation; any slippage in mix (aviation vs LEV) could reintroduce margin variability .