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Amprius Technologies, Inc. (AMPX)·Q3 2025 Earnings Summary

Executive Summary

  • Record quarter: Revenue $21.43M (+42% q/q, +173% y/y); GAAP EPS −$0.03; gross margin expanded to 15% from 9% in Q2 . Versus S&P Global consensus, revenue beat by ~$4.61M (+27%), EPS beat by ~$0.026; EBITDA loss was smaller than expected (−$3.51M vs −$4.05M)*.
  • Demand momentum: Backlog/orders at quarter-end were $53.3M (+83% q/q), including a record $35M follow-on purchase order from a leading UAS manufacturer .
  • Mix shift: ~75% of Q3 revenue from aviation (led by UAS); ~75% shipped outside the U.S., supporting diversification and margin improvement .
  • Balance sheet and funding: Cash and equivalents $73.2M; no debt . Secured $12.0M DIU contract to expand Fremont capacity (including electrode manufacturing), expected to cover the majority of near‑term capex .
  • Near-term stock catalysts: Operational beat/margin expansion, large orders/backlog visibility, DIU-funded U.S. pilot line buildout, and ongoing product introductions; management signaled EBITDA breakeven could be achieved with ~$10M incremental quarterly revenue .

What Went Well and What Went Wrong

What Went Well

  • Record revenue and margin improvement: “Our revenue totaled $21.4 million… increased our gross margin to 15%, a significant improvement over… 9% in the second quarter.”
  • Large strategic wins: “A record $35 million purchase order from a leading UAS manufacturer… a follow‑on purchase from the same customer that placed a $15 million order earlier this year.”
  • Customer traction and product success: “We shipped batteries to 159 end customers, 80 of whom are new… Our second generation SiCore batteries led the revenue charge… >4x increase in shipments vs Q3 2024.”
  • Quote (customer validation): “Amprius offered the best combination of advanced battery technology, production readiness, and cost competitiveness…” — ESAero CEO Andrew Gibson

What Went Wrong

  • Profitability not yet achieved: Operating loss −$4.7M and GAAP net loss −$3.9M, despite stronger gross profit .
  • Working capital drag: Operating cash outflow −$9.2M driven by ~$11.2M increase in accounts receivable as sales scaled .
  • Margin lumpiness risk: Management cautioned gross margins may remain volatile due to product/customer mix, tariffs/logistics, and the transition toward higher SiCore mix .

Financial Results

Consolidated P&L and Key Margins (chronological: oldest → newest)

MetricQ3 2024Q1 2025Q2 2025Q3 2025
Revenue ($USD Millions)$7.86 $11.28 $15.07 $21.43
GAAP EPS ($)−$0.10 −$0.08 −$0.05 −$0.03
Gross Margin (%)−65% −21% 9% 15%
Operating Loss ($USD Millions)−$11.25 −$9.67 −$6.81 −$4.69
Adjusted EBITDA ($USD Millions)−$8.67 n/a−$3.84 −$1.40

Actual vs Wall Street Consensus (S&P Global) — Q3 2025

MetricConsensusActual
Revenue ($USD)$16,811,000*$21,426,000
GAAP EPS ($)−0.0557*−0.03
EBITDA ($USD)−$4,049,500*−$3,511,000*

Values retrieved from S&P Global.*

Segment and Geography Mix

Mix MetricQ2 2025Q3 2025
Aviation (% of revenue)>90% ~75%
LEV (% of revenue)Remainder Remainder; “lumpier profile”
Shipped-to Outside U.S. (%)86% ~75%

KPIs and Operating Metrics

KPIQ3 2024Q1 2025Q2 2025Q3 2025
Customers shipped (count)53 102 93 159
New customers added (quarter)24 46 43 80
Total end customers (cumulative)224 n/an/a444
Backlog / Orders ($USD Millions)n/a$34.5 (added to backlog in Q1) $29.1 RPO $53.3 (near-term orders)
Gross Margin (%)−65% −21% 9% 15%
Cash & Equivalents ($USD Millions)$35.05 $48.42 $54.19 $73.22
DebtNone None None None
Weighted Avg Shares (millions)110.41 117.97 121.78 126.63

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueQ4/FY 2025Not providedNot providedMaintained: no formal revenue guidance
Gross MarginNear-termAchieved positive GM in Q2 (9%) Management aims ≥20% GM on second-gen SiCore at ~80% capacity; cautions lumpiness Commentary only (target), no numeric range
EBITDANear-termNot providedIndicated EBITDA breakeven achievable with ~$10M incremental quarterly revenue New qualitative marker
Capex / ManufacturingNext several quartersFremont pilot line upgrades ongoing $12.0M DIU contract expected to cover majority of near-term capital investment; expanding electrode manufacturing Raised external funding support
U.S. Factory (Colorado)OngoingDesigns complete; timing dependent on incentives/demand Designs complete; monitoring industry dynamics, tariffs, funding; adequate capacity via partners Maintained “wait-and-see” stance
Financing CapacityAs of period endATM remaining ~$46.7M (Q2) ATM remaining ~$20.1M (Q3) Reduced after issuance

No formal revenue/EPS guidance ranges were issued; management provided qualitative targets and capital plans .

Earnings Call Themes & Trends

TopicQ-2 (Q1 2025)Q-1 (Q2 2025)Current Period (Q3 2025)Trend
AI/technology initiativesNew high-power and high-energy cells; 21700 6300 mAh; awards 450 Wh/kg SiCore product; external validations; Zephyr endurance Balanced power/energy SiCore pouch/cylindrical; 520 Wh/kg samples to AV/xTech Prime Advancing product portfolio; expanding SKUs
Supply chain/manufacturingCapital-light contract manufacturing; global diversification Added South Korea partner; ramp imminent >1.8 GWh via partners (~50M cells equiv.); expanding partner network Scaling capacity; geographic diversification
Tariffs/macroMitigation strategy: performance advantage; out-of-scope revenue; global diversification Policy tailwinds for domestic UAS; exec orders Continued tariff uncertainty; 75% revenue ex-U.S.; optimism on defense funding Policy supportive; macro managed via mix
Product performance/customer wins$15M UAS PO in Q1; LEV traction Positive GM; 450%+ SiCore shipment growth y/y $35M UAS PO; 159 customers; Nordic Wing/ESAero wins Larger orders, more new customers
Regulatory/legal (defense)Planning, permits not highlightedDIU funding announced ($10.5M) DIU contract total $12.0M; NDAA-compliant supply chain qualification underway Increasing government engagement
R&D executionNew chemistries; SKUs expanding SA102 450 Wh/kg; pilot line sampling 20 SKUs; external testing to UN 38.3/BIS; NDAA component qualification (5 of 11 done) Broader catalog; standards focus
Regional trends83% ex-U.S. shipped-to 86% ex-U.S. shipped-to ~75% ex-U.S. shipped-to; aviation ~75% of revenue Diversified; slight U.S. mix increase

Management Commentary

  • “This advantaged situation… allowed us to achieve record revenue in the third quarter. We attracted new customers… and released compelling new products.” — President Tom Stepien
  • “Our second generation SiCore batteries led the revenue charge… helped enable a second consecutive quarter of positive gross margin.” — Letter to Shareholders
  • “At the end of Q3, we had $53.3 million of orders… This backlog is 83% higher than the second quarter.” — CFO Ricardo C. Rodriguez
  • “We have over 1.8 GWh of capacity available to us through our partners… ~50 million cells per year.” — Letter to Shareholders
  • “We aim to get [gross margin] north of 20%… at closer to 80% of our capacity.” — CFO Ricardo C. Rodriguez

Q&A Highlights

  • U.S. capacity and NDAA-compliant manufacturing: Management plans both U.S. and NDAA-compliant overseas contract manufacturing; DIU contract requires a silicon anode pilot line in the U.S. by next summer .
  • Gross margin drivers and volatility: Margin improvement driven primarily by mix (greater SiCore share) and volume; caution on lumpiness due to product/customer mix and tariffs/logistics .
  • Path to EBITDA and cash flow breakeven: With another ~$10M of quarterly revenue, adjusted EBITDA would be positive; EBITDA viewed as a good proxy for cash given low D&A and no interest/taxes .
  • Backlog cadence and repeat orders: $35M PO spans ~1 year; building longer-term contracts synchronized to customers’ delivery schedules; management “incredibly optimistic” about repeat orders scaling despite seasonality .
  • Pipeline mix and pricing: Aviation ~75% in Q3, with LEV growing; pricing/margins similar across aviation/LEV; longer-volume agreements can have different pricing .

Estimates Context

  • Q3 2025 results vs S&P Global consensus: Revenue $21.43M vs $16.81M (beat ~27%); GAAP EPS −$0.03 vs −$0.0557 (beat ~$0.026); EBITDA −$3.51M vs −$4.05M (smaller loss). These beats reflect stronger demand, higher SiCore mix, and scaling efficiencies through contract manufacturing *.
  • Revisions implication: Expect upward adjustments to revenue and margin trajectories in near-term models; management’s commentary suggests continued margin progress as SiCore mix increases and backlog converts, but with caution on lumpiness .

Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Execution improving: Two consecutive quarters of positive gross margin with expansion to 15% driven by SiCore mix and volume .
  • Demand visibility: $53.3M near-term orders/backlog (+83% q/q) and $35M follow-on PO support revenue trajectory into Q4/Q1 .
  • Capacity in place: >1.8 GWh via partners (~50M cell equiv.) plus DIU-funded U.S. pilot line expansion de-risk supply capacity and NDAA compliance .
  • Profitability path: Management indicates EBITDA breakeven achievable with ~$10M more quarterly revenue; gross margin target ≥20% on second-gen SiCore at ~80% capacity utilization .
  • Mix and geography help margins: ~75% aviation and ~75% ex‑U.S. shipped‑to underpin diversification and pricing power; expect variability by program pricing and logistics/tariffs .
  • Catalysts: Continued large UAS orders, defense tailwinds (DIU, policy), new product introductions, and potential positive estimate revisions post-beat .
  • Risks: Margin lumpiness, working capital needs as AR grows with scale, tariff/logistics volatility, and timing of U.S. capacity qualification .

Additional Notes

  • Q3 2025 “press release”: The company furnished a Letter to Shareholders (Exhibit 99.1) with the 8-K, which served as the primary earnings release; no separate earnings press releases were found for Q3 in the catalog .
  • Prior quarters read in full for trend analysis: Q1 2025 and Q2 2025 Letters to Shareholders – –.
  • Non‑GAAP reconciliation: Adjusted EBITDA reconciliation provided in Q3 materials .