Q1 2025 Amprius Technologies Inc Earnings Call
Good afternoon, welcome to the <unk> technologies first quarter 2025 earnings conference call joining us for today's presentation are the company's CEO, Dr. Chang Sun and CFO Sandra Wallach at this time all participants are in listen only mode. Following management's remarks, we will open the call for questions.
Operator: Welcome to the Amprius Technology's first quarter 2025 earnings conference call.
Operator: Joining us for today's presentation are the company's CEO, Dr. Kang Sun, and CFO, Sandra Wallach. At this time, all participants are in listen-only mode. Following management's remarks, we will open the call for questions.
Operator: Please note that this presentation contains forward-looking statements, including but not limited to statements regarding our financial and business performance, our business strategy, future product development or commercialization, new customer adoption and new applications, our growth and the growth of the markets in which we operate, and the timing and ability of Amprius to expand its manufacturing capacity, scale business, and achieve a sustainable cost structure. These statements involve known and unknown risks, uncertainties, and other important factors that may cause Amprius' results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements.
Speaker Change: Please note that this presentation contains forward looking statements, including but not limited to statements regarding our financial and business performance, our business strategy and future product development or commercialization, new customer adoption and new applications are gross and the growth of the markets in which we operate and the timing and ability of amperage to expanded manufacturing capacity.
Speaker Change: D scaled business and achieve a sustainable cost structure. These statements involve known and unknown risks uncertainties and other important factors that may cause embraces results performance or achievements to be materially different from any future results performance or achievements expressed or implied in such forward looking statements for a more complete discussion of these risks.
Operator: For a more complete discussion of these risks and uncertainties, please refer to Amprius' filings with the Securities and Exchange Commission.
Speaker Change: Certainties, please refer to <unk> filings with the Securities and Exchange Commission finally, I would like to remind everyone that this conference call is being webcast and a recording will be made available for replay on the company's Investor Relations website at IR got Ambridge Dot Com. In addition to the webcast the company as opposed to the shareholder letter that accompanies these results with you.
Operator: Finally, I would like to remind everyone that this conference call is being webcasted, and a recording will be made available for replay on the company's investor relations website at ir.amprius.com. In addition to the webcast, the company has posted a shareholder letter that accompanies these results, which can also be found on the investor relations website.
Speaker Change: Can also be found on the Investor Relations website, I will now turn the call over to embrace technology CEO Dr. Caisson for his comments Sir. Please proceed.
Operator: I will now turn the call over to Amprius Technology's CEO, Dr. Kang Sun, for his comments. Sir, please proceed.
Kang Sun: Welcome, everyone, and thank you for joining us this afternoon. On today's call, I will give you an overview of our Q1 performance. and our recent accomplishments, while also highlighting milestones we look forward to achieving soon.
Speaker Change: Welcome everyone and thank you for joining us this afternoon.
Speaker Change: On today's call.
Speaker Change: Give you an overview of our Q1 performance.
Speaker Change: And our recent accomplishments, while also highlights and milestones we look forward to achieving soon.
Sandra Wallach: After that, our CFO, Sandra Wallach, will discuss our financial results for the period.
Speaker Change: After that I'll be.
Speaker Change: CFO, Sandra Wallach, who will discuss our financial results for the period.
Kang Sun: Now I will share some closing remarks before opening the call for questions.
Speaker Change: Now I will share some closing remarks before opening the call for questions.
Speaker Change: Yeah.
Kang Sun: Before I give a recap of the quarter, I would like to briefly introduce Amprius to those who may be new to our company. Amprius is a pioneer and the leader in silicon anode battery space. with over a decade of development experience and a long track record of commercial shipments and customer achievement. At Amprius, we develop, manufacture, and market high energy density and high power density silicon anode batteries with application across all segments of the electrical mobility. including aviation, electrical vehicle, and the light electrical vehicle industry. Today, Amprius has the most complete portfolio of silicon and other material systems in the industry.
Speaker Change: Before I gave a little recap of quarter I would like to briefly introduce M. P. As to those who may be new to our company.
Speaker Change: with over a decade of a development experience and a long track record of commercial shipments and the customer achievements.
including Aviation, Electrical Vehicle, and Light Electrical Vehicle Industries.
Kang Sun: and comments performance leadership with his compilation of the battery energy density, power density, charging time, operating temperature, and safety. Across our battery portfolio, we believe that we offer unmatched performance among commercially available batteries. Amprius has been delivering commercial batteries to the market with up to 450 watt per kilo and 1,150 watt per liter. 10C power capability, an extreme fast charge rate of 0% to 80% stay of charge in approximately six minutes. the ability to operate in a wide temperature range of minus 30 degrees Celsius up to 55 degrees Celsius. and the safety design features that enable us to pass the United States military's benchmark and nail penetration test.
Speaker Change: Across our battery portfolio, we believe that we offer unmatched performance among the commercially
Speaker Change: Amprius has been delivering commercial bad peace to the market with up to 450-hour per year, and the 1150-hour per liter.
Speaker Change: Tennessee Power Capability, an extreme fast charge rate of 0 to 80% state-of-charge in proximity
Speaker Change: The ability to operate in a wider temperature range of men at 30 degrees Celsius up to 55 degrees Celsius.
Speaker Change: and the safety design features that enable us to pass the United States military benchmark and neo-pandetrition tests.
Kang Sun: Each of these performance parameters is critically important to real-world electrical mobility applications. Not only do our batteries enable certain aircraft and vehicles to maximize performance. but they enable our customers to achieve their economic targets as well.
Speaker Change: Each of these performance parameters is critically important to reward electrical mobility applications. Not only do our batteries enable certain aircraft and vehicles to maximize performance.
Speaker Change: but the enable our customer to achieve their economic targets as well.
Kang Sun: In addition, Amprius has developed a 500-watt-per-kilo and a 1,300-watt-per-liter battery platform that was validated by a third party. It's our belief that there are no other commercial batteries on the market that can perform at these levels today.
Speaker Change: In addition, Amprius has developed a 500-hour per kettle and a 13-hundred-hour per liter battery platform that was validated by a third party. It's our belief that there are no other commercial batteries on the market that can perform at least levels today.
Kang Sun: In the first quarter, Amprius continued to demonstrate technological innovation and business growth.
Speaker Change: In the first quarter, Amprius continued to demonstrate technological innovation and business growth.
Kang Sun: We introduce the new cell chemistries. developed a 370-watt Replicator high-power pouch cell. and the 6,300 milliamp-hour cylindrical cells.
Speaker Change: We introduce the new cell chemistry. Developed a 370-watt-per-ketal high-power pouch cells.
Kang Sun: We shipped batteries to over 100 customers. Innovative technologies and breakthrough product performance are the foundation of Amprius business.
Speaker Change: and the 6300 Minion Power Syngical Sales. We shipped batteries to over 100 customers.
Speaker Change: Innovative technologies and breakthrough product performance are the foundation of Amprius business.
Kang Sun: Following the launch of our cycle product platform in January of 2024, we introduced a series of new batteries and expand our portfolio. Today Amprius has over a dozen SKUs for various customer applications. Two of the new batteries we introduced this quarter have attracted overwhelming attention and strong interest from markets. Amprius is a high-energy and high-powered cell with a 370 Wh per kilo energy density and a 15 C discharge rate. It sets a new performance record and a standard in the lithium-ion battery industry and provides a powerful solution to the electric mobility market where both endurance and rapid energy delivery are important.
Speaker Change: Following the launch of our cycle product platform in January of 2024, we introduce the series of new batteries and expand our portfolio. Today, Amprius has over a dozen SKUs for various customer applications.
Speaker Change: Jeffrey Succaya Energy and the Hyde Power Cell was a 370-hour per-kiddle energy density and the 15-seat discharge rate.
Speaker Change: Says a new performance record and a standard in lithium-ion battery industry and provides a powerful solution to the electrical mobility market where both endurance and rapid energy delivery are important.
Kang Sun: We have been shipping this battery for evaluation to customers such as Teledyne FLIR since in January. In March, we also introduced our high energy density 21700 cylindrical cell with 6300 milliamp power capacity. This battery provides a 25% energy boost over the cells our customers are currently using. We have already shipped these products to a Fortune 500 company in the light electric vehicle market for their evaluation. The drop-in compatibility of this cell format with our customers' product design. allows manufacturers to boost product performance without a costly redesign.
Speaker Change: In March, we also introduced our high energy density 21,700 cylindrical cell with 63 hundred million power capacity
Speaker Change: This battery, poor wife, a 25% energy boost over the sales our customer are currently using.
Speaker Change: We have already shipped this product to a 4,500 company in the later electrical vehicle market for their evaluation.
Speaker Change: The drop-in competitivity over this cell format, without a customer's product of designs, allows manufacturers to boost the product of performance without the cost of redesigns.
Kang Sun: This cell was recently voted best in show at the 2025 International Battery Seminar in March. This distinction marks the third year in a row that one of Amprius products has won a major award at the International Battery Seminar.
Speaker Change: This cell was recently voted best in show at the 2025 International Betsy Seminar in March.
Speaker Change: This distinguishing marks to the 30-year-in-a-rule that the Wall of the Amprius product has won a major award at the International Battery Seminar.
Kang Sun: Commercially, what really separates Amprius from the competition? in the emerging lithium-ion battery technology space is that we are not just producing battery samples in the lab. Instead, Amprius has been manufacturing high-performance silicon-ion batteries at scale. The Amprius batteries with high energy, high power, long cycle life and safety features are commercially available today.
Primarily, what a really separate Amprius from the competition.
Speaker Change: The emerging lithium ion battery technology space is that we are not just producing battery samples in the lab. Instead, Amprius has been manufacturing high-performance acidic nano-patteries at a scale.
Speaker Change: The Amprius battery is with the high energy, high power, long cycle life, and the safety features are commercially available today.
Kang Sun: Our new company website, Amprius.com, provides more information about Amprius products, technologies, and applications. It's a great source for our customers, partners, investors, and shareholders. We are actively leveraging this new resource. to make inroads with new customers across market segments.
Speaker Change: Our new company website, Amprius.com provides more information about Amprius product, technologies, applications, is a great source for our customers, partners, investors, and the shareholders.
Speaker Change: We are actively leveraging this new resource to make the inroads with new customers across
Kang Sun: Q1 is another quarter with multiple commercial wins at Ambrius. both new and returning customers continue to recognize our best-in-class product performance and place orders with us in the first quarter. We shipped to 102 customers with 46 of those. being new to Amprius platform. The breakthrough performance and the large production capacity of Amprius' Psi-Core battery enabled us to attract customers to drive revenue growth. We generated a revenue of $11.3 million in Q1, a 6% increase from the fourth quarter of last year and up to 383% from the same period of last year. This strong growth was primarily driven by a greater than 600% increase.
Speaker Change: Q1 is another quarter with multiple commercial wins at Amprius. Both new and the returning customers continue to recognize our best-in-class product performance and place orders with us in the first quarter.
Speaker Change: We shaped it to 102 customers, with the 46th of those being new to Amprius platform.
Speaker Change: The breakthrough performance and the large production capacity of Amprius Psycho or Bedtree, enabled us to attract the customers that were in the revenue groups.
Speaker Change: We generate a revenue of 11.3 million Q1, a 6% increase from the 4th quarter of last year and up to 383% from the same period of last year.
Speaker Change: This strong growth was primarily driven by a greater than 600% increase in psycho shipments since we began selling the commercial product at the beginning of the last year.
Kang Sun: in FACOR shipments since we began selling the commercial product at the beginning of last year. Cycles mass production capability have allowed us to become a cost competitive with traditional battery manufacturers who are maintaining our firm technology advantage. opening the door to new customers and then enabling large volume to current customers. In Q1, 83% of our revenue came from outside of the United States, shipped to Basie. This is an increase from 65% in the prior year period, demonstrating the expansion of our customer base worldwide. This customer diversification has also allowed us to grow despite the general headwinds and uncertainty created by the current tariff policies domestically and internationally.
Speaker Change: Psycho's mass production capability have allowed us to become a cost competitive with traditional battery manufacturers who are maintaining our firm technology advantages.
Speaker Change: opening the door to new customers and the enabling large volume to current customers.
Speaker Change: In Q1, 83% of our revenue came from all side of the United States who are shipped to a basis.
Speaker Change: This is the increase from 65% in the prior year period, demonstrating the expansion of our customer-based water-wide.
Speaker Change: This customer's investigation has also allowed us to grow despite the general headwinds and uncertainty created by the current terror of policies, domesticry and the interaction
Kang Sun: During the quarter, we also announced a 15 million purchase order from our main area of 50 OEM. This order was the result of the nine-month non-testing cycle that resulted in Amprius battery being designed into the manufacturer's fixed-wing UAS platform. We remain on track to ship these sales in the second half of the year to fulfill the customer demand. Orders like this demonstrate our ability to work with the customers throughout. the design and the qualification process and converted them into volume orders over time. As we previously discussed, this process generally takes anywhere between nine to 18 months for aviation customers.
Speaker Change: During the quarter, we also announced a 15-minute purchase order from Amit, Ariel 15, Oyanne.
Speaker Change: This order was the result of the non-month non-testing cycle that the result in an Amprius battery being designed into the manufacturer's fixed-wing U.S. platform.
Speaker Change: Orders like this demonstrate our ability to work with the customers throughout the design and of the education process and to convert them into volume orders over time.
Speaker Change: As we previously discussed, this process generally takes anywhere between 9 to 18 months for aviation customers.
Kang Sun: However, that time can be cut down significantly for customers in the light electrical vehicle sector, which is already running at scale. We have made a strong progress in penetrating the light electrical vehicle market, and approximately 25% of our revenue in the first quarter came from that segment. We expect the shorter design cycles for this mature market combined with our drop-in replacement batteries will help us succeed in gaining additional market shares in this growing market. In total, we add 34.5 million in new customer purchase orders to our backlog in the first quarter. giving us additional visibility into our growth for the remainder of 2025.
Speaker Change: However, that time can be cut down significantly for customers in the lighter electrical vehicle sector, which is already running at scale.
Speaker Change: We have made a strong progress in penetrating the lead electrical vehicle market, and approximately 25 percent of the revenue in the first quarter came from that segment.
Speaker Change: We expect the Souther design cycles for this mature market, combined with our dropping replacement batteries will help us succeed in gaining additional market shares in this growing market.
Speaker Change: In total, we add 34.5 million in new customer purchase orders to our backlog in the first quarter, giving us a teaching of visibility into our growth for the remainder of 2025.
Kang Sun: In 2024, Amprius developed a gigawatt-hour scale cycle contract manufacturing capability that enables us to fulfill both of our backlog and the new orders. The availability of a large-scale manufacturing facility also helps us to attract volume customers and competing production costs. In addition to the capacity available to us with our cycle product through our partners, we have completed our hardware retrofit at our Fremont facility for our CEMEX product. We are now focused on optimizing the manufacturing process to support our customers that require the 500 watt per kilo CEMEX product.
Speaker Change: In 2024, Amprius developed a giga-hour scale, cycle, contract and manufacturing capability, setting neighborhoods to fulfill both of our backlog and the new orders.
Speaker Change: The availability of a large scale manufacturing facility also helps us to attract the volume of customers and the competing production cost.
Speaker Change: In addition to the capacity available to us, with our cycle products through our partners, we have a complete our hardware retrofit at our three-month facility for our SAMX products.
Speaker Change: We are not focused on optimizing the manufacturing process to support our customer, neither
Kang Sun: This includes our. long time customer Otto Airbus and our partner Aerovironment for the X-Time Prime U.S. Army grant program.
Speaker Change: This includes our long-time customer Otto Airbus and our partner Airoverman for the ex-time prime US Army grant program.
Kang Sun: Catching up the current quarter, we enter Q2 with a significant operating momentum. we have introduced. a new product with breakthrough performance, the 450 Wh Plaketol cycle cell. Since we built our cycle platform, we have been actively working to increase our portfolio's performance. A 450-watt per-kilo cell. is a testament to the research and the development of work we have done to maximize energy density. Offering 400 Wh per kilo and 900 Wh per liter, this new cell delivers up to 80% more energy than conventional lithium-ion battery cells using graphene. making it an ideal cell for aviation and electrical mobility applications.
Speaker Change: Stretching up the current quarter, we enter Q2 with the significant all-per-eating momentum.
Speaker Change: We're having to use the new products with the breakthrough performance, the 450-hour
Speaker Change: Things we debuted our cycle platform. We have been actively working to increase our
Speaker Change: The 450-hour per kilo-cell is a testament to the research and the development of work we have done to maximize energy-based energy.
Speaker Change: Offing 400-hour per kilo and the 900-hour per liter. This new cell delivers up to 80% more energy than conventional DCMR battery cells using graphene energy.
Kang Sun: We believe that this new product combined with the products that are already in volume production will be the growth engine of our revenue in 2025. Amprius has several layers of defense for trade conflicts and tariffs. First, we believe that we deliver the highest performing sales on the market today at a competitive cost. For many of our customers, it's not a question of choosing us over a competitor. We are the only solution on the market that can meet their technical and economical needs. Second, over 80% of our revenue last quarter was out of the scope for current U.S.
Speaker Change: We believe that this new product combined with the products that are already in volume production would be the growth engine of our revenue in 2025.
Speaker Change: Amprius has several layers of defense for tree-to-conflicts and terrors. First of all, we believe that we deliver the highest performing sales on the market today at a competitive cost.
Speaker Change: For many of our customers is not a question of cruising us over a competitor. We are the only solution on the market that can be their technical and economical needs.
Speaker Change: Of our revenue last quarter was the out of the scope for current U.S. imported tariffs because our customers were located all set of country.
Kang Sun: import tariffs because our customers were located outside of the country. for the products sold to U.S. customers. We are working along the supply chain to achieve the economic solutions for all parties. In addition, we have diversified our manufacturing globally to insulate us from the potential impact of the tariffs. like every business in today's market. We are monitoring the latest policy decisions from the U.S. government and others around the globe.
for the product of Soder to U.S. customers.
Speaker Change: We are working along the supply chain to achieve the economic solutions for all parties.
Speaker Change: In addition, we have diversified our manufacturing globally to influence us from the potential impact of the tariffs.
Like every business in today's marketplace.
Speaker Change: We are monitoring the ladies, the policy decisions from the US government and others around the globe.
Kang Sun: Put together, despite the lingering uncertainty, we remain confident in our expectations for growth for the full year based on the information we have today, as well as the proactive steps we have taken to mitigate the potential impact.
Speaker Change: We put together the spread of the lingering uncertainty. We remain confident in our expectations for growth for the full year based on the information we have today as well as the pro-activity response. We have taken to mitigate the potential impacts.
Kang Sun: The important recent business highlight at Amprius...
Kang Sun: is our recent announcement that Tom Stettin has joined us as the president of Amprius Technology. Tom brings over 35 years of leadership experience to Amprius and has a rare combination of both technical expertise and market leadership at an innovative technology company. as we expand our global footprint. Tom's decades' experience in growing energy and manufacturing businesses will be instrumental in guiding Amprius through the next phase of growth.
The important reason the business is highly at the Amprius.
Speaker Change: He's our recent announcement that Tom Stepping has joined us as the president of Amprius Tech
Speaker Change: Tom brings over 35 years of leadership experience to Amprius and has a rare compilation of both technical expertise and the market leadership at the innovative technology companies.
As we expand our global footprint.
Speaker Change: Some specialist experience in growing energy and manufacturing businesses will be instrumental in guiding Amprius through the next phase of growth.
Sandra Wallach: With that, I will now turn the call over to Sandra to review our financial results. Thank you, Kang. I would now like to spend a few minutes covering some key financial updates.
Speaker Change: With that, I will now return the call over to Sandra to review our financial results.
Sandra Wallach: As a reminder, our detailed financials can be found in our shareholder letter. We ended the first quarter with $11.3 million in total revenue. As we have previously discussed, our total revenue is a combination of our main revenue streams, product revenue, as well as development services and grant revenue. This quarter, $11 million came from our product revenue, representing a $0.7 million or 6% increase sequentially. Product revenue in Q1 2024 was just $2.3 million, marking a 370% or 8.6 million year-over-year increase. Our development services and grant revenue totaled $0.3 million this quarter, which was consistent with $0.3 million in Q4 2024 and up from zero year-over-year.
Sandra Wallach: We ended the first quarter with 11.3 million in total revenue.
Sandra Wallach: As we have previously discussed, our total revenue is a combination of our main revenue streams, product revenue as well as development services and grant revenue.
Sandra Wallach: Product revenue in Q1 2024 was just 2.3 million, marking a 370% or 8.6 million year-over-year increase.
Sandra Wallach: which was consistent with 0.3 million in Q4 2024 and up from zero year over year.
Sandra Wallach: As we've discussed in the past, development services and grant revenue from large development programs are non-recurring in nature, leading to greater fluctuations depending on the comparison period. The overall increase in revenue this quarter was primarily driven by the addition of new customers. As Kang mentioned, we shipped to 102 customers in the first quarter. Of these customers, only three accounted for greater than 10% of revenue, consistent with three customers in both the first and the fourth quarters of 2024.
Sandra Wallach: The overall increase in revenue of this quarter was primarily driven by the addition of new customers.
Sandra Wallach: As Kang mentioned, we shipped to 102 customers in the first quarter of these customers only three accounted for greater than 10% of revenue consistent with three customers in both the first and the fourth quarters of 2024.
Sandra Wallach: 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. Now moving to our profitability metrics, gross margin was negative 21% for the quarter compared to negative 21% in Q4 2024 and negative 190% in the prior year period. As a reminder, we see significant gross margin variation as our product and services revenue mix fluctuates. Gross margins in 2024 were also impacted by pre-construction planning costs related to the Colorado facility, which were completed in October of 2024. Now moving on to our operating expense management, our operating expenses for the first quarter were $7.3 million, a decrease of $2.2 million or 23% compared to Q4 2024, and an increase of $1.4 million or 24% from the prior year period.
Sandra Wallach: 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.
Sandra Wallach: Now moving to our profitability metrics, Gross Margin was negative 21% for the quarter compared to negative 21% in Q4 2024 and negative 190% in the prior year period.
Sandra Wallach: As a reminder, we see significant gross margin variation as our product and services revenue mix fluctuates. Gross margins in 2024 were also impacted by pre-construction planning costs related to Colorado facility, which were completed in October of 2024.
Sandra Wallach: Now moving on to our operating expense management, our operating expenses for the first quarter were $7.3 million, a decrease of $2.2 million or 23% compared to Q4 2024, and an increase of $1.4 million or 24% from the prior year period.
Sandra Wallach: OPEX decreases from Q4 to Q1 were driven by the non-recurring loss on retirement of property, plant, and equipment discussed in our Q4 and full year earnings of $1.9 million. Year over year the increase in OPEX was driven by increased investment in sales and the reallocation of R&D from cost of goods sold as development services agreements run off. Our gap net loss for the first quarter was $9.4 million, or negative $0.08 per share, with $117.9 million weighted average number of shares outstanding. In Q4 2024, our net loss was $11.4 million, or negative $0.10 per share, with $109.8 million weighted average number of shares outstanding.
Sandra Wallach: Optics decreases from Q4 to Q1 were driven by the non-recurring loss on retirement of property plant and equipment discussed in our Q4 in full year earnings of 1.9 million.
Sandra Wallach: Year of a year, the increase in op-EX was driven by increased investment in sales and the reallocation of R&D from cost of goods sold as development services agreements run off.
Sandra Wallach: Our GapNet loss for the first quarter was 9.4 million or negative 8 cents per share.
Sandra Wallach: with 117.9 million weighted average number of shares outstanding. In Q4 2024, our net loss was 11.4 million or negative 10 cents per share, with 109.8 million weighted average number of shares outstanding.
Sandra Wallach: Q1 2024 net loss was $9.9 million or negative $0.11 per share with 90 million weighted average number of shares outstanding. As of March 31st, 2025, there were 95 full-time employees, down from 99 at the end of the fourth quarter, with those employees primarily based in our Fremont, California location. Our share-based compensation for the first quarter was $1.8 million, compared to $2.4 million in Q4 and $1.2 million in the prior year period. The sequential decrease is primarily attributable to $0.7 million in the nonrecurring grant of fully vested shares by Amprius, Inc. for key employees and service providers that occurred in the fourth quarter.
Sandra Wallach: Q1, 2024, net loss was 9.9 million or negative 11 cents per share with 90 million weighted average number of shares outstanding.
Sandra Wallach: As of March 31st, 2025, there were 95 sold-time employees, down from 99 at the end of the fourth quarter, with those employees primarily based in our three-month California location.
Sandra Wallach: Our share-based compensation for the first quarter was $1.8 million compared to $2.4 million in Q4 and $1.2 million in the prior year period. The sequential decrease is primarily attributable to $0.7 million in the non-recurring grant of fully vested shares by Amprius Inc. for key employees and service providers that occurred in the fourth quarter
Sandra Wallach: As of March 31st, 2025, we had 120.5 million shares outstanding, which was up 3.6 million from the prior quarter. That change includes approximately 1 million shares issued from option exercises and RSU vesting and 2.6 million shares issued from our ATM reserves.
Sandra Wallach: that change includes approximately 1 million shares issued from option exercises and RSU investing and 2.6 million shares issued from our ATM reserve.
Sandra Wallach: Now turning to the balance sheet, we exited the first quarter with $48.4 million in net cash and no debt. Key drivers for cash in the quarter included $14.1 million used in operating cash flow, which was slightly higher than our projected run rate of approximately $2.5 to $3 million monthly, excluding transaction-related costs. The main cause of the variance this quarter is related to the change in working capital accounts, specifically late quarter billings caught up in accounts receivable at the end of the quarter. $0.9 million in investment related to the Fremont, California facility. We also had $8.5 million in cash inflow from the issuance of common stock under the at-market sales agreement.
Sandra Wallach: Now turning to the balance sheet, we exited the first quarter with 48.4 million in net cash and no debt.
Sandra Wallach: Key drivers for cash in the quarter included $14.1 million used in operating cash flow, which was slightly higher than our projected run rate for approximately $2.5 to $3 million monthly excluding transaction-related costs.
Sandra Wallach: The main cause of the variance of this quarter is related to the change in working capital accounts, specifically late quarter of Billings caught up in accounts receivable at the end of the quarter.
Sandra Wallach: 0.9 million in investment related to the Fremont, California facility. We also had 8.5 million in cash in flow from the issuance of common stop under the at-market sales agreement. We still have 57.8 million left out of the facility.
Sandra Wallach: We still have $57.8 million left on the facility.
Sandra Wallach: Considering our business achievements and ongoing projects, we believe we are efficiently using capital to drive Amprius forward. Before I turn the call back over to Kang, I would like to take a moment to discuss our CapEx outlook for the remainder of 2025. We expect to move to a steady state of quarterly investment in normal operating items with the hardware upgrade behind us for Fremont. At this time, there are no plans to move forward with the Colorado facility. The designs for this project are effectively complete, and we are continuing to monitor the larger industry dynamics associated with building a factory in the United States.
Sandra Wallach: Considering our business achievements in ongoing projects, we believe we are efficiently using capital to drive Amprius forward.
Sandra Wallach: Before I turn the call back over to Kang, I would like to take a moment to discuss our CapEx outlook for the remainder of 2025. We expect to move to a steady state of quarterly investment in normal operating items with the hardware upgrade behind us for free month.
Sandra Wallach: At this time, there are no plans to move forward with the Colorado facility. The designs for this project are effectively complete and we are continuing to monitor the larger industry dynamics associated with building a factory in the United States.
Sandra Wallach: Changes in demand, supply, battery cost structure, government incentives, trade tariffs, and other considerations, including the timing and availability of funding, will influence our decisions on the next step in timing. We have secured adequate capacity for the foreseeable future through our contract manufacturing network and plan to further expand that in 2025 without deploying our capital.
Sandra Wallach: Change is in demand, supply, battery cost structure, government incentives, trade tariffs and other considerations including the timing and availability of funding will influence our decisions on the next step in timing.
Sandra Wallach: We have secured adequate capacity for the foreseeable future through our contract manufacturing network and plan to further expand that in 2025 without deploying our capital.
Sandra Wallach: That concludes my financial discussion and I will now pass the call back to Kang. Thanks, Sandra.
King: That concludes my financial discussion, and I will now pass the call back to Kang.
Kang Sun: As we look ahead. of a strategy and Amprius remains unchanged. The company is focusing on technology innovation. new products introduced. Quality Manufacturing. Customer Engagement, and the Revenue Guru.
Thanks, Sandra.
As we look her head,
Our strategy and Amprius remains unchanged.
The company is focusing on technology innovation.
New Producting, Introduction
Quality Manufacturing
Kang Sun: We will end there. Our success depends on our ability to execute our vision. We expect to release new batteries on our product roadmap that will further our lead in the battery space. This includes new products from our cycle platform and the commercial availability of CYMAX 500 watt-hour-per-kilo products. We will continue to build our book of customers with 235 customers in 2024 and an additional 46 new customers in the first quarter. We are excited about the opportunity in front of us. We expect to convert this engagement. into customer purchase orders as quickly as we can. We are strengthening and expanding our manufacturing capability and the capacities to better align geographically with our customers worldwide.
Customer Engagement and the Revenue Girls [inaudible]
We do like this.
Our success depends on our ability to execute our region.
We expect to reduce, release new batteries.
Our products will do the band, that will further our lead.
King: We will continue to view the hourbook of customers with 235 customers in 2024 and additional 46 new customers in the first quarter. We are excited about the opportunity in front of us.
King: We expect to convert this engagement into customer purchase orders as quick an answer we can.
King: We are strengthening and expanding our manufacturing capability and the capacities to better align to your graphically with our customers water-wide.
Kang Sun: We believe the opportunity ahead of Amprius is tremendous. We believe we are well-positioned for continued success with our industry-leading silicon anode batteries. backed by gigawatt-hours-scale manufacturing. capabilities through our capitalized contract manufacturing network. Our extended customer engagement is evident in the hundreds of customers we ship to in 2024, including both new business and repeat orders from market customers.
No.
We believe the opportunity ahead of Amprius is tremendous.
King: We believe we are well positioned to continue the success with our industrial leading and city-continental pathways, backed by Kikawa-Hawar's skill manufacturing.
capabilities, so our capital-like soundtracks are a manufacturing network.
King: Our extended customer engagement is evident in the hundreds of customers we shipped to in 2024, including both new business and the repeat orders from a market customers.
Kang Sun: From a financial perspective, we are in excellent shape with adequate cash reserve at a low burn rate, low debt. and our existing head of the market sales agreement to provide additional flexibility.
Kang Sun: These co-leaders will help us continue to support a strong and growing business throughout the rest of the year and beyond.
Kang Sun: Over the next few months. will be attending several industrial and financial conferences. We hope to see you there.
Over the next few months.
Will be attending several industrial and financial conferences.
Kang Sun: Thank you for your continued support of Amprius technology.
We hope to see you there.
Speaker Change: Thank you for your continuous support of Amprius Technology with that, and we're turning in back to the all-preeterful QA.
Operator: With that, I will turn it back to the operator for Q&A. Thank you.
Operator: We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate that your line is in the question you may press star two to remove yourself from the. for participants using speaker equipment. It may be necessary to pick up the handset before pressing the start key. One moment while we poll for questions.
Speaker Change: Thank you. Now we'll be conducting a question and answer session. If you would like to ask a question, please press star one or your telephone keypad. The confirmation tool will indicate that your line is in the question queue.
Speaker Change: You may press star 2 to remove yourself from the queue for participants using speaker equipment and may be necessary to pick up the handset for pressing the star keys. One moment while we pull for questions.
Colin Rusch: And our first question comes from Colin Rusch with Oppenheimer. Please proceed with your question. Thanks so much, guys. You know, the order number in a quarter is pretty impressive to have a three to one book to bill, you know, and having the relatively high volume of incremental customers that you guys are talking about here for several quarters. I'm curious about how, you know, how that testing activity is going with those customers and how quickly some of that might translate into incremental orders here for you guys as you get Shaquan, the customer contract that you have mentioned, I believe we had three last customer contracts in addition to two development contracts.
Colin Rush: Our first question comes from Colin Rusch with Oppenheimer. Please proceed with your question.
Colin Rush: The relatively high volume of incremental customers that you guys are talking about here for several quarters. I'm curious about how that testing activity is going with those customers and how quickly some of that might translate into incremental orders here for you guys as you get through the balance of the year.
[inaudible]
Thank you for watching!
Colin Rush: Colin, the customer contract that you have mentioned, the ABD we had three last customer contracts in addition to two by development contracts. This contract would be complete before end of the year. Some contract would be completed in Q2.
Kang Sun: Those contracts would be complete before end of the year. Some contracts would be completed in Q2. Excellent.
Kang Sun: And then, you know, as you guys think about, you know, the diversity of those customers, how important is it to have some non-China manufacturing for the SICOR product line? Is that something that we could see get ramped up here in 2025? Or is that something that's a little bit longer term project? Yeah, we'll be in 2025. Very soon, you will learn from us, we have additional concrete manufacturing facility outside of China. Excellent.
Speaker Change: Manufacturing for the Cycler product line. Is that something that we could see get ramped up here in 2025 or is that something that's a little bit longer term project for you guys?
Yeah, will be in 2025.
Kang Sun: And just a final one for me, you know, as you think about scaling the organization, you've gotten an awful lot of leverage out of existing OpEx. I'm just curious, you know, with Tom coming on, you know, and increasing sales activity, you know, what other sort of augmentation are you going to need to do in terms of team growth to support some of the trajectory that looks like it's possible here? They're calling three areas. First one is R&D, because this is the foundation of our business. You can see that Amprius has a visible leadership in this in this industry.
[inaudible]
Speaker Change: Excellent. And just the final one for me, you know, as you think about scaling the organization, you've got an awful lot of leverage out of existing objects. I'm just curious, you know, with Tom coming on, you know, and increasing sales activity, you know, what other sort of augmentation are you going to need to do in terms of team growth to support some of the trajectory that looks like it's possible here for the company?
Speaker Change: They're calling three areas. First one is R&D because this is the foundation of our business. You can see the Amprius has a visible leadership in this industry.
Colin Rusch: So that's where we will strengthen our R&D capabilities. Second part is contract manufacturing, manufacturing capability, you know, we will have a stronger a team built up to manage those contract manufacturing partnerships. The Third Awareness Series. Every quarter you will see, you know, our sales team is expanding. Excellent, thanks so much you guys Thank you.
So that's why we were strengthening our R&D capabilities.
Speaker Change: The second part is a concert in Medifaction and Medifaction accessibility. We will have a swunger.
Speaker Change: a team build-up to manage those counter-medifactual partner shoots. The third-wise fails.
and every quarter you will see in our sales team is expanding.
Excellent. Thanks so much, you guys.
Jed Dorsheimer: And our next question comes from Jed Dorsheimer with William Blair. Please proceed with your question.
Speaker Change: Thank you, and our next question comes from Jed Dorsheimer with William Blair. Please receive
Kang Sun: You have Mark Shooter on for Jed Dorsheimer. 83% of revenue is outside of the U.S., so that's very helpful for a given tariff situation. How do you see this progressing through the year? And has the tariff situation changed your strategy on, you know, who are the new customers that you're going to be sampling with of the new 43? Will that change anything going forward throughout the year? The first mark, the turf is not our primary concern, because we have very, very competitive costs today. So. that in addition, we have a global reach to our customers.
Michael, you have Mark Shooter on for Jed Doorsharner.
Speaker Change: 83% of revenue is outside of the US, so that's very helpful for a given tariff situation.
Speaker Change: The first mark, the turf is not our primary concert, because we have a very, very competitive
So, uh...
Speaker Change: In addition, we have a global reach to our customers, so we don't see a dramatic increase of a domestic customer base.
Kang Sun: So we don't see a dramatic increase of a domestic customer base. Okay, that's very helpful.
I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry.
Kang Sun: Thank you. And congrats on the success of the PsiCorp product. Speaking to that... Have you seen any competitive products from you know, the giants in China like CATL or BYD and considering you're manufacturing in their backyard and you know, if they have access to similar advanced silicon materials? Without giving away the secrets, what does Amprius have that these big competitors are missing that puts your performance so far ahead? Now, Mark, I think the major difference is the market participation. All those large incumbent manufacturing companies. focus on EV segment and the consumer electronics segment at this moment.
Speaker Change: Okay, that's very helpful. Thank you. And congrats on the success of the cycle product. Speaking to that.
Speaker Change: So without giving away the secrets, what does Amprius have that big competitors are missing that puts your performance so far ahead?
Okay, all those
Speaker Change: a full course round EV segment and a concert hallmark segment at this moment.
Kang Sun: So their cell chemistry, their cell design are quite different from Amprius. Now, Amprius today, we have the most complete silicon anode technology portfolio. We have silicon monoxide, silicon carbon, silicon nanowire, you name it. We're even working on more advanced silicon anodes today. So I think in the market we focus on not the market concentration of those incumbents. That's the number one. Number two, we do have a very unique cell chemistry. I don't mean we cannot develop it someday, but at this moment, we're certainly in the leading position. That's very helpful.
Speaker Change: So there are some chemistry, there are some design, quite different from Amprius.
Now Ampus today, we have a-
Speaker Change: The most complete city canal for the technology for the photo, we have city canal oxide, city carbon, city canal, water, your name, we've been working on the more advanced city canal.
The Day
Speaker Change: So I think the market we focus on not the market concentration of those incumbents.
Speaker Change: That's the number one. Number two, you know, we do have a very unique cell chemistry. I don't mean we cannot develop it someday, but at this moment, we're certainly in the leading position.
Kang Sun: Thank you.
That's very helpful. Thank you.
Chip Moore: And our next question comes from Chip Moore with Roth M-K-M. Please proceed with your question. Thanks for taking the question. Hey, everybody, maybe just to follow up on that last one, just more more technical. Can you talk about if you're incorporating blending any third party? Silicon Nano Materials into some of the newer products and, you know. Any vendors you might be using? Yeah, we discussed earlier, we use the Brazilian silica handle as one of our components in our cell chemistry. We have not explored, we have explored and tested other people's silica material, but our primary source still comes from and Pavilion.
Speaker Change: Thank you. And our next question comes from Chip Moore with Roth MKM. Please proceed with your question.
Chip Moore: Thanks for taking a question. Hey, everybody, maybe just a follow-up on that last one, just more technical. Can you talk about if you're incorporating, blending any third party?
Silicon Anode Materials into some of the newer products and
You know?
Any vendors you might be using?
Siddick and Maturio, but our primary source is you come from...
Kang Sun: Gotcha.
and for videos.
Kang Sun: Thanks, Kang.
Kang Sun: And maybe just an update on contract manufacturing partners ex-China, just I know you'd been making the rounds in, I think, Korea and Europe, just any update there and how to think about timelines. Your time is up. Very soon, we will have contracted manufacturer, partners, all set up. Okay, well stay tuned. Thanks, Kang. Thank you.
Speaker Change: Gotcha. Thanks, Kang. And maybe just an update on contract manufacturing, partners X, China, just I know you've been making the rounds in Korea and Europe , just any update there and kind of think about time ones.
Timeland, Worshund, Wohama
Converting Manufacturer Pathomers, Offend of Time
Okay, we'll stay tuned. Thanks, Kim.
Amit Dayal: And our next question comes from Amit Dayal with H.C. Wainwright. Please proceed with your question. Thank you. Good afternoon, everyone. Thank you for taking my questions. With respect to the backlog, you know, it grew nicely in the first quarter. Does this set you up for sequential revenue improvements through 2025? I would expect so. You know, we have a very strong pipeline, as you see. And our customer qualifications, some of those have reached advanced stage. So we anticipate the revenue growth.
Thank you for watching!
Speaker Change: Thank you. And our next question comes from Amit Dayal, with H.C. Wainwright. Please proceed with your question.
Amit Dayal: Thank you. I'll go out from everyone. Thank you for taking my questions. With respect to the backlog, you know, it grew nicely in the first quarter. Now, does this set you up for sequential revenue improvements through 2025?
Thank you. Bye-bye.
Amit Dayal: I would expect so. We have a very strong pipeline as you see. And our customer qualifications, some of those reached the advanced stage.
So, where anticipated revenue goes?
Kang Sun: Thank you.
Kang Sun: And then, you know, with respect to some of the new offerings you are planning on launching, you know, the next few quarters, what is the risk of maybe, you know, some cannibalization taking place with the existing offerings you already have in the market? Yes, of course. Yeah. So we always think we need to kill our older technologies than ourselves instead of others. So this is a big progress we have made in the last few months to deliver new cell chemistry, new performance, better, higher performance batteries. So it's going to to have some influence on our existing product.
Speaker Change: Thank you. And then with respect to some of the new offerings you are planning on launching the next group of waters, what is the risk of maybe some cannibalization taking place with the existing offerings we already have in the market?
Speaker Change: Yes, of course, yeah, so we always think that we need to kill our older technology than ourselves instead of others.
Speaker Change: So this is the biggest progress we have made in the last few months to deliver new cell chemistry, new performance and the higher performance batteries. So it's going to come down.
Speaker Change: to have some influence on our existing products. But that's what a customer like to see. That's it going to enlarge the gap between us and the competitions.
Kang Sun: But that's what our customers like to see. That's going to enlarge the gap between us and the competition.
Amit Dayal: The reason I was asking that, Kang, is... You know, because maybe the batteries need to be designed in, so as you keep launching some of these new offerings and the customers, you know, might prefer these new offerings, then do you need to start that process all over again to be designed into those offerings? Oh, that's not going to happen because of that. Those new products are certainly aimed at a new application or upgrade their device performance. They're not going to use the new product, putting the older device to start over again. Okay, I understand. That's all I have.
The reason I was asking that Kang is...
Speaker Change: You know, because maybe the batteries need to be designed in. So as you keep launching some of these new offerings and the customers, you know, might prefer these new offerings, then do you need to start that process all over again to be designed into those offerings?
Kang: Oh, that's not a thing that happened because of that. Those new products are sort of aimed at a new application or upgrade to their device performance.
Kang: They're not going to use real product to putting the old device spot over again.
Okay, understood. That's all I have for our offline. Thank you so much.
Amit Dayal: I'll follow up offline. Thank you.
Operator: Once again, if you'd like to ask a question, please press star 1 on your telephone keypad. That is star 1.
Speaker Change: Thank you. Once again, if you'd like to ask a question, please press star 1 or telephone keypad that is star 1.
Derek Soderberg: Our next question comes from Derek Soderberg with Cantor Fitzgerald. Please proceed with your question. Yeah, hey, Kang and Sandra, thanks for taking the questions. Sandra, I think you said last quarter that backlog was 16 or 17 million. Looks like you shipped 11 million in product this quarter. Then you added 34 and a half to backlog. Does that mean backlog today is roughly 40 million? Am I thinking about that right? Let me get you the numbers. We just filed the Q. The remaining performance obligations are... Thank you. $37.8 million. including Government Grant. Perfect. That's helpful. Just wanted to clarify.
Speaker Change: Our next question comes from Derek Soderberg with Cantor Fitzgerald. Please receive a question.
Derek Soderberg: 11 million in product this quarter than the added 34.5 to backlog. Does that mean backlog today is roughly 40 million? Am I thinking about that right?
Derek Soderberg: Let's see, let me get you the number because we just filed the Q, excuse me, remaining performance obligations are...
Thank you.
$37.8 million
including government grants. Yeah.
Derek Soderberg: And then a couple more. On the Fortune 500 company testing the 21700 cylindrical, so you're delivering samples to that customer for a light electric vehicle. Can you sort of share with us the expected timeline to sign a large purchase order with that customer? How long is the qualification process? Can you provide some timeline? This is a leading supplier in this industry. So we anticipate the volume orders will come in sometime in the later part of 2026. Got it. That's helpful.
Speaker Change: Perfect. Now that's helpful, just wanted to clarify. And then a couple more on the Fortune 500 company.
Speaker Change: testing the 21700 cylindrical, so you're delivering samples to that customer for a light electric vehicle. Can you sort of share with us the expected timeline to sign your large purchase order with that customer? How long is the qualification process? Can you provide some color on that timeline? This is a leading supplier in this industry.
Speaker Change: So we anticipate that the volume orders were coming sometimes to lead her part of the 2026.
Thank you.
Sandra Wallach: And then, Sandra, back to you. You know, as you're releasing new battery platforms, the technology continues to improve. You know, Sandra, I think the side core gross margin is sort of in the low teens, roughly, where do you see margins heading towards as you commercialize, you know, some of these higher tech sales of 21700, which I believe is the SICOR platform. Can you sort of talk about the mixed shift, how that's going to help margin and where, how much do you think pricing can help margin? That's a great question. So we've shared that the SICOR product has been gross margin and cash flow positive from day one.
Speaker Change: that sells just such as the 21700, which I believe is the site core platform. Can you sort of talk about the mixed shift, how that's going to help margin, and where, you know, how much you think pricing can help margin?
Sandra Wallach: And that's how we've made the step function improvement in gross margins. We're still running a very small footprint for Symax. We believe our growth engine in the near term is going to be SICOR. And that's just going to continue to drive gross margins to be more positive over time. And is that that 21-700, is that the SciCorp platform? Yes. OK, got it.
Speaker Change: We're still running a very small footprint for Simex. We believe our growth engine in the near term is going to be a core and that's just going to continue to drive growth margins to be more positive over time.
Sandra Wallach: And then, Sandra, just I think you commented on some of the CIMAX investments on the scale up, and then it looks like the designs are complete for the Colorado facility. What sort of growth capex do you have planned for the remainder of the year? Very little. We're pivoting into really just run the business mode. Got it. Very helpful. Perfect. Really appreciate it. Thanks. Thank you.
Yeah, okay, got it.
Speaker Change: and then Sandra, just I think you commented on some of the Simex investments on the scale up, and that looks like the designs are complete for the Colorado facility. What sort of growth cat-backs do you have slanned? What are the remainder of the year?
Speaker Change: Very little, we're pivoting into really just run the business mode.
Got it. Very helpful. So normal replacements and maintenance. Yep.
Perfect. Really appreciate it. Thanks.
Kang Sun: And with that, and no further questions at this time, I would like to turn the floor back to Dr. Kang Sun for closing remarks. Thanks again, everyone for joining us today. As a reminder, you can find out more about our company, receive additional updates, and learn about the upcoming events from the investor relations section of our website. We look forward to updating you on the exciting progress we are making in transforming the electrical mobility market. Finally, I'd like to thank our employees, partners.
Thank you for watching!
Speaker Change: Thank you, and that's it, and no further questions at this time. I would like to turn the floor back to Dr. Tang Sun for closing remarks.
Speaker Change: Thanks again, everyone, for joining us today. As a reminder, you can't find out more about our company. We see additional updates and the learn about upcoming events from the investor release and perfection of our websites.
Speaker Change: We look forward to updating you on the exciting progress we are making in transforming the electrical mobility market.
Kang Sun: shareholders, who they are continue to support.
Operator: Operator. All right. Thank you.
and the shareholders with their continued support. Operator?
Operator: And with that, this does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.
Speaker Change: All right. Thank you. And with that, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time.
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