Amprius Technologies Q1 2025 Earnings Report

Amprius Technologies EPS Results

• Actual EPS: -$0.08
• Consensus EPS: -$0.09
• Beat/Miss: Beat by +$0.01
• One Year Ago EPS: N/A

Amprius Technologies Revenue Results

• Actual Revenue: $11.28 million
• Expected Revenue: $8.52 million
• Beat/Miss: Beat by +$2.76 million
• YoY Revenue Growth: N/A

Amprius Technologies Announcement Details

• Quarter: Q1 2025
• Date: 5/8/2025
• Time: After Market Closes
• Conference Call Date: Thursday, May 8, 2025
• Conference Call Time: 5:00PM ET

Amprius Technologies (NYSE:AMPX) produces and sells ultra-high energy density lithium-ion batteries for mobility applications. The company offers silicon nanowire anode batteries. Its batteries are primarily used for existing and emerging aviation applications, including unmanned aerial systems, such as drones and high-altitude pseudo satellites. The company was incorporated in 2008 and is headquartered in Fremont, California.

Amprius Technologies Q1 2025 Earnings Call Transcript

Key Takeaways

• New Battery Launches: Ampreus introduced record-setting cells this quarter including a 450 Wh/kg pouch cell and a 6 300 mAh 21700 cylindrical cell, attracting strong customer interest.
• Revenue and Customer Growth: Q1 revenue reached $11.3 million, up 383% year-over-year, with sales to 102 customers, 46 of which were new.
• Growing Backlog: Remaining performance obligations climbed to approximately $37.8 million, including a $15 million purchase order from a UAS OEM scheduled to ship in H2 2025.
• Continued Net Loss: The company reported a Q1 net loss of $9.4 million and a negative 21% gross margin, though it holds $48.4 million in cash with no debt.
• CapEx Strategy: Ampreus plans no immediate U.S. plant build-out, instead relying on contract manufacturing and steady-state investments for capacity expansion.

Presentation

[Operator]

Good afternoon. Welcome to the Ambris Technologies First Quarter twenty twenty five Earnings Conference Call. Joining us for today's presentation are the company's CEO, Doctor. Kang Sun and CFO, Sandra Wallach. At this time, all participants are in listen only mode.

[Operator]

Following management's remarks, we will open the call for questions. 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 Ambris to expand its manufacturing capacity, scale its business and achieve a sustainable cost structure. These statements involve known and unknown risks, uncertainties and other important factors that may cause Ampreas' 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 and uncertainties, please refer to Ampreus' filings with the Securities and Exchange Commission. 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.ampreus.com.

[Operator]

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. I'll now turn the call over to Amprea's Technology's CEO, Doctor. Kang Sun, for his comments. Sir, please proceed.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

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. After that, our CFO, Sanjay Wallach, will discuss our financial results for the period. Then I will share some closing remarks before opening the call for questions. Before I give a recap of the quarter, I would like to briefly introduce Ampereus to those who may be new to our company.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

Ampereus 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 the customer achievements, at Ampereus, 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 industries. Today, Ampere has the most complete portfolio of silicon anode material system in the industry and the commence performance leadership with its combination 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. Ampere's has been delivering commercial batteries to the market with up to four fifty watt per kilo and eleven fifty watt per liter, 10C power capability, an extreme fast charge rate of 0% to 80% state of the charge in approximately six minutes, The ability to operate in a wide temperature range of minus 30 degrees Celsius up to 55 degrees Celsius.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

And the safety design features that enable us to pass the United States military's benchmark and nail penetration test. 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 customer to achieve their economic targets as well. In addition, Amperez 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.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

In the first quarter, Ampere's continued to demonstrate technological innovation and business growth. We introduced the new cell chemistries, developed three seventy watt per kilo high power pouch cells and the 6,300 milliampere power cylindrical cells, we shipped batteries to over 100 customers. Innovative technologies and the breakthrough product performance are the foundation of MPS business. Following the launch of our SiCore product platform in January of twenty twenty four, we introduced a series of new batteries and expand our portfolio. Today Amperez has over a dozen SKUs for various customer applications.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

Two of the new batteries we introduced this quarter have attracted overwhelming attention and the strong interest from market. Ampere's high energy and high power cell with a three seventy watt per kilo energy density and a 15 seat discharge rate sets a new performance record and standard in lithium ion battery industry and provides a powerful solution to electrical mobility market, where both endurance and rapid energy delivery are important. 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 21,700 cylindrical cell with 6,300 milliamp power capacity. This battery provides a 25% energy boost over the sales our customers are currently using.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

We have already shipped these products to a Fortune 500 company in the light electrical vehicle market for their evaluation. The drop in compatibility of this cell format with our customers' product designs allows manufacturers to boost the product performance without costly redesigns. This sale was recently voted Best in Show at the twenty twenty five International Battery Seminar in March. This distinction marks the third year in a row that one of the Ampere's product has won a major award at the International Battery Seminar. Commercially, what really separates Ampere's from the competition in the emerging lithium ion battery technology space is that we are not just producing battery samples in the lab.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

Instead, Ampere's has been manufacturing high performance silicon anode batteries at scale. The Ampere's batteries with high energy, high power, long cycle life and the safety features are commercially available today. Our new company website, ampere's.com, provides more information about Ampere's product, technologies and applications is 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. Q1 is another quarter with multiple commercial wins at Ampereus.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

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 Ampere's platform. The breakthrough performance and the large production capacity of Ampere's SiCore battery enabled us to attract the customers that drove revenue growth. We generated revenue of $11,300,000 in Q1, a 6% increase from the fourth quarter of last year and up to 383% from the same period last year. This strong growth was primarily driven by a greater than 600% increase in cycle shipments since we began selling the commercial product at the beginning of last year.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

Cycles mass production capability have allowed us to become a cost competitive with traditional battery manufacturers who are maintaining our firm technology advantages, opening the door to new customers and enabling large volume to current customers. In Q1, '80 '3 percent of our revenue came from outside of The United States on a ship to basis. 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. During the quarter, we also announced a $15,000,000 purchase order from an unmanned aerial 15 OEM.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

This order was the result of the nine months non testing cycle that result in Ampere's 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 these demonstrate our ability to work with customers throughout the design and qualification process and convert them into volume orders over time. As we previously discussed, this process generally takes anywhere between nine to eighteen months for aviation customers. However, that time can be cut down significantly for customers in the light electrical vehicle sector, which is already running at scale.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

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 added $4,500,000 in new customer purchase orders to our backlog in the first quarter, giving us additional visibility into our growth for the remainder of 2025. In 2024, Ampere's developed a gigawatt hour scale cycle contract manufacturing capability that enable us to fulfill both of our backlog and the new orders. The availability of a large scale manufacturing facility also help us to attract volume customers and the competing production cost.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

In addition to the capacity available to us with our cycle products 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 customer that require the 500 watt per kilo CEMEX product today. This includes our long time customer, Autohairbus, and our partner AeroVironment for the Xtime Prime U. S. Army grant program.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

Satching up the current quarter, we entered Q2 with a significant operating momentum. We have introduced new products with breakthrough performance, the four fifty watt per kilo cycle cell. Since we built our cycle platform, we have been actively working to increase our portfolio's performance, The four fifty watt per kilo cell is a testament to the research and the development work we have done to maximize energy density. Offering 400 watt per kilo and 900 watt per liter. This new cell delivers up to 80% more energy than conventional lithium ion battery cells using graphite anode.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

Making it an ideal cell for aviation and electrical mobility applications. 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. Amperesa 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.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

We are the only solution on the market that can meet their technical and economic needs. Second, over 80% of our revenue last quarter was out of the scope for current U. S. Import tariffs because our customers were located outside of the country. For the products sold to U.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

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 marketplace, we are monitoring the latest policy decisions from the U. S.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

Government and others around the globe. 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. The important recent business highlight at Ampus is our recent announcement that Tom Stanton has joined us as the President of Ampereus Technology. Tom brings over thirty five years leadership experience to Ampereus and has a rare combination of both technical expertise and the market leadership at innovative technology companies. As we expand our global footprint, Tom's decades experience in growing energy and manufacturing businesses will be instrumental in guiding MPS through the next phase of growth.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

With that, I will now turn the call over to Sanjay to review our financial results.

[Sandra Wallach, CFO at Amprius Technologies]

Thank you, Kang. I would now like to spend a few minutes covering some key financial updates. As a reminder, our detailed financials can be found in our shareholder letter. We ended the first quarter with $11,300,000 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.

[Sandra Wallach, CFO at Amprius Technologies]

This quarter, 11,000,000 came from our product revenue representing a $700,000 or 6% increase sequentially. Product revenue in Q1 twenty twenty four was just $2,300,000 marking a 370% or $8,600,000 year over year increase. Our development services and grant revenue totaled $300,000 this quarter, which was consistent with $300,000 in Q4 twenty twenty four and up from zero year over year. 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.

[Sandra Wallach, CFO at Amprius Technologies]

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 twenty twenty four. 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 twenty twenty four and negative 190% in the prior year period.

[Sandra Wallach, CFO at Amprius Technologies]

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 preconstruction planning costs related to the Colorado facility, which were completed in October of twenty twenty four. Now moving on to our operating expense management. Our operating expenses for the first quarter were $7,300,000 a decrease of $2,200,000 or 23% compared to Q4 twenty twenty four and an increase of $1,400,000 or 24% from the prior year period. 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 $1,900,000 Year over year, the increase in OpEx was driven by increased investment in sales and the reallocation of R and D from cost of goods sold as development services agreements run off.

[Sandra Wallach, CFO at Amprius Technologies]

Our GAAP net loss for the first quarter was $9,400,000 or negative 0 8 dollars per share, with $117,900,000 weighted average number of shares outstanding. In Q4 twenty twenty four, our net loss was $11,400,000 or negative $0.10 per share, with $109,800,000 weighted average number of shares outstanding. Q1 twenty twenty four net loss was $9,900,000 or negative $0.11 per share with $90,000,000 weighted average number of shares outstanding. As of 03/31/2025, 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 $1,800,000 compared to $2,400,000 in Q4 and $1,200,000 in the prior year period.

[Sandra Wallach, CFO at Amprius Technologies]

The sequential decrease is primarily attributable to 700,000.0 in the non recurring grant of fully vested shares by Ampreus Inc. For key employees and service providers that occurred in the fourth quarter. As of 03/31/2025, we had 120,500,000.0 shares outstanding, which was up 3,600,000.0 from the prior quarter. That change includes approximately 1,000,000 shares issued from option exercises in RSU vesting and 2,600,000.0 shares issued from our ATM reserve. Now turning to the balance sheet, we exited the first quarter with $48,400,000 in net cash and no debt.

[Sandra Wallach, CFO at Amprius Technologies]

Key drivers for cash in the quarter included $14,100,000 used in operating cash flow, which was slightly higher than our projected run rate of approximately 2,500,000 to $3,000,000 monthly excluding transaction related cost. 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. Dollars 900,000.0 in investment related to the Fremont, California facility. We also had $8,500,000 in cash inflow from the issuance of common stock under the at market sales agreement. We still have $57,800,000 left on the facility.

[Sandra Wallach, CFO at Amprius Technologies]

Considering our business achievements and ongoing projects, we believe we are efficiently using capital to drive Amprea's forward. Before I turn the call back over to Keng, 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, CFO at Amprius Technologies]

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 and 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. That concludes my financial discussion, and I will now pass the call back to Kang.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

Thanks, Andrew. As we look ahead, our strategy at NPS remains unchanged. The company is focusing on technology innovation, new product introduction, quality manufacturing, customer engagement and the revenue growth. We realize that 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.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

This includes new products from our SiCl platform and the commercial availability of Cymax five hundred watt per kilo product. We will continue to build our book of customers with two thirty five customers in 2024 and 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.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

We believe the opportunity ahead of Ampere's is tremendous. We believe we are well positioned for continued success with our industrial leading silicon anode batteries backed by gigawatt hour scale manufacturing capabilities through our capital light 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 our market customers. From a financial perspective, we are in an excellent shape with adequate cash reserve at a low burn rate, no debt and our existing end of the market sales agreement provide additional flexibility. These core pillars will help us continue to support a strong and growing business throughout the rest of the year and beyond.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

Over the next few months, we'll be attending several industrial and financial conferences. We hope to see you there. Thank you for your continued support of Ampere's technology. With that, I will turn it back to the operator for Q

[Operator]

Thank you. We will now be conducting a question and answer session. Our first question comes from Colin Rusch with Oppenheimer. Please proceed with your question.

[Colin Rusch, Managing Director - Head of Sustainable Growth & Resource Optimization Research at Oppenheimer & Co. Inc.]

Thanks so much guys. The order number in the quarter is pretty impressive to have a three:one book to bill. And having the relatively high volume of incremental customers that you guys are talking about here 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 to the balance of the year?

[Kang Sun, CEO & Board of Director at Amprius Technologies]

Collin. The customer contract that you have mentioned, I believe we had three last customer contracts in addition to two development contracts. Those contracts will be complete before end of the year. Some contracts will be completed in Q2.

[Colin Rusch, Managing Director - Head of Sustainable Growth & Resource Optimization Research at Oppenheimer & Co. Inc.]

Excellent. And then as you guys think about the diversity of those customers, how important is it to have some non China manufacturing for the Sycor 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?

[Kang Sun, CEO & Board of Director at Amprius Technologies]

Yes. We'll be in 2025. Very soon, you will learn from us that we have additional contract manufacturing facility outside of China.

[Colin Rusch, Managing Director - Head of Sustainable Growth & Resource Optimization Research at Oppenheimer & Co. Inc.]

Excellent. And just a final one for me. As you think about scaling the organization, you've gotten an awful lot of leverage out of existing OpEx. I'm just curious, with Tom coming on, and increasing sales activity, 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?

[Kang Sun, CEO & Board of Director at Amprius Technologies]

Colin, three areas. First one is R and D, because this is the foundation of our business. You can see that Ampere has a visible leadership in this industry. So that's where we will strengthen our R and D capability. Second part is contract manufacturing capability.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

We will have a stronger team build up to manage those contract manufacturer partnerships. The third one is sales. Every quarter, you will see our sales team is expanding.

[Colin Rusch, Managing Director - Head of Sustainable Growth & Resource Optimization Research at Oppenheimer & Co. Inc.]

Excellent. Thanks so much, guys.

[Operator]

Thank you. And our next question comes from Jed Dorsheimer with William Blair. Please proceed with your question.

[Mark Shooter, Sr. Associate - Energy & Sustainability Equity Research at William Blair]

Hi, Tom.

[Mark Shooter, Sr. Associate - Energy & Sustainability Equity Research at William Blair]

You have Mark Schueter on for Jed Dorsheimer. Eighty three percent of revenue is outside of The U. S. So that's very helpful for the given tariff situation. How do you see this progressing through the year?

[Mark Shooter, Sr. Associate - Energy & Sustainability Equity Research at William Blair]

And has the tariff situation changed your strategy on 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?

[Kang Sun, CEO & Board of Director at Amprius Technologies]

First, Mark, the tariff is not our primary concern because we have a very, very competitive cost base. So in addition, we have a global reach to our customers. So we don't see a dramatic increase of our domestic customer base.

[Mark Shooter, Sr. Associate - Energy & Sustainability Equity Research at William Blair]

Okay. That's very helpful. And congrats on the success of the Sycor product. Speaking to that, have you seen any competitive products from the giants in China, like CATL or BYD? Considering your manufacturing in their backyard and if they have access to similar advanced silicon materials or without giving away the secrets, what does Ampreas have that these big competitors are missing that puts your performance so far ahead?

[Kang Sun, CEO & Board of Director at Amprius Technologies]

Mark, I think the major difference is market participation. All those large incumbent manufacturing companies focus on EV segment and the consumer electronics segment at this moment. So their cell chemistry, their cell design are quite different from Ampere's. Now Ampere's today, we have the most complete silicon and technology portfolio. We have silicon monoxide, silicon carbon, silicon nanowire, you name it.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

We're even working on the more advanced silicon and today. So I think the market will 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 they cannot develop us someday, but at this moment, we're certainly in the leading position.

[Mark Shooter, Sr. Associate - Energy & Sustainability Equity Research at William Blair]

That's very helpful. Thank you.

[Operator]

Thank you. And our next question comes from Chip Moore with ROTHMKM. Please proceed with your question.

[Chip Moore, Managing Director & Senior Research Analyst at Roth Capital Partners, LLC]

Thanks for taking the 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 any vendors you might be using?

[Kang Sun, CEO & Board of Director at Amprius Technologies]

Yes. We discussed earlier, we use the Brazilian silicon handle as one of our components in our cell chemistry. We have not explored we have explored and tested other people's silicon material, but our primary source still come from Brazil.

[Chip Moore, Managing Director & Senior Research Analyst at Roth Capital Partners, LLC]

Got you. Thanks, Kang. And maybe just an update on contract manufacturing partners ex China. Just I know you've been making the rounds in, think, Korea and Europe. Just any update there and how to think about timelines?

[Kang Sun, CEO & Board of Director at Amprius Technologies]

Yes. Timeline, very soon, we will have contract manufacturer partners outside of China.

[Chip Moore, Managing Director & Senior Research Analyst at Roth Capital Partners, LLC]

Okay. Well, stay tuned. Thanks, Ken.

[Operator]

Thank you. And our next question comes from Amit Dayal with H. C. Wainwright. Please proceed with your question.

[Amit Dayal, Managing Director & Senior Technology Analyst at H.C. Wainwright & Co.]

Thank you. Good afternoon, everyone. Thank you for taking my questions. With respect to the backlog, it grew nicely in the first quarter. Does this set you up for sequential revenue improvements through 2025?

[Kang Sun, CEO & Board of Director at Amprius Technologies]

I would expect so. We have a very strong pipeline as you see. And our customer qualification, some of those have reached the advanced stage. So we anticipate the revenue growth.

[Amit Dayal, Managing Director & Senior Technology Analyst at H.C. Wainwright & Co.]

Understood. And then with respect to some of the new offerings you are planning on launching over the next few quarters, what is the risk of maybe some cannibalization taking place with the existing offerings you already have in the market?

[Kang Sun, CEO & Board of Director at Amprius Technologies]

Yes, of course. Yes. So we always think we need to kill our older technology 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 the higher performance batteries. So it's going to have some influence on our existing product.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

But that's what our customer likes to see. That's going to enlarge the gap between us and the competitions.

[Amit Dayal, Managing Director & Senior Technology Analyst at H.C. Wainwright & Co.]

The reason I was asking that, Kang, is because maybe the batteries need to be designed in. So as you keep launching some of these new offerings and the customers might prefer these new offerings, then do you need to start that process all over again to be designed into those offerings?

[Kang Sun, CEO & Board of Director at Amprius Technologies]

That's not going to happen because of those new products, certain aim the new application will upgrade their device performance. They're not going to use the new product putting the older device to start over again.

[Amit Dayal, Managing Director & Senior Technology Analyst at H.C. Wainwright & Co.]

Okay.

[Amit Dayal, Managing Director & Senior Technology Analyst at H.C. Wainwright & Co.]

Understood. That's all I have. I'll follow-up offline. Thank you so much.

[Operator]

Thank you. Our next question comes from Derek Soderbergh with Cantor Fitzgerald. Please proceed with your question.

[Derek Soderberg, Director, Senior Equity Research Analyst at Cantor Fitzgerald]

Yes. Hey, Ken and Sandra. Thanks for taking the questions. Sandra, I think you said last quarter that backlog was 16,000,000 or $17,000,000 Looks like you shipped $11,000,000 in product this quarter, then you added 34,500,000.0 to backlog. Does that mean backlog today is roughly $40,000,000 Am I thinking about that right?

[Sandra Wallach, CFO at Amprius Technologies]

Let's see. Let me get you the number because we just filed the Q. The remain excuse me. Remaining performance obligations are I think it's $37,800,000, including

[Derek Soderberg, Director, Senior Equity Research Analyst at Cantor Fitzgerald]

Perfect. That's helpful. Just wanted to clarify. And then a couple more. On the Fortune 500 company testing the 21,700 cylindrical, so you're delivering samples to that customer for a light electric vehicle.

[Derek Soderberg, Director, Senior Equity Research Analyst at Cantor Fitzgerald]

Can you sort of share with us the expected time line to sign large purchase order with that customer? How long is the qualification process? Can you provide some color on that timeline?

[Kang Sun, CEO & Board of Director at Amprius Technologies]

This is a leading supplier in this industry. So we anticipate the volume orders will come in sometimes later part of 2026.

[Derek Soderberg, Director, Senior Equity Research Analyst at Cantor Fitzgerald]

Got it. That's helpful. And then, Sandra, back to you. As you're releasing new battery platforms, the technology continues to improve. Sandra, I think the Si core gross margin is sort of in the low teens roughly.

[Derek Soderberg, Director, Senior Equity Research Analyst at Cantor Fitzgerald]

Where do you see margins heading towards as you commercialize some of these higher tech cells just such as the twenty one thousand seven hundred, which I believe is the SciCore platform. Can you sort of talk about the mix shift, how that's going to help margin? And where how much you think pricing can help margin?

[Sandra Wallach, CFO at Amprius Technologies]

That's a great question. So we've shared that the SciCore product has been gross margin and cash flow positive from day one. And that's how we've made the step function improvement in gross margins. We're still running a very small footprint for Cimax. We believe our growth engine in the near term is going to be Sycor, and that's just going to continue to drive gross margins to be more positive over time.

[Derek Soderberg, Director, Senior Equity Research Analyst at Cantor Fitzgerald]

And is that 21,700, is that the Sycor platform?

[Sandra Wallach, CFO at Amprius Technologies]

Yes. Yes.

[Derek Soderberg, Director, Senior Equity Research Analyst at Cantor Fitzgerald]

Okay. Got it. And then, Sandra, just I think you commented on some of the Cymax 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 slammed for the remainder of the year?

[Sandra Wallach, CFO at Amprius Technologies]

Very little. We're pivoting into really just run the business mode. Got it. So normal replacements and maintenance.

[Derek Soderberg, Director, Senior Equity Research Analyst at Cantor Fitzgerald]

Perfect. Really appreciate it. Thanks.

[Operator]

Thank you. And with that, there are no further questions at this time. I would like to turn the floor back to Doctor. Tang Sun for closing remarks.

[Kang Sun, CEO & Board of Director at Amprius Technologies]

Thanks again, everyone, for joining us today. As a reminder, you can find out more about our company to receive additional updates and learn about 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. Following, I'd like to thank our employees, partners and the shareholders for their continued support. Operator?

[Operator]

All right. Thank you. And with that, this does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

Participants

Executives

• Kang Sun, CEO & Board of Director
• Sandra Wallach, CFO

Analysts

• Colin Rusch, Managing Director - Head of Sustainable Growth & Resource Optimization Research at Oppenheimer & Co. Inc.
• Mark Shooter, Sr. Associate - Energy & Sustainability Equity Research at William Blair
• Chip Moore, Managing Director & Senior Research Analyst at Roth Capital Partners, LLC
• Amit Dayal, Managing Director & Senior Technology Analyst at H.C. Wainwright & Co.
• Derek Soderberg, Director, Senior Equity Research Analyst at Cantor Fitzgerald