Amprius Technologies NYSE: AMPX executives highlighted record revenue, expanding adoption of its second-generation silicon anode battery platform, and progress toward National Defense Authorization Act (NDAA) sourcing compliance during the company’s fourth-quarter and full-year 2025 earnings call.
Management spotlights SiCore adoption and headline customer wins
CEO Tom Stepien said 2025 was a “landmark year,” pointing to broad adoption of the company’s second-generation SiCore silicon anode batteries across unmanned aerial vehicle (UAV) customers. Stepien highlighted Nokia Drone Networks as a recent win, describing Nokia’s “drone-in-a-box” system and emphasizing that Amprius’ balanced cells provide both burst power for takeoff and sustained energy for longer missions.
Stepien also said Amprius received a Best of Innovation award at CES in early January for a silicon anode lithium-ion battery delivering 520 Wh/kg. He contrasted that figure with conventional graphite-based lithium-ion cells, calling the company’s cells “lighter, longer, and stronger.”
NDAA compliance and DIU contract expansion
A major theme on the call was evolving U.S. defense sourcing rules. Stepien said the updated NDAA, revised in December 2025, requires that batteries used in Department of Defense UAVs meet two key sourcing requirements: final battery assembly must be performed by a non-foreign entity of concern, and functional cell components must not be sourced from or produced by a foreign entity of concern. Stepien noted the deadline for new DoD acquisition programs is January 1, 2028.
Against that backdrop, Stepien discussed Amprius’ Defense Innovation Unit (DIU) contract, which he said was increased to a total of $14.8 million. He said the DIU work supports prototyping and acceleration of NDAA-compliant SiCore pouch cells for military unmanned autonomous systems, with milestones tied to supply chain diversification, pilot line expansion in Fremont, California, and selection of NDAA-compliant contract manufacturing partners.
Stepien said the company is “ahead of schedule” on NDAA compliance and has expanded its Amprius Korea Battery Alliance to three contract manufacturing partners. He added that one South Korean contract manufacturing partner has been delivering cells to customers since September 2025. He also pointed to a newly announced U.S.-based partner, Nanotech Energy, located in Northern California.
Stepien said Amprius’ “scorecard” for component sourcing is now 11 out of 11, with internal SiCore components—including anode, cathode, electrolyte, separator, and additional elements—sourced from primary and secondary suppliers in NDAA-compliant countries.
Q4 and full-year financial results show sharp margin improvement
CFO Ricardo Rodriguez reported fourth-quarter 2025 revenue of $25.2 million, up 18% sequentially and more than 2.3x higher than the year-ago quarter. For full-year 2025, revenue totaled $73 million, which Rodriguez said was in line with expectations and just over three times 2024 levels.
Gross margin improved materially. Rodriguez said Q4 cost of goods sold was $19.3 million, and gross margin reached 24%, up from 15% in Q3. For the full year, gross margin was 11%, a “step change improvement” from -76% in 2024, which he attributed to growth in SiCore revenue globally. He also noted the lower-margin SiMaxx line mix fell to below 6% of revenues in Q4.
Rodriguez said operating expenses in Q4 were $8.9 million, excluding a one-time charge of $22.5 million tied to the decision not to develop a facility in Colorado and the decommissioning of some equipment in Fremont. Including the one-time charge, the company posted a Q4 operating loss of $25.4 million, versus $4.7 million in the prior quarter. Excluding the one-time charge, he said Q4 operating loss would have been $2.9 million.
Rodriguez reported a GAAP net loss of $24.3 million, or ($0.18) per share, based on 132.1 million weighted average shares outstanding, and said that excluding the one-time charge, the loss would have been $1.9 million, or ($0.01) per share. Adjusted EBITDA in Q4 was $1.8 million, compared with ($1.4 million) in Q3.
Balance sheet actions: ATM termination and Colorado exit
On capital and liquidity, Rodriguez said the company ended the period with $90.5 million in cash and no debt. He also detailed financing activity during the quarter, including $23.1 million from financing activities, consisting of $19.6 million from issuance of common stock under the at-the-market (ATM) program and $3.5 million from warrants and option exercises. He noted the company terminated its ATM offering program on January 12.
Rodriguez also discussed the company’s exit from Colorado, stating that Amprius settled a lease and related expense obligation of over $110 million for $20 million. He said the settlement would reduce the company’s Q1 cash position by that amount and result in a reduction of $13.4 million in right-of-use assets and a $33.2 million reduction in near-term liabilities on the balance sheet.
2026 outlook: revenue growth and adjusted EBITDA profitability target
Looking ahead, Rodriguez provided a financial framework for 2026. He said that “with what we know today,” the company believes it can deliver at least $125 million of revenue in 2026, which he said would enable the company’s “first full year of adjusted positive EBITDA of at least $4 million.” He added that this baseline profitability would translate into a net loss of $8 million for the year, or ($0.06) per share, assuming 134.5 million shares.
Rodriguez said 2026 capital expenditures are expected to be less than $10 million, reflecting a decision to invest in supply chain diversification and expand Fremont manufacturing capacity to include electrode manufacturing. He said the DIU contract funding is expected to cover most of the company’s capital investment over the next several quarters.
Stepien closed by emphasizing execution priorities for 2026: advancing next-generation silicon anode performance, meeting country-of-origin expectations, broadening the product portfolio, and converting customer engagements into formal qualifications and deployments. He also said the company ended 2025 with more than 550 customers and had transitioned legacy SiMaxx generation one customers to the generation two SiCore platform.
About Amprius Technologies NYSE: AMPX
Amprius Technologies, Inc NYSE: AMPX is a U.S.-based developer of high-energy-density lithium-ion batteries that leverage silicon anode technology to deliver performance levels beyond conventional graphite-based cells. The company's batteries are designed to offer industry-leading gravimetric energy density, enabling longer run times and reduced weight for portable power applications. Amprius blends advanced materials science and scalable manufacturing processes to commercialize next-generation battery solutions.
At the core of Amprius' product portfolio are cylindrical and prismatic cells that employ a proprietary silicon nanowire anode, which supports high charge/discharge rates while maintaining cycle life.
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