NYSE:AMPX
Amprius Technologies, Inc.
Amprius Technologies builds next-gen Silicon Photonics batteries offering ultra-fast charging for EVs and aerospace sectors.
Key Metrics
Investment Thesis
Bull Case
The rapid five-year revenue expansion demonstrates strong market traction for the company's disruptive battery technology. High cash reserves of over $90M provide sufficient runway to navigate current losses while scaling production. Potential adoption by major EV manufacturers could lead to a paradigm shift in energy storage efficiency and charging speed.
Bear Case
Consistent annual net losses exceeding $40M for three consecutive years highlight severe profitability concerns. The company remains heavily dependent on equity financing rather than organic cash generation to fund operations. Technical scalability of 3D monolithic cells must be proven at mass production levels to justify current valuations.
About Amprius Technologies, Inc.
Amprius Technologies (AMPX) is a leading developer of Silicon Photonics batteries that deliver high energy density and ultra-fast charging capabilities. The company serves the electric vehicle, aerospace, and consumer electronics markets with its proprietary 3D monolithic cell technology. Key products include integrated battery modules designed to replace traditional lithium-ion solutions in applications requiring rapid power delivery.
Analysis
Management Discussion
Despite a significant increase in revenue from $4.4M in 2022 to $73.0M in 2025, the company continues to report substantial net losses of approximately $44M annually. Cash flow from operations turned negative at -$31.1M while cash flow from financing provided a massive influx of $71.0M to sustain operations. The widening gap between revenue growth and profitability suggests high burn rates typical in early-stage advanced technology scaling.
Industry Overview
The global battery market is shifting towards high-performance solutions for electric mobility and renewable energy storage. Traditional lithium-ion technology faces saturation, creating an opening for innovative architectures like Silicon Photonics. Regulatory incentives for clean energy adoption favor companies with faster charging and longer-lasting battery technologies.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $4.4M | $9.1M | $24.2M | $73.0M |
| Cost of Revenue | $9.8M | $23.7M | $42.5M | $64.7M |
| Gross Profit | $-5.4M | $-14.7M | $-18.3M | $8.3M |
| Operating Expenses | $12.6M | $24.0M | $27.9M | $54.9M |
| Operating Income | $-18.0M | $-38.7M | $-46.3M | $-46.6M |
| R&D | $2.0M | $3.7M | $7.3M | $9.4M |
| G&A | $10.6M | $20.4M | $18.7M | $23.0M |
| Stock-Based Comp | $2.7M | $3.9M | $7.3M | $7.4M |
| D&A | $1.5M | $1.8M | $3.8M | $4.4M |
| Depreciation | $1.5M | $1.8M | $3.8M | $4.4M |
| Other OpEx | $0 | $0 | $1.9M | $22.5M |
| Non-Operating Income | $709.0K | $1.9M | $1.6M | $2.6M |
| Pre-Tax Income | $-17.3M | $-36.8M | $-44.7M | $-44.0M |
| Income Tax | $0 | $0 | $0 | $0 |
| Continuing Ops | $-17.3M | $-36.8M | $-44.7M | $-44.0M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $-17.3M | $-36.8M | $-44.7M | $-44.0M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $-17.3M | $-36.8M | $-44.7M | $-44.0M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $75.2M | $50.5M | $68.8M | $126.4M |
| Cash & Equivalents | $69.7M | $45.8M | $55.2M | $90.5M |
| Accounts Receivable | $686.0K | $1.3M | $5.6M | $23.7M |
| Inventory | $500.0K | $730.0K | $6.6M | $6.7M |
| Prepaid Expenses | $2.4M | $2.0M | $1.5M | $5.5M |
| Other Current Assets | $1.9M | $779.0K | $0 | $0 |
| Long-Term Assets | $8.0M | $57.2M | $52.4M | $30.5M |
| PP&E (Net) | $4.2M | $21.8M | $17.5M | $9.7M |
| Operating Leases | $2.8M | $35.1M | $33.5M | $19.5M |
| Other LT Assets | $1.0M | $305.0K | $1.4M | $1.3M |
| Total Assets | $83.2M | $107.7M | $121.1M | $156.9M |
| Current Liabilities | $6.9M | $13.5M | $17.2M | $17.9M |
| Accounts Payable | $1.0M | $3.3M | $7.4M | $6.7M |
| Current Leases | $521.0K | $1.1M | $3.3M | $4.7M |
| Deferred Revenue | $2.7M | $3.4M | $1.6M | $100.0K |
| Other Current Liab | $0 | $0 | $0 | $2.7M |
| Long-Term Liabilities | $3.2M | $34.5M | $34.4M | $35.2M |
| LT Operating Leases | $2.5M | $34.5M | $34.4M | $35.2M |
| Other LT Liab | $0 | $0 | $0 | $0 |
| Total Liabilities | $10.1M | $47.9M | $51.7M | $53.1M |
| Shareholders' Equity | $73.0M | $59.8M | $69.5M | $103.8M |
| Paid-In Capital | $165.9M | $189.5M | $243.8M | $322.2M |
| Retained Earnings | $-92.9M | $-129.7M | $-174.3M | $-218.4M |
| AOCI | — | — | — | $4.0K |
| Total L&E | $83.2M | $107.7M | $121.1M | $156.9M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-17.3M | $-36.8M | $-44.7M | $-44.0M |
| Non-Cash Adjustments | $-2.9M | $6.5M | $-818.0K | $-5.3M |
| Working Capital Changes | $6.4M | $4.7M | $12.1M | $18.2M |
| Cash from Operations | $-13.9M | $-25.6M | $-33.4M | $-31.1M |
| Capital Expenditures | $1.5M | $17.6M | $3.2M | $4.4M |
| Cash from Investing | $-1.5M | $-17.6M | $-3.2M | $-4.4M |
| Cash from Financing | $73.6M | $19.2M | $47.2M | $71.0M |
| FX Effect | $0 | $0 | $0 | $4.0K |
| Net Change in Cash | $58.3M | $-23.9M | $10.6M | $35.5M |
| Beginning Cash | $11.5M | $69.8M | $45.8M | $56.4M |
| Ending Cash | $69.8M | $45.8M | $56.4M | $91.9M |
Frequently Asked Questions
How does Amprius Technologies, Inc. make money?
Primary revenue comes from the sale of proprietary 3D monolithic battery cells and modules. Secondary streams include licensing of its unique Silicon Photonics technology and engineering services for specialized industries like defense and space.
What are the main risks for AMPX?
Persistent negative cash flow and operating losses indicate ongoing financial sustainability challenges. Heavy reliance on external financing as seen in recent capital raises due to retained earnings deficit of over $218M. Limited revenue base compared to traditional battery manufacturers exposes the company to market adoption delays. Regulatory hurdles in aerospace and defense sectors could impact long-term growth projections.
What is AMPX's competitive advantage?
Proprietary 3D monolithic cell architecture delivers significantly higher energy density than conventional flat-cell designs. Ultra-fast charging capability allows vehicles to reach full power in minutes rather than hours. Proprietary intellectual property in Silicon Photonics manufacturing creates a high barrier to entry for competitors.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.