Short answer
Amprius Technologies, Inc. (AMPX) filed its fiscal 2025 10-K annual report with the SEC on Mar 6, 2026. It reported revenue of $72M (+205.1% year over year) and net income of −$44M.
- Top risk flagged: Regulatory risk: NDAA compliance required for battery components under Defense Innovation Unit program; sourcing compliant suppliers challenging, risking delays and program standing
FY2025 key financial metrics · XBRL
- Revenue
- $72M
- +205.1% YoY
- Net income
- −$44M
- +1.4% YoY
- Operating margin
- -64.9%
- +131.4 pp YoY
- Gross margin
- 11.5%
- EPS (diluted)
- −$0.35
- +22.2% YoY
- ROE
- -42.4%
- +21.9 pp YoY
- Operating cash flow
- −$31M
- +6.7% YoY
Source: XBRL data from the Amprius Technologies, Inc. (AMPX) FY2025 10-K on SEC EDGAR. USD.
Amprius Technologies, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: develops and markets high-performance lithium-ion silicon anode batteries focused on aviation, ground, and marine electric mobility
- New product: full commercial launch of SiCore silicon anode batteries in January 2024 with annual production capacity >2.0 GWh via global contract manufacturing
- Strategic shift: terminated large 774,000 sq ft Colorado lease in early 2026 to emphasize outsourced contract manufacturing for rapid scalable production and minimal capital investment
- Quantitative highlight: access to >2.0 GWh annual SiCore battery production capacity; expanded Fremont pilot line to 10 MWh capacity; $14.8 million US government contract awarded in 2025
- Noteworthy fact: unveiled >500 Wh/kg prototype SiMaxx battery in March 2023, half the weight and volume of current state-of-the-art cells; still in development as of Dec 2025
Management Discussion & Analysis
- Revenue $73.0M, up 202% YoY from $24.2M driven by $48.1M increase in SiCore battery sales and $0.5M in government grants
- Gross margin 11% vs (76)% loss YoY, driven by higher sales volume; operating loss stable at $(46.6)M vs $(46.3)M
- Best segment: SiCore battery sales $48.1M increase; Worst: customization design services revenue down $1.2M
- Cash $90.5M at year-end 2025; $97.5M net proceeds from stock sales under Sales Agreement; no debt; $19.1M impairment charge on Colorado facility lease termination
- Management expects to expand contract manufacturing, increase pilot line capacity to 10 MWh in 2026, and sees risks from global supply chain and regulatory changes impacting defense contracts
Risk Factors
- Regulatory risk: NDAA compliance required for battery components under Defense Innovation Unit program; sourcing compliant suppliers challenging, risking delays and program standing
- Geopolitical risk: Reliance on suppliers in China exposes operations to U.S.-China trade conflicts and tariffs, increasing costs and supply chain disruption risks
- Operational risk: Dependence on third-party manufacturing, including Berzelius, without established commercial terms risks supply shortages, price hikes, and quality control issues
- Market disruption risk: Emerging alternative battery technologies and competitors with greater resources threaten market share expansion and profitability
- Financial risk: Early-stage company with history of losses, needing significant capital for manufacturing scale-up and uncertain cost targets to achieve profitability
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