0001628280-25-050308
SEC filingRevenue more than doubled to $21.4M in Q3 2025 as SiCore battery sales accelerated, driving gross margin to 15% and cutting net loss 64% year over year.
In Q3 2025, Amprius reported revenue of $21.4 million, up 173% from $7.9 million in Q3 2024. Growth was driven by SiCore battery sales, which rose $15.0 million to $21.0 million, while customization design services fell to zero from $1.5 million. Government grant revenue contributed $0.4 million. Gross profit swung to $3.3 million from a $(5.1) million loss, and gross margin improved to 15% from (65)%. Operating expenses increased 30% to $8.0 million, but the operating loss narrowed to $(4.7) million from $(11.3) million. Net loss improved to $(3.9) million, or $(0.03) per share, versus $(10.9) million, or $(0.10) per share, a year ago.
For the nine months ended September 30, 2025, revenue reached $47.8 million versus $13.5 million in the prior year period, a 253% increase. Gross profit turned positive to $2.3 million from $(16.1) million, and net loss narrowed to $(19.6) million from $(33.3) million. The improvement in absolute gross profit reflects higher volume and a more favorable product mix, although cost of revenue still grew 54% to $45.5 million.
At September 30, 2025, cash and cash equivalents were $73.2 million, up from $55.2 million at December 31, 2024. Total assets increased to $156.5 million from $121.1 million, driven primarily by a surge in accounts receivable to $21.9 million from $5.6 million and a $5.4 million increase in prepaid expenses and other current assets. Inventories declined to $4.7 million from $6.6 million, reflecting stronger sell-through. Total liabilities rose to $53.3 million from $51.7 million, including a new $2.7 million deferred grant liability and roughly flat operating lease liabilities. Stockholders' equity increased to $103.2 million from $69.5 million due to ATM issuance and stock option exercises.
Management stated that cash and equivalents are expected to be sufficient to fund obligations for at least twelve months from the financial statement issuance date. The remaining capacity under the At Market Issuance Sales Agreement was approximately $20.1 million at period end.
Net cash used in operating activities for the nine months was $27.6 million, nearly unchanged from $27.3 million in the prior year period. This stability occurred despite a $34.2 million increase in revenue, as the substantial rise in accounts receivable ($16.8 million use) and prepaid expenses ($2.5 million use) offset improved gross margins and a $1.9 million reduction in inventory. Non-cash charges included $5.5 million of stock-based compensation, $3.1 million of depreciation, and $3.9 million of non-cash operating lease expense.
Capital expenditures were $2.0 million, down from $6.8 million in the prior year period, reflecting timing of leasehold improvements and production equipment. Financing activities provided $48.0 million, primarily from $44.1 million net proceeds from ATM sales and $3.9 million from stock option exercises. The company remains dependent on external capital, but the ATM and existing cash provide near-term runway.
Management attributed the revenue surge to higher SiCore battery volumes from new and existing customers, with shipments reaching 159 end customers in Q3 2025 and 80 new customers added. Gross margin improvement was driven by higher sales volume and product mix. Research and development expense increased 38% in Q3 to $2.5 million, and SG&A rose 27% to $5.5 million, mainly from headcount and compliance costs.
No specific numeric guidance was provided. Strategic priorities include scaling SiCore production through contract manufacturers, expanding Fremont manufacturing capacity with support from a $12.0 million U.S. Defense Innovation Unit contract awarded in July 2025, and optimizing SiMaxx output. The Brighton, Colorado facility remains in pre-construction; scope and schedule depend on funding and industry dynamics, and the company is exploring a potential sublease.
The company operates one reportable segment: the battery business. Revenue is recognized at a point in time, primarily upon shipment. In Q3, sale of battery products was $21.0 million, bill-and-hold arrangements were $4.5 million, and government grant revenue was $0.4 million. Deferred revenue fell to $0.7 million; remaining performance obligations were approximately $53.3 million, expected to be recognized within one year.
Customer concentration is elevated: one customer accounted for 35% of Q3 revenue, and two customers represented approximately 64% of accounts receivable. Geographic revenue was $5.3 million in the United States and $16.1 million in the rest of the world.
Stock-based compensation totaled $1.8 million in Q3 and $5.5 million for the nine months. Unrecognized compensation was $0.9 million for unvested options (weighted average 1.0 year) and $13.2 million for unvested RSUs (2.7 years). There were no income taxes due to net operating losses and a full valuation allowance.
The company had 19.0 million warrants outstanding, and no material warrant exercises occurred during 2025 (100 warrants were exercised). During the quarter, the CEO and CTO adopted Rule 10b5-1 plans covering up to 7.2 million and 0.9 million shares, respectively. No other officers adopted or terminated trading plans.