0001628280-25-038983
SEC filingAmprius Technologies delivered explosive Q2 2025 revenue growth of 350% to $15.1M, driven by SiCore battery sales, with gross margin turning positive at 9% and net loss narrowing to $6.4M.
For the three months ended June 30, 2025, revenue increased 350% to $15.1 million from $3.3 million in the same quarter last year, primarily driven by a $11.2 million increase in sales of batteries (led by SiCore products), a $0.3 million increase in customization design services, and a $0.2 million increase in government grants. Gross profit turned positive to $1.3 million (9% margin) compared to a $(6.5) million loss (-195% margin) in Q2 2024, reflecting higher volume and a more favorable product mix. Operating loss improved 47% to $(6.8) million from $(12.9) million, and net loss narrowed 49% to $(6.4) million, or $(0.05) per share, versus $(12.5) million, or $(0.13) per share, in the prior-year period.
For the first half of 2025, revenue grew 364% to $26.4 million from $5.7 million in H1 2024. Gross loss improved to $(1.0) million (-4% margin) from $(11.0) million (-193% margin). Loss from operations improved 29% to $(16.5) million, and net loss improved 30% to $(15.7) million, or $(0.13) per share, from $(22.4) million, or $(0.24) per share.
As of June 30, 2025, cash and cash equivalents were $54.2 million, slightly down from $55.2 million at December 31, 2024. Total assets increased to $123.0 million from $121.1 million, driven by a $5.2 million rise in accounts receivable (to $10.8 million) and a $1.1 million increase in prepaid expenses, partially offset by lower inventories (down $2.2 million to $4.3 million). Total liabilities decreased by $5.3 million to $46.4 million, largely due to a $3.7 million reduction in accounts payable and a $0.8 million decline in deferred revenue. Stockholders' equity increased to $76.7 million from $69.5 million, as net proceeds from ATM sales and stock-based compensation more than offset the accumulated deficit.
The company has a manageable liquidity position: management believes cash on hand is sufficient to fund obligations for at least twelve months from the issuance date of the financial statements. As of June 30, 2025, approximately $46.7 million remained available under the At Market Issuance Sales Agreement, providing a substantial source of additional capital if needed.
During the first half of 2025, operating activities used $18.4 million of cash, slightly higher than the $17.7 million used in the same period of 2024. The increase was primarily due to the timing of customer collections (accounts receivable increased by $6.0 million) and higher lease and personnel-related costs, partially offset by reduced inventory levels (inventories decreased by $2.2 million). Capital expenditures were $1.6 million in H1 2025, down from $5.5 million in H1 2024, due to earlier spending on leasehold improvements and production equipment. This implies a free cash flow of approximately -$20.0 million for H1 2025, though the company does not explicitly report this metric.
Financing activities provided $19.3 million in H1 2025, primarily from net proceeds of $18.2 million from the ATM program and $1.1 million from stock option exercises, versus $25.1 million in H1 2024, which included $14.4 million from warrant exercises. Overall, cash decreased by $0.8 million during the period, including a $0.1 million negative foreign exchange effect, ending at $55.6 million including restricted cash.
Management attributes the strong performance to increased demand for SiCore batteries, expansion of the customer base (43 new customers in Q2 2025), and contributions from customization design services and government grants. The company continues to invest in manufacturing capacity: it has completed the retrofit of its anode fabrication machine, is optimizing SiMaxx output, and is adding SiCore capabilities at its Fremont facility. Additionally, a contract manufacturing agreement with a leading South Korean battery manufacturer was signed in May 2025 to support high-performance SiCore cell production at scale.
In July 2025, the company announced delivery of SiCore cells manufactured at Fremont and received a $10.5 million contract from the U.S. Government Defense Innovation Unit to expand manufacturing capabilities. Management is also evaluating the scope and timing of the planned Brighton, Colorado facility based on funding availability, and has engaged a commercial real estate firm to explore potential subleasing options for part of that facility.
No formal guidance for future periods was provided, but the company expects to continue incurring losses as it scales operations and invests in research and development. The company's ability to execute its business model depends on ongoing capital availability, supplier relationships, and market adoption.
This analysis highlights a company in rapid growth mode, achieving revenue scale and positive gross margin, while still generating significant operating losses. The cash position and ATM availability provide a runway, but the company's heavy reliance on third-party manufacturing and global trade dynamics remain key risks.