Amprius Technologies, Inc. Q1 FY2025 earnings call

• Amprius is a leader in silicon anode batteries, with products offering high energy and power density. In Q1, they introduced new cell chemistries like 370 Wh/kg high power pouch cells and 6,300 mAh cylindrical cells. - Shipped batteries to over 100 customers, with 46 new to their platform. - Generated $11.3 million in revenue, a 383% increase from Q1 2024. - Added $34.5 million in new customer purchase orders to backlog. - Tom Steading joined as President, bringing leadership experience. - Completed hardware retrofit at Fremont facility for CEMEX product and focused on optimizing manufacturing for 500 Wh/kg CEMEX product.

In the first quarter, Amprius Technologies generated revenue of $11.3 million. Product revenue was $11 million, a 6% increase sequentially, and development services and grant revenue totaled $300,000. 83% of revenue was from outside the US, up from 65% in the prior year period. Approximately 25% of revenue came from the light electric vehicle segment. Product revenue in Q1 2024 was $2.3 million, marking a 370% year-over-year increase.

• Expect revenue growth based on strong pipeline and new product releases. - Plan to continue leveraging contract manufacturing network for capacity. - No plans to move forward with Colorado facility at present; monitoring industry dynamics. - Anticipate continued growth in 2025 with new product launches and customer engagement.

• Trade conflicts and tariffs pose potential impacts, but Amprius has mitigation strategies like global diversification and competitive cost base. - Uncertainty around policy decisions from governments globally could affect business.

Q: How is the testing activity going with customers and how quickly might it translate into incremental orders?

A: Customer contracts mentioned have some complete before end of year, some in Q2.

Q: Is non-China manufacturing for Cycle product line ramping up in 2025?

A: Yes, additional contract manufacturing facilities outside China will be announced soon.

Q: What team growth is needed to support trajectory?

A: Three areas: R&D to strengthen capabilities, contract manufacturing team build-up, and expanding sales team.

Q: How does tariff situation affect strategy on new customers?

A: Tariff not primary concern as Amprius has competitive cost base and global reach, so no dramatic increase in domestic customer base.

Q: Any competitive products from giants like CATL or BYD and what Amprius has that's different?

A: Major difference is market participation; Amprius has most complete silicon anode technology portfolio and unique cell chemistry.

Q: Incorporation of third-party silicon anode materials in newer products?

A: Uses Freselius silicon anode as a component, with primary source from Pavilion.

Q: Update on contract manufacturing partners ex-China?

A: Timeline is very soon, with contract manufacturer partners outside China to be announced.

Q: Does backlog set up for sequential revenue improvements?

A: Yes, strong pipeline and advanced customer qualifications anticipate revenue growth.

Q: Risk of cannibalization with new offerings?

A: New products aim at new applications or upgrading device performance, not cannibalizing existing offerings in a way that requires restarting design processes.

Q: Backlog details and qualification timeline for Fortune 500 customer?

A: Remaining performance obligations are $37.8 million. Volume orders from Fortune 500 customer in light electric vehicle expected in later part of 2026.

Q: Margin outlook as new batteries are commercialized?

A: Cycle product has been gross margin and cash flow positive from day one, and growth engine in near term is Cycle, driving more positive gross margins over time.