• Intel for high-performance batteries
• Gore-Tex for batteries

• High Energy Density Silicon Anode Batteries: These battery cells are designed to maximize energy storage, enabling extended endurance for applications such as electric aviation, drones, and satellites.
• High Power Density Silicon Anode Batteries: These battery cells are engineered for rapid power delivery and quick charging, suitable for high-performance drones, defense applications, and specialized electric mobility solutions.

Amprius Technologies (AMPX) Major Customers

Amprius Technologies (AMPX) primarily operates on a Business-to-Business (B2B) model, selling its advanced silicon nanowire anode lithium-ion batteries to companies that integrate them into their products or systems. They do not sell directly to individual consumers.

Based on public disclosures and press releases, Amprius's major customers and target markets include:

• Airbus SE (Symbol: AIR.PA on Euronext Paris; EADSY on OTC Pink for US investors): Amprius has publicly announced that Airbus has selected its batteries for its Zephyr High Altitude Platform Station (HAPS) program. This represents a significant partnership in the electric aviation and aerospace sector.
• Unnamed global aerospace and defense prime contractors: Amprius frequently references multi-year contracts, follow-on orders, and development contracts with major players in the defense and aerospace sector for applications such as high-altitude pseudo-satellites (HAPS), unmanned aerial vehicles (UAVs), and other advanced systems. Specific company names are typically withheld due to non-disclosure agreements (NDAs).
• Unnamed leading electric vehicle (EV) manufacturers: Amprius has announced shipping batteries to a "leading global luxury electric vehicle manufacturer" for validation purposes, indicating ongoing engagement and potential future contracts within the high-performance electric vehicle market. Specific names are not disclosed due to NDAs.

The company's focus is on high-performance applications where energy density and power density are critical, such as electric aviation, high-performance EVs, and various defense applications.

Dr. Kang Sun, Chief Executive Officer & Board Director
Dr. Sun has served as Amprius' President and Chief Executive Officer since February 2017 and as a director on the Amprius Board since December 2016. He also served as President, Chief Executive Officer, and a director of Amprius, Inc. since March 2010. Prior to joining Amprius, Inc., Dr. Sun led two business ventures in the renewable energy sector: he was President and Chief Operating Officer of JA Solar Co. Ltd., a manufacturer of high-performance photovoltaic products, and Chairman and Chief Executive Officer of RayTracker Inc., an advanced solar tracking system company that was acquired by First Solar Inc. He also held senior executive positions at Honeywell International Inc. and Canon Production Printing (formerly Oce, N.V.).

Ricardo C. Rodriguez, Chief Financial Officer
Mr. Rodriguez has served as Amprius' Chief Financial Officer since October 2025. He most recently served as Chief Financial Officer and Treasurer of Aspen Aerogels, Inc., a publicly traded advanced materials company, from April 2022 until joining Amprius, and previously as Aspen's Chief Strategy Officer. From February 2019 to November 2021, he was a Corporate Strategy Director at Aptiv, a global automotive technology company, where he led the establishment of the Vehicle Electrification Systems group. Earlier in his career, Mr. Rodriguez was an investment banker at Lazard, focusing on automotive mergers and acquisitions and restructuring advisory services.

Tom Stepien, President & Board Director
Mr. Stepien has served as Amprius' President and a director on the Amprius Board since May 2025. He brings over 35 years of leadership experience in energy storage, advanced manufacturing, and technology innovation. Prior to joining Amprius, he served as CEO of South 8 Technologies from August 2023 to March 2025. From December 2020 to July 2023, he was an Operating Partner at KCK Group, a private equity firm. He also co-founded and led Primus Power, a long-duration stationary energy storage company, and spent over a decade at Applied Materials.

Dr. Ionel Stefan, Chief Technology Officer
Dr. Stefan has served as Amprius' Chief Technology Officer since August 2015. He is an expert in electrochemistry and energy storage, leading Amprius' scientific research and development activities. Prior to his CTO role, he served as a Senior Scientist at Amprius, Inc. since November 2009 and as Director of Battery Technology since November 2012. Before joining Amprius, Inc., Dr. Stefan was a Scientist Electrochemist at Nanosys Inc.

Mr. Aaron Bakke, General Manager - US Operations
Mr. Bakke oversees Amprius' domestic manufacturing and operational strategy. He possesses deep expertise in quality systems and manufacturing, with extensive experience across the automotive and aerospace sectors. He is known for driving operational excellence, leading initiatives in lean manufacturing, ERP deployment, supply chain optimization, and quality assurance.

Key Risks to Amprius Technologies (AMPX)

Amprius Technologies, Inc. (AMPX) faces several key risks that could impact its business operations and financial performance:

1. Manufacturing and Scaling Challenges: Amprius faces significant hurdles in establishing supply relationships for essential materials, components, and equipment required for the mass production of its silicon anode technology. The company also needs to successfully develop automated, high-volume manufacturing lines to increase its production volume. There is no guarantee that Amprius will succeed in developing new high-volume manufacturing lines that meet the necessary requirements for cell quality, yield, and throughput, which could undermine expectations for growth and profitability.
2. Competition and Technological Obsolescence: The company operates in a highly competitive market against both established manufacturers and new entrants developing advanced battery technologies. A significant risk comes from the ongoing development of alternative battery technologies, such as solid-state batteries, which could offer advantages in safety, charging speed, energy density, and lifespan. Amprius competes with companies like SES AI, QuantumScape (which is also developing solid-state battery technology), Panasonic, Samsung SDI, Factorial, CATL, Tesla, and LG Chem. Failure to continuously innovate or adapt its technology to remain competitive could erode its market share.
3. Financial Performance and Capital Requirements: Amprius Technologies currently operates at a loss and anticipates incurring additional losses as it scales its business and increases operating expenditures, including research and development. The company will need to raise additional funds to meet its future operating and capital expenditure requirements, and there is no assurance that it will be able to do so on acceptable terms, or at all. Failure to achieve profitability within expected timelines could negatively impact investor confidence and the company's stock value.

Amprius Technologies (AMPX) faces two clear emerging threats:

First, direct competition from other well-funded and technologically advanced companies that are also developing and commercializing silicon-anode or silicon-dominant battery technologies. Companies such as Sila Nanotechnologies, Group14 Technologies, Enovix (ENVX), and StoreDot are direct rivals in the race to deliver next-generation batteries with higher energy density and faster charging capabilities. These competitors are pursuing various approaches to silicon integration and cell design, and many have secured significant strategic partnerships with major automotive OEMs, consumer electronics brands, or other industry players. Some have also achieved early commercialization or design wins in various sectors. The success of these rivals in scaling manufacturing, securing intellectual property, and establishing key customer relationships represents a clear emerging threat to Amprius's market share, unique value proposition, and competitive differentiation in the advanced battery market.

Second, the long-term emergence and potential commercialization of solid-state battery technology. Companies like QuantumScape (QS), Solid Power (SLDP), and Factorial Energy, backed by major automotive manufacturers and significant investment, are actively developing solid-state batteries that promise advantages over traditional lithium-ion batteries, including enhanced safety, potentially higher energy density, and faster charging. If solid-state technology achieves cost-effective mass production and overcomes current technical hurdles, it could fundamentally displace liquid-electrolyte lithium-ion batteries, including Amprius's advanced silicon-anode solutions, by offering a superior alternative across key performance metrics. This represents a clear emerging threat that could redefine the entire battery industry landscape.

Amprius Technologies (AMPX) specializes in high-energy density lithium-ion batteries, utilizing proprietary silicon nanowire anode technology. Their primary products are high-energy density battery cells and complete battery solutions, including battery management and thermal management systems. These products are designed for applications in aerospace, defense, electric vehicles (EVs), and premium consumer electronics.

The addressable markets for Amprius Technologies' main products and services are significant across various regions:

• Silicon Anode Batteries: The global market for silicon anode batteries is projected to reach approximately USD 15 billion by 2035. Another estimate puts the global silicon anode battery market size at USD 4.3 billion in 2025, growing to USD 15.8 billion in 2035 with a CAGR of 13.7%. A more optimistic forecast indicates the global silicon anode battery market size at USD 536.53 million in 2025, reaching around USD 20,799.74 million by 2034, accelerating at a CAGR of 50.14% from 2025 to 2034. The North American silicon anode battery market size surpassed USD 192.97 million in 2024 and is expected to grow at a CAGR of 50.28% during the forecast period. Asia-Pacific dominated the global silicon anode battery market with the largest revenue share of 54% in 2024.
• High-Energy Density Batteries (General Market): The global high-energy density battery market size reached USD 19.8 billion in 2024 and is forecasted to reach USD 55.2 billion by 2033, growing at a CAGR of 14.2% from 2025 to 2033. The Asia Pacific region leads this market with a size of USD 9.2 billion in 2024. North America represents the second-largest regional market, valued at USD 5.1 billion in 2024, followed by Europe at USD 3.8 billion in 2024.
• Electric Vehicles (EVs): The battery electric car market represents the largest addressable market for silicon anodes. The global electric vehicle battery market size was estimated at USD 61.31 billion in 2024 and is projected to reach USD 198.86 billion by 2030, growing at a CAGR of 22.2% from 2025 to 2030. Other sources estimate the global EV battery market size to reach USD 739.31 billion by 2034 or USD 679.80 billion by 2034. Asia-Pacific held the largest market share of 51.8% in 2024.
• Aerospace Batteries: The global aircraft battery market size was valued at USD 477.8 million in 2024 and is estimated to grow at a CAGR of 13.1% from 2025 to 2034. Another report states the aerospace battery market size was USD 207.0 million in 2024 and is expected to reach USD 246.8 million in 2025, growing to USD 334.8 million in 2034 at a CAGR of 3.4% during 2025-2034. The aircraft battery market is projected to grow from USD 1.61 billion in 2025 to USD 2.40 billion by 2030 at a CAGR of 8.3%. North America is expected to remain the largest region in this market.
• Military Batteries: The global military battery market size was valued at USD 1.46 billion in 2023 and is poised to grow from USD 1.7 billion in 2024 to USD 2.32 billion by 2032, at a CAGR of 16.1%. Another source states the military battery market size was valued at USD 1.40 billion in 2023 and is projected to reach USD 1.85 billion by 2030, growing at a CAGR of 4.11% from 2024 to 2030. North America is anticipated to dominate the military battery market from 2023 to 2033.
• Consumer Electronics Batteries: The global consumer electronics lithium-ion battery market was valued at USD 27,276.5 million in 2021 and is projected to surge to USD 73,110 million by 2033, expanding at a CAGR of 8.563%. Asia Pacific is the dominant force in both production and consumption in this market.

Amprius Technologies (AMPX) is poised for significant future revenue growth over the next 2-3 years, driven by several strategic initiatives and technological advancements:

1. Expansion of Customer Base and Repeat Orders: Amprius is consistently growing its customer base and securing repeat orders, demonstrating strong market traction for its battery technology. For example, the company has shipped batteries to hundreds of companies and 444 end customers since Q1 2023, with a significant increase in new customers in recent quarters. Notably, a $35 million purchase order from a leading unmanned aerial systems (UAS) manufacturer, following an earlier $15 million order from the same customer, highlights this trend.
2. Increased Production Capacity through Contract Manufacturing and Future Facilities: To meet escalating demand, Amprius is strategically expanding its manufacturing capabilities. The company leverages existing lithium-ion battery production capacity through co-manufacturing partners for its SiCore batteries, providing over 1.8 gigawatt-hours of capacity. This approach allows for accelerated revenue growth without immediate heavy capital investment, complementing future plans for a large-scale manufacturing facility in Brighton, Colorado.
3. Growth of SiCore and SiMaxx Product Families: The introduction and increasing adoption of its SiCore and SiMaxx battery platforms are key revenue drivers. The second-generation CyCore (SiCore) batteries led revenue growth in Q3 2025, with shipments increasing by over four times compared to Q3 2023. SiCore batteries offer high energy density and longer cycle life, using standard lithium-ion processing equipment, while SiMaxx represents Amprius' highest energy density offering.
4. Expansion into Diverse High-Growth Markets: Amprius is actively expanding its presence across various electrical mobility applications. The company's advanced silicon-anode batteries are finding significant traction in the aviation segment (unmanned and manned aviation), electric vehicles (EVs), light electric vehicles, defense, and public safety sectors. Approximately 75% of Q3 2025 revenue came from the aviation segment, with substantial interest from the defense market.
5. Leveraging Superior Battery Performance and Technological Leadership: Amprius maintains a competitive edge through its industry-leading battery performance. The company's silicon anode batteries deliver high specific energy densities, with commercially available cells at 450 Wh/kg and a 500 Wh/kg platform validated by a third party. This superior performance, including high power capability and fast charging rates, is a critical factor in attracting and retaining customers seeking advanced battery solutions for demanding applications.

Share Issuance

• Amprius Technologies issued approximately $9.8 million in common stock through an at-market sales agreement and an additional $1 million from option exercises, contributing to $10.8 million in cash inflow from financing activities in Q2 2025.
• As of June 30, 2025, the company had approximately $46.7 million remaining on its at-market sales facility for future share issuances.
• The number of shares outstanding increased by 4.5 million from the prior quarter to 125.1 million as of June 30, 2025, primarily driven by option exercises, RSU vesting, and at-market issuances.

Inbound Investments

• In July 2025, Amprius secured a $10.5 million contract from the U.S. Government Defense Innovation Unit for the expansion of electrode manufacturing at its Fremont facility, covering over 50% of the build-out costs.

Capital Expenditures

• Capital expenditures have varied, with notable figures including $17.55 million in 2021, $1.48 million in 2022, $0.61 million in 2023, and $0.53 million in 2024.
• In Q2 2025, $0.7 million was utilized for investing activities related to the Fremont, California facility, which is undergoing expansion to include electrode manufacturing.
• Amprius is planning a GWh-scale manufacturing facility in Brighton, Colorado, with pre-construction planning completed by December 31, 2024; however, the scope and schedule are dependent on funding availability and market dynamics.