Amprius Technologies (AMPX) Q4 2025 earnings summary

Executive summary

• Achieved record revenue and gross margin growth in 2025, with annual revenue rising from $24.2M to $73.0M and Q4 revenue up 137% to $25.2M, driven by broad adoption of second-generation silicon anode batteries and new customer wins like Nokia Drone Networks.

• Gross margin improved to 24% in Q4 2025, up from 11% in Q4 2024, reflecting operational leverage and higher demand.

• Expanded customer base to over 550, with more than 100 new customers added in Q4 and commercial integration of SiCore into Nokia Drone Networks.

• Fully exited the Colorado facility, settled $110M+ lease and expense obligations for $20M, and transitioned to a fabless, capital-light manufacturing model.

• Entered 2026 with a strong balance sheet and no debt, supported by ATM offering and warrant exercises.

Financial highlights

• Q4 2025 revenue reached $25.2M, up 137% year-over-year; full-year revenue was $73.0M, tripling 2024 levels.

• Q4 gross margin improved to 24%, up 9 percentage points sequentially and 45 points year-over-year; full-year gross margin was 11%, up from -76% in 2024.

• Adjusted EBITDA for Q4 was $1.8M; annual adjusted EBITDA loss was reduced by 77% year-over-year to -$5.3M, excluding Colorado one-time costs.

• Q4 operating loss was $25.4M, including a $22.5M one-time charge; adjusted Q4 net loss was $1.9M.

• Ended 2025 with $91.9M in cash and no debt.

Outlook and guidance

• 2026 revenue guidance is at least $125M, with positive adjusted EBITDA of at least $4M and a projected net loss below $8M ($0.06 per share).

• CapEx for 2026 expected to be under $10M, mostly funded by a $14.8M DIU contract.

• Targeting over $600M in contracted capacity and 30%+ gross margins by 2030, with EBITDA margins of at least 20%.