Amprius Technologies (AMPX) The 38th Annual Roth Conference summary

Company overview and technology differentiation

• Developed proprietary silicon anode technology, enabling batteries with approximately double the energy density compared to standard graphite-based lithium-ion cells, crucial for applications where weight and size are critical, such as drones and light electric vehicles.

• Focuses on delivering complete battery cells rather than just components, setting it apart from many peers in the battery technology sector.

• Achieved significant revenue growth, reaching $73 million last year, with guidance for a 70% increase by 2026.

• Transitioned to an outsourced manufacturing model, leveraging partners in China, Korea, and the U.S. for flexibility and cost efficiency.

• Adjusted EBITDA positive in Q4, marking a key financial milestone.

Strategic manufacturing and market approach

• Shifted away from vertical integration in Colorado to an outsourced model, allowing rapid adaptation to market needs and battery type preferences.

• Maintains manufacturing flexibility to meet customer requirements for country of origin, with ongoing expansion of U.S. and Korean contract manufacturing partnerships.

• Rapidly onboards new manufacturing partners, with recent examples including a U.S. partner in Northern California and multiple new partners in China and Korea.

• Outsourced model enables quick adaptation to market shifts, such as the move from cylindrical to pouch cells.

Financial performance and profitability

• Achieved over 30% gross margins on key product lines, with guidance for at least 25% gross margins in 2026.

• Operates with a lean OpEx structure, demonstrating resourcefulness and efficiency.

• Revenue base is diversified across more than 550 customers, reducing reliance on a few large clients.

• Expects recurring revenue streams as battery replacements become necessary in UAVs, robotics, and light EVs.