Amprius Technologies Inc

Amprius Technologies, Inc. (NYSE: AMPX) develops, manufactures and markets lithium-ion batteries for mobility applications, including the aviation, electric vehicle (EV) and light electric vehicle (LEV) industries. The Company’s commercially available SiMaxx batteries deliver up to 450 Wh/kg and 1,150 Wh/L, with third-party validation of 500 Wh/kg and 1,300 Wh/L. Its batteries are primarily used for existing and emerging aviation applications, including unmanned aerial systems (UAS), such as drones and high-altitude pseudo satellites (HAPS).

Recent Business and Financial Updates

• Company Overview and Technological Leadership: Amprius Technologies, Inc., a pioneer in the silicon anode battery sector since commencing commercial production in 2018, develops, manufactures, and markets high-energy and high-power density lithium-ion batteries tailored for electric mobility applications, including aviation, electric vehicles (EVs), and light electric vehicles (LEVs). The company asserts its leadership with SiMaxx batteries delivering up to 450 Wh/kg and 1,150 Wh/L, with third-party validation reaching 500 Wh/kg and 1,300 Wh/L, alongside features such as a 10C power capability, a six-minute 0-80% charge rate, a -30°C to 55°C operating range, and safety validated by the U.S. military’s nail penetration test. In Q1 2025, Amprius expanded its portfolio with over a dozen SKUs, reinforcing its position as a leader in next-generation battery technology.
• Product Innovations and Market Traction: During Q1 2025, Amprius introduced two standout products: a 370 Wh/kg high-power pouch cell with a 15C discharge rate, shipped to customers like Teledyne FLIR for evaluation, and a 6300 mAh 21700-format cylindrical cell, offering a 25% energy density improvement and earning “Best in Show” at the 2025 International Battery Seminar. These innovations, complemented by shipments to 102 customers (including 46 new ones), drove revenue to USD 11.3 million, a 383% year-over-year increase and 6% sequential growth, with 83% of revenue from international markets. A USD 15.0 million purchase order from a UAS OEM, following a nine-month testing cycle, underscores Amprius’ ability to convert design engagements into volume orders, particularly in the LEV sector, which contributed 25% of Q1 revenue.
• Manufacturing Expansion and Financial Performance: Amprius enhanced its manufacturing capacity in 2024 through gigawatt-scale contract manufacturing for SiCore batteries, while completing a hardware retrofit at its Fremont facility to optimize SiMaxx production for customers like AALTO/Airbus and AeroVironment. Financially, Q1 2025 saw a gross loss of USD 2.4 million (negative 21% margin), consistent with Q4 2024, though improved from a negative 190% in Q1 2024, reflecting scale benefits despite pre-construction costs. Operating expenses dropped 23% to USD 7.3 million, and the net loss narrowed to USD 9.4 million (USD 0.08 per share) from USD 9.9 million (USD 0.11 per share) year-over-year, with cash reserves at USD 48.4 million and no debt as of March 31, 2025, supported by USD 8.5 million from stock issuance.
• Strategic Outlook and Leadership Transition: Looking ahead, Amprius plans to leverage its contract manufacturing network to expand capacity in 2025 without immediate investment in its paused Colorado facility, focusing instead on new SiCore and SiMaxx 500 Wh/kg products to fuel 2025 revenue growth. The appointment of Tom Stepien as President, bringing 35 years of experience in energy storage and manufacturing, strengthens leadership as the company targets 235 customers served in 2024 and aims to convert engagements into orders. Despite macroeconomic challenges like tariffs, Amprius’ global revenue diversification (over 80% international) and competitive cost structure bolster its confidence in sustained growth.

Technical Observation (on the daily chart):

The Relative Strength Index (RSI) over a 14-day period stands at a value of 82.24, upward trending and inside overbought zone, with expectations of a consolidation or a downward momentum if the important support of USD 5.00-USD 5.50 is broken on the downside. Additionally, the stock's current positioning is above both the 50-period SMA and 200-period SMA, which may serve as dynamic short to medium-term support levels.

Amprius Technologies, Inc., a leader in silicon anode battery technology since 2018, develops, manufactures, and markets high-energy and high-power density lithium-ion batteries for aviation, electric vehicles (EVs), and light electric vehicles (LEVs), with its SiMaxx batteries offering up to 450 Wh/kg and 1,150 Wh/L, validated at 500 Wh/kg and 1,300 Wh/L, alongside features like a 10C power capability and a six-minute 0-80% charge. In Q1 2025, the company reported USD 11.3 million in revenue, a 383% year-over-year increase driven by shipments to 102 customers (including 46 new ones) and new products like a 370 Wh/kg high-power cell and a 6300 mAh cylindrical cell, though it recorded a USD 9.4 million net loss (USD 0.08 per share) and a negative 21% gross margin, mitigated by USD 48.4 million in cash reserves and no debt as of March 31, 2025. With expanded manufacturing capacity via contract partners, a USD 15.0 million UAS order, and the appointment of President Tom Stepien, Amprius aims to grow its global customer base and revenue, despite challenges from tariffs and production scaling. 

As per the above-mentioned price action, recent key business and financial updates, momentum in the stock over the last month, and technical indicators analysis, a ‘WATCH’ rating has been given to Amprius Technologies, Inc. (NYSE: AMPX) at the current market price of USD 6.70, as of July 10, 2025, at 08:10 am PDT. 

Individuals can evaluate the stock based on the support and resistance levels provided in the report in case of keen interest taking into consideration the risk-reward scenario. 

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Related Risk: This report may be looked at from a high-risk perspective and a recommendation is provided for a short duration. This report is solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc. 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is July 10, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.