8-K: Amprius Reports Soaring 2025 Revenue, First Positive Quarterly Adjusted EBITDA

Amprius Technologies announced robust Q4 and full-year 2025 financial results, including a 137% Q4 revenue increase and its first positive quarterly non-GAAP Adjusted EBITDA, alongside an optimistic 2026 outlook.

Summary

• Q4 2025 revenue reached $25.2 million, marking a 137% increase year-over-year and an 18% sequential rise.
• Full-year 2025 revenue grew 202% to $73.0 million, up from $24.2 million in 2024.
• GAAP net loss for Q4 2025 was $24.4 million, which included a $22.5 million impairment charge related to a facility in Colorado; adjusted net loss for the quarter was $1.9 million.
• Full-year 2025 GAAP net loss was $44.0 million, a slight improvement from $44.7 million in 2024; adjusted net loss for the year was $21.5 million.
• Achieved the first positive quarterly non-GAAP Adjusted EBITDA of $1.8 million in Q4 2025, a $6.5 million year-over-year improvement.
• Full-year 2025 non-GAAP Adjusted EBITDA improved to $(5.3) million, an $18.1 million improvement from 2024.
• Ended 2025 with cash and cash equivalents totaling $91.9 million.
• Secured an additional $2.8 million for the existing agreement with the Defense Innovation Unit (DIU), bringing the total to $14.8 million for NDAA-compliant advanced drone batteries.
• Terminated a 15-year lease for a facility in Brighton, Colorado, in January 2026 for $20.0 million, eliminating over $110 million in future lease and related expense obligations.
• Tom Stepien was appointed Chief Executive Officer, succeeding Dr. Kang Sun.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a strong positive report, driven by significant revenue growth, the achievement of positive quarterly Adjusted EBITDA, and a robust outlook for 2026, despite the one-time impairment charge.

Positives

• Record Q4 2025 revenue of $25.2 million, up 137% year-over-year and 18% sequentially.
• Full-year 2025 revenue increased 202% to $73.0 million from $24.2 million in 2024.
• Achieved the first positive quarterly non-GAAP Adjusted EBITDA of $1.8 million in Q4 2025, a $6.5 million year-over-year improvement.
• Full-year 2025 non-GAAP Adjusted EBITDA improved by $18.1 million year-over-year to $(5.3) million.
• Gross margin improved significantly to 24% in Q4 2025 and 11% for the full year 2025 (from -21% and -76% respectively in 2024).
• Expanded customer base to over 550.
• Secured an additional $2.8 million for the DIU agreement, totaling $14.8 million for NDAA-compliant advanced drone batteries.
• Established the first U.S.-based manufacturing partner for SiCore battery production and added three contract manufacturers to the Amprius Korea Battery Alliance.
• Selected by Nokia Drone Networks to power its next-generation drone systems following extensive qualification and testing.
• Strategic termination of the Colorado facility lease for $20.0 million in January 2026, eliminating over $110 million in future lease obligations.
• Strong 2026 financial outlook: revenue of at least $125.0 million (70% growth), net loss less than $8.0 million, and Adjusted EBITDA of at least $4.0 million.

Negatives

• Reported a GAAP net loss of $24.4 million in Q4 2025, primarily due to a $22.5 million impairment charge related to the Colorado facility.
• Full-year 2025 GAAP net loss was $44.0 million.
• Despite improvements, the company still reported a full-year non-GAAP Adjusted EBITDA loss of $(5.3) million.

Risks

• Market demands for SiCore batteries may not meet expectations.
• Ability to deliver high-performance products to customers at acceptable prices and meet demand via contract manufacturing arrangements.
• Third-party producers of Amprius batteries may not continue to produce in expected quantities, caliber, or at expected prices.
• Customers may not continue to purchase batteries from Amprius.
• Risks related to the rollout of business and timing of expected milestones.
• Effects of competition on business.
• Liquidity position and its ability to raise additional capital.
• Adverse effects from economic, business, or competitive factors, including supply chain interruptions, further cost inflation, and developments in alternative technologies.
• Inability to manage other risks and uncertainties.
• Effect of macroeconomic factors, such as increased tariffs, trade barriers, economic downturns, and other business interruptions affecting the global economy and capital markets.
• Changes in governmental policies impacting customers and addressable markets.
• Changes in other domestic and foreign business, market, financial, political, and legal conditions.

Future Outlook

Amprius expects 2026 total revenue to be at least $125.0 million, representing at least 70% growth. Net loss is projected to be less than $8.0 million, with net loss per share under $0.06. Non-GAAP Adjusted EBITDA is anticipated to be at least $4.0 million, and capital expenditure is expected to be under $10.0 million, reflecting a capital-light manufacturing model.

Management Comments

• "For Amprius, 2025 marked a year of meaningful commercial progress, as we expanded our customer base to over 550, increased revenue by over 3x, and advanced the adoption of our silicon anode batteries across multiple end markets." Tom Stepien, CEO.
• "Growing demand from existing customers, new program wins, and improved execution across our manufacturing partners drove strong momentum throughout the year. Looking ahead to 2026, we plan to leverage our enhanced supply chain to scale production and meet accelerating market demand, supporting continued accretive growth." Tom Stepien, CEO.
• "Last year presented early evidence of the potential of our business model, with the revenue base steadily increasing and margins improving. In 2026, our team is energized to continue delivering what we believe is a meaningful step function in growth and profitability with a clean balance sheet and a scale-enabling cost structure." Ricardo C. Rodriguez, CFO.

Industry Context

StockSavvy.ai notes that Amprius Technologies' focus on silicon anode lithium-ion batteries positions it within a high-growth segment of the energy storage market, particularly for aerospace, defense, and mobility applications. The increased DIU agreement and selection by Nokia Drone Networks highlight the critical demand for advanced, NDAA-compliant battery technology in defense and specialized commercial drone sectors. The strategic shift to a capital-light manufacturing model and expansion of contract manufacturing partners in the U.S. and Korea reflects a broader industry trend towards flexible, scalable production to meet rapidly evolving market needs and supply chain security requirements.

Comparison to Industry Standards

• The filing does not provide specific comparative data against named competitors or industry benchmarks with numerical results.
• StockSavvy.ai notes that the reported revenue growth of 202% for the full year 2025 and the projected 70% growth for 2026 are indicative of a company in a rapid expansion phase within the advanced battery sector.
• The achievement of positive quarterly non-GAAP Adjusted EBITDA is a significant milestone, suggesting improving operational efficiency compared to many early-stage, high-growth technology companies that often operate at a loss for longer periods.
• The strategic focus on NDAA compliance and defense applications positions Amprius in a niche with high barriers to entry and potentially higher margins, differentiating it from general consumer battery manufacturers.

Management Changes

Stakeholder Impact

• Shareholders: Positive financial results, strong growth outlook, and strategic cost-saving measures (lease termination) are likely to increase shareholder confidence and potentially share value.
• Customers: Expanded customer base (over 550), new program wins (DIU, Nokia), and enhanced manufacturing capabilities (U.S. partner, Korea Battery Alliance) indicate improved ability to meet demand and deliver advanced battery solutions.
• Employees: Appointment of a new CEO, Tom Stepien, signals a new leadership phase, potentially impacting company culture and strategic direction.
• Suppliers: Sourcing NDAA-compliant suppliers and expanding contract manufacturing relationships will impact existing and new supply chain partners.

Next Steps

• Leverage enhanced supply chain to scale production and meet accelerating market demand.
• Continue delivering significant growth and profitability in 2026.
• Conference call with management on March 5, 2026, to discuss results and outlook.

Key Dates

Recommendation

The filing demonstrates exceptional revenue growth (202% full-year 2025, 137% Q4 2025) and a clear path to sustained profitability, marked by the first positive quarterly non-GAAP Adjusted EBITDA and a strong 2026 outlook projecting at least 70% revenue growth and positive full-year Adjusted EBITDA. Strategic moves, such as the termination of the Colorado lease, significantly reduce future liabilities. The expansion of customer base, key partnerships (DIU, Nokia), and diversified manufacturing capabilities underscore robust business momentum and market adoption of its advanced silicon anode technology, making it a compelling investment opportunity.

Keywords

Amprius Technologies, AMPX, Lithium-ion batteries, Silicon Anode Platform, Battery technology, Financial results, Q4 2025, Full Year 2025, Revenue growth, Adjusted EBITDA, NDAA compliant, Drone batteries, Defense Innovation Unit, DIU, Nokia Drone Networks, Contract manufacturing, Energy storage, Aerospace, Defense, Mobility