Amprius Technologies, Inc. (NYSE: AMPX)

Amprius Technologies, Inc. develops, manufactures, and markets lithium-ion batteries for mobility applications, focusing on aviation, ground, and marine vehicles. The company's innovative silicon anode technology aims to enhance battery performance, offering high energy density, high power density, and fast charging capabilities across a wide range of operating temperatures. This technology is designed to surpass conventional graphite lithium-ion batteries, providing superior performance for demanding applications.

Amprius generates revenue through the sale of its high-performance batteries, primarily targeting the aviation sector, including unmanned aerial systems (UAS) such as drones and high-altitude pseudo-satellites (HAPS). The company's customer base includes a mix of aerospace companies, defense contractors, and technology firms, with a significant portion of sales directed towards European markets. Amprius offers two main product platforms: SiCore and SiMaxx batteries, each designed to meet specific performance requirements for different applications.

• SiCore Product Platform: The SiCore batteries, developed in collaboration with Berzelius, are based on a proprietary silicon anode material system. These batteries are designed to deliver high energy density, up to 450 Wh/kg, and long cycle life, up to 1,400 cycles. The SiCore platform includes various designs such as Energy, Power, and Balanced Energy/Power cells, catering to different market needs. The Energy design focuses on maximizing specific energy for low power requirements, the Power design emphasizes high power capabilities, and the Balanced Energy/Power design offers a compromise between power and energy. As of December 31, 2025, Amprius had access to annual production exceeding 2.0 GWh of SiCore batteries in pouch, cylindrical, and prismatic formats through its manufacturing supply agreements.

• EV Capable Products: Amprius is also developing EV-capable cells to compete in the electric vehicle (EV) market. The company has been sampling its batteries with the U.S. Advanced Battery Consortium (USABC) and has met or exceeded several of their 2025 EV cell performance goals. In November 2024, Amprius shipped SiMaxx A-Sample EV cells to USABC, which demonstrated specific energy of 360 Wh/kg and power density of 1,200 W/kg. However, to effectively compete in the EV space, Amprius needs to improve cycle life, increase production quantity, and reduce costs.

Amprius Technologies, Inc. holds a strong position in the battery industry, particularly in the aviation sector. The company's competitive advantages include its proprietary silicon anode technology, which offers superior performance compared to conventional graphite lithium-ion batteries. Amprius' batteries have been validated by various customers, including AALTO Airbus, AeroVironment, BAE Systems, Kraus Hamdani Aerospace, Nokia Drone Networks, Nordic Wing, Teledyne FLIR, and the U.S. Army. The company's first-mover advantage in emerging aviation markets, robust IP portfolio, and proven performance in demanding environments further strengthen its competitive position. However, Amprius faces competition from both established battery manufacturers and new technology companies developing alternative battery chemistries.

Amprius Technologies, Inc. serves a diverse customer base, including aerospace companies, defense contractors, and technology firms. Specific customers mentioned in the filing include AALTO Airbus, AeroVironment, BAE Systems, Kraus Hamdani Aerospace, Nokia Drone Networks, Nordic Wing, Teledyne FLIR, and the U.S. Army. The company's batteries have been integrated into various applications, such as the Zephyr S stratospheric vehicle developed by AALTO Airbus, which has set numerous endurance and altitude records. Amprius continues to expand its customer base and engage in technical evaluations with tier-one eVTOL manufacturers to support the development and commercialization of their fleets.