ampx-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________

FORM 10-Q

_______________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-41314

_______________________

AMPRIUS TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

_______________________


Delaware						98-1591811
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1180 Page Avenue, Fremont, California						94538
(Address of Principal Executive Offices)						(Zip Code)

(800) 425-8803

Registrant's telephone number, including area code

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.0001 par value	AMPX	The New York Stock Exchange
Redeemable warrants, each exercisable for one share of common stock at an exercise price of $11.50	AMPX.W	The New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☒

Emerging growth company

☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of August 1, 2025, the registrant had 125,075,837 shares of common stock, par value $0.0001, outstanding.

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			Page
Cautionary Note Regarding Forward-Looking Statements			1
Part I - Financial Information			3
Item 1. Financial Statements (Unaudited)			3
Condensed Consolidated Balance Sheets			3
Condensed Consolidated Statements of Operations			4
Condensed Consolidated Statements of Comprehensive Loss			5
Condensed Consolidated Statements of Stockholders’ Equity			6
Condensed Consolidated Statements of Cash Flows			7
Notes to Condensed Consolidated Financial Statements			8
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			18
Item 3. Quantitative and Qualitative Disclosures About Market Risk			26
Item 4. Controls and Procedures			26
Part II - Other Information			27
Item 1. Legal Proceedings			27
Item 1A. Risk Factors			27
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			56
Item 3. Defaults Upon Senior Securities			56
Item 4. Mine Safety Disclosures			56
Item 5. Other Information			56
Item 6. Exhibits			57
Signatures			58

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Cautionary Note Regarding Forward-Looking Statements

Certain statements in this Quarterly Report on Form 10-Q of Amprius Technologies, Inc. (hereafter referred to as “Amprius,” the “Company,” “we,” “us,” or “our”) and in documents incorporated herein by reference may constitute “forward-looking statements” for purposes of the federal securities laws. Such forward-looking statements include, but are not limited to, statements regarding our expectations, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this Quarterly Report on Form 10-Q may include, for example, statements about:

•our financial and business performance, including financial and business metrics;

•changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans;

•our ability to add manufacturing capacity and the costs and timing to add such capacity;

•the expected addressable markets for our products;

•developments relating to our competitors and industry;

•our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others;

•our ability to develop a high-volume manufacturing line and otherwise scale in a cost-effective manner;

•our future capital requirements and sources and uses of cash;

•our ability to obtain funding for our operations; and

•our business, expansion plans and opportunities.

These forward-looking statements are based on information available as of the date of this Quarterly Report on Form 10-Q, including current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include:

•our ability to execute our business model, including scaling production and increasing the addressable markets for our products and services;

•our ability to raise capital;

•the ability to maintain the listing of our securities on the New York Stock Exchange (the “NYSE”);

•the effect of macroeconomic factors, such as increased tariffs and related retaliatory actions, trade barriers, economic downturns, and other business interruptions affecting the global economy and capital markets, such as uncertainty in the global markets, inflation, recessionary trends, or changes in spending by government agencies and contractors;

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•the possibility that we may be adversely affected by other economic, business or competitive factors, including supply chain interruptions and developments in alternative technologies, and may not be able to manage other risks and uncertainties;

•the outcome of any legal proceedings that may be instituted against us;

•changes in applicable laws or regulations;

•the effect of other factors, such as abrupt political change, geopolitics, currency fluctuations, embargoes, shortages, terrorist activity, armed conflict and public health emergencies, on our business; and

•other risks and uncertainties described in this Quarterly Report on Form 10-Q, including risk factors discussed in Part II, Item 1A under the heading, “Risk Factors.”

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Part I - Financial Information

Item 1. Financial Statements

AMPRIUS TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	June 30,		December 31,
(In thousands, except share and par value data)	2025		2024
ASSETS
Current assets:
Cash and cash equivalents	$	54,189	$	55,155
Accounts receivable, net	10,766		5,580
Inventories	4,335		6,574
Prepaid expenses and other current assets	2,564		1,454
Total current assets	71,854		68,763
Non-current assets:
Property, plant and equipment, net	17,275		17,481
Operating lease right-of-use assets, net	32,623		33,512
Other assets	1,289		1,369
Total assets	$	123,041	$	121,125
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	3,739	$	7,424
Accrued and other current liabilities	4,075		4,832
Deferred revenue	840		1,638
Operating lease liabilities	3,425		3,316
Total current liabilities	12,079		17,210
Non-current liabilities:
Operating lease liabilities	34,308		34,443
Total liabilities	46,387		51,653
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock; $0.0001 par value; 50,000,000 shares authorized; no shares issued and outstanding	—		—
Common stock; $0.0001 par value; 950,000,000 shares authorized; 125,075,837 and 116,934,314 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	13		12
Additional paid-in capital	266,723		243,794
Accumulated other comprehensive loss	(7)		—
Accumulated deficit	(190,075)		(174,334)
Total stockholders’ equity	76,654		69,472
Total liabilities and stockholders’ equity	$	123,041	$	121,125

The accompanying notes are an integral part of these condensed consolidated financial statements.

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AMPRIUS TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three months ended June 30,				Six months ended June 30,
(In thousands, except share and per share data)	2025		2024		2025		2024
Revenue	$	15,067	$	3,345	$	26,351	$	5,681
Cost of revenue	13,727		9,876		27,372		16,657
Gross profit (loss)	1,340		(6,531)		(1,021)		(10,976)
Operating expenses:
Research and development	2,162		1,662		4,165		3,243
Selling, general and administrative	5,991		4,739		11,298		9,032
Total operating expenses	8,153		6,401		15,463		12,275
Loss from operations	(6,813)		(12,932)		(16,484)		(23,251)
Other income, net	443		415		743		848
Net loss	$	(6,370)	$	(12,517)	$	(15,741)	$	(22,403)
Weighted-average common shares outstanding:
Basic and diluted	121,783,506		97,048,734		119,854,678		93,538,477
Net loss per share of common stock:
Basic and diluted	$	(0.05)	$	(0.13)	$	(0.13)	$	(0.24)

The accompanying notes are an integral part of these condensed consolidated financial statements.

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AMPRIUS TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)


	Three months ended June 30,				Six months ended June 30,
(In thousands)	2025		2024		2025		2024
Net loss	$	(6,370)	$	(12,517)	$	(15,741)	$	(22,403)
Other comprehensive loss:
Change in foreign currency translation adjustment	(3)		—		(7)		—
Comprehensive loss	$	(6,373)	$	(12,517)	$	(15,748)	$	(22,403)

The accompanying notes are an integral part of these condensed consolidated financial statements.

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AMPRIUS TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)


	Six months ended June 30, 2025
	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders’ Equity
(In thousands, except share data)	Shares	Amount
Balance as of December 31, 2024	116,934,314	$	12	$	243,794	$	—	$	(174,334)	$	69,472
Issuance of common stock in connection with the At Market Issuance Sales Agreement, net of issuance cost	2,585,646	—		8,429		—		—		8,429
Issuance of common stock upon exercise of stock options and vesting of restricted stock units	1,026,117	—		48		—		—		48
Stock-based compensation	—	—		1,822		—		—		1,822
Net loss	—	—		—		—		(9,371)		(9,371)
Other comprehensive loss	—	—		—		(4)		—		(4)
Balance as of March 31, 2025	120,546,077	$	12	$	254,093	$	(4)	$	(183,705)	$	70,396
Issuance of common stock in connection with the At Market Issuance Sales Agreement, net of issuance cost	3,175,850	1		9,706		—		—		9,707
Issuance of common stock upon exercise of stock options and vesting of restricted stock units	1,353,910	—		1,018		—		—		1,018
Stock-based compensation	—	—		1,906		—		—		1,906
Net loss	—	—		—		—		(6,370)		(6,370)
Other comprehensive loss	—	—		—		$	(3)	—		(3)
Balance as of June 30, 2025	125,075,837	$	13	$	266,723	$	(7)	$	(190,075)	$	76,654


	Six months ended June 30, 2024
	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders’ Equity
(In thousands, except share data)	Shares	Amount
Balance as of December 31, 2023	88,869,463	$	9	$	189,454	$	—	$	(129,663)	$	59,800
Issuance of common stock in connection with the At Market Issuance Sales Agreement, net of issuance cost	2,853,266	—		8,746		—		—		8,746
Issuance of common stock upon exercise of stock options and vesting of restricted stock units	551,436	—		28		—		—		28
Stock-based compensation	—	—		1,247		—		—		1,247
Net loss	—	—		—		—		(9,886)		(9,886)
Balance as of March 31, 2024	92,274,165	$	9	$	199,475	—		$	(139,549)	$	59,935
Issuance of common stock in connection with the At Market Issuance Sales Agreement, net of issuance cost	1,043,053	—		2,074		—		—		2,074
Issuance of common stock upon exercise of stock warrants, net of issuance cost	13,075,664	2		13,626		—		—		13,628
Issuance of common stock upon exercise of stock options and vesting of restricted stock units	1,585,405	—		68		—		—		68
Stock-based compensation	—	—		1,941		—		—		1,941
Net loss	—	—		—		—		(12,517)		(12,517)
Balance as of June 30, 2024	107,978,287	$	11	$	217,184	$	—	$	(152,066)	$	65,129

The accompanying notes are an integral part of these condensed consolidated financial statements.

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AMPRIUS TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Six months ended June 30,
(In thousands)	2025		2024
Cash flows from operating activities:
Net loss	$	(15,741)	$	(22,403)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	3,728		3,188
Depreciation and amortization	1,961		2,053
Non-cash operating lease expense	2,571		2,571
Other non-cash items	818		—
Changes in operating assets and liabilities:
Accounts receivable	(6,005)		(473)
Inventories	2,240		(797)
Deferred costs	—		(380)
Prepaid expenses and other current assets	(911)		(185)
Other assets	20		(12)
Accounts payable	(3,809)		2,061
Accrued and other current liabilities	(758)		(2,518)
Deferred revenue	(798)		(283)
Operating lease liabilities	(1,707)		(560)
Net cash used in operating activities	(18,391)		(17,738)
Cash flows from investing activities:
Purchase of property, plant and equipment	(1,629)		(5,501)
Net cash used in investing activities	(1,629)		(5,501)
Cash flows from financing activities:
Proceeds from issuance of common stock in connection with the At Market Issuance Sales Agreement, net	18,195		10,861
Proceeds from issuance of common stock upon exercise of stock warrants	—		14,384
Payment of equity financing costs	—		(216)
Proceeds from exercise of stock options	1,066		96
Net cash provided by financing activities	19,261		25,125
Net (decrease) increase in cash, cash equivalents and restricted cash equivalents	(759)		1,886
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents	(7)		—
Cash, cash equivalents and restricted cash equivalents, beginning of period	56,411		45,817
Cash, cash equivalents and restricted cash equivalents, end of period	$	55,645	$	47,703

Reconciliation of cash, cash equivalents and restricted cash equivalents shown on the condensed consolidated balance sheets:
Cash and cash equivalents	$	54,189	$	46,447
Restricted cash equivalents included in prepaid expenses and other current assets	200		—
Restricted cash equivalents included in other assets	1,256		1,256
Total cash, cash equivalents and restricted cash equivalents	$	55,645	$	47,703

The accompanying notes are an integral part of these condensed consolidated financial statements.

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AMPRIUS TECHNOLOGIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1. Overview

Company Background and Nature of Operations

Amprius Technologies, Inc. (hereafter referred to as the “Company,” “we,” “us,” or “our”) develops, manufactures and markets lithium-ion batteries for mobility applications, including the aviation, electric vehicle and light electric vehicle industries. We have been in commercial battery production since 2018 and our disruptive silicon anode technology is intended to enable batteries with higher energy density, higher power density and fast charging capabilities over a wide range of operating temperatures and safety. We are incorporated in the State of Delaware. Our corporate headquarters is located in Fremont, California.

Liquidity and Capital Resources

As of June 30, 2025, we had cash and cash equivalents of $54.2 million. We believe that our cash and cash equivalents will be sufficient to fund our obligations over twelve months from the date these condensed consolidated financial statements are issued. In addition, we may receive additional funds from the issuance and sale of our shares of our common stock under the At Market Issuance Sales Agreement (the “Sales Agreement”), which we entered into with B. Riley Securities, Inc., Cantor Fitzgerald & Co. and H.C. Wainwright & Co., LLC, as sales agents (the “Sales Agents”) on October 2, 2023. Under the Sales Agreement, we may offer and sell, from time to time, shares of our common stock with an aggregate offering price of not more than $100.0 million. During the six months ended June 30, 2025 and from the date of the Sales Agreement through June 30, 2025, we sold shares of our common stock under the Sales Agreement resulting in aggregate gross proceeds of approximately $18.7 million and $53.3 million, offset by related commissions and transaction fees of approximately $0.5 million and $1.3 million, respectively. We may also receive additional funds if our outstanding stock warrants are exercised for cash. As of June 30, 2025, approximately $46.7 million is available under the Sales Agreement.

Since our inception, we have incurred recurring losses and negative cash flows from operations. During the three and six months ended June 30, 2025, we incurred a net loss of $6.4 million and $15.7 million, respectively, and at June 30, 2025, our accumulated deficit was $190.1 million. We expect to incur additional losses in the future as we scale our business and increase our operating expenditures, including our research and development spend. We may raise additional funds in order to meet our future operating and capital expenditure requirements, and we may be unable to raise additional funds or enter into such other agreements when needed on favorable terms or at all. If sufficient funding is not raised, we may need to reduce our spending activities, which may negatively affect our ability to achieve our operating goals. To the extent that we raise additional funds by issuing equity securities, our stockholders may experience additional dilution.

Other Risks and Uncertainties

We face risks related to significant changes in the United States’ trade policy, such as the imposition or plan to impose tariffs on certain product categories imported from China and other countries. These countries have taken or may plan to take retaliatory actions, including imposing additional tariffs on the importation of a wide range of products from the United States, which could potentially lead to adverse impacts on global trade. In addition, such events could cause inflation or general economic and geopolitical uncertainty, including the recent economic uncertainty and volatility, any of which could negatively impact our operations, or those of our customers, suppliers and manufacturers. We also face risks related to political change, terrorist activity, and armed conflict such as the military conflicts between Russia and Ukraine and in the Middle East. These military conflicts have led to volatility in the global economy, and may contribute to inflation, volatility in the credit and capital markets, and interruption in the global supply chain.

Although these global risks did not have a significant adverse impact on us as of June 30, 2025, the extent and future outcome of such risks are highly unpredictable and uncertain and may adversely affect our future financial condition, results of operations and cash flows.

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Note 2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All intercompany accounts and transactions have been eliminated.

The significant accounting policies described below, together with Note 1 and other notes that follow, are an integral part of the condensed consolidated financial statements.

Unaudited Interim Condensed Consolidated Financial Statements

The condensed consolidated balance sheet as of December 31, 2024, which has been derived from our audited consolidated financial statements as filed in our Annual Report on Form 10-K with the Securities and Exchange Commission (the “SEC”) on March 20, 2025, and the unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and applicable rules and regulations of the SEC regarding interim financial reporting. Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative U.S. GAAP included in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements have been prepared on a basis consistent with the audited financial statements. In management’s opinion, all adjustments made were normal or recurring in nature and necessary for the fair statement of our financial position, results of operations, comprehensive loss, changes in stockholders’ equity, and cash flows as of and for the periods presented. The financial data and other financial information disclosed in the notes to these condensed consolidated financial statements are also unaudited. The results of operations for the interim periods presented, are not necessarily indicative of the results to be expected for the full fiscal year or any other period.

Certain information and note disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading.

Emerging Growth Company

We are an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. Furthermore, the JOBS Act exempts an emerging growth company from being required to comply with new or revised accounting standards until private companies are required to comply with such standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. We have elected to not opt out of such extended transition period. This means that when a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt such new or revised standard unless we are no longer deemed an emerging growth company. As a result, the accompanying condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances; the results of which form the basis for making judgements that are not readily apparent from other sources. Actual results could materially differ from management estimates using different assumptions or under different conditions.

Our significant accounting estimates include useful lives of property, plant and equipment; valuation of deferred taxes; lower of cost or net realizable adjustment of inventory; incremental borrowing rate used in calculating lease obligations and right-of-use assets; and certain inputs used to measure the fair value of stock option grants using the Black-Scholes option-pricing model.

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Fair Value Measurements

We had money market funds totaling $25.7 million and $23.5 million as of June 30, 2025 and December 31, 2024, respectively, which were measured at Level 1 fair value based on the active market price of the instruments and included in cash and cash equivalents, prepaid expenses and other current assets, and other assets in the accompanying condensed consolidated balance sheets.

We did not have assets or liabilities measured at fair value on a recurring basis using Level 2 or Level 3 inputs as of June 30, 2025 and December 31, 2024.

There were no transfers of financial instruments between Level 1, Level 2 and Level 3 during the three and six months ended June 30, 2025 and 2024.

Restricted Cash Equivalents

Restricted cash equivalents, which are included within prepaid expenses and other current assets and other assets in the accompanying condensed consolidated balance sheets, consist of cash deposits required to satisfy the insurance bond requirement for our importation of goods and the letter of credit requirements under our lease agreements. Restricted cash equivalents included within prepaid expenses and other current assets was $0.2 million and other assets was $1.3 million, as of June 30, 2025. Restricted cash equivalents included within other assets in the accompanying condensed consolidated balance sheets was $1.3 million as of December 31, 2024.

Concentration of Risk

Credit Risk

Financial instruments that potentially subject us to concentration of credit risk consist of cash, cash equivalents, restricted cash equivalents and accounts receivable.

We maintain our cash, cash equivalents and restricted cash equivalents with major financial institutions that may at times exceed federally insured limits. We have not experienced losses on our financial assets held in these financial institutions. Management believes that these financial institutions are financially sound with minimal credit risk.

Many of our customers are in the aviation industry, although our batteries have applications across all segments of electric mobility. As of June 30, 2025 and December 31, 2024, there were two customers in each period that represented in aggregate approximately 71% and 50% of our total accounts receivable, respectively. An adverse impact in the aviation industry may adversely affect our relationship with our customers, which could affect our future financial condition, results of operations and cash flows.

Supply Risk

We are dependent on Berzelius (Nanjing) Co., Ltd., a former affiliated company, and our contract manufacturing partners, to manufacture the batteries for one of our primary commercial battery platforms. The inability of these suppliers to provide manufacturing services or deliver batteries on time may cause a delay in fulfilling our customers’ orders, which could adversely impact our business, financial condition and results of operations.

Segment Reporting and Geographic Data

We have a single operating and reportable segment; that is, the battery business. Our battery business derives revenue from the sale of finished battery products and from providing customization services of our batteries. Our Chief Executive Officer is our Chief Operating Decision Maker (“CODM”).

Our CODM assesses performance of our battery business and decides how to allocate resources based on the battery business’ profit, if any, or loss. Our measure of segment profit or loss is the consolidated net income or net loss, which is also reported as such in the accompanying condensed consolidated statements of operations. Our CODM measures segment profit or loss by comparing the actual consolidated net income or net loss to expectations. Since we only have a single operating and reportable segment, our CODM is provided segment expense information that is based on the expense categories shown in the accompanying condensed consolidated statements of operations. Depreciation and amortization expenses, which are disclosed in Note 5 below, are included within cost of revenue, research and development expenses, and selling, general and administrative expenses in the accompanying condensed consolidated statements of operations.

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Other segment items within the segment profit or loss consist primarily of interest income, which is shown within other income, net in the accompanying condensed consolidated statements of operations.

Our CODM does not measure segment assets for the purposes of allocating resources to, and assessing the performance of, our battery business.

The following table shows our revenue by geographic area based on the delivery location of our battery products and services (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
United States	$	2,064	$	1,337	$	3,986	$	2,159
Rest of the world	13,003		2,008		22,365		3,522
Total	$	15,067	$	3,345	$	26,351	$	5,681

All of our property, plant and equipment are geographically located in the United States.

There were two customers that individually represented 41% and 11% of our revenue during the three months ended June 30, 2025 compared to three customers that individually represented 15%, 12% and 11% of our revenue during the three months ended June 30, 2024. There were three customers that individually represented 35%, 13% and 11% of our revenue during the six months ended June 30, 2025 compared to one customer that represented 14% of our revenue during the six months ended June 30, 2024.

Foreign Currency

We determine the functional and reporting currency of our foreign subsidiary based on the primary currency in which it operates. In cases where the functional currency is not the U.S. dollar, the financial statements of our foreign subsidiary are translated into U.S. dollars using the exchange rate in effect as of the balance sheet date for assets and liabilities, and the weighted-average exchange rate during the period for revenue, cost and expenses. The translation gain (loss) is recorded as accumulated other comprehensive income (loss) within the stockholders’ equity.

Foreign currency gains or losses, which were de minimis during the three and six months ended June 30, 2025 and 2024, resulting from the effect of exchange rate changes on transactions and remeasurement of monetary assets and liabilities denominated in foreign currencies are recorded as other income, net within the accompanying condensed consolidated statements of operations.

Significant Accounting Policies

As of June 30, 2025, there have been no changes to our significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2024.

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40). This ASU requires entities to disclose, in the notes to the financial statements, (i) amounts of (a) purchases of inventory, (b) employee compensation and (c) depreciation; (ii) include certain amounts that are already required to be disclosed under current U.S. GAAP in the same disclosure as the other disaggregation requirements; (iii) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (iv) the total amount of selling expenses and, in annual reporting periods, a definition of selling expenses. In March 2025, the FASB issued ASU 2025-02 to amend the effective date of ASU No. 2024-03 to clarify that all public entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating this ASU. We believe that the impact of the additional required disclosures will enhance our current financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires entities to disclose, among others, (i) specific categories in the rate reconciliation table, (ii) additional information for reconciling items that meet a quantitative threshold and (iii) the amount of income taxes paid on a disaggregated level. This ASU is required to be adopted on a prospective basis. As an emerging growth company, this

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ASU is effective starting on our annual reporting for the year ending December 31, 2026. Early adoption is permitted. We are currently evaluating this ASU. We believe that the impact of the additional required disclosures will enhance our current financial statement disclosure.

Note 3. Revenue

Disaggregation of Revenue

We disaggregate our revenue from customers by the type of arrangement, primarily from the sale of battery products and from providing customization design services, as this depicts how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. The table below shows the composition of revenue from customers, as disaggregated by type of arrangement in accordance with Topic 606, and other revenue, which consisted of government grants that were accounted for following the accounting standards from International Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance (in thousands).


	Three months ended June 30,				Six months ended June 30,
	2025		2024			2025		2024
Revenue from customers:
Sale of battery products	$	14,542	$	3,345		$	25,526	$	5,681
Customization design services	325		—			325		—
Other revenue – government grants	200		—			500		—
Total revenue	$	15,067	$	3,345		$	26,351	$	5,681

Revenue from the sale of battery products also includes bill-and-hold arrangements, which were $6.2 million and $11.5 million during the three and six months ended June 30, 2025 and $0.6 million and $0.7 million during the three and six months ended June 30, 2024, respectively.

Contract Balances

The timing of revenue recognition, billings and cash collections can result in accounts receivable, contract assets recorded as unbilled receivables, and contract liabilities recorded as deferred revenue.

Accounts receivable represents our right to consideration that is unconditional. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due. Accounts receivable was $10.8 million, $5.6 million and $1.3 million as of June 30, 2025, December 31, 2024 and December 31, 2023, respectively.

Contract assets primarily relate to the rights to consideration for progress on contractual requirements performed but not billed at the reporting date. The contract assets are transferred to accounts receivable when the rights become unconditional. We had no contract assets as of both June 30, 2025 and December 31, 2024.

Contract liabilities consist primarily of deferred revenue, which is the amount of progress payments received or billed in advance of revenue recognition. Deferred revenue is subsequently recognized as revenue when the performance obligation is satisfied. Deferred revenue was $0.8 million, $1.6 million and $3.4 million as of June 30, 2025, December 31, 2024 and December 31, 2023, respectively. Deferred revenue balances fluctuate due to timing of the billings made versus revenue being recognized upon transfer of control. During the three and six months ended June 30, 2025, revenue recognized from the prior year deferred revenue balance was $0.8 million and $1.1 million, respectively. During the three and six months ended June 30, 2024, revenue recognized from the prior year deferred revenue balance was $0.5 million and $1.0 million, respectively.

Remaining Performance Obligations

We have performance obligations associated with commitments in customer contracts for future services that have not yet been recognized as revenue. As of June 30, 2025, the aggregate amount of the transaction price allocated to the remaining performance obligations that were unsatisfied or partially unsatisfied, including deferred revenue and government grants, was approximately $29.1 million. Given the applicable contract terms, the Company expects all of the remaining performance obligations to be recognized as revenue within one year. This amount does not include contracts to which the customer is not committed. The estimated timing of the recognition of remaining unsatisfied performance obligations is subject to change and is affected by changes to scope, changes in timing of delivery of products and services, or contract modifications.

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Note 4. Inventories

Inventories consisted of the following (in thousands):


	June 30,		December 31,
	2025		2024
Raw materials	$	15	$	146
Work in process	512		117
Finished goods	3,808		6,311
Inventories	$	4,335	$	6,574

Note 5. Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following (in thousands):


	June 30,		December 31,
	2025		2024
Production equipment	$	10,158	$	7,474
Lab equipment	1,921		1,921
Leasehold improvements	11,573		11,555
Furniture, fixtures and other equipment	300		300
Construction in progress	7,272		8,219
Property, plant and equipment, at cost	31,224		29,469
Less: accumulated depreciation and amortization	(13,949)		(11,988)
Property, plant and equipment, net	$	17,275	$	17,481

Construction in progress consists primarily of production and other equipment that have not been placed in service as of June 30, 2025 and December 31, 2024.

Depreciation and amortization expense was $1.1 million and $2.0 million during the three and six months ended June 30, 2025 and $1.1 million and $2.1 million during the three and six months ended June 30, 2024, respectively.

Note 6. Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following (in thousands):


			June 30,						December 31,

SEC Form 10-Q filed by Amprius Technologies Inc.