Amprius Technologies (NYSE:AMPX) executives used a presentation at the Roth Conference to outline the battery maker’s silicon-anode strategy, outsourced manufacturing approach, and the markets driving demand for higher energy density cells. CEO Tom and CFO Ricardo also discussed profitability milestones, recent manufacturing partner additions, and the company’s expectations for growth and margins.
Silicon-anode focus and product positioning
Management traced Amprius’ origins back roughly 15 years, describing the company as starting with “one foot in Stanford,” where its technology came from, and “one foot in China,” tied to the founding team. The company’s core differentiation is a silicon-based anode designed to replace the graphite anode used in most lithium-ion batteries.
Revenue growth, profitability, and margin targets
Tom stated the company generated $73 million in revenue last year, which he said was up 3x. He added that Amprius has guided to about a 70% increase in 2026. Ricardo said the company achieved a key milestone in the most recent period, noting that adjusted EBITDA was positive in Q4.
On profitability, Ricardo argued that higher energy density can enable duty cycles for UAVs and other systems that “literally would not be there without a high energy density cell,” supporting pricing power. He said the company believes it can reach 30%+ gross margins reliably and guided to at least 25% gross margins in 2026. He added that the company’s SiCore business—which he said now represents more than 90% of revenue—has had certain high-running SKUs above 30%+ gross margin “from day one.”
Ricardo also highlighted operating discipline, calling out an OpEx run rate of $36 million in Q4 and saying the team’s ability to execute at that spending level has been “pretty amazing.”
Shift to outsourced manufacturing and expanding partner base
Executives described a strategic shift away from building a company-owned plant in Colorado. Tom said Amprius initially pursued an opportunity tied to the Bipartisan Infrastructure Law and was an awardee, but during negotiations around a “$50 million opportunity” the company concluded the plan was “overengineered” and “did not make sense.” He said the decision to outsource manufacturing was also driven by the need to serve a market that requires multiple battery types—something he compared to offering different “flavors.”
Tom emphasized portfolio breadth, stating that Amprius has 22 cells in its portfolio spanning energy-focused, power-focused, and balanced designs. He argued outsourcing provides flexibility as market requirements shift, pointing to a perceived market move toward pouch cells rather than “a bunch of cylindrical cells.”
On manufacturing execution, Tom said the company designs batteries in Fremont, California, and uses contract manufacturing in China, Korea, and the U.S. He said Amprius currently has four contract manufacturers (CMs) in China, and described China as offering strong cost and quality. He also described a Korea manufacturing ramp: Amprius announced the Korean CM in May 2025 and, four months later, said the partner was delivering cells to Teledyne FLIR for a small-drone application.
Tom added that compliance considerations influence sourcing decisions. He referenced the National Defense Authorization Act as an example where “internals of the battery” can matter, and said Korea would provide “100% of internals” for certain needs. For customers seeking U.S.-origin manufacturing, he said Amprius announced a relationship with Nanotech Energy in California in January and characterized typical setup timelines as five to six months.
Go-to-market approach and customer qualification cycles
Ricardo said that, unlike some battery technology firms focused on components or processes, Amprius sells finished cells. He also described the company’s revenue base as broadly distributed, stating Amprius has over 550 customers. He said that breadth provides visibility over the next quarter to two quarters, while also requiring the team to manage a fragmented customer landscape.
Tom explained that roughly half of the company’s cells are sold to pack houses that assemble cells into battery packs with electronics and battery management systems. Those pack houses, he said, supply packs to customers including AeroVironment, BAE Systems, and Nokia, among others he referenced.
On qualification timelines, Tom said replacing off-the-shelf cells in an existing product can take a quarter or less, while human-carrying applications such as air taxis can require longer qualification due to certification and integration needs.
He also noted Amprius operates a pilot line in Fremont funded by Defense Innovation Unit dollars, which he said supports rapid prototyping—up to 1,000 cells in a couple of weeks—to help the company “win the sockets” and accelerate customer qualification.
Defense and commercial demand signals
On defense-related demand, Tom said the U.S. is “playing catch up on drones,” and that much of Amprius’ current drone battery revenue is in Europe, though he expects that mix to become more balanced. He discussed the Drone Dominance effort and said several of the initial winners were Amprius customers. He also cited recent news he had seen, including a $20 billion Anduril order related to its “Lattice” infrastructure and a $117 million award he said went to AeroVironment for the Puma 550, framing both as signals of increasing U.S. activity.
Beyond defense, Tom pointed to “drone as first responder” programs used by municipalities, describing how longer flight time and additional payload capability can improve response outcomes. He said “something like 1,800 police departments in the U.S.” use that model. He also referenced other potential growth areas including robotics and eVTOLs, while emphasizing that eVTOLs will require both high-power and high-energy cells.
Tom also provided an update on Amprius’ participation in an Amazon accelerator program, saying the company has a “seat at the table” but has “nothing yet to announce publicly.” He said discussions could span drone delivery, warehouse robotics, and consumer devices, but emphasized that work is ongoing.
In Q&A, executives addressed questions about silicon adoption and alternative chemistries. Tom said the advantage is specifically a silicon anode versus a graphite anode, noting that graphite is used in roughly “98%” of the lithium-ion market. In response to a question about vanadium, Tom said vanadium can be used as an additive but is “super expensive,” citing “$200 a kWh.” Ricardo also outlined multiple industry paths for incorporating silicon—ranging from small-percentage blending in graphite to higher-silicon approaches—while emphasizing that Amprius’ know-how extends beyond the anode to the rest of the cell, including separators and electrolytes.
About Amprius Technologies (NYSE:AMPX)
Amprius Technologies, Inc (NYSE: AMPX) is a U.S.-based developer of high-energy-density lithium-ion batteries that leverage silicon anode technology to deliver performance levels beyond conventional graphite-based cells. The company’s batteries are designed to offer industry-leading gravimetric energy density, enabling longer run times and reduced weight for portable power applications. Amprius blends advanced materials science and scalable manufacturing processes to commercialize next-generation battery solutions.
At the core of Amprius’ product portfolio are cylindrical and prismatic cells that employ a proprietary silicon nanowire anode, which supports high charge/discharge rates while maintaining cycle life.
