Amprius Technologies (AMPX) Q1 2025: $34.5M Backlog Surge Signals Commercial Inflection
Amprius Technologies posted a pivotal Q1 marked by a $34.5 million backlog addition, highlighting rapid commercial traction and a broadening customer base for its silicon anode batteries. The company’s execution in scaling shipments while introducing new high-performance battery formats is driving a shift from R&D-centric to commercially validated growth. With international revenue mix at 83% and manufacturing diversification underway, Amprius is strategically positioned to weather tariff headwinds and capitalize on global demand for advanced battery solutions.
Summary
- Backlog Expansion Outpaces Shipments: New orders far exceed sales, building forward visibility and customer pipeline depth.
- Global Diversification Shields Tariff Risks: International sales and contract manufacturing network insulate from U.S. policy volatility.
- Product Innovation Drives Market Share: Breakthrough cell launches and rapid design cycles accelerate adoption in light electric vehicles and aviation.
Performance Analysis
Amprius delivered strong sequential and year-over-year revenue growth, propelled by substantial new customer wins and expanding commercial shipments of its Sitecore, high-volume silicon anode battery platform. The company shipped to 102 customers in Q1, with 46 being new additions, underscoring an accelerating pace of market penetration. Product revenue dominated, with development services and grant revenue remaining minimal and non-recurring.
Gross margin improved dramatically year-over-year, narrowing from negative 190% to negative 21%, reflecting the transition toward higher-margin, scalable products and operational leverage from increased volumes. Operating expenses declined sequentially, with Q1 OpEx down $2.2 million from Q4 due to the absence of one-time write-offs, while year-over-year increases were attributed to expanded R&D and sales efforts. The company ended the quarter with a $9.4 million net loss but maintained a robust $48.4 million cash position and no debt, providing runway for ongoing growth and technology investment.
- Customer Mix Shift: Only three customers represented over 10% of revenue, signaling reduced concentration risk and a maturing sales pipeline.
- Backlog Momentum: The $34.5 million in new purchase orders added to backlog dwarfs current quarterly revenue, supporting sequential growth expectations.
- International Revenue Dominance: 83% of revenue originated outside the U.S., up from 65% last year, reflecting global reach and tariff resilience.
The combination of commercial wins, margin improvement, and backlog growth positions Amprius for continued scaling and validates its transition from technology leader to commercial contender in advanced batteries.
Executive Commentary
"We shipped to 102 customers, with 46 of those being new to Amprius’ platform. The breakthrough performance and the large production capacity of Amprius Sitecore battery enabled us to attract the customers that drive revenue growth."
Dr. Kang Sun, CEO
"We have secured adequate capacity for the foreseeable future through our contract manufacturing network and plan to further expand that in 2025 without deploying our capital."
Sandra Wallach, CFO
Strategic Positioning
1. Commercial Scale and Backlog Visibility
Amprius’ $34.5 million in new Q1 purchase orders, against $11.3 million in quarterly revenue, signals a shift to multi-quarter demand visibility. The company’s ability to convert design wins into volume orders—especially in aviation and light electric vehicles—demonstrates growing customer confidence and validates Amprius’ technology in production environments.
2. Product Innovation and Portfolio Breadth
Continuous product launches, including the 370 Wh/kg high-power pouch cell and 21700 cylindrical cell, have attracted marquee customers and industry recognition. The drop-in compatibility of new cell formats allows for rapid customer adoption without costly redesigns, accelerating time-to-revenue and increasing switching costs for competitors. The company’s willingness to “kill its own products” with higher-performance offerings reinforces its innovation leadership and customer-centric approach.
3. Global Manufacturing and Tariff Mitigation
With 83% of revenue outside the U.S. and plans for contract manufacturing outside China, Amprius is proactively insulating its supply chain from tariff and trade volatility. This geographic diversification not only reduces regulatory risk but also aligns production with global customer demand, supporting both cost competitiveness and delivery reliability.
4. Customer Diversification and Segment Penetration
Amprius’ customer base is broadening, with only three customers exceeding 10% of revenue and 25% of Q1 sales from light electric vehicles. The company’s strategy of targeting mature, high-volume markets with short design cycles is enabling faster conversion of pilots to revenue, while continued engagement with aviation and military customers supports long-term growth.
5. Capital Discipline and Flexible Growth
Amprius is prioritizing capital-light expansion, pausing its Colorado facility buildout in favor of leveraging contract manufacturing. This approach preserves cash and enables rapid scaling without large fixed investments, while the at-the-market equity facility provides additional liquidity flexibility as needed.
Key Considerations
This quarter marks Amprius’ evolution from a technology-driven, R&D-centric company toward a commercially validated, globally diversified battery supplier. The business model now emphasizes operational leverage, customer diversity, and supply chain risk management.
Key Considerations:
- Backlog Conversion Pace: The rate at which the $37.8 million backlog turns into revenue is critical for validating demand and scaling operations.
- Manufacturing Footprint Expansion: Progress on establishing contract manufacturing outside China will be a key lever for tariff mitigation and customer confidence.
- Margin Trajectory: Continued improvement in gross margin, especially from Sitecore product mix, will determine path to profitability.
- Product Adoption in New Segments: Success with the 21700 cylindrical cell in the light electric vehicle market could unlock major volume inflections.
- Capital Efficiency: Management’s discipline in CapEx and OpEx will be tested as the company scales and expands geographically.
Risks
Amprius faces execution risk in scaling manufacturing and converting backlog to revenue, especially as it diversifies its global supply chain. Tariff and trade policy changes, while currently mitigated, remain a persistent external threat. The company’s rapid pace of product innovation could risk short-term cannibalization or require customer requalification cycles, though management frames this as a competitive advantage. Sustained margin improvement is not yet proven at scale and will be closely watched by investors.
Forward Outlook
For Q2 2025, Amprius expects:
- Continued sequential revenue growth, supported by backlog conversion and new customer ramps.
- Further expansion of contract manufacturing outside China, with announcements anticipated “very soon.”
For full-year 2025, management maintained a confident growth outlook:
- Revenue growth driven by Sitecore volume and new product launches in aviation and light electric vehicles.
Management highlighted:
- Backlog and strong customer pipeline as near-term growth drivers.
- Capital-light expansion and global diversification as key to navigating macro and policy uncertainty.
Takeaways
Amprius’ Q1 results confirm a commercial inflection point, with backlog and customer diversity supporting a multi-quarter growth runway. The company’s strategic focus on product innovation, global supply chain resilience, and disciplined capital allocation positions it to capitalize on secular demand for advanced batteries.
- Commercial Validation: Customer order momentum and backlog growth signal market acceptance and future revenue visibility.
- Operational Leverage: Margin improvement and cost discipline are beginning to translate scale into financial progress, though profitability remains a work in progress.
- Execution Watchpoint: Investors should monitor manufacturing expansion, backlog conversion, and margin trajectory as Amprius enters its next phase of growth.
Conclusion
Amprius Technologies is now demonstrating the commercial traction, operational discipline, and strategic flexibility required to compete in the global battery market. As the company executes on backlog and expands its manufacturing footprint, its ability to sustain innovation while achieving scale will determine long-term value creation.
Industry Read-Through
Amprius’ performance highlights a broader industry shift toward commercial validation and global supply chain adaptation in advanced batteries. The company’s customer diversification and backlog-driven growth model set a benchmark for emerging battery tech firms seeking to transition from R&D to scale. Tariff navigation and capital-light expansion are increasingly critical as trade tensions and policy shifts reshape the competitive landscape. Incumbents and startups alike will need to balance innovation velocity with operational resilience to capture share in high-growth mobility and aviation segments.