Amprius Technologies Inc (AMPX) 2025 Q1 法說會逐字稿

Good afternoon. Welcome to the Amprius Technologies first quarter 2025 earnings conference call. Joining us for today's presentation are the company's CEO, Dr. Kang Sun; and CFO, Sandra Wallach. (Operator Instructions)

午安.歡迎參加 Amprius Technologies 2025 年第一季財報電話會議。參加今天演講的有公司執行長 Kang Sun 博士；和財務長桑德拉·瓦拉赫 (Sandra Wallach)。（操作員指示）

Please note that this presentation contains forward-looking statements, including, but not limited to, statements regarding our financial and business performance, our business strategy, future product development or commercialization, new customer adoption and new applications, our growth and the growth of the market in which we operate and the timing and ability of Amprius to expand its manufacturing capacity, scale business and achieve a sustainable cost structure.

請注意，本簡報包含前瞻性陳述，包括但不限於有關我們的財務和業務表現、我們的業務策略、未來產品開發或商業化、新客戶採用和新應用、我們的成長和我們營運的市場的成長以及 Amprius 擴大其製造能力、擴大業務規模和實現可持續成本結構的時機和能力的陳述。

These statements involve known and unknown risks, uncertainties and other important factors that may cause Amprius' results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. For a more complete discussion of these risks and uncertainties, please refer to Amprius' filings with the Securities and Exchange Commission.

這些聲明涉及已知和未知的風險、不確定性和其他重要因素，可能導致安普瑞斯的業績、表現或成就與此類前瞻性聲明中表達或暗示的任何未來業績、表現或成就存在重大差異。有關這些風險和不確定性的更完整討論，請參閱 Amprius 向美國證券交易委員會提交的文件。

Finally, I would like to remind everyone that this conference call is being webcasted, and a recording will be made available for replay on the company's Investor Relations website at ir.amprius.com. In addition to the webcast, the company has posted a shareholder letter that accompanies these results, which can also be found on the Investor Relations website. I'll now turn the call over to Amprius Technologies CEO, Dr. Kang Sun, for his comments. Sir, please proceed.

最後，我想提醒大家，本次電話會議正在網路直播，錄音可在公司投資人關係網站 ir.amprius.com 上重播。除了網路直播之外，該公司還發布了隨附業績報告的股東信，該信也可在投資者關係網站上找到。現在我將電話轉給 Amprius Technologies 執行長 Kang Sun 博士，請他發表評論。先生，請繼續。

Welcome, everyone, and thank you for joining us this afternoon. On today's call, I will give you an overview of our Q1 performance and our recent accomplishments. We are also highlighting milestones we look forward to achieving soon. After that, our CFO, Sandra Wallach, will discuss our financial results for the period. Then I will share some closing remarks before opening the call for questions.

歡迎大家，感謝你們今天下午加入我們。在今天的電話會議上，我將向您概述我們第一季的業績和我們最近的成就。我們也強調了我們期待很快實現的里程碑。之後，我們的財務長桑德拉·瓦拉赫 (Sandra Wallach) 將討論我們本期的財務表現。然後，在開始提問之前，我將發表一些結束語。

Before I give a recap of the quarter, I would like to briefly introduce Amprius to those who may be new to our company. Amprius is a pioneer and a leader in silicon anode battery space with over a decade of development experience and a long track record of commercial shipments and customer achievements. At Amprius, we develop, manufacture and market high-energy density and high-power density silicon anode batteries with applications across all segments of electric mobility, including aviation, electric vehicle and light electric vehicle industries. Today, Amprius has the most complete portfolio of silicon anode material system in the industry and commands performance leadership with its combination of the battery energy density, power density, charging time, operating temperature and safety. Across our battery portfolio, we believe that we offer unmatched performance amongst commercially available batteries.

在對本季進行回顧之前，我想先向那些可能不熟悉我們公司的人簡單介紹一下安普瑞斯。Amprius 是矽陽極電池領域的先驅和領導者，擁有十多年的開發經驗以及長期的商業出貨和客戶成就記錄。在安普瑞斯，我們開發、製造和銷售高能量密度和高功率密度矽陽極電池，其應用範圍涵蓋電動車的所有領域，包括航空、電動車和輕型電動車產業。目前，安普瑞斯擁有業界最完整的矽負極材料體系，在電池能量密度、功率密度、充電時間、工作溫度、安全性等方面的表現領先。在我們的電池產品組合中，我們相信我們提供的電池性能在市售電池中是無與倫比的。

Amprius has been delivering commercial batteries to the market with up to 450 watt-hour per kilo and 1,150 watt-hour per liter, 10C power capability, extreme fast charge rate of 0% to 80% state of charge in approximately 6 minutes, the ability to operate in a wider temperature range of minus 30 degrees Celsius up to 55 degrees Celsius and safety design features that enable us to pass the United States military's benchmark nail penetration test. Each of these performance parameters is critically important to real-world electric mobility applications. Not only do our batteries enable certain aircraft and vehicles to maximize performance, but they enable our customers to achieve their economic targets as well. In addition, Amprius has developed a 500 watt-hour per kilo and a 1,300 watt-hour per liter battery platform that was validated by a third party. It's our belief that there are no other commercial batteries on the market that can perform at these levels today.

Amprius 已向市場提供者用電池，其能量密度高達每公斤 450 瓦時和每公升 1,150 瓦時，具有 10C 功率能力，充電速度極快，約 6 分鐘即可將電量從 0% 充至 80%，可在零下 30 攝氏度下釘至 55 溫度攝氏度的標準高度溫度測試範圍使我們能夠通過其安全範圍內運行的標準攝氏度。這些性能參數對於現實世界的電動車應用來說都至關重要。我們的電池不僅能使某些飛機和車輛發揮最大性能，還能幫助我們的客戶實現他們的經濟目標。此外，安普瑞斯還開發了每公斤500瓦時和每公升1300瓦時的電池平台，並經過第三方驗證。我們相信，目前市場上沒有其他商用電池能夠達到這樣的效能水準。

In the first quarter, Amprius continued to demonstrate technological innovation and business growth. We introduced new cell chemistries, developed 370 watt-hour per kilo high-power pouch cells and 6,300 milliamp-hour cylindrical cells. We shipped batteries to over 100 customers. Innovative technologies and breakthrough product performance are the foundation of Amprius' business. Following the launch of our SiCore product platform in January of 2024, we introduced a series of new batteries and expanded our portfolio.

第一季度，安普瑞斯持續展現技術創新和業務成長。我們引入了新的電池化學成分，開發了每公斤 370 瓦時的高效能袋式電池和 6,300 毫安培時的圓柱形電池。我們向超過 100 位客戶運送了電池。創新技術和突破性的產品性能是安普瑞斯業務的基礎。繼 2024 年 1 月推出 SiCore 產品平台後，我們推出了一系列新電池並擴展了我們的產品組合。

Today, Amprius has over 1,000 SKUs for various customer applications. Two of the new batteries we introduced this quarter have attracted overwhelming attention and strong interest from market. Amprius' high-energy and high-power cell with 370 watt-hour per kilo energy density and 15C discharge rate sets a new performance record and standard in lithium-ion battery industry and provides a powerful solution to electric mobility market where both endurance and rapid energy delivery are important. We have been shipping this battery for evaluation to customers such as Teledyne FLIR since in January. In March, we also introduced our high-energy density 21700 cylindrical cell with 6,300 milliamp-hour capacity.

如今，Amprius 擁有超過 1,000 個 SKU，適用於各種客戶應用。我們本季推出的兩款新電池引起了市場的極大關注和濃厚興趣。Amprius 的高能量和高功率電池具有 370 瓦時/公斤的能量密度和 15C 放電率，創下了鋰離子電池行業新的性能記錄和標準，並為續航時間和快速能量輸送都很重要電動車市場提供了強大的解決方案。自一月份以來，我們一直在向 Teledyne FLIR 等客戶運送此電池以進行評估。今年3月，我們也推出了容量為6,300毫安培的21700高能量密度圓柱形電池。

This battery provides a 25% energy boost over the cells our customers are currently using. We have already shipped these products to a Fortune 500 company in the light electric vehicle market for their evaluation. The drop-in compatibility of this cell format with our customers' product designs allows manufacturers to boost product performance without the costly redesigns. This cell was recently voted Best in Show at the 2025 International Battery Seminar in March. This distinction marks the third year in a row that one of Amprius' product has won a major award at the International Battery Seminar.

與我們的客戶目前使用的電池相比，該電池的能量提升了 25%。我們已經將這些產品運送給輕型電動車市場的財富500強公司進行評估。這種電池格式與我們客戶的產品設計具有直接相容性，使製造商無需進行昂貴的重新設計即可提高產品性能。這款電池最近在 3 月舉行的 2025 年國際電池研討會上被評為最佳展示品。這是安普瑞斯產品連續第三年在國際電池研討會上榮獲大獎。

Commercially, what really separates Amprius from the competition in the emerging lithium-ion battery technology space is that we are not just producing battery samples in the lab. Instead, Amprius has been manufacturing high-performance silicon anode batteries at scale. The Amprius batteries with high energy, high power, long cycle life and safety features are commercially available today. Our new company website, amprius.com, provides more information about Amprius' product, technologies and applications. It is a great source for our customers, partners, investors and shareholders.

從商業角度來看，安普瑞斯在新興鋰離子電池技術領域的真正優勢在於，我們不僅在實驗室中生產電池樣品。相反，安普瑞斯一直在大規模生產高性能矽陽極電池。具有高能量、高功率、長循環壽命和安全特性的 Amprius 電池目前已商業化。我們的新公司網站 amprius.com 提供了有關 Amprius 產品、技術和應用的更多資訊。它是我們的客戶、合作夥伴、投資者和股東的重要資源。

We are actively leveraging this new resource to make inroads with new customers across market segments. Q1 is another quarter with multiple commercial wins at Amprius. Both new and returning customers continued to recognize our best-in-class product performance and placed orders with us in the first quarter. We shipped to 102 customers with 46 of those being new to Amprius platform. The breakthrough performance and the large production capacity of Amprius SiCore battery enabled us to attract customers that drive revenue growth.

我們正積極利用這項新資源來開拓各個細分市場的新客戶。第一季是安普瑞斯取得許多商業勝利的另一個季度。新舊客戶都繼續認可我們一流的產品性能，並在第一季向我們下了訂單。我們向 102 位客戶出貨，其中 46 位是 Amprius 平台的新客戶。Amprius SiCore電池的突破性性能和龐大的生產能力使我們能夠吸引推動收入成長的客戶。

We generated revenue of $11.3 million in Q1, a 6% increase from the fourth quarter of last year and up to 383% from the same period last year. This strong growth was primarily driven by a greater than 600% increase in SiCore shipments since we began selling the commercial product at the beginning of last year. SiCore's mass production capability have allowed us to become cost competitive with traditional battery manufacturers while maintaining our firm technological advantages, opening the door to new customers and enabling larger volume to current customers. In Q1, 83% of our revenue came from outside of the United States on a shipped-to basis. This is an increase from 65% in the prior year period, demonstrating the expansion of our customer base worldwide.

我們第一季的營收為 1,130 萬美元，比去年第四季成長 6%，比去年同期成長 383%。這一強勁成長主要得益於自去年年初開始銷售商業產品以來 SiCore 出貨量成長超過 600%。SiCore 的大規模生產能力使我們在保持穩固技術優勢的同時，與傳統電池製造商具有成本競爭力，為新客戶打開了大門，並為現有客戶提供了更大的產量。在第一季度，我們 83% 的收入來自美國以外的地區。這比去年同期的 65% 有所增長，顯示我們全球客戶群的擴大。

This customer diversification has also allowed us to grow despite the general headwinds and uncertainty created by the current tariff policies domestically and internationally. During the quarter, we also announced a $15 million purchase order from an unmanned aerial system OEM. This order was the result of the 9 month-long testing cycle that result in Amprius' battery being designed into the manufacturer's fixed-wing UAS platform. We remain on track to ship these cells in the second half of the year to fulfill the customer demand. Orders like these demonstrate our ability to work with customers throughout the design and qualification process and convert them into volume orders over time.

儘管國內外現行關稅政策存在普遍阻力和不確定性，但客戶多樣化也使我們得以成長。本季度，我們也宣布了來自一家無人機系統 OEM 的價值 1500 萬美元的採購訂單。該訂單是經過 9 個月的測試週期的結果，測試結果顯示 Amprius 的電池被設計到該製造商的固定翼 UAS 平台。我們仍將按計劃在下半年運送這些電池以滿足客戶的需求。這些訂單證明了我們在整個設計和認證過程中與客戶合作並隨著時間的推移將其轉化為批量訂單的能力。

As we previously discussed, this process generally takes anywhere between 9 to 18 months for aviation customers. However, that time can be cut down significantly for customers in the light electric vehicle sector, which is already running at scale. We have made strong progress in penetrating the light electric vehicle market, and approximately 25% of our revenue in the first quarter came from that segment. We expect the shorter design-in cycles for this mature market, combined with our drop-in replacement batteries, will help us succeed in gaining additional market shares in this growing market. In total, we added $34.5 million in new customer purchase orders to our backlog in the first quarter, giving us additional visibility into our growth for the remainder of 2025.

正如我們之前討論過的，對於航空客戶來說，這個過程通常需要 9 到 18 個月。然而，對於已經規模化營運的輕型電動車領域的客戶來說，這段時間可以大大縮短。我們在輕型電動車市場滲透方面取得了長足進步，第一季約25%的收入來自該領域。我們預計，這個成熟市場的較短設計週期，加上我們的直接替換電池，將幫助我們在這個不斷成長的市場中成功獲得更多的市場份額。整體而言，第一季我們新增了價值 3,450 萬美元的新客戶採購訂單，這讓我們對 2025 年剩餘時間的成長有了更清晰的了解。

In 2024, Amprius developed the gigawatt-hour scale SiCore contract manufacturing capability that enabled us to fulfill both of our backlog and the new orders. The availability of a large-scale manufacturing facility also help us to attract volume customers and competing production cost. In addition to the capacity available to us with our SiCore product through our partners, we have completed our hardware retrofit at our Fremont facility for our SiMaxx product. We are now focused on optimizing the manufacturing process to support our customers that are requiring the 500 watt-hour per kilo SiMaxx product today. This includes our longtime customer, AALTO Airbus, and our partner, AeroVironment, for the xTech Prime U.S.

2024年，Amprius開發了千兆瓦時規模的SiCore合約製造能力，使我們能夠完成積壓訂單和新訂單。大型製造設施的存在也幫助我們吸引大宗客戶和具競爭力的生產成本。除了透過我們的合作夥伴為我們提供 SiCore 產品的產能外，我們還在弗里蒙特工廠完成了 SiMaxx 產品的硬體改造。我們現在專注於優化製造流程，以支援目前需要每公斤 500 瓦時的 SiMaxx 產品的客戶。其中包括我們的長期客戶 AALTO Airbus 和我們的合作夥伴 AeroVironment（xTech Prime U.S.）。

Army grant program. Finishing up the current quarter, we entered Q2 with significant operating momentum. We have introduced new products with breakthrough performance, the 450 watt-hour per kilo SiCore cell. Since we built our SiCore platform, we have been actively working to increase our portfolio's performance. The 450 watt-hour per kilo cell is a testament to the research and the development work we have done to maximize energy density.

陸軍撥款計畫。本季結束後，我們以強勁的營運勢頭進入第二季。我們推出了具有突破性性能的新產品——每公斤450瓦時的SiCore電池。自從我們建立 SiCore 平台以來，我們一直積極致力於提高我們產品組合的效能。每公斤電池 450 瓦時證明了我們為最大限度提高能量密度所做的研究和開發工作。

Offering 400 watt-hour per kilo and 900 watt-hour per liter, this new cell delivers up to 80% more energy than conventional lithium-ion battery cells using graphite anodes, making it ideal cell for aviation and electric mobility applications. We believe that this new product, combined with the products that are already in volume production, will be the growth engine of our revenue in 2025. Amprius has several layers of defense for trade conflicts and tariffs. First, we believe that we deliver the highest performing sales on the market today at a competitive cost. For many of our customers, it's not a question of choosing us over a competitor.

這種新型電池每公斤可提供 400 瓦時，每公升可提供 900 瓦時，比使用石墨陽極的傳統鋰離子電池多提供 80% 的能量，使其成為航空和電動車應用的理想電池。我們相信，這款新產品與已經量產的產品結合，將成為我們2025年營收的成長引擎。安普瑞斯針對貿易衝突和關稅採取了多層防禦措施。首先，我們相信我們以具有競爭力的成本實現了當今市場上最高業績的銷售。對於我們的許多客戶來說，這並不是選擇我們而不是競爭對手的問題。

We are the only solution on the market that can meet their technical and economic needs. Second, over 80% of our revenue last quarter was out of the scope for current U.S. import tariffs because our customers were located outside of the country. For the products sold to U.S. customers, we are working along the supply chain to achieve the economic solutions for all parties.

我們是市場上唯一能夠滿足其技術和經濟需求的解決方案。其次，由於我們的客戶位於美國境外，上季我們超過 80% 的收入不屬於目前美國進口關稅的範圍。對於銷售給美國客戶的產品，我們正在沿著供應鏈努力實現各方的經濟解決方案。

In addition, we have diversified our manufacturing globally to insulate us from the potential impact of the tariffs. Like every business in today's marketplace, we are monitoring the latest policy decisions from the U.S. government and others around the globe. Put together, despite the lingering uncertainty, we remain confident in our expectations for growth for the full year based on the information we have today as well as the proactive steps we have taken to mitigate potential impacts. An important recent business highlight at Amprius is our recent announcement that Tom Stepien has joined us as the President of Amprius Technologies.

此外，我們在全球範圍內實現了生產多元化，以免受關稅的潛在影響。與當今市場上的所有企業一樣，我們正在關注美國政府和全球其他政府的最新政策決定。總而言之，儘管不確定性依然存在，但根據我們今天掌握的資訊以及我們為減輕潛在影響而採取的主動措施，我們對全年的成長預期仍然充滿信心。Amprius 最近的一個重要業務亮點是我們最近宣布 Tom Stepien 加入我們，擔任 Amprius Technologies 總裁。

Tom brings over 35 years of leadership experience to Amprius and has a real combination of both technical expertise and market leadership at innovative technology companies. As we expand our global footprint, Tom's decades of experience in growing energy and manufacturing businesses will be instrumental in guiding Amprius through the next phase of growth. With that, I will now turn the call over to Sandra to review our financial results.

湯姆為安普瑞斯帶來了超過 35 年的領導經驗，並在創新科技公司真正結合了技術專長和市場領導力。隨著我們全球業務的擴張，湯姆在發展能源和製造業務方面數十年的經驗將有助於指導安普瑞斯進入下一階段的成長。說完這些，我現在將電話轉給桑德拉來審查我們的財務結果。

Thank you, Kang. I would now like to spend a few minutes covering some key financial updates. As a reminder, our detailed financials can be found in our shareholder letter. We ended the first quarter with $11.3 million in total revenue. As we have previously discussed, our total revenue is a combination of our main revenue streams: product revenue as well as development services and grant revenue.

謝謝你，康。現在我想花幾分鐘介紹一些重要的財務更新。提醒一下，我們的詳細財務狀況可以在我們的股東信中找到。我們第一季的總收入為 1,130 萬美元。正如我們之前討論過的，我們的總收入是主要收入來源的組合：產品收入以及開發服務和補助收入。

This quarter, $11 million came from our product revenue, representing a $0.7 million or 6% increase sequentially. Product revenue in Q1 2024 was just $2.3 million, marking a 370% or $8.6 million year-over-year increase. Our development services and grant revenue totaled $0.3 million this quarter, which was consistent with $0.3 million in Q4 2024 and up from 0 year-over-year. As we've discussed in the past, development services and grant revenue from large development programs are nonrecurring in nature, leading to greater fluctuations depending on the comparison period. The overall increase in revenue this quarter was primarily driven by the addition of new customers.

本季度，我們的產品收入為 1,100 萬美元，比上一季增加 70 萬美元，增幅為 6%。2024 年第一季的產品收入僅 230 萬美元，年增 370%，即 860 萬美元。本季我們的開發服務和補助收入總計 30 萬美元，與 2024 年第四季的 30 萬美元持平，年增 0%。正如我們過去所討論過的，大型開發案的開發服務和補助收入本質上是非經常性的，因此根據比較期的不同，波動會更大。本季整體營收的成長主要得益於新客戶的增加。

As Kang mentioned, we shipped to 102 customers in the first quarter. Of these customers, only 3 accounted for greater than 10% of revenue, consistent with 3 customers in both the first and the fourth quarters of 2024. Going forward, we plan to continue adding to our customer mix to diversify our revenue streams and provide more reliable product shipments as we get to a position of scale. Now moving to our profitability metrics. Gross margin was negative 21% for the quarter compared to negative 21% in Q4 2024 and negative 190% in the prior year period.

正如 Kang 所提到的，我們在第一季向 102 個客戶發貨。在這些客戶中，只有 3 個客戶貢獻了超過 10% 的收入，與 2024 年第一季和第四季均為 3 個客戶的情況一致。展望未來，我們計劃繼續增加客戶組合，以實現收入來源多元化，並在達到規模優勢後提供更可靠的產品出貨。現在轉向我們的獲利指標。本季毛利率為負 21%，而 2024 年第四季為負 21%，去年同期為負 190%。

As a reminder, we see significant gross margin variation as our product and services revenue mix fluctuates. Gross margins in 2024 were also impacted by preconstruction planning costs related to the Colorado facility, which were completed in October of 2024. Now moving on to our operating expense management. Our operating expenses for the first quarter were $7.3 million, a decrease of $2.2 million or 23% compared to Q4 2024 and an increase of $1.4 million or 24% from the prior year period. OpEx decreases from Q4 to Q1 were driven by the nonrecurring loss on retirement of property, plant and equipment discussed in our Q4 and full year earnings of $1.9 million.

提醒一下，隨著我們的產品和服務收入組合的波動，我們看到毛利率有顯著變化。2024 年的毛利率也受到科羅拉多工廠施工前規劃成本的影響，該工廠於 2024 年 10 月竣工。現在轉到我們的營運費用管理。我們第一季的營運費用為 730 萬美元，與 2024 年第四季相比減少 220 萬美元（23%），與去年同期相比增加 140 萬美元（24%）。第四季至第一季的營運支出下降是由於我們在第四季度討論的財產、廠房和設備退役的非經常性損失以及全年收益 190 萬美元所致。

Year-over-year, the increase in OpEx was driven by increased investment in sales and the reallocation of R&D from cost of goods sold as development services agreements run off. Our GAAP net loss for the first quarter was $9.4 million or negative $0.08 per share with 117.9 million weighted average number of shares outstanding. In Q4 2024, our net loss was $11.4 million or negative $0.10 per share with 109.8 million weighted average number of shares outstanding. Q1 2024 net loss was $9.9 million or negative $0.11 per share with 90 million weighted average number of shares outstanding. As of March 31, 2025, there were 95 full-time employees, down from 99 at the end of the fourth quarter, with those employees primarily based in our Fremont, California location.

與去年同期相比，營運支出的成長是由於銷售投資的增加以及隨著開發服務協議的到期，銷售成本中研發費用的重新分配所致。我們第一季的 GAAP 淨虧損為 940 萬美元，即每股虧損 0.08 美元，流通股加權平均數為 1.179 億股。2024 年第四季度，我們的淨虧損為 1,140 萬美元，即每股虧損 0.10 美元，流通股加權平均數為 1.098 億股。2024 年第一季淨虧損為 990 萬美元，即每股虧損 0.11 美元，流通股加權平均數為 9,000 萬股。截至 2025 年 3 月 31 日，全職員工人數為 95 人，低於第四季末的 99 人，這些員工主要位於我們位於加州弗里蒙特的辦公室。

Our share-based compensation for the first quarter was $1.8 million compared to $2.4 million in Q4 and $1.2 million in the prior year period. The sequential decrease is primarily attributable to $0.7 million in the nonrecurring grant of fully vested shares by Amprius, Inc. for key employees and service providers that occurred in the fourth quarter. As of March 31, 2025, we had 120.5 million shares outstanding, which was up 3.6 million from the prior quarter. That change includes approximately 1 million shares issued from option exercises and RSU vesting and 2.6 million shares issued from our ATM reserve.

我們第一季的股權激勵費用為 180 萬美元，而第四季為 240 萬美元，去年同期為 120 萬美元。環比下降主要歸因於安普瑞斯公司在第四季度向關鍵員工和服務提供者非經常性授予 70 萬美元的完全歸屬股票。截至 2025 年 3 月 31 日，我們已發行 1.205 億股股票，較上一季增加 360 萬股。該變化包括從選擇權行使和 RSU 歸屬中發行的約 100 萬股股票以及從我們的 ATM 儲備中發行的 260 萬股股票。

Now turning to the balance sheet. We exited the first quarter with $48.4 million in net cash and no debt. Key drivers for cash in the quarter included $14.1 million used in operating cash flow, which was slightly higher than our projected run rate of approximately $2.5 million to $3 million monthly, excluding transaction-related costs. The main cause of the variance this quarter is related to the change in working capital accounts, specifically late quarter billings caught up in accounts receivable at the end of the quarter. $0.9 million in investment related to the Fremont, California facility.

現在轉向資產負債表。第一季末我們的淨現金為 4,840 萬美元，且無債務。本季現金的主要驅動因素包括 1,410 萬美元的營運現金流，略高於我們預計的每月約 250 萬至 300 萬美元的運作率（不包括交易相關成本）。本季出現差異的主要原因與營運資本帳的變化有關，特別是季度末的帳單在季度末陷入應收帳款。與加州弗里蒙特工廠相關的投資為 90 萬美元。

We also had $8.5 million in cash inflow from the issuance of common stock under the at-market sales agreement. We still have $57.8 million left on the facility. Considering our business achievements and ongoing projects, we believe we are efficiently using capital to drive Amprius forward. Before I turn the call back over to Kang, I would like to take a moment to discuss our CapEx outlook for the remainder of 2025. We expect to move to a steady state of quarterly investment in normal operating items with the hardware upgrade behind us for Fremont.

我們還根據市場銷售協議發行普通股獲得了 850 萬美元的現金流入。我們仍需為該設施投入 5,780 萬美元。考慮到我們的業務成就和正在進行的項目，我們相信我們正在有效地利用資本來推動安普瑞斯向前發展。在我將電話轉回給 Kang 之前，我想花點時間討論一下我們對 2025 年剩餘時間的資本支出前景。隨著弗里蒙特硬體升級的完成，我們預計正常營運項目的季度投資將轉入穩定狀態。

At this time, there are no plans to move forward with the Colorado facility. The designs for this project are effectively complete, and we are continuing to monitor the larger industry dynamics associated with building a factory in the United States. Changes in demand, supply, battery cost structure, government incentives, trade tariffs and other considerations, including the timing and availability of funding, will influence our decisions on the next step and timing. 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. That concludes my financial discussion, and I will now pass the call back to Kang.

目前，還沒有推進科羅拉多工廠建設的計畫。該項目的設計實際上已經完成，我們將繼續關注與在美國建廠相關的更大的行業動態。需求、供應、電池成本結構、政府激勵措施、貿易關稅和其他考慮因素（包括資金的時間和可用性）的變化將影響我們對下一步和時間的決定。我們透過合約製造網路確保了可預見的未來有足夠的產能，並計劃在 2025 年不投入資本的情況下進一步擴大產能。我的財務討論到此結束，現在我將把電話轉回給康。

Thanks, Sandra. As we look ahead, our strategy at Amprius remains unchanged. The company is focusing on technology innovation, new product introduction, quality manufacturing, customer engagement and revenue growth. We realize that our success depends on our ability to execute our vision. We expect to release new batteries on our product road map that will further our lead in the battery space.

謝謝，桑德拉。展望未來，安普瑞斯的戰略保持不變。該公司專注於技術創新、新產品引進、優質製造、客戶參與和收入成長。我們意識到我們的成功取決於我們實現願景的能力。我們期望在我們的產品路線圖上發布新電池，這將進一步鞏固我們在電池領域的領先地位。

This includes new products from our SiCore platform and the commercial availability of SiMaxx 500 watt-hour per kilo product. We will continue to build our book of customers. With 235 customers in 2024 and additional 46 new customers in the first quarter, we are excited about the opportunity in front of us. We expect to convert these engagements into customer purchase orders as quickly as we can. We are strengthening and expanding our manufacturing capability and capacities to better align geographically with our customers worldwide.

這包括我們 SiCore 平台的新產品和 SiMaxx 每公斤 500 瓦時產品的商業可用性。我們將繼續建立我們的客戶群。2024 年我們將擁有 235 名客戶，第一季還將新增 46 名客戶，我們對眼前的機會感到非常興奮。我們希望盡快將這些約定轉化為客戶採購訂單。我們正在加強和擴大我們的製造能力和產能，以便在地理位置上與全球客戶更好地保持一致。

We believe the opportunity ahead of Amprius is tremendous. We believe we are well positioned for continued success with our industry-leading silicon anode batteries backed by gigawatt-hour scale manufacturing capabilities through our capital-light contract manufacturing network. Our extended customer engagement is evident in the hundreds of customers we shipped to in 2024, including both new business and repeat orders from our marquee customers. From a financial perspective, we are in excellent shape with adequate cash reserve at a low burn rate, no debt, and our existing at-the-market sales agreement provide additional flexibility. These core pillars will help us continue to support a strong and growing business throughout the rest of the year and beyond.

我們相信，安普瑞斯面臨的機會是巨大的。我們相信，憑藉我們行業領先的矽陽極電池以及透過我們輕資本合約製造網路實現的千兆瓦時規模製造能力，我們有能力繼續取得成功。我們擴大的客戶參與度體現在 2024 年我們向數百家客戶發貨，其中包括新業務和來自我們大客戶的重複訂單。從財務角度來看，我們的狀況非常好，現金儲備充足，燒錢率低，沒有債務，而且我們現有的市場銷售協議提供了額外的靈活性。這些核心支柱將幫助我們在今年剩餘時間及以後繼續支持強勁且不斷成長的業務。

Over the next few months, we'll be attending several industrial and financial conferences. We hope to see you there. Thank you for your continued support of Amprius Technologies. With that, I will turn it back to the operator for Q&A.

在接下來的幾個月裡，我們將參加幾個工業和金融會議。我們希望在那裡見到您。感謝您對 Amprius Technologies 的持續支持。說完這些，我將把問題交還給接線員進行問答。

(Operator Instructions) Colin Rusch, Oppenheimer.

（操作員指示）科林·拉什，奧本海默。

The order number in the quarter is pretty impressive to have a 3:1 book-to-bill. And having the relatively high volume of incremental customers that you guys are talking about here for several quarters, I just -- I'm curious about how that testing activity is going with those customers and how quickly some of that might translate into incremental orders here for you guys as you get through the balance of the year.

本季的訂單數量相當令人印象深刻，訂單出貨比達到 3:1。而且由於你們在幾個季度中談論的增量客戶數量相對較高，我只是 - 我很好奇你們對這些客戶的測試活動進展如何，以及在你們度過今年餘下的時間時，其中一些可能會多快轉化為增量訂單。

Yes, Colin, the customer contract that you have mentioned, I believe we had three large customer contracts in addition to 2 development contracts. Those contracts will be complete before end of the year. Some contract will be completed in Q2.

是的，科林，您提到的客戶合同，我相信除了 2 份開發合同外，我們還有三個大客戶合約。這些合約將於年底前完成。部分合約將在第二季完成。

Excellent. And then as you guys think about the diversity of those customers, how important is it to have some non-China manufacturing for the SiCore product line? Is that something that we could see get ramped up here in 2025? Or is that something that's a little bit longer-term project for you guys?

出色的。然後，當你們考慮到這些客戶的多樣性時，對於 SiCore 產品線來說，擁有一些非中國製造有多重要？我們是否可以看到它在 2025 年得到加強？或者這對你們來說是一個稍微長期一點的項目？

Yes, will be in 2025. Very soon, you will learn from us that we have additional contract manufacturing facility outside of China.

是的，將在 2025 年實現。很快，您就會從我們這裡得知，我們在中國以外擁有額外的合約製造工廠。

Excellent. And just a final one for me. As you think about scaling the organization, you've gotten an awful lot of leverage out of the existing OpEx. I'm just curious, with Tom coming on and increasing sales activity, what other sort of augmentation are you going to need to do in terms of team growth to support some of the trajectory that looks like it's possible here for the company?

出色的。對我來說這只是最後一個。當您考慮擴大組織規模時，您已經從現有的營運支出中獲得了大量槓桿作用。我只是好奇，隨著湯姆的加入和銷售活動的增加，在團隊發展方面，您還需要做哪些其他方面的增強，以支持公司可能實現的一些發展軌跡？

Yes, Colin, 3 areas. First one is R&D because this is the foundation of our business. You can see that Amprius has a visible leadership in this industry. So that's where we will strengthen our R&D capability. Second part is the contract manufacturing and manufacturing capability.

是的，科林，3 個領域。首先是研發，因為這是我們業務的基礎。可以看出，安普瑞斯在該行業具有明顯的領先地位。因此我們將在此加強我們的研發能力。第二部分是合約製造和製造能力。

We will have a stronger team built up to manage those contract manufacturer partnerships. The third one is the sales. Every quarter, you will see our sales team is expanding.

我們將建立一支更強大的團隊來管理這些合約製造商合作夥伴關係。第三個是銷售。每個季度，您都會看到我們的銷售團隊在擴大。

Jed Dorsheimer, William Blair.

傑德·多斯海默、威廉·布萊爾。

You have Mark Shooter on for Jed Dorsheimer. 83% of revenue is outside of the U.S. So that's very helpful given tariff situation. How do you see this progressing through the year? And has the tariff situation changed your strategy on who are the new customers that you're going to be sampling with of the new 43?

馬克舒特 (Mark Shooter) 取代傑德多斯海默 (Jed Dorsheimer)。 83% 的收入來自美國以外。考慮到關稅情況，這非常有幫助。您認為今年的進度如何？關稅狀況是否改變了你們對新 43 家公司進行抽樣調查的新客戶策略？

And will that change anything going forward throughout the year?

這會對全年的進展產生什麼影響嗎？

First, Mark, the tariff is not our primary concern because we have a very, very competitive cost base. So in addition, we have a global reach to our customers. So we don't see a dramatic increase of our domestic customer base.

首先，馬克，關稅不是我們主要關心的問題，因為我們的成本基礎非常有競爭力。此外，我們也為客戶提供全球覆蓋範圍的服務。因此，我們並沒有看到國內客戶群的大幅成長。

Okay. That's very helpful. And congrats on the success of the SiCore product. Speaking to that, have you seen any competitive products from the giants in China like CATL or BYD? And considering you're manufacturing in their backyard and if they have access to similar advanced silicon materials or -- without giving away the secret, what does Amprius have that these big competitors are missing that puts your performance so far ahead?

好的。這非常有幫助。並祝賀 SiCore 產品的成功。說到這個，您是否看到中國巨頭如 CATL 或比亞迪推出的有競爭力的產品？考慮到你們是在他們的後院進行生產，並且他們可以獲得類似的先進矽材料，或者——在不洩露秘密的情況下，安普瑞斯擁有哪些這些大競爭對手所沒有的東西，從而使你們的表現如此領先？

Mark, I think the major difference is market participation. All those large incumbent manufacturing companies are focused on EV segment and the consumer electronics segment at this moment. So their cell chemistry, their cell design are quite different from Amprius. Now Amprius today, we have the most complete silicon anode technology portfolio. We have silicon monoxide, silicon carbon, silicon nanowire, you name it.

馬克，我認為主要的差異在於市場參與。目前，所有這些大型現有製造公司都專注於電動車領域和消費性電子領域。因此，他們的電池化學性質和電池設計與 Amprius 有很大不同。如今，Amprius 擁有最完整的矽陽極技術組合。我們有一氧化矽、碳矽、矽奈米線，等等。

We're even working on the more advanced silicon anode today. So I think the market will focus on not the market concentration of those incumbents. That's number one. Number two, we do have a very unique cell chemistry. I don't mean they cannot develop someday.

今天我們甚至正在研究更先進的矽陽極。因此我認為市場關注的不是那些現有企業的市場集中度。這是第一點。第二，我們確實擁有非常獨特的細胞化學。我並不是說它們有一天不能發展。

But at this moment, we're certainly in the leading position.

但目前，我們確實處於領先地位。

Chip Moore, ROTH MKM.

奇普摩爾 (Chip Moore)，ROTH MKM。

Maybe just a follow-up on that last one, just more technical. Can you talk about if you're incorporating blending any third-party silicon anode materials into some of the newer products and any vendors you might be using?

也許只是對上一個問題的後續，只是技術性更強。您能否談談您是否將任何第三方矽陽極材料混合到一些較新的產品中以及您可能使用的任何供應商？

Yes. We discussed earlier we use Berzelius silicon anode as one of our components in our cell chemistry. We have not explored -- we have explored and test other people's silicon material, but our primary source still come from Berzelius.

是的。我們之前討論過，我們使用 Berzelius 矽陽極作為我們電池化學中的組成部分之一。我們沒有探索——我們探索並測試了其他人的矽材料，但我們的主要來源仍然來自貝採利烏斯。

Got you. And maybe just an update on contract manufacturing partners ex China. Just I know you've been making the rounds in, I think, Korea and Europe. Just any update there and how to think about time lines?

明白了。也許只是關於中國以外合約製造合作夥伴的最新消息。我只知道你一直在韓國和歐洲巡迴演出。那裡有任何更新嗎？如何考慮時間軸？

Yes. Time line, very soon, we will have contract manufacturer partners outside of China.

是的。時間線，很快，我們將在中國以外擁有合約製造商合作夥伴。

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾（H.C.）溫賴特。

With respect to the backlog, it grew nicely in the first quarter. Does this set you up for sequential revenue improvements through 2025?

就積壓訂單而言，第一季成長良好。這是否會為您在 2025 年實現連續的收入成長奠定基礎？

I would expect so. We have a very strong pipeline as you see. And our customer qualification, some of those reached advanced stage. So we anticipate the revenue growth.

我希望如此。如您所見，我們擁有非常強大的管道。我們的客戶資質有些已經達到了高級階段。因此我們預計收入將會成長。

Understood. And then with respect to some of the new offerings you are planning on launching over the next few quarters, what is the risk of maybe some cannibalization taking place with the existing offerings you already have in the market?

明白了。那麼，就您計劃在未來幾季推出的一些新產品而言，與您在市場上現有的產品發生相互蠶食的風險有多大？

Yes, of course. Yes. So we always think we need to kill our old technology ourselves instead of others, right? So this is a big progress we have made in the last few months to deliver new cell chemistry, new performance -- higher performance batteries. So it's going to have some influence on our existing products.

是的當然。是的。所以我們總是認為自己需要自己消滅舊技術，而不是別人消滅，對嗎？這是我們在過去幾個月中取得的重大進展，推出了新的電池化學成分、新的性能——更高性能的電池。所以它會對我們現有的產品產生一些影響。

But that's what the customers like to see. That's going to enlarge the gap between us and the competition.

但這正是顧客喜歡看到的。這將擴大我們與競爭對手之間的差距。

The reason I was asking that, Kang, is because maybe the batteries need to be designed in. So as you keep launching some of these new offerings and the customers might prefer these new offerings, then do you need to start that process all over again to be designed into those offerings?

康，我之所以問這個問題，是因為電池可能需要設計進去。因此，當您不斷推出一些新產品並且客戶可能更喜歡這些新產品時，您是否需要重新開始流程以融入這些產品的設計中？

That's not going to happen because those new products are certain aimed as a new application or upgrade their device performance. They are not going to use the new product putting the older device start over again.

這不會發生，因為這些新產品肯定是針對新應用或升級其設備性能的。他們不會使用新產品，而是重新開始使用舊設備。

(Operator Instructions) Derek Soderberg, Cantor Fitzgerald.

（操作員指示）德里克·索德伯格，康托·菲茨杰拉德。

Sandra, I think you said last quarter that backlog was $16 million or $17 million. It looks like you shipped $11 million in product this quarter, then you added $34.5 million to backlog. Does that mean backlog today is roughly $40 million? Am I thinking about that right?

桑德拉，我想你上個季度說過積壓訂單金額為 1600 萬美元或 1700 萬美元。看起來您本季的產品出貨量為 1,100 萬美元，然後又增加了 3,450 萬美元的積壓訂單。這是否意味著今天的積壓訂單約為 4000 萬美元？我這樣想對嗎？

Let's see. Let me get you the number because we just filed the Q. The remaining performance obligations are -- I think it's $37.8 million, including the government grant.

讓我們來看看。讓我給你一個數字，因為我們剛剛提交了 Q。剩餘的履約義務是 - 我認為是 3780 萬美元，包括政府補助。

Perfect. No, that's helpful. Just wanted to clarify. And then a couple more. On the Fortune 500 company testing the 21700 cylindrical.

完美的。不，這很有幫助。只是想澄清一下。然後再來幾個。在財富 500 強公司測試 21700 個圓柱形。

So you're delivering samples to that customer for a light electric vehicle. Can you sort of share with us the expected time line to sign a large purchase order with that customer? How long is the qualification process? Can you provide some color on that time line?

所以你正在向該客戶交付輕型電動車的樣品。您能否與我們分享與該客戶簽署大額採購訂單的預計時間表？資格審查過程需要多長時間？您能提供一些有關該時間軸的詳細資訊嗎？

This is a leading supplier in this industry. So we anticipate the volume orders will come in sometime the later part of 2026.

這是該行業的領先供應商。因此，我們預計大量訂單將在 2026 年下半年左右到來。

Got it. That's helpful. And then, Sandra, back to you. As you're releasing new battery platforms, the technology continues to improve. Sandra, I think the SiCore gross margin is sort of in the low teens roughly.

知道了。這很有幫助。然後，桑德拉，回到你身邊。隨著新電池平台的發布，技術也不斷改進。桑德拉，我認為 SiCore 的毛利率大約在百分之十幾左右。

Where do you see margins heading towards as you commercialize some of these higher tech cells just -- such as the 21700, which I believe is the SiCore platform. Can you sort of talk about the mix shift, how that's going to help margin and where -- how much you think pricing can help margin?

當您將這些高科技電池商業化時，您認為利潤率會走向何方——例如 21700，我相信它是 SiCore 平台。您能否談談組合轉變，它將如何幫助提高利潤率，以及您認為定價可以在多大程度上幫助提高利潤率？

That's a great question. So we've shared that the SiCore product has been gross margin and cash flow positive from day 1, and that's how we've made the step function improvement in gross margins. We're still running a very small footprint for SiMaxx. We believe our growth engine in the near term is going to be SiCore, and that's just going to continue to drive gross margins to be more positive over time.

這是一個很好的問題。因此，我們已經分享了 SiCore 產品從第一天起就一直具有毛利率和現金流為正，這就是我們如何實現毛利率的階梯式提升。我們仍在為 SiMaxx 運行非常小的足跡。我們相信，短期內我們的成長引擎將是 SiCore，而且隨著時間的推移，它將繼續推動毛利率更加積極。

And is that 21700, is that the SiCore platform?

那是 21700 嗎？那是 SiCore 平台嗎？

Yes, yes.

是的，是的。

Okay. Got it. And then, Sandra, just I think you commented on some of the SiMaxx investments on the scale up, and then it looks like the designs are complete for the Colorado facility. What sort of growth CapEx do you have planned for the remainder of the year?

好的。知道了。然後，桑德拉，我認為你剛剛評論了 SiMaxx 在擴大規模方面的一些投資，然後看起來科羅拉多工廠的設計已經完成。您計劃在今年剩餘時間內實現什麼樣的成長資本支出？

Very little. We're pivoting into really just run the business mode, so normal replacements and maintenance.

非常少。我們正在轉向真正的商業營運模式，即正常的更換和維護。

And with that, there are no further questions at this time. I would like to turn the floor back to Dr. Kang Sun for closing remarks.

至此，目前沒有其他問題了。我想請 Kang Sun 博士作最後發言。

Thanks, again, everyone, for joining us today. As a reminder, you can find out more about our company, receive additional updates and learn about the upcoming events from the Investor Relations section of our website. We look forward to updating you on the exciting progress we are making in transforming the electric mobility market. Finally, I'd like to thank our employees, partners and shareholders for their continued support. Operator?

再次感謝大家今天的參與。提醒一下，您可以從我們網站的投資者關係部分了解有關我們公司的更多信息，接收更多更新並了解即將舉行的活動。我們期待向您通報我們在改變電動車市場方面所取得的令人振奮的進展。最後，我要感謝我們的員工、合作夥伴和股東的持續支持。操作員？

All right. Thank you. And with that, this does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

好的。謝謝。今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路。