Amprius Technologies Inc (AMPX) 2025 Q2 法說會逐字稿

Good afternoon.

午安.

Welcome to the Amprius Technologies second-quarter 2025 earnings conference call. Joining us for today's presentation are the company's CEO, Dr. Kang Sun; President, Tom Stepien; and CFO, Sandra Wallach. (Operator Instructions) Following management's remarks, we will open the call for questions.

歡迎參加 Amprius Technologies 2025 年第二季財報電話會議。參加今天演講的有公司執行長 Kang Sun 博士、總裁 Tom Stepien 和財務長 Sandra Wallach。（操作員指示）管理階層發言後，我們將開始提問。

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 markets in which we operate and the timing and ability of Amprius' to expand its manufacturing capacity, skilled 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、熟練業務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. 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 you 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.

最後，我想提醒大家，本次電話會議將進行網路直播，您提供的錄音可在公司投資人關係網站ir.amprius.com上重播。除了網路直播外，公司也發布了隨業績報告一同發布的致股東信，也可在投資者關係網站上查閱。

I'll now turn the call over to Amprius Technologies CEO, Dr. Kang Sun, for his comments. Sir, please proceed.

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.

歡迎大家，感謝你們今天下午加入我們。

On today's call, I will give you an overview of our business and then our President, Thomas Stepien, will recap our Q2 performance and our recent accomplishments. 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. Let's begin.

在今天的電話會議上，我將向您概述我們的業務，然後我們的總裁 Thomas Stepien 將回顧我們第二季度的業績和我們最近取得的成就。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。讓我們開始吧。

For those who may be new to our company, I would like to briefly introduce Amprius. Amprius is a pioneer and leader in the silicon anode battery space with over decades of development experience and a long track record of commercial shipments and customer achievement. At Amprius, we develop, manufacture and market high energy density and high power density silicon anode battery with applications across all segments of electrical mobility, including aviation and lead electrical vehicle industries.

對於那些可能還不熟悉我們公司的人，我想簡單介紹一下安普瑞斯 (Amprius)。Amprius 是矽陽極電池領域的先驅和領導者，擁有數十年的開發經驗以及長期的商業出貨和客戶成就記錄。在 Amprius，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，包括航空和電動車產業。

Today, Amprius has the most complete commercially available portfolio of silicon anode material systems in the industry and commands performance leadership with its combination of the battery energy density, power density, charging time, operating temperature range and the safety. Across our battery portfolio, we believe that we offer unmatched performance among the commercially available batteries.

目前，安普瑞斯擁有業界最齊全的商用矽負極材料體系，在電池能量密度、功率密度、充電時間、工作溫度範圍和安全性等方面的性能領先地位。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 battery to the market with up to 450 watt hour per kilo and 1,150 watt hour per liter, 10C power capability and extreme fast charge rate of 0% to 80% state of charge in approximately 6 minutes. The ability to operate in a wide temperature range of minus 30 degrees Celsius up to 55 degrees Celsius and a safety design features that enable us to pass the United States military's benchmark nail penetration test.

Amprius 已向市場推出商用電池，其能量密度高達每公斤 450 瓦時、每公升 1,150 瓦時，具有 10C 功率能力，充電速度極快，大約 6 分鐘內即可將電量從 0% 充至 80%。能夠在攝氏零下 30 度至攝氏 55 度的寬溫度範圍內運行，並且具有安全設計特點，使我們能夠通過美國軍方的基準釘穿透測試。

Each of these performance parameters is critically important to real-world electric mobility applications. Not only do our battery empower certain drones, satellites and vehicles to maximize performance, but they also 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 has been validated by independent third party.

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。我們的電池不僅能幫助某些無人機、衛星和車輛最大限度地提高性能，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，並已通過獨立第三方驗證。

It is our belief that there are no other commercial batteries on the market that can perform at these levels today. In the second quarter, Amprius continued to demonstrate technological innovation and drive business growth. We believe we are successfully executing our strategy to transform electrical mobility with our game-changing performance.

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。第二季度，安普瑞斯持續展現技術創新，推動業務成長。我們相信，我們正在透過改變遊戲規則的表現成功執行改變電動車的策略。

With that overview complete, I will now turn the call over to our President, Tom Stepien, to recap the highlights from our record quarter. Tom.

概述完成後，我現在將電話轉交給我們的總裁湯姆·斯蒂芬 (Tom Stepien)，回顧我們創紀錄的季度中的亮點。湯姆。

Thank you, Kang.

謝謝你，康。

In the second quarter, we built on our momentum from the start of the year, and we believe we have improved in all key business areas. Specifically, we released compelling new products, engaged with additional customers and continued to expand our operations.

在第二季度，我們延續了年初以來的良好勢頭，並相信我們在所有關鍵業務領域都有所改善。具體來說，我們發布了引人注目的新產品，與更多客戶合作並繼續擴大我們的業務。

Let's start with product updates. Innovative technologies and breakthrough product performance are the foundations of Amprius' business. Since debuting our SiCore product platform in January 2024, we have relentlessly pushed the limits of lithium-ion performance. This April, we introduced SA102, the first SiCore cell to reach 450 watt hours per kilogram, a record-setting energy density, 73% higher than the typical 260 watt hours per kilogram of conventional batteries used in electric vehicles and power tools.

讓我們從產品更新開始。創新技術和突破性的產品性能是安普瑞斯業務的基礎。自 2024 年 1 月推出 SiCore 產品平台以來，我們一直不懈地突破鋰離子性能的極限。今年 4 月，我們推出了 SA102，這是第一款達到每公斤 450 瓦時的 SiCore 電池，創下了能量密度記錄，比電動車和電動工具中使用的傳統電池每公斤 260 瓦時高出 73%。

Built around a high-capacity silicon anode, this is where the SA prefix comes from and about the size of a standard T bag, SA102 is produced on our California pilot line and is already winning strong customer praise for the significant endurance boost it gives mission-critical unmanned autonomous vehicles, commonly referred to as drones. With global drone demand accelerating, SA102 cements Amprius' position at the forefront of this market.

SA102 採用高容量矽陽極製造，SA 前綴由此而來，其大小與標準 T 袋相當，SA102 在我們的加州試驗線上生產，並且已經贏得了客戶的強烈讚譽，因為它為任務關鍵型無人駕駛汽車（通常稱為無人機）提供了顯著的續航能力提升。隨著全球無人機需求的不斷增長，SA102 鞏固了安普瑞斯在該市場的領先地位。

In order to deliver SiCore samples to our customers quickly and expedite their qualification process, we've expanded production at our pilot line in Fremont, California. As prospective customers move through the qualification process and request high-volume orders, we then deliver through our existing contract manufacturing partners. So far in 2025, we have shipped the cells to several industry-leading global drone companies.

為了快速向客戶提供 SiCore 樣品並加快他們的認證流程，我們擴大了位於加州弗里蒙特的試驗生產線的生產。當潛在客戶通過資格審查程序並提出大量訂單要求時，我們就會透過現有的合約製造合作夥伴進行交付。截至 2025 年，我們已向多家業界領先的全球無人機公司運送了電池。

In May, we announced that AALTO, a subsidiary of Airbus, set a new record for their loitering drone, which flew for 67 days without interruption. AALTO's Zephyr is a solar-powered loitering vehicle that operates around 70,000 feet, approximately twice the altitude of commercial airplanes. During daylight, solar powers the motors and channels surplus energy to charge Amprius cells. At night, Zephyr draws stored energy to remain aloft. Our high-capacity silicon anode batteries deliver dependable overnight power, enabling continuous flight for more than two months and stand as a critical pillar of the mission's success.

今年5月，我們宣布空中巴士公司的子公司AALTO創造了其巡飛無人機的新紀錄，連續飛行了67天。AALTO 的 Zephyr 是一種太陽能驅動的巡航飛行器，飛行高度約為 70,000 英尺，大約是商用飛機飛行高度的兩倍。白天，太陽能為引擎提供動力，並將多餘的能量為安普瑞斯電池充電。在夜間，Zephyr 會利用儲存的能量來維持飛行。我們的高容量矽陽極電池可提供可靠的夜間電力，使飛行器能夠連續飛行兩個多月，成為任務成功的關鍵支柱。

During Q2, we added dozens of new customers. We recently announced that Amprius was selected by Amazon to participate in their inaugural cohort as a part of the Amazon Devices Climate Tech Accelerator. This program supports companies developing technologies that could help reduce the carbon footprint of Amazon's devices and operations. This is a recent development, and this selection provides us with a valuable opportunity to engage with Amazon's technical and sustainability teams that work on millions of devices worldwide.

第二季度，我們增加了數十位新客戶。我們最近宣布，Amprius 已被亞馬遜選中，並作為亞馬遜設備氣候技術加速器的一部分參與其首屆專案。該計劃支持開發有助於減少亞馬遜設備和營運碳足跡的技術的公司。這是最近的發展，這次選擇為我們提供了寶貴的機會，讓我們能夠與在全球數百萬台設備上工作的亞馬遜技術和永續發展團隊合作。

We are excited about the opportunity to explore how ourselves could provide more efficient energy solutions in their industrial, consumer electronics and mobility-focused platforms. In Q2, we shipped batteries to 93 customers, 43 of whom are new to the Amprius platform. The remaining 50 are repeat customers, including several of our long-time strategic partners such as AALTO Airbus, BAE Systems and the US Army. Thanks to our breakthrough energy performance and ample production capability, we attracted new customers and generated $26.4 million in revenue during the first half of this year, already surpassing our full year 2024 total of $24.2 million.

我們很高興有機會探索如何在工業、消費性電子和行動平台上提供更有效率的能源解決方案。第二季度，我們向 93 位客戶發貨了電池，其中 43 位是 Amprius 平台的新客戶。其餘 50 位是回頭客，其中包括我們的幾位長期戰略合作夥伴，如 AALTO 空中巴士、BAE 系統公司和美國陸軍。憑藉突破性的能源性能和充足的生產能力，我們吸引了新客戶，並在今年上半年創造了 2,640 萬美元的收入，已經超過了 2024 年全年的 2,420 萬美元總額。

Q2 revenue totaled $15.1 million, a 34% increase from the first quarter and up 350% from Q2 2024. This strong growth was primarily driven by a greater than 450% increase in SiCore shipments over Q2 2024.

第二季總營收為 1,510 萬美元，較第一季成長 34%，較 2024 年第二季成長 350%。這一強勁成長主要得益於 2024 年第二季 SiCore 出貨量成長超過 450%。

SiCore is a proprietary silicon anode that uses standard lithium-ion processing equipment and is gross margin positive, enabling us to report positive gross margin for the first time. Sandra will provide more context here when she reviews our financial highlights next.

SiCore 是一種專有的矽陽極，使用標準鋰離子處理設備，毛利率為正，這使我們首次報告正毛利率。桑德拉下次回顧我們的財務亮點時將提供更多背景資訊。

In Q2, we diversified our customer base. 86% of our revenue came from outside the United States on a ship-to basis, an increase from 60% in Q2 2024. Customer diversification helped enable steady growth in a generally uncertain domestic and international macroeconomic environment. In Q2, over 90% of our revenue came from the aviation sector, driven by an increase and ongoing strength in the drone market.

在第二季度，我們實現了客戶群多元化。我們 86% 的營收來自美國以外的出貨業務，高於 2024 年第二季的 60%。客戶多元化有助於在普遍不確定的國內和國際宏觀經濟環境中實現穩定成長。在第二季度，我們超過 90% 的收入來自航空領域，這得益於無人機市場的成長和持續強勁。

We are enjoying increased market adoption and a more favorable policy stance from the US government that creates new opportunities for innovation and deployment. The remainder of our Q2 revenue was primarily derived from the light electric vehicle sector, which remains healthy but has a lumpier profile due to our customers' varying product introduction cycles. The LEV market tends to have short design-in cycles, and we believe our drop-in replacement batteries can help us succeed in gaining market share in this growing market.

我們正在享受市場採用率的提高和美國政府更有利的政策立場，這為創新和部署創造了新的機會。我們第二季剩餘的收入主要來自輕型電動車領域，該領域依然保持健康，但由於客戶的產品推出週期不同，其表現較為不穩定。LEV 市場的設計週期通常較短，我們相信我們的直接替換電池可以幫助我們在這個不斷增長的市場中成功獲得市場份額。

To support customer demand we are seeing in our core markets, we have continued to work closely with our current contract manufacturers. We are also opportunistically sourcing additional partners to provide us with greater geographic diversification and operating flexibility. In May, we announced a contract manufacturing agreement with a leading battery manufacturer in South Korea. This new partnership expands our physical manufacturing footprint and allows us to serve additional customers with specific geographic supply chain requirements. The facility is currently ramping up and is expected to produce Amprius cells shortly.

為了滿足核心市場的客戶需求，我們繼續與現有的合約製造商密切合作。我們也積極尋找更多合作夥伴，以實現更大的地域多樣化和營運靈活性。五月，我們宣布與韓國一家領先的電池製造商達成合約製造協議。這項新的合作關係擴大了我們的實體製造足跡，使我們能夠為具有特定地理供應鏈需求的更多客戶提供服務。該工廠目前正在加緊生產，預計不久將生產 Amprius 電池。

We are off to a rapid start in Q3. As we announced in July, we initiated shipping cells to customers from our Fremont, California pilot line for testing. So far, 5 customers have received the new SiCore cells. Our pilot line allows us to rapidly develop and prototype new batteries quickly and to deliver them to key strategic customers who have specific design requirements. We are seeing an increase in demand for drone technologies following the June 2025 US executive order promoting domestic drone manufacturing and the July Department of Defense directive prioritizing US-made drones for procurement.

我們在第三季取得了快速起步。正如我們在 7 月宣布的那樣，我們已開始從加州弗里蒙特的試驗生產線向客戶運送電池進行測試。到目前為止，已有 5 位客戶收到了新的 SiCore 單元。我們的試驗生產線使我們能夠快速開發和製作新電池的原型，並將其交付給有特定設計要求的關鍵策略客戶。繼美國於 2025 年 6 月發布行政命令推動國內無人機製造以及美國國防部於 7 月發布指令優先採購美國製造的無人機之後，我們看到對無人機技術的需求增加。

US Secretary of Defense, Hegseth wrote that small drones, resemble munitions more than high-end airplanes. They should be cheap, rapidly replaceable and categorized as consumables. We expect these policy actions will accelerate adoption time lines and open new opportunities across both the defense and commercial sectors.

美國國防部長赫格塞斯寫道，小型無人機與其說是高階飛機，不如說更像彈藥。它們應該價格低廉、可快速更換並歸類為消耗品。我們預計這些政策行動將加速採用時間表並為國防和商業領域開闢新的機會。

Amprius has operated in this sector for seven years, and we believe we enjoy a first-mover advantage. Here is one specific example. AV, formerly known as AeroVironment, is a designer and manufacturer of small drones used by the US military. This quarter, we delivered sample cells as part of the xTechPrime US Army grant program. These cells extended state-of-the-art performance, clocking in with an average energy density of 517 watt hours per kilogram. Higher energy density delivers tremendous customer value, notably longer flight time and/or additional payloads.

安普瑞斯已在該領域運營七年，我們相信我們擁有先發優勢。以下是一個具體的例子。AV 的前身是 AeroVironment，是一家美國軍方小型無人機的設計者和製造商。本季度，我們作為 xTechPrime 美國陸軍資助計劃的一部分交付了樣品電池。這些電池延續了最先進的性能，平均能量密度為每公斤 517 瓦。更高的能量密度為客戶帶來巨大的價值，特別是更長的飛行時間和/或額外的有效載荷。

In summary, the first half of 2025 has been strong, and now our focus is on maintaining that momentum through consistent execution in the second half.

總而言之，2025 年上半年表現強勁，現在我們的重點是透過下半年的持續執行來維持這種勢頭。

I'll now turn over the call to our CFO, Sandra Wallach, to review our financial results.

我現在將電話轉交給我們的財務長桑德拉·瓦拉赫 (Sandra Wallach)，以審查我們的財務結果。

Thank you, Tom.

謝謝你，湯姆。

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. As previously noted, we ended the second quarter with $15.1 million in total revenue. Our total revenue is a combination of our main revenue streams, product revenue as well as development services and grant revenue.

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。如前所述，第二季末我們的總收入為 1,510 萬美元。我們的總收入包括主要收入來源、產品收入以及開發服務和補助收入。

This quarter, product revenue contributed $14.5 million to total revenue, representing a $3.6 million or a 32% increase sequentially. Product revenue in Q2 2024 was $3.3 million. So Q2 2025 marks a 335% or $11.2 million year-over-year increase. Our development services and grant revenue totaled $0.5 million this quarter, representing a $0.2 million increase sequentially 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.

本季度，產品收入為總收入貢獻了 1,450 萬美元，比上一季增加 360 萬美元，增幅為 32%。2024 年第二季的產品收入為 330 萬美元。因此，2025 年第二季年增 335% 或 1,120 萬美元。本季我們的開發服務和補助收入總計 50 萬美元，比上一季增加 20 萬美元，比去年同期增加 0 萬美元。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。

The overall increase in revenue this quarter was primarily driven by the addition of new customers. As Tom mentioned, we shipped to 93 customers in the second quarter. Of these, only 2 individually accounted for greater than 10% of the revenue in Q2, a decrease from 3 customers that individually accounted for greater than 10% of revenue in both the first quarter of 2025 and the second quarter of 2024.

本季整體營收的成長主要得益於新客戶的增加。正如湯姆所提到的，我們在第二季向 93 位客戶出貨。其中，第二季度僅有 2 家客戶單獨貢獻了超過 10% 的收入，相比 2025 年第一季和 2024 年第二季分別有 3 家客戶單獨貢獻了超過 10% 的收入有所下降。

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. Our total for remaining performance obligations was $29.1 million at the end of Q2 2025, up 57% from the same quarter last year and down sequentially as Q1 2025 included a $15 million purchase order from a drone OEM.

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。截至 2025 年第二季末，我們剩餘履約義務總額為 2,910 萬美元，較去年同期成長 57%，環比下降，因為 2025 年第一季包括來自無人機 OEM 的 1,500 萬美元採購訂單。

Now moving to our profitability metrics. Gross margin was positive 9% for the quarter compared to negative 21% in Q1 of 2025 and negative 195% in the prior year quarter. As a reminder, we will continue to experience a degree of gross margin variation as our product and services revenue mix fluctuates going forward. Now on to our operating expense management. Our operating expenses for the second quarter continued to be lean at $8.2 million, an increase of $0.8 million or 12% compared with Q1 2025 and an increase of $1.8 million or 27% from the prior year period.

現在轉向我們的獲利指標。本季毛利率為正 9%，而 2025 年第一季為負 21%，去年同期為負 195%。提醒一下，隨著我們的產品和服務收入組合未來波動，我們將繼續經歷一定程度的毛利率變化。現在來談談我們的營運費用管理。我們第二季的營運費用持續保持低位，為 820 萬美元，與 2025 年第一季相比增加 80 萬美元（12%），與去年同期相比增加 180 萬美元（27%）。

The sequential and year-over-year increase in OpEx was driven by increased investment in sales and the reallocation of R&D from cost of revenue as development services agreements run off. Our GAAP net loss for the second quarter was $6.4 million or negative $0.05 per share with 121.8 million weighted average number of shares outstanding. In Q1 2025, our net loss was $9.4 million or negative $0.08 per share with 118 million weighted average number of shares outstanding.

營運支出的環比和同比增長是由於銷售投資的增加以及隨著開發服務協議的到期，研發費用從收入成本中重新分配。我們第二季的 GAAP 淨虧損為 640 萬美元，即每股虧損 0.05 美元，流通股加權平均數為 1.218 億股。2025 年第一季度，我們的淨虧損為 940 萬美元，即每股虧損 0.08 美元，流通股加權平均數為 1.18 億股。

Our Q2 2024 net loss was $12.5 million or negative $0.13 per share with 97 million weighted average number of shares outstanding. As of June 30, 2025, there were 97 full-time employees, up from 95 at the end of the first quarter, primarily based in our Fremont, California location. Our share-based compensation for the second quarter was $1.9 million, relatively flat with Q1 2025 and the prior year period. As of June 30, we had 125.1 million shares outstanding, which was up $4.5 million from the prior quarter. The change includes approximately 1.3 million shares issued from option exercises and RSU vesting as well as 3.2 million shares issued under our ATM program.

我們的 2024 年第二季淨虧損為 1,250 萬美元，即每股負 0.13 美元，流通股加權平均數為 9,700 萬股。截至 2025 年 6 月 30 日，我們共有 97 名全職員工，比第一季末的 95 名有所增加，主要駐紮在加州弗里蒙特的辦公室。我們第二季的股權激勵費用為 190 萬美元，與 2025 年第一季和去年同期基本持平。截至 6 月 30 日，我們擁有 1.251 億股流通股，較上一季增加了 450 萬美元。此次變更包括因選擇權行使和 RSU 歸屬而發行的約 130 萬股股票，以及根據我們的 ATM 計劃發行的 320 萬股股票。

Now turning to the balance sheet, we exited the second quarter with $54.2 million in cash and no debt. Key drivers for cash in the quarter included $4.3 million used in operating cash flow, which was lower than our average projected run rate of approximately $2.5 million to $3 million monthly, excluding transaction-related costs. The main cause of variation this quarter is related to the improvement in our net loss. $0.7 million used in investing activities related to our Fremont, California facility.

現在來看資產負債表，第二季末我們擁有 5,420 萬美元現金，沒有債務。本季現金的主要驅動因素包括 430 萬美元的營運現金流，低於我們預計的每月約 250 萬至 300 萬美元的平均營運率（不包括交易相關成本）。本季變化的主要原因與我們的淨虧損改善有關。 70 萬美元用於與我們位於加州弗里蒙特的工廠相關的投資活動。

We also had $10.8 million in cash inflow from financing activities, consisting of $9.8 million from the issuance of common stock under our at-market sales agreement and $1 million of proceeds from option exercises. We still have approximately $46.7 million left on the facility as of June 30, 2025. Considering our business achievements and ongoing projects, we believe we are efficiently using capital to drive Amprius forward.

我們也從融資活動中獲得了 1,080 萬美元的現金流入，其中包括根據市場銷售協議發行普通股所得的 980 萬美元和選擇權行使所得的 100 萬美元。截至 2025 年 6 月 30 日，該設施仍剩餘約 4,670 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。

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 have made the decision to strategically invest in diversifying our supply chain and expanding manufacturing capability within our Fremont facility to include electrode manufacturing. We're doing this in collaboration with the US Government Defense Innovation Unit and have secured a contract for $10.5 million awarded in July 2025.

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。我們決定進行策略性投資，以實現供應鏈多元化，並擴大弗里蒙特工廠的製造能力，包括電極製造。我們正在與美國政府國防創新部門合作進行這項工作，並已於 2025 年 7 月獲得一份價值 1,050 萬美元的合約。

As we previously stated, regarding 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 decision on the next steps and timing. We have secured adequate capacity for the foreseeable future through our contract manufacturing network and plan to further expand that without deploying additional capital. That concludes my financial discussion, and I will now pass the call back to Kang.

正如我們之前所說，關於科羅拉多工廠，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、貿易關稅以及其他考慮因素（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。我們已透過合約製造網絡確保了可預見的未來有足夠的產能，並計劃在不投入額外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.

謝謝，桑德拉。

As we look ahead, our strategy and focus remain unchanged. Amprius is committed to delivering the next generation of lithium-ion batteries today. We believe our technology is already raising the bar in real-world application by providing unmatched performance and solving meaningful problems for our customers. We are continuing to execute against our product road map with new innovations that extend our lead in the battery space while building global manufacturing scale to meet the significant and growing demand.

展望未來，我們的策略和重點保持不變。Amprius 致力於提供新一代鋰離子電池。我們相信，透過提供無與倫比的性能和為客戶解決有意義的問題，我們的技術已經提高了實際應用的標準。我們將繼續按照我們的產品路線圖進行新的創新，擴大我們在電池領域的領先地位，同時建立全球製造規模以滿足不斷增長的巨大需求。

Through our capital-light contract manufacturing model, we have access to over 1.8 gigawatt hour of capacity, positioning us to fulfill more customer demand that we expect to generate this year. We continue to see strong momentum in customer engagement. Our priority remains moving more of those engagements from evaluation to full platform integration for mass production. With hundreds of customers shipped to over the past 6 quarters, both new and repeat business, we believe we are building a powerful base of long-term relationships.

透過我們的輕資本合約製造模式，我們可以獲得超過 1.8 千兆瓦時的產能，這使我們能夠滿足今年預計產生的更多客戶需求。我們繼續看到客戶參與度的強勁勢頭。我們的首要任務仍然是將更多的工作從評估轉向大規模生產的全平台整合。過去 6 個季度以來，我們已為數百名新客戶和回頭客提供服務，我們相信我們正在建立強大的長期合作關係基礎。

Tom Stepien, who joined as our President in May, has proven to be exceptional add to supercharging our customer engagement. His leadership will accelerate our go-to-market efforts and drive deeper penetration into fast-moving markets we serve.

湯姆·史蒂芬 (Tom Stepien) 於五月加入我們，擔任總裁，事實證明，他對增強我們的客戶參與度做出了傑出貢獻。他的領導將加速我們的市場開拓努力，並推動我們更深入地滲透到我們所服務的快速發展的市場。

Look ahead, we believe Amprius is well positioned for sustainable growth and long-term success, supported by 4 core pillars. First, our industry-leading technology and products. Our silicon anode batteries outperform traditional lithium-ion battery solutions in real-world applications. Second, our gigawatt scale manufacturing capability through a capital-efficient contract manufacturing model allow us to scale quickly.

展望未來，我們相信，在四大核心支柱的支持下，安普瑞斯已做好準備，實現永續成長和長期成功。第一，我們的技術和產品產業領先。我們的矽陽極電池在實際應用上優於傳統的鋰離子電池解決方案。其次，我們透過資本高效的合約製造模式實現千兆瓦規模的製造能力，使我們能夠快速擴大規模。

Third, we benefit from extensive customer engagement, including both new and repeat business from our partners. And fourth, we maintain strong financial health. We have adequate cash reserves, low burn rate, low debt and added flexibility through our at-the-market sales agreement. We are excited about the future ahead and invite you to meet with us as we attend several upcoming investor conferences. We'll be participating in the event hosted by Oppenheimer, Needham, Gateway, and H.C. Wainwright, all over the next few weeks.

第三，我們受益於廣泛的客戶參與，包括來自合作夥伴的新業務和回頭業務。第四，我們的財務狀況保持強勁。我們擁有充足的現金儲備、較低的燒錢率、較低的負債，並透過市場銷售協議增加了靈活性。我們對未來充滿期待，並邀請您參加即將舉行的幾場投資者會議。我們將在接下來的幾週內參加由 Oppenheimer、Needham、Gateway 和 H.C. Wainwright 主辦的活動。

Thank you for your continued interest and support of Amprius Technologies. With that, I will turn it back to the operator for questions.

感謝您對安普瑞斯科技的持續關注與支持。說完這些，我將把問題交還給接線員。

(Operator Instructions) Colin Rusch, Oppenheimer.

（操作員指示）科林·拉什，奧本海默。

Obviously, you've been qualifying with a large number of customers here over the last six quarters, as you mentioned, Kang. And certainly, talking about kind of a 12- to 24-month process for qualification suggests that you're reaching near closure with a number of customers to start moving into production. Can you just talk about that process and how we should think about revenue inflection and your ability to support those customers as they move into production volumes?

顯然，正如您所提到的，Kang，在過去的六個季度裡，您已經在這裡獲得了大量客戶的認可。當然，談論 12 到 24 個月的資格認證流程表明您已經與許多客戶達成協議，可以開始投入生產。您能否談談這個過程以及我們應該如何看待收入變化以及您在這些客戶進入生產量時為他們提供支援的能力？

Yes. Let me give you a high level report and I'm probably getting into details. We have -- as you see, we have built a huge customer pipeline. We have various customers at different development stages. So Q2 is the demonstration of the transformation from the qualification stage to the revenue stage. Q3, we anticipate that we have more customers will move from the qualification stage to the revenue purchasing order stage.

是的。讓我給你一份高層次的報告，我可能會講到細節。如您所見，我們已經建立了龐大的客戶管道。我們擁有處於不同發展階段的各種客戶。所以Q2就是從資格階段轉變為收益階段的體現。第三季度，我們預計會有更多客戶從資格認證階段進入收入採購訂單階段。

Tom, do you want to give some even more detail to Colin?

湯姆，你想向科林提供更多細節嗎？

Yes, Colin, thanks for the questions.

是的，科林，謝謝你的提問。

We have, as we say, 320-some-odd customers. What we're really focused on is going deeper. We describe these as different layers. There's some companies we've been working with where we are seeing tens of thousands of batteries in any given order.

正如我們所說，我們有 320 多個客戶。我們真正關注的是深入研究。我們將它們描述為不同的層。我們與一些公司合作過，他們每次的訂單中都會有數以萬計的電池。

There's others that are earlier. That's part of why we invested and are building out the pilot line here to continue that. And as Kang mentioned, there's an ongoing and growing process here, but that's how we think about winning the designs and then helping our customers achieve success, which can only help us.

還有一些更早的。這就是我們在這裡投資並建造試驗生產線以繼續這一目標的原因之一。正如 Kang 所提到的，這是一個持續發展的過程，但這就是我們贏得設計並幫助客戶取得成功的想法，這只會對我們有幫助。

And then, Sandra, on the financial side, you have a pretty impressive shift into positive gross margins here in the quarter. I'm curious how you guys are thinking about your cash needs and the potential for gross margin expansion from here as you scale revenue?

然後，桑德拉，從財務方面來看，本季你的毛利率明顯轉正，令人矚目。我很好奇，隨著收入規模的擴大，你們是如何考慮現金需求以及毛利率擴張的潛力的？

Colin, so as we've mentioned, SiCore has been gross margin positive since day one. And since that is the driver of the revenue growth, we expect that we're going to continue to see over time, favorable movement in our gross margins to continue to get more positive. It may be a little bit lumpy. There are some -- we're still too small to say we're at a steady state for sure. But the growth is primarily coming from SiCore, and that's all greater than the average gross margin.

科林，正如我們所提到的，SiCore 從第一天起就一直保持著正毛利率。由於這是收入成長的驅動力，我們預計隨著時間的推移，我們的毛利率將繼續呈現有利的走勢，並繼續變得更加積極。它可能有點凹凸不平。有一些——我們還太小，無法肯定地說我們處於穩定狀態。但成長主要來自 SiCore，而且其毛利率高於平均值。

So we should continue to see that to -- see that grow. Regarding the cash, again, with $54 million of cash, no debt and $47 million left on the at-market sales agreement, we're still in the $7.5 million to $9 million of operating cash burn a quarter. And so I think we've got a nice long runway.

因此，我們應該繼續看到這一點——看到它的成長。至於現金，我們再次強調，在擁有 5,400 萬美元現金、沒有債務且市場銷售協議還剩下 4,700 萬美元的情況下，我們每季的營運現金消耗仍在 750 萬至 900 萬美元之間。所以我認為我們擁有一條很長的跑道。

Mark Shooter, William Blair.

馬克舒特、威廉布萊爾。

Congrats on another strong quarter. You mentioned in the shareholder letter, a pickup in the drone customer engagement. Could you give us some more color on the nature of those conversations, how they're accelerating? And could you also frame the opportunity for us maybe in a dollar content of batteries per drone or maybe market size?

恭喜您又一個季度表現強勁。您在致股東的信中提到，無人機客戶參與度有所提升。您能否向我們詳細介紹一下這些對話的性質以及它們是如何加速發展的？您能否為我們描述這個機會，也許是每架無人機的電池成本或市場規模？

Yes. Maybe I can start that out. This is Tom. So Mark, thanks for the question. So we serve loitering drones, Group 1, Group 2, and a little bit of Group 3 drones.

是的。也許我可以開始這麼做。這是湯姆。馬克，謝謝你的提問。因此，我們為徘徊無人機、第 1 組、第 2 組以及少量第 3 組無人機提供服務。

There's a taxonomy. Those smaller drones tend to be battery operated. Group 4 and Group 5 tend to be the larger engines as opposed to motors. And we did talk in the call, as you heard, about the enabling a tremendous value with AALTO by being able to stay aloft for 67 days.

有一個分類法。這些較小的無人機通常採用電池供電。第 4 組和第 5 組往往是較大的發動機，而不是電動馬達。正如您所聽到的，我們在電話中確實談到了能夠在高空停留 67 天將為 AALTO 帶來的巨大價值。

So our batteries are incredible force multipliers. Every extra minute in the sky increases target engagement chances. It reduces logistical churn. It helps on the military side, commanders hold more terrain -- longer terrain view and reduces cost.

所以我們的電池是令人難以置信的力量倍增器。在天空中多停留一分鐘，就能增加擊中目標的機會。它減少了物流流失。它對軍事方面有幫助，指揮官可以掌握更多地形——更長的地形視野並降低成本。

It's not just the military, right? We have industrial inspection, think about (inaudible), dangerous climb up to look at power lines or bridges or utility work. We heard about those horrible floods in Texas. Drones were helping identify folks who needed help and damage.

不只是軍隊，對吧？我們進行工業檢查，想想（聽不清楚），危險地攀爬上去查看電線或橋樑或公用設施工程。我們聽說了德州發生的可怕洪水。無人機正在幫助識別需要幫助和受到損害的人。

In agriculture, you can trim pesticide use, have more efficient spraying, you can map, you can seed more efficiently. Walmart and others are using drones to deliver parcels and groceries. So it's pretty amazing what's happening here. We don't tend to talk about individual customers or orders. We did talk to our friends at McKinsey, the battery insight team believes that drones worldwide is something like a $50 billion market opportunity today.

在農業方面，你可以減少農藥的使用，提高噴灑效率，繪製地圖，提高播種效率。沃爾瑪和其他公司正在使用無人機運送包裹和雜貨。這裡發生的事情真是令人驚奇。我們不太會談論個別客戶或訂單。我們確實與麥肯錫的朋友進行了交談，電池洞察團隊認為，如今全球無人機市場規模約為 500 億美元。

If you take the battery part of that, it's around 10%, plus or minus, which gives us a total TAM for batteries of our type, round numbers, $4.5 billion, $5 billion.

如果把電池部分算進去，大概在 10% 左右，正負差不多，這樣我們這類電池的總 TAM 就大概在 45 億美元到 50 億美元之間。

Considering like that -- to go on that, right, the batteries section of that TAM, and considering that the battery is a relatively small COGS line item, can you speak to the pricing power that you guys may have because of the increased energy density and your pricing power over competitors? And given the geographic location, what are you willing to -- what are customers willing to pay up for maybe non-China supply, like the South Korea capacity or even in the Fremont pilot line?

考慮到這一點 - 繼續說，對，TAM 中的電池部分，並且考慮到電池是一個相對較小的 COGS 項目，您能否談談由於能量密度增加以及您相對於競爭對手的定價能力而可能擁有的定價能力？考慮到地理位置，您願意支付多少錢——客戶願意為非中國供應支付多少錢，例如韓國產能，甚至是弗里蒙特試驗生產線？

Yes.

是的。

So we provide tremendous value. And for us and our customers, it's about that value. It's not so much about the price. So we have a performance product, and we're able to command a price.

因此，我們提供巨大的價值。對我們和我們的客戶來說，這就是價值所在。這與價格關係不大。因此，我們擁有一款性能卓越的產品，並且能夠定價。

That strategy of having a disruptive technology that can command a premium in the short term, this probably won't last forever, building scale and then moving down the cost curve is a tried and true path, and that's the path that we're on.

擁有可以在短期內獲得溢價的顛覆性技術的策略可能不會永遠持續下去，擴大規模然後降低成本曲線是一條經過實踐檢驗的可靠道路，而這正是我們正在走的道路。

The pilot line here that is expanding is all about quick turn. So we can do quick turns. Some of our customers are ordering 100, 200 cells because they just need to test, want to validate that what we tell them is real. And then as orders come in, we go through our contract manufacturing partners. That's some of the dynamics on the customer side.

這裡正在擴建的試驗生產線就是為了快速轉彎。這樣我們就可以快速轉彎。我們的一些客戶訂購了 100 或 200 個電池，因為他們只需要測試，想驗證我們告訴他們的東西是否真實。然後，當訂單到來時，我們就會透過我們的合約製造合作夥伴。這是客戶端的一些動態。

Chip Moore, ROTH MKM.

奇普摩爾 (Chip Moore)，ROTH MKM。

Congrats on the positive gross margins. I want to ask on the light electric vehicle opportunity. I think you talked about that being somewhat lumpy and shorter cycle. Any way to help us think about potential contribution there and visibility over the next few quarters?

恭喜您獲得正的毛利率。我想問一下輕型電動車的機會。我認為您談到的是有點不均勻且週期較短的情況。有什麼方法可以幫助我們思考未來幾季的潛在貢獻和可見度？

So, Chip, for the light electrical vehicle, our market primarily in Europe and Asia. So this industry has experienced a revolution because everything from the vehicle design to the battery specification all changed. So we anticipated quite a large change and give us a very exciting opportunity because this new standard, performance standard require high energy and high power. Our battery just fit into it. We have some customers present us a very sizable opportunity those customers from Europe. In Asia, the product qualification time is quite short. So it gave us additional opportunity in the near term.

因此，Chip，對於輕型電動車，我們的市場主要在歐洲和亞洲。因此，這個行業經歷了一場革命，因為從車輛設計到電池規格的一切都改變了。因此，我們預計會發生相當大的變化，並給我們一個非常令人興奮的機會，因為這個新標準、性能標準需要高能量和高功率。我們的電池剛好可以裝進去。一些來自歐洲的客戶向我們展示了一個非常大的機會。在亞洲，產品認證時間相當短。因此，這在短期內為我們提供了額外的機會。

Good to hear, Kang.

很高興聽到這個消息，康。

And I think I heard you say earlier on Q3, some of those customers that have been going through the qualification stage maybe for a little bit longer are going to move into revenue phase. Should we think about revenues increasing sequentially? Is that a fair assumption?

我想我早些時候聽到您在第三季談過，一些已經經歷了資格認證階段的客戶可能還需要一段時間才能進入收入階段。我們是否應該考慮收入連續增加？這是一個合理的假設嗎？

I think that should be the case based on the status of our qualification process.

我認為根據我們的資格審查過程的現狀應該是如此。

Derek Soderberg, Cantor Fitzgerald.

德里克索德伯格、康托費茲傑拉。

Can you provide some more detail on that $10.5 million contract with the US government? It looks like the innovation unit. Is this for drones or was this the wearable battery program?

您能否提供一些有關與美國政府簽訂的價值 1050 萬美元的合約的更多細節？它看起來像創新單位。這是用於無人機還是可穿戴電池計劃？

Just wondering if you could provide more detail what sort of led to that program, other details, like where do you need to build this? Do these batteries need to come from your facility in Fremont? Or can they come from Korea? Just some more detail on that contract would be great.

只是想知道您是否可以提供更多細節，是什麼導致了該計劃，其他細節，例如您需要在哪裡建造它？這些電池需要從你們位於弗里蒙特的工廠生產嗎？或者他們可以來自韓國嗎？如果能提供更多關於該合約的詳細資訊就更好了。

Yes. Maybe I can start that out. This is Tom. So the DIU is about 10 years old. They are an arm of the DoD.

是的。也許我可以開始這麼做。這是湯姆。DIU 已經有 10 年的歷史了。他們是國防部的一個分支。

They have offices here in Silicon Valley, Boston, other tech centers. They have three principal responsibilities to identify high potential technology like our batteries to accelerate adoption across the DoD and to strengthen the national security innovation ecosystems. They received about $2 billion in the recent OB3A bill. So what we're doing is building out our pilot line, both in terms of capability, Sandra mentioned that we're adding the electrode manufacturing capability, the front end of a 3-part lithium-ion factory as well as increasing the capacity here in Fremont.

他們在矽谷、波士頓和其他科技中心設有辦公室。他們有三個主要職責：識別像我們的電池這樣的高潛力技術，以加速國防部的採用並加強國家安全創新生態系統。他們在最近的 OB3A 法案中獲得了約 20 億美元。因此，我們正在做的是建造我們的試驗生產線，無論是在能力方面，桑德拉提到，我們正在增加電極製造能力，三部分鋰離子工廠的前端，以及增加弗里蒙特的產能。

And the idea is to have batteries that are NDAA compliant, right? Basically think of countries that are NATO countries or friendly with us. The $10.5 million is going to cover more than 50% of the overall build-out. We're dedicating resources and CapEx to deliver to that. The pilot line won't be huge, right?

我們的想法是讓電池符合 NDAA 標準，對嗎？基本上想想那些北約國家或與我們友善的國家。這 1050 萬美元將涵蓋整體建設費用的 50% 以上。我們正在投入資源和資本支出來實現這一目標。試驗生產線不會很大，對吧？

It's around 10 megawatt hours a year, but that's all about getting supplying and qualifying US material and getting mostly drones to the first part of your question, all integrated and designed into our type of technology and then making it available in NDAA-compliant countries.

每年大約是 10 兆瓦時，但這都是為了獲得供應和合格的美國材料，以及獲得大部分無人機（針對您問題的第一部分），所有這些都整合並設計到我們的技術類型中，然後使其在符合 NDAA 的國家/地區可用。

Got it. That's helpful.

知道了。這很有幫助。

And then just sticking to the DoD stuff. I've seen quite a few comments coming out from the administration surrounding drones. Just from the investors' perspective, what's the best way to approach this opportunity for you guys?

然後只堅持國防部的事情。我看到政府針對無人機發表了不少評論。僅從投資者的角度來看，你們抓住這個機會的最佳方法是什麼？

I know you've got potentially some production capabilities in Colorado if you wanted to make those investments. Do you think this pilot line and then whatever space you have left in Fremont can sort of handle this drone opportunity potentially in the US? Like what's the best way to approach this commentary that we're hearing out of the DoD that they want a domestic supply of drones? And how are you guys going to respond to that?

我知道，如果您想進行這些投資，您在科羅拉多州可能擁有一些生產能力。您是否認為這條試驗線以及您在弗里蒙特留下的任何空間都可以在美國處理這種無人機機會？例如，當我們聽到國防部說他們想要國內供應無人機時，最好的處理方式是什麼？你們會如何回應這個問題？

Yes, Derek, good question.

是的，德瑞克，這個問題問得好。

A one-word answer is velocity. We talked about in the recorded call, the two executive orders and Hegseth from about a month ago about removing some of the friction. We heard just a couple of days ago that Transportation Secretary, Sean Duffy and the FAA have tried to normalize the beyond visual line of sight for drone operations. So think delivery and other things, agriculture inspection.

一個字的答案就是速度。我們在錄音電話中談到了兩項行政命令，以及大約一個月前赫格塞斯關於消除一些摩擦的言論。就在幾天前，我們聽說交通部長肖恩·達菲和美國聯邦航空管理局已經嘗試將無人機的超視距飛行規範化。所以考慮交付和其他事情，農業檢查。

So that's all velocity, right? As these devices become mainstream, and we have more and more of this occurring, we believe that our batteries are differentiators, huge value if you can deliver twice as many packages or you can do twice the acreage that you could do with a different battery. And that's where we want to play. That's where we can win.

這就是全部速度，對嗎？隨著這些設備逐漸成為主流，而且這種情況越來越多，我們相信，我們的電池具有差異化優勢，如果您可以運送兩倍的包裹，或者可以覆蓋兩倍於其他電池所能覆蓋面積的土地，那麼我們的電池將具有巨大的價值。這就是我們想要發揮的地方。這就是我們能夠獲勝的地方。

Ryan Pfingst, B. Riley.

瑞安·芬斯特、B·萊利。

First, for the contract manufacturing agreement in South Korea, could you potentially size the production capacity you now have there or maybe what it looks like relative to the agreements you have in China?

首先，對於韓國的合約製造協議，您能否估算出目前在那裡的生產能力，或者與您在中國簽訂的協議相比，情況如何？

Yes. But currently, the capacity, we just have one contract manufacturing partnership in South Korea at this time. The capacity is adequate for what we ask them to do today. This facility not only getting excited by our contract manufacturing partner, also the local government, okay, they really see Amprius technology as the enabler to expand their advanced new generation lithium-ion battery manufacturing base in Korea. So we are working with them.

是的。但就目前產能而言，我們目前在韓國只有一家合約製造合作夥伴。該容量足以滿足我們今天要求他們做的事情。這個工廠不僅讓我們的合約製造合作夥伴感到興奮，當地政府也感到興奮，他們確實將安普瑞斯技術視為擴大其在韓國先進的新一代鋰離子電池製造基地的推動力。所以我們正在與他們合作。

As a matter of fact, this couple of days, I'm working on the plan for the facility expansion.

事實上，這幾天我正在製定設施擴建的計畫。

Great. Appreciate that. And then sticking with the manufacturing side, you noted that you're still sourcing additional partners. Just curious what the main geographies are that you're targeting there for additional contract manufacturing capacity?

偉大的。非常感謝。然後堅持製造方面，您指出您仍在尋找其他合作夥伴。我只是好奇，您針對增加合約製造能力的主要目標地區是哪些？

At this time, the best manufacturing skills reside in Korea and the China. They are the leaders in battery manufacturing. Those two areas, we already have a partnership and we are strengthening the partnership to extend our capability and capacity. In addition to that, we're also looking for domestic partnership as well. There are many US small-sized battery companies. They have been experiencing very difficult times. So Amprius technology and Amprius market penetration could help this company. Potentially, we can form partnership in United States as well.

目前，最好的製造技術存在於韓國和中國。他們是電池製造業的領導者。我們在這兩個領域已經建立了合作夥伴關係，我們正在加強合作夥伴關係以擴展我們的能力和產能。除此之外，我們也在尋找同居伴侶。美國有很多小型電池公司。他們正在經歷非常艱難的時期。因此，Amprius 技術和 Amprius 市場滲透可以幫助這家公司。我們也可能在美國建立合作關係。

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾、H.C. 溫賴特。

Congrats on the strong margin performance this quarter. So, Sandra, just on that front, should we expect margins to remain in the positive territory, but vary a little bit depending on sales volume, et cetera, but stay in the positive territory for the rest of the year as revenue scale from here?

恭喜本季利潤表現強勁。那麼，桑德拉，就這方面而言，我們是否應該預期利潤率將保持在正值區域，但會根據銷售量等因素而略有變化，但隨著收入規模的擴大，利潤率在今年剩餘時間內仍將保持在正值區域？

Yes. So that's a good question. So I think we have crossed over officially at the $15 million revenue per quarter line to be nicely positive. I think we'll see some variation, normal variation based on which deals are going through each quarter, but we should stay positive and continue to grow that positive gross margin over time.

是的。這是個好問題。因此我認為，我們的每季收入已正式突破 1500 萬美元大關，這是一個非常積極的信號。我認為我們會看到一些變化，根據每個季度的交易情況而定的正常變化，但我們應該保持積極的態度，並隨著時間的推移繼續增加正毛利率。

Understood. And then your comments around operating costs, as your revenues are scaling, it just seems like there may be some operating leverage coming into play as well. Operating costs, should we expect them to remain steady at around these levels at least for the next few quarters before you see any further ramp in revenues?

明白了。然後，您關於營運成本的評論是，隨著收入的擴大，似乎可能會有一些營運槓桿發揮作用。營運成本，我們是否應該預期至少在接下來的幾個季度內它們將保持穩定在這些水平左右，然後您才會看到收入進一步增長？

Yes.

是的。

Given that we are leveraging the contract manufacturing model, we are going -- I mean, we're 97 employees full time as of the end of June. So we're still really lean. We're making strategic investments in R&D and in sales and go-to-market. But I wouldn't see a wholesale change in our operating expense profile in the foreseeable future.

鑑於我們正在利用合約製造模式，我們將——我的意思是，截至 6 月底，我們有 97 名全職員工。所以我們仍然很精簡。我們正在對研發、銷售和行銷進行策略性投資。但在可預見的未來，我不會看到我們的營運費用狀況發生全面變化。

Just last one, if I can squeeze this in for Tom, maybe. Tom, can you talk about what the pipeline looks like, the opportunity set that you're working on? Are there contracts potentially you may be pursuing that could be in the $20 million, $30 million, $40 million level type of deals? Just trying to get a sense of how big some of these customer interactions could potentially be for the company?

只剩下最後一個了，如果我能擠出時間給湯姆的話，也許吧。湯姆，你能談談你正在研究的管道和機會集嗎？您是否可能正在爭取價值 2,000 萬美元、3,000 萬美元或 4,000 萬美元的合約？只是想了解這些客戶互動對於公司來說可能有多大的影響？

Yes. We don't tend to talk about them until the end of the quarters or if they're really large. We'll talk about them mid-quarter. Look, as we said, these are different layers, and there's a different gestation period at each of our customers. There's 320-some-odd that we've served over the last 6, 8 quarters.

是的。我們通常直到季度末或它們真的很大的時候才會談論它們。我們將在季度中期討論這些問題。你看，正如我們所說的，這些是不同的層次，每個客戶的孕育期都不同。在過去的 6、8 個季度中，我們已經為 320 多名客戶提供了服務。

We'll work them all. We're pretty wide. We want to go deeper. We want to get those design wins. And we're doing that.

我們將努力完成所有工作。我們的範圍很廣。我們想更深入地了解。我們希望獲得這些設計勝利。我們正在這麼做。

There are some tools that we've improved to do that. There are some partnerships that we're working on. I can't tell you much more than that at this point in time.

我們改進了一些工具來實現這一點。我們正在努力建立一些合作關係。目前我還不能告訴你更多。

Ted Jackson, Northland Securities.

北國證券公司的泰德傑克森。

I want to keep goggling around on the production side of things.

我想繼續關註生產方面的事情。

So the South Korean facility is on the cusp of coming online. You've been making SiCore product in the pilot line at Fremont. I mean, is there a potential for a step-up in revenue win, the South Korean partner brings that line into play and you begin to transfer some of that production out of Fremont to it? And when exactly does that South Korean line turn on?

韓國的這座工廠即將投入使用。您一直在弗里蒙特的試驗生產線上生產 SiCore 產品。我的意思是，是否有可能增加收入，韓國合作夥伴將這條生產線投入使用，然後您開始將部分生產從弗里蒙特轉移到這條生產線？那麼韓國線路具體什麼時候開通呢？

Is that a third quarter phenomenon? Is that a fourth quarter? Is that a first quarter? That's my first question questions. (inaudible) questions next.

這是第三季的現象嗎？那是第四季嗎？這是第一季嗎？這是我的第一個問題。 （聽不清楚）接下來是問題。

Now, we engaged them about a couple of quarters ago. We just finished -- because the -- we just finished the new tooling of the equipment, not equipment -- not all the production lines were ready for Amprius product. So we just finished that. They had a prototype presented to us. I believe we are going to start the manufacturing for our customers next month.

現在，我們大約在幾個季度前與他們接洽。我們剛剛完成——因為——我們剛剛完成了設備的新工具，而不是設備——並非所有生產線都已為 Amprius 產品做好準備。所以我們剛剛完成了。他們向我們展示了一個原型。我相信我們下個月就會開始為客戶進行生產。

So this -- we have a fraction of the customers like to buy the batteries from a specific region. And that's one of the reasons we developed South Korea partnership. In addition to that, you know South Korea knows how to make battery, they are one of the best in the industry. So Fremont will have a very intimate interaction with our contract manufacturing partnership. Tom mentioned earlier, we are going to expand and upgrade our pipeline here.

所以這個——我們有一部分客戶喜歡從特定地區購買電池。這也是我們與韓國建立合作關係的原因之一。除此之外，你知道韓國知道如何製造電池，他們是業內最好的之一。因此，弗里蒙特將與我們的合約製造合作夥伴進行非常密切的互動。湯姆之前提到過，我們將擴大和升級這裡的管道。

So our manufacturing process here can be delivered to our contract manufacturing facility vice versa. When they develop something unique, will share with our team here.

因此，我們的製造流程可以交付給我們的合約製造工廠，反之亦然。當他們開發出獨特的東西時，會在這裡與我們的團隊分享。

Is there a chance that as that comes online, that is there -- do you have any kind of pent-up demand that's waiting for that South Korean facility to turn on because they don't want to have the product come from China?

當這些產品上線後，是否有可能—您是否有任何被壓抑的需求在等待韓國工廠投產，因為他們不想讓產品來自中國？

No. Korean -- the partner we have in Korea, they certainly can manufacture anything the Chinese is making, for pouch cells. Today, we have not have a cylindrical cell partnership in Korea, but we are in the discussion. But whatever we made in Fremont, made in China, made in Korea, they should be all capable to manufacture our batteries.

不。韓國—我們在韓國的合作夥伴，他們當然可以生產中國製造的任何軟包電池。目前，我們在韓國還沒有圓柱形電池合作夥伴關係，但我們正在討論中。但是無論我們在弗里蒙特、中國還是韓國生產什麼，他們都應該有能力生產我們的電池。

Okay. Then my next question is the margin is improving. SiCore has been a tremendous success for the company. It's driving revenue growth. It's driving margin.

好的。那麼我的下一個問題是利潤率正在提高。SiCore 為公司帶來了巨大的成功。它正在推動收入成長。它正在推動利潤成長。

Can you give us some kind of ballpark mix of the revenue between SiCore and SiMaxx this period, maybe what was in second quarter of '24?

您能否提供我們 SiCore 和 SiMaxx 此期間收入的大致情況，例如 2024 年第二季的收入是多少？

Yes, Ted, we don't break it down. We just break it down by product. But it's fair to say that the majority of our growth is coming from SiCore.

是的，泰德，我們不會把它分解。我們只是按產品細分。但公平地說，我們的大部分成長來自 SiCore。

And then with the expansion of the Fremont line, you commented that you're going to spend some more money relative to maybe what was in the plan about a quarter or so ago. The government is going to provide you, call it, $10 million and then you're going to put the other half. How do we think about how this plays out within the financials? Like when we think about the actual CapEx numbers that we're going to be putting in our models for cash flow, what are those numbers? And how does it play out?

然後，隨著弗里蒙特線的擴建，您評論說，相對於大約一個季度前的計劃，您將花費更多的錢。政府將為你提供 1000 萬美元，然後你再投入另一半。我們如何看待這對財務的影響？例如，當我們考慮將要放入現金流量模型中的實際資本支出數字時，這些數字是什麼？結果如何？

So what we're contributing is really dedicating resources that we have that are working on this important initiative to diversify our supply chain and expand manufacturing within Fremont and some funds for equipment and build-out. So the DIU contract is over the next 6 quarters is funding the majority of the effort of this project. So our portion is a fraction of the $10 million.

因此，我們所做的貢獻實際上是投入我們擁有的資源，用於這一重要舉措，以實現我們的供應鏈多樣化，擴大弗里蒙特的生產規模，並投入一些資金用於設備和建設。因此，DIU 合約將在未來 6 個季度為該項目的大部分工作提供資金。因此我們的份額只是 1000 萬美元中的一小部分。

Okay.

好的。

But so you would get the money in and then you would spend it. So -- I mean, I assume we would still see a pickup with regards to just in your cash flow statement for CapEx. But at the end of the day, it's really just flowing through your financial statements from the DIU. Is that what I'm saying, just to understand how it goes through the model.

但這樣你就會把錢存入，然後花掉。所以 - 我的意思是，我認為我們仍然會看到您的現金流量表中資本支出的回升。但歸根結底，它實際上只是從 DIU 流經您的財務報表而已。這就是我所說的，只是為了了解它是如何通過模型的。

Yes. So I think revenue recognition for a contract like this is a little bit tricky. We're still working through the details. But the overall -- it's fair to assume that it's going to come through as revenue, and we're going to show the cash going out in the statement of cash flows.

是的。所以我認為像這樣的合約的收入確認有點棘手。我們仍在處理細節問題。但總體而言——我們可以合理地假設它將以收入的形式出現，並且我們將在現金流量表中顯示現金流出。

And then my last question, they're offering this to you and helping you out. There's clearly a desire by this administration, honestly, even the previous administration to bring well the battery manufacturing into the US and also just strategic industrial activity into the US I would say that the fact that you've got this funding shows that you are strategic. Is there any discussion or any opportunity for you to go into partnership with the government to bring to fruition the work you've done in Colorado?

我的最後一個問題是，他們向您提供這個並幫助您。老實說，本屆政府，甚至上屆政府，都明顯希望將電池製造業和戰略性工業活動引入美國，我想說，你們獲得這筆資金這一事實表明你們具有戰略眼光。您是否有任何討論或機會與政府合作以實現您在科羅拉多州所做的工作？

So we're in regular communications with a number of key stakeholders. And one of the things that we've been clear about is that our ability to move forward with the design and the capacity in Brighton is really dependent on a number of macro things going on, not the least of which is tariffs, government incentives, supply and demand.

因此，我們與許多主要利害關係人保持定期溝通。我們已經明確的一件事是，我們推動布萊頓設計和產能的能力實際上取決於許多宏觀因素，其中最重要的是關稅、政府激勵措施、供需關係。

At this point, we have more than enough capacity. We would be over $1 billion in revenue with the 1.8 gigawatt hours that Kang has already secured for us. And so we've got more than enough capacity to serve the foreseeable future. And we -- but we are keeping those lines of communication open if something does change that would make it more economically viable to move forward with Brighton at this time.

目前，我們的產能已經足夠了。加上 Kang 已經為我們爭取到的 1.8 千兆瓦時電量，我們的收入將超過 10 億美元。因此，我們擁有足夠的能力來服務可預見的未來。而且我們——但我們會保持溝通管道暢通，如果情況確實發生變化，那麼現在推進布萊頓專案在經濟上會更加可行。

Congrats on the quarter, it was great.

恭喜本季度，這真是太棒了。

Thank you.

謝謝。

At this time, this concludes our question-and-answer session. If you have any additional questions, you may contact Amprius Investor Relations team at ir@amprius.com. I'd now like to turn the call back over to Dr. Sun for his closing remarks.

至此，我們的問答環節就結束了。如果您還有其他問題，請聯絡安普瑞斯投資者關係團隊，電子郵件：ir@amprius.com。現在，請孫博士作最後總結發言。

Thanks again, everyone, for joining us today.

再次感謝大家今天的參與。

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 electrical mobility market. Finally, I'd like to thank our employees, partners and shareholders for their continued support.

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。

Thank you for joining us today for Amprius Technologies second-quarter 2025 earnings conference call. You may now disconnect.

感謝您今天參加 Amprius Technologies 2025 年第二季財報電話會議。您現在可以斷開連線。