Good morning. Very excited to be here today. My name is Sandra Wallach, and I'm the CFO of Amprius Technologies. Our CEO, Dr. Kang Sun, is in Asia as we speak, working on contract manufacturing and customer engagements. A little bit of history about Amprius Technologies: we're a company that was founded in 2008. We were spun out with a concept out of Stanford University, and it took six years to get the design finalized for this flagship product that we have, the silicon nanowire. Took another two years to get kilowatt-scale manufacturing. We're located in Fremont, California. We have a small pilot line there. After we figured out how to manufacture it, we had our first customer orders, commercial orders in 2018. We're not new to revenue. We're not new to customers. Airbus was actually our initial customer for our first product in 2018.
Since then, we've been sold out pretty much every year for our flagship product. We initiated a project in 2021, seeing that the technology really had an opportunity to transform electric mobility with power and energy density. We went public in 2022 on the New York Stock Exchange via de-SPAC. We're a pioneer, developer, and manufacturer of high-energy, high-power silicon anode lithium-ion batteries. You'll hear a lot about silicon anodes and silicon anode batteries. I'll spend a little bit of time talking about why we're different. Again, silicon has been sort of the holy grail of technologies because of its material properties. There's very few folks who have figured out or cracked the code on how to actually make it work without damaging the battery and the performance. We've cracked that code and have since 2018.
We deliver up to 500 watt-hours per kilogram, 1,300 watt-hours per liter in performance. If you look at competitive products, most of these values are on their roadmap. We can deliver high power density, which is why we think we're uniquely qualified for anything that moves. We've been confirmed via third party that we can charge to 80% state of charge in six minutes or less, 100% in 15 minutes. And safety, one of our longtime customers is the U.S. military, and we've had third-party validation that we've passed their military performance nail penetration test successfully. We can also operate in a very wide operating temperature down to minus 30 degrees Celsius. And so all of those performance characteristics have gotten us great traction with a lot of marquee customers.
With the new product that we just delivered and introduced in early 2024, a lot of new customers are very active in the testing and qualification. So again, we've been at it since 2018 commercially, and we'll talk a little bit about what it looks like today. So the first thing is why is silicon? Silicon, at its purest form, has 10 times the capacity to store energy versus carbon. The issue has been historically swelling, and when the battery swells, the mechanical properties of the battery break down. We believe we're the only ones who have solved that problem and retained almost 10% of the capacity with the actual anode. So you'll hear others have silicon. It's more silicon doping or small percentages, 3%-5%. We can do it with 100% silicon. So we have two products. The one on the left, SiMax, is our flagship product.
That's the one that we've been at since 2008, and we'll talk about that in a minute. SiMax is 100% silicon, nothing else. No additives, no additional binders. SiCore is a new product that we introduced, so when you work with silicon, we've had a team of very brilliant scientists working on different ways to use silicon. SiCore was introduced in 2024, and it's up to 100% silicon without any other active material, but since it's a particle, it does require binders and other inactive materials to make the anode, so we have two leading platforms, which help us cover the waterfront in our customers' requirements, so we'll start with SiMax. This again is the initial product. This is 100% silicon.
The way that this is done is there's a metal substrate, and we grow the metal filaments or the fingers off of the substrate, and it's coated with two different types of silicon. If you look at the side view, it looks like a carpet has been cut. Those fingers have the ability to swell internally. They also have the ability to swell across. And so that allows the anode to perform at the 500 watt-hours per kilogram level without degradation. And some of our leading products, these have been in the market for the longest for us since we introduced this in 2018. Everything from a 395 watt-hours per kilogram up to 500 watt-hours per kilogram as we go through this. And again, these products are made to meet our customer specification. These are primarily focused on aviation and high-altitude pseudosatellites.
So what have we been certified for so far? We are in high-altitude pseudosatellites. We're in many drone applications. The second one is a conformal wearable battery, which is for the U.S. military. We've got a nano unmanned aerial system, so we're in the Teledyne FLIR Black Hornet. We've also done a prototype for a wearable smartwatch. And most recently, in the third quarter, we shipped A-samples to the United States Advanced Battery Consortium for their EV program. So we can go anywhere from 200 milliamp hours at the smallest to 80 amp hours for the EV A-samples. The second product that we introduced was SiCore. That was in January of 2024. And again, it's a unique structure. It's a powder that we get from one of our formerly affiliated sister companies. And it's a unique opportunity to access the powder.
We have an exclusive right to be the only North American manufacturer to use this powder, and we've worked on developing the cell chemistry and the cell design. At the powder level, it allows us to alleviate the stress on the expansion and gives high performance as far as rate capability, so we've taken that proprietary material. Again, we have the exclusive right to manufacture in North America, and we have developed another set of leading batteries. Again, if you look at these specs versus what other people have available today or on their roadmap, these are what we believe we've not seen anything that's close to this. This formulation is unique. As you can see under the life cycle, cycle life, these are longer cycle life. These are up to 1,000 cycles, which meets a lot of the EV requirements. Again, our batteries are developed for customer requirements.
Some of the SiMax goes two or three hundred life cycles. That's based on the customer requirement for balancing power and cycle life. We can do up to 355 watt-hours per kilogram with 1,000 cycles. Just this morning, we announced a new product in the SiCore cell chemistry that's 370 watt-hours per kilogram. It goes up to 15 C as far as discharge with active cooling, 10 C without cooling. That's been sampled to a half a dozen customers, including Teledyne FLIR, who's actively evaluating it as we speak. We've got over 12, well, over 12 SKUs. We've got 14. This is actually our product catalog. I have a copy of it with me. We give our customers the test results. We give our customers the specs.
We have been very active in letting the market know about the different opportunities that we have to fill out a broad range of performance needs. Versus graphite today, as many of you know, graphite tops out at about 260-280 watt-hours per kilogram. We're up to 500 watt-hours per kilogram. Energy density, as far as watt-hours per liter, up to 700 is usually what you see in an iPhone. We're up to 1,300 watt-hours per liter. Charge time, sub six minutes, same rate capability, same cycle life, and actually better operating temperature. If you remember the Chicago winters last year and the many Teslas that were left unchargeable, you know, working down to minus 30 degrees Celsius, really helps, especially when you're talking about aviation in very demanding environments. Why does anybody care about some of those metrics that seem rather dry?
As an example, we basically double the mission time for anybody who needs battery-powered movement. One of the examples is under flight time. We are in the AeroVironment Switchblade Block 30. Their product data sheet before introducing Amprius was a 20-minute flight time. Now they are at 40 minutes. And that changes the battlefield of how their drones can be used. We did this with a smartwatch, a video smartwatch, took the talk time from three hours and six minutes to five hours and 40 minutes. The mission time on a conformal wearable pack, again, this is for soldiers who are carrying batteries on missions, went from eight hours and 12 minutes to 17 hours and 48 minutes. And based on our modeling, we believe a Tesla Model 3 would go from 310 miles to 547 miles. Tremendous difference.
This is why I think we're getting a lot of recognition in the market and a lot of interest and uptake. So where are we focused today? We've always been focused on aviation. That really is our sweet spot. It fit in with a kilowatt-hour pilot line because that's small. It's a small line as far as output. It's been sold out. Those either drones or stratospheric satellites require the highest performance of a battery in order to function. That's really been where we've been focused. We shipped to 94 customers in Q3. 53 of those were new. A lot of that is based on the introduction of SiCore in January of 2024. When we introduced that product, it's also made via contract manufacturing. It's made on traditional graphite manufacturing lines. And so it's immediately available for customers to sample and test.
We also shipped to 175 customers in 2024 through the end of the third quarter. Again, SiCore, the new product, because it's available today in megawatt capacity, we've been able to turn around and supply those to customers who are very interested in testing it and qualifying it for their applications now. The line for SiMax is still sold out. Again, it's still very small, even though we've increased the capacity, but it's committed to folks like British Aerospace, Airbus, Teledyne FLIR. We also went into a new market in the third quarter, light electric vehicles. We signed over $20 million of contracts for two-wheelers, I think e-bikes, scooters, and so we've seen tremendous traction there because the SiCore product comes in a cylindrical as well as a pouch, so SiMax, because of the configuration of the anode, is pouch only, but SiCore can be made in cylindrical.
And so light electric vehicles have really picked up as far as interest. So we think that given the performance characteristics, we can move into a lot of different markets. We know that the lead time to get into some of these markets is long. EVTOL is still going through certification. EV takes a couple of years, but we're active and we've got a first mover advantage in aviation, light electric vehicles. And we think once we can hit scale, we'll be cost competitive with all of these markets as far as expanding. So we'll talk about our customers for a minute. Airbus has been a strategic investor. It was our very first customer, and we enabled them to hit record flight times for our high-altitude pseudosatellite. Teledyne FLIR, we've been in commercial shipments with them since 2024. AeroVironment is a current strategic investor.
We're shipping to them from a backlog of orders. British Aerospace, BAE Systems, we signed a three-year cooperation agreement and we've had no less than 10 development programs with the U.S. Army, the latest of which was we secured a competitive award to work on our 500 watt-hours per kilogram cell with an xTechPrime contract that'll run through the end of 2025. In addition, we've had two agreements with the U.S. Advanced Battery Consortium, which is a consortium of GM, Stellantis, and Ford to develop new generation batteries for EVs so we shipped A-sample cells to them in the third quarter. These are some of the customers we can talk about, given the fact that we're in both military and commercial. A lot of customers we can't talk about, but these are the ones we've been able to work with to be able to share their story.
So the thing about Amprius Technologies products, both platforms, there is nothing proprietary around the manufacturing equipment. There's two different flavors, but we are not creating custom manufacturing equipment. For the SiMax, again, that's the one that looks like a carpet that has the nanowires. That is a unique piece of equipment to battery manufacturing, but it's not unique to solar cells. So that's a piece of equipment from a company called Centrotherm in Germany. And they have over 1,200 of these in the field today producing solar cells. So what we've done is modify their process to not use a wafer, but to use our substrate. So we're not creating anything new for the manufacturing process. One of the big drivers behind our growth is the SiCore, which actually uses existing graphite manufacturing lines, mixing, coating, and calendaring.
We've always had the exact same cathode and the exact same assembly. But with SiCore, because it's a powder, we can actually make it and develop it on existing lines. And so if you've read some of the studies recently, there's significant overcapacity in the world in batteries. It's a great time for us because we've been able to secure hundreds of megawatts of capacity. And we had a dedicated line dedicated to us this last quarter at one of our contract manufacturers. So we have instant access to capacity to manufacture and deliver these cells when our customers are learning about the product. So we have U.S. and overseas manufacturing. So our Amprius lab is located in Fremont, California. We signed a lease for a large-scale manufacturing facility in Brighton, Colorado, in 2023.
We have finished the design there and we're deciding when it's the right time to pursue the build-out, but we're ready to go. We're, I guess, what they would call shovel-ready, and we're working with the government as well on incentives and options to build out North American manufacturing. In addition, the majority of the excess capacity is in China and Asia, so we've got three contract manufacturing sites. We've got over 800 megawatts of pouch cells and over a gigawatt of cylindrical cells, including dedicated lines, and we are looking actively at Korea, at Taiwan, at Europe, and even in the U.S. because there is excess capacity, and we are really focused on being able to bring things up quickly to serve our customers, which is also a very capital-light model, which helps us from a cash flow perspective, so the third quarter was a record quarter for Amprius.
We had double the revenue from Q2 to Q3, almost triple the revenue from the same quarter last year. 94 customers shipped to, tremendous uptake as customers are going through the testing and qualification cycle for our new SiCore product. The qualification cycle for aviation and light electric vehicles is about nine to 18 months. We are starting to see those results in our revenue. We signed two letters of intent with Fortune 500 companies to contracts with light electric vehicles. We really feel like the technology that we've got, the fact that we're not standing still with the latest product that we just released this morning with the new high-power SiCore cell that literally we've got half a dozen customers who have been asking for. That's already been sampled.
Continuing to drive a very strong technology platform. We've got repeat customers and repeat orders, which we think is the best validation of somebody's technology, and we're bringing up more capacity as we move forward. Again, we think third quarter was a record-breaking quarter, and we're looking forward to sharing how our fourth quarter went in early Ma rch. That's it. Yeah. Hey, good morning. Good morning.
Could you just walk me through the cadence on the consumer EV side? The ranges you show don't really exist in the market now. Yeah. So what does it look like? Does an OEM need to commit to your cell and then commit to an order? Or is it that you can't make it cost-effectively until someone commits in size? Or what comes first, the chicken or the egg? How should we think about the cadence when that's there?
So the initial event, we've had engagements with all the large EV companies. It just takes time, as you know. It takes three to five years to get into a production model. And the number that's stuck in my brain is one gigawatt is like 8,000-10,000 cars. So you need to have multiple gigawatts of capacity to support an OEM. And we just haven't had that up until this point. So OEMs want to test the product, and we always test fine. Then they want to qualify and make sure that you've got the capacity to scale. And that's where we've had some challenges. But I think with the new SiCore product, we're going to have more flexibility because we can access global supply without building a facility takes 18-24 months and a lot of capital.
We've been able to scale up SiCore within a couple of quarters without any friction. Yeah, good question.
Yeah. I have a bunch of questions. One, how should we be thinking about the latest U.S. ban on CATL? How does that open up the pipeline for you guys? Are you actually beginning to see more traction off of that? Second, just give me update us on where you guys are in your manufacturing process. When should we be expecting that factory to be up and back in Colorado?
So we get asked the question about sort of the geopolitical tensions a lot. It's hard to say. We have seen a lot more interest in the SiCore product because it's available today. It's not sold out with some of the bans that are going on. So we definitely are seeing some tailwinds from that.
Colorado, right now, we finished the design, and we don't have a date to start construction. Part of that is because it'll depend on capacity in the market because we've been able to access capacity without spending any of our capital today, and also government incentives and support for U.S. manufacturing, so we don't have a date for Colorado at this point.
Any update on the U.S. Army contract? It was announced quite a while back that you think there was another company that's about to make that will qualify to sell it to the contractors for the U.S. Army. Any updates since then with the U.S. Army?
We have backlog to deliver more cells to them this year, so we're continuing the engagement.
Any sense of how big that opportunity is overall?
Oh, gosh. I think the public records for the batteries for conformal wearable packs is, I want to say, tens of megawatts. So there's a lot of batteries that are military carry right now.
Can you just talk about maybe other companies that are also doing silicon anode? Who are the biggest competitors? U.S., Korean? Who do you see potentially in the market?
From a performance perspective, we don't see competitors with product available today that performs at the same levels that we have. We scour the market on a regular basis. Being able to ship today 450 watt-hours per kilogram, have 500 watt-hours per kilogram for sampling. Some of the new products in SiCore, we don't see anybody on the emerging market side that has a product that's close. We see competitors in two camps.
One is emerging technologies, but we haven't seen anyone have a product where they have a catalog and customers can order it today. There are the incumbents who have the benefit of scale and heft and resources. But again, we haven't seen anybody whose performance today comes anywhere close to what we can ship today. So we're constantly keeping on top of things, but I think we've got a great handle on what the market needs, especially with the focus on aviation and the size of the markets that are shaping up for drones and other things.
What should scale economics look like for you? And what is the sort of revenue threshold where you would be at optimum?
So we haven't given guidance. But I think that somewhere in the $40-$50 million a quarter gets you to positive.
And we think that as we get closer to hundreds of megawatts, that we can be at parity with graphite.
And do you have a line of sight to when that might be?
So we haven't given guidance.
Yeah. Would you need to raise capital? So given the current structure with the contract manufacturing, no.
And even if we did, again, because it takes 18-24 months to bring up capacity in the U.S., that would almost put us outside the window, right? Because that's a long time period to get a factory fully qualified by customers and ordering. So go ahead.
Yeah.
How should we be thinking about other players like the chemistry guys at Group14 that are enabling the existing incumbents to increase capacity, charge, and density? What is the implication? Are you also kind of material agnostic? Can you take on some of those chemistries?
Absolutely. So we're material agnostic. We happen to have an existing exclusivity agreement with a company called Berzelius, which used to be a formerly affiliated sister company in China. And we believe that they have the leading particles for the anode material. But we are material agnostic. What we add is the electrolyte, the cathode matching, the formation protocol, and the ultimate design. And that's what we own as far as IP.
So how do you differentiate yourself from the incumbents? Obviously, the existing graphite-based guys have limitations on how much silicon they can take on. So what's the percentage of silicon? Going back to the previous question on economics, how you drive margin or premium in the market. If the incumbents can match with some degree with the better chemistry, how are you thinking about margin and pricing?
I think we'll always trade at a premium because we can go up to 100% silicon even in the SiCore. Most of the applications are 30%-40% silicon powder. And most of the other applications today we call sort of silicon doping. They're 3%-5% silicon. So we can find the performance in the cell design that's different. But we're not banking on a huge premium because we think that given the manufacturing protocol, there should be no reason why it's going to cost more. The anode is 15% of the bill of material, right? The cathode is 60%. We 're only playing with the anode.
One question. So you talked about SiCore and SiMax products, right? Yeah. And from what I understood, SiCore, you can leverage existing graphite manufacturing base. So that's how you've been able to secure all this contract manufacturing. Right?
For SiMax, do you have to build yourself, or how do you think about ramping the SiMax?
So I think with SiMax, it wouldn't be contract manufacturing because there's no existing capacity in using the Centrotherm, the solar tool. We could do a joint venture. We could do a licensing agreement. There's a number of ways, but it would be. We would be contributing a significant amount of IP in the modification of the tool to build SiMax.
And then for the Colorado facility, was that supposed to be SiCore, or was that supposed to be then SiMax?
The design was SiCore. So again, we sampled SiCore in 2023 before we announced it. And the market reaction was so strong that we changed the design to be SiCore in Brighton for line one.
So that's why you already have the capacity now, so you wouldn't need to ramp it up as quickly.
Yeah. Good. Awesome.
Would something like EVTOL jump right to this, or would they still start with existing batteries? Does that go back to the cycle time and then you need?
We're already working with all the EVTOL OEMs. Their process is a lot longer because of the certification requirements for manned aircraft and then their flight time. But we have engagements with all the top EVTOL. Okay.