Amprius Technologies, Inc.
Industrials · Electrical Equipment
Structural: Silicon-anode chemistry is the next density step-up after graphite plateaued near 300 Wh/kg - Amprius ships 450 Wh/kg cells today and has flown them on Airbus Zephyr (74-day stratospheric endurance record) and BAE PHASA-35. 8 GWh nameplate, complementing the Fremont validation line.
Defense/aerospace TAM monetizes density at $1k+/kWh - orders of magnitude above EV pricing - and the AUKUS drone build-out plus FAA Part 108 BVLOS rules expand the order book.
SI-anode density moat is real and proven in flight; aerospace/defense order book grew ~3x YoY; DOE $50M de-risks capex; AUKUS + Replicator drone programs lift defense battery demand; Brighton ramp converts backlog into recognized revenue 2026-27; EV cells (BMW collab) optionality on top of base case.
Pre-profitability with ongoing dilution risk; Brighton ramp execution is the binary - slips compress cash runway; defense/drone customer concentration means one program cancellation hurts; competing silicon-anode (Sila, Group14, Enovix $ENVX) erodes density moat by 2027; lithium/silicon input cost volatility; EV automotive timeline still 2027+ - no near-term volume offset if defense slows.
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