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Item 1. Business

2026-03-06 compared with 2025-03-20 · 152 added, 219 removed, 210 unchanged (64% of the section changed)

We develop, manufacture and market lithium-ion batteries for mobility applications, including the aviation, electric vehicle (“EV”) and light electric vehicle (“LEV”) industries.

Our disruptive silicon anode technology is intended to enable batteries with higher energy density, higher power density and fast charging capabilities over a wide range of operating temperatures.

Amprius Technologies, Inc.

develops, manufactures and markets lithium-ion batteries for mobility applications, including aviation, ground and marine vehicles.

Our disruptive silicon anode technology is intended to enable batteries with high energy density, high power density and fast charging capabilities over a wide range of operating temperatures.

This results in our batteries providing superior performance compared to conventional graphite lithium-ion batteries.

Our silicon anodes are a direct drop-in replacement of the graphite anode in traditional lithium-ion batteries, and our manufacturing processes leverage the manufacturing processes for conventional lithium-ion batteries and the related supply chain.

Currently, our batteries are primarily used for existing and emerging aviation applications, including unmanned aerial systems (“UAS”), such as drones and high-altitude pseudo satellites (“HAPS”).

Currently, our batteries are primarily used for existing and emerging aviation applications, including unmanned aerial systems or “UAS”, such as drones and high-altitude pseudo satellites or “HAPS”.

We believe our proprietary technology has the potential for broad application in electric transportation.

Our batteries and their performance specifications have been tested and validated for application by various customers, including our longtime partners such as AALTO Airbus, AeroVironment, BAE Systems, Kraus Hamdani Aerospace, Teledyne FLIR and the U.S.

Our total customer engagements since inception grew to over 260 with shipments to 235 customers during the year ended December 31, 2024.

In addition, from our inception through December 31, 2024, we have shipped over 800,000 units of batteries, which have enabled mission critical applications.

Our batteries and their performance specifications have been tested and validated for application by various customers, including AALTO Airbus, AeroVironment, BAE Systems, Kraus Hamdani Aerospace, Nokia Drone Networks, Nordic Wing, Teledyne FLIR and the U.S.

Our total customer engagements since inception grew to over 500 customers with shipments to hundreds of customers during the year ended December 31, 2025.

In addition, from our inception through December 31, 2025, we have shipped over 4.2 million battery cells, which have enabled mission critical applications.

Our proprietary silicon anode structures, battery cell designs and manufacturing processes are protected by our portfolio of patents, trade secrets and know-how developed over 15 years of research and development.

We currently offer high performance silicon anode batteries under the following product platforms:

(i) SiCore and (ii) SiMaxx.

Our SiCore batteries were developed in collaboration with Berzelius (Nanjing) Co., Ltd.

(“Berzelius”), a former subsidiary of Amprius, Inc.

(“Amprius Holdings”), our former parent company.

(“Berzelius”), a former affiliated company.

We began limited shipment of SiCore batteries in 2023, which generated a strong demand from our customers.

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In January 2024, we announced the full commercial launch of our SiCore batteries and accelerated engagement with our addressable markets.

We entered into manufacturing supply agreements with three global contract manufacturing companies, which provided us an opportunity to rapidly scale production and ship a large volume of SiCore batteries to our customers.

As of December 31, 2024, we had access, through our manufacturing supply agreements with our global contract manufacturers, to annual production of up to 800 MWh of SiCore batteries in pouch form and up to 1 GWh of SiCore batteries in cylindrical form.

Our SiMaxx batteries are currently manufactured at our facility in Fremont, California.

We believe that the demand for our SiMaxx batteries exceeds our existing kWh-scale manufacturing capacity and, in order to support such demand, we are expanding this facility into a MWh-scale manufacturing facility.

The completion of the expansion has been delayed through the first quarter of 2025 due to a delay in our customers’ order commitments.

We believe that this facility will be able to manufacture batteries up to 2 MWh capacity annually when our expansion is completed, which is approximately 10 times our existing production capacity.

In April 2023, we entered into a lease agreement to lease approximately 774,000 square feet of premises in Brighton, Colorado and announced a plan to build a GWh-scale manufacturing facility in those premises.

As of December 31, 2024, we completed our pre-construction planning for this facility.

However, the scope and schedule of the construction of this facility will be determined based on, among other factors, the availability and timing of funding.

In addition, we are currently monitoring the larger industry dynamics.

Changes in demand, supply, battery cost structure, government incentives, trade tariffs, and other considerations may also influence our decision, including whether to proceed with the construction at all.

As of December 31, 2025, we had access, through our manufacturing supply agreements with our global contract manufacturers, including our participation in a consortium of South Korean companies that contribute capabilities across the lithium-ion battery value chain (the “Amprius Korea Battery Alliance”), to annual production exceeding 2.0 GWh of SiCore batteries in pouch, cylindrical and prismatic formats.

These agreements provide us an opportunity to scale production and ship a large volume of SiCore batteries to our customers.

During 2025, we manufactured our SiMaxx batteries in our facility in Fremont, California.

To support increased demand of our SiCore batteries, as of December 2025 and going forward into 2026, we are expanding this facility to increase the capacity of our pilot line to 10 MWh and expand our capabilities to support quick turn SiCore customer prototypes.

This expansion is accelerated by a $14.8 million contract awarded to us in July 2025, as amended, through the U.S.

Government Defense Innovation Unit (“DIU”).

In April 2023, we entered into a lease agreement to lease approximately 774,000 square feet of premises in Brighton, Colorado.

As of December 31, 2025, due to larger industry dynamics, particularly our ability to access global contract manufacturing to rapidly service the demand from our customers, we recorded $19.1 million in impairment charges to the associated right-of-use asset and construction-in-progress to reflect our intention to terminate the lease of the Brighton facility.

On January 30, 2026, we entered into an agreement with the lessor to terminate this lease in exchange for a one-time payment of $20.0 million.

The termination of the lease will be reflected in our financial results in our fiscal first quarter of 2026.

We believe that our outsource contract manufacturing strategy enables rapid capacity expansion with minimal capital investment.

History, Corporate Information and Website

We have been commercially producing batteries since 2018.

Index to Consolidated Financial Statements

On September 14, 2022, we completed a business combination pursuant to a Business Combination Agreement, dated May 11, 2022, by and among Amprius Technologies Operating, Inc.

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(a wholly owned subsidiary of Kensington or “Merger Sub”).

The business combination was effected through the merger of Merger Sub with and into Legacy Amprius, with Legacy Amprius surviving as a wholly owned subsidiary of Kensington.

The business combination was effected through the

Index to Consolidated Financial Statements

merger of Merger Sub with and into Legacy Amprius, with Legacy Amprius surviving as a wholly owned subsidiary of Kensington.

Upon consummation of the business combination, Kensington changed its jurisdiction of incorporation by domesticating as a corporation incorporated under the laws of the State of Delaware and changed its name to “Amprius Technologies, Inc.” The business combination was treated as a reverse recapitalization for financial reporting purposes, whereby Legacy Amprius was determined as the “accounting acquirer” and Kensington as the “accounting acquiree.” I mmediately prior to the closing of the business combination, a number of private investors purchased from us an aggregate of 2,052,000 units at a price of $10.00 per share (such transaction, the “PIPE”), pursuant to separate subscription agreements.

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Industry Background

Traditional transportation has been powered by fossil fuel-based engines which have led to significant greenhouse gas emissions.

A rising focus on sustainable energy use in transportation is leading to increased investments in technology, government incentives and consumer demand for the electrification of passenger and payload mobility.

Among the mobility mediums experiencing a shift to electrification due to these trends are aircraft such as UAS, which includes drones and HAPS, and electric vertical take-off and landing (“eVTOL”) vehicles, as well as ground-based EVs and LEVs.

Critical and breakthrough battery technologies can facilitate and, in certain cases, enable the mass adoption of these electric transportation mediums by improving energy density, accelerating fast charging capabilities, extending battery life, and improving safety.

Traditional transportation has historically relied on fossil fuel-based internal combustion engines for propulsion which are considered to be significant contributors to greenhouse gas emissions.

The growing emphasis on sustainable and resilient energy use in transportation is leading to increased capital investment, government incentives and commercial demand for the electrification of both passenger and payload mobility.

This transition is particularly evident in the rapid advancement of UAS, commonly referred to as drones, as well as HAPS and electric vertical take-off and landing (“eVTOL”) aircraft.

Beyond aerospace, the market is also experiencing robust growth in ground-based electric vehicles (“EVs”) and light electric vehicles (“LEVs”).

Critical and breakthrough battery technologies are central to this shift, enabling mass adoption by improving energy density, accelerating fast charging capabilities, extending battery life, and enhancing safety.

Aviation Industry

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UAS are the next generation aerial transportation technology utilized for surveillance, assessment, logistics, delivery, communications, and imaging, among other uses.

Emerging technologies, such as Amprius’ silicon anode battery, offer lighter weight and/or more energy dense batteries, potentially overcoming current battery technology barriers and enabling faster adoption of UAS.

Based on a January 2025 Fortune Business Insights article and management estimates, the total addressable market for UAS batteries is expected to reach approximately $27.0 billion by 2030 .

Drones are the most common type of UAS and are increasingly being utilized in various industries, including military and defense, agricultural, construction and logistics.

Leading batteries, such as Amprius’ silicon anode battery, offer lighter weight and/or more energy, potentially overcoming current battery technology barriers, enabling longer flight times and faster adoption of UAS.

Drones are the most common type of UAS and are increasingly being utilized across diverse industrial and government sectors, including military and defense, agricultural, energy and utilities, infrastructure and construction, logistics and delivery, and public safety.

One of the key barriers to wider adoption is the existing battery technology, which limits the drones’ flight range and payload capacity.

Our batteries offer higher energy

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density, which enables longer range endurance, and, depending on customer specifications, lighter weight, which facilitates higher payload capacity.

Amprius offers advanced battery technology suitable for application in drones, which is currently in use by the U.S.

Army, AeroVironment and Teledyne FLIR.

Our batteries offer higher energy density, which enables longer range endurance, and, depending on customer specifications, lighter weight, which facilitates higher payload capacity.

Amprius offers advanced battery technology suitable for application in drones designs, including multi-rotor, single-rotor, fixed wing and hybrid VTOL.

High Altitude Pseudo Satellites:

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When deployed, HAPS typically operate at stratospheric altitudes, approximately 12 miles (approximately 65,000 feet) above sea level.

HAPS are being increasingly utilized to provide high-quality broadcast features, particularly in remote regions, which have limited terrestrial network coverage.

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increasingly utilized to provide high-quality broadcast features, particularly in remote regions, which have limited terrestrial network coverage.

HAPS generally use solar energy and battery storage as the power source to operate for long durations of time.

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Historically, the electrification of passenger and cargo aircraft has lagged the adoption of electric automobiles in part because of the greater technical challenges.

However, over the last few years there have been significant advancements in the key enabling technologies for eVTOL aircraft, including the high energy density and robust performance batteries offered by Amprius.

However, over the last few years there have been significant advancements in key enabling technologies for eVTOL aircraft, including high energy density and robust performance batteries offered by Amprius.

Continued improvements in battery energy density could allow eVTOL aircraft to increase their range, speed and payload, dramatically expanding the range of trips and further accelerating the adoption of electric air mobility.

Based on a January 2025 Skyquest report and management estimates, the total global addressable electric air mobility battery market is expected to reach approximately $2.9 billion by 2032 .

Electric Vehicle Industry

The electrification of ground transportation is being accelerated by regulatory pressure to meet sustainability benchmarks and growing consumer preference.

For example, some states in the United States had promulgated regulations mandating automobile manufacturers to sell 100% of new vehicles in those states that have zero-emission by 2035.

Based on a February 2025 Markets and Markets report and management estimates, the global EV battery market is expected to reach approximately $251.3 billion by 2035 .

While multiple battery chemistries exist today that meet current EV specifications, we believe there is room for significant improvement.

Our batteries, which have been tested and validated by the U.S.

Advanced Battery Consortium (“USABC”), as further described below, have the potential to help address both these concerns.

As such, while our EV capable battery needs to be improved with respect to cycle life, form factor, cost and production quantity, for us to compete with existing commercially available EV batteries, we believe that, as we grow and improve, we may be able to compete in the EV battery market.

Light Electric Vehicle Industry

The LEV market is expected to grow rapidly primarily due to the rising demand for e-motorcycles.

Based on a January 2025 report from The Business Research Company, the LEV market size is expected to reach approximately $136.0 billion by 2029 .

The LEV market is expected to grow rapidly primarily due to the rising demand for electric two and three wheel vehicles.

As this market grows, we expect an increase in demand for high-performance batteries across the LEV sector.

We believe that the form factor and cost-competitiveness of our high-energy-density SiCore batteries can support such growing demand in the LEV sector.

As of December 31, 2024 , we had access, through our manufacturing supply agreements with our global contract manufacturers, to annual production of up to 800 MWh of SiCore batteries in pouch form and up to 1 GWh of SiCore batteries in cylindrical form .

As of December 31, 2025 , we had access, through our manufacturing supply agreements with our global contract manufacturers, to annual production exceeding 2.0 GWh of SiCore batteries in pouch, cylindrical and prismatic formats .

Electric Vehicle Industry

The electrification of ground transportation is being accelerated by regulatory pressure to meet sustainability benchmarks and growing consumer preference.

While multiple battery chemistries exist today that meet current EV specifications, we believe there is room for significant improvement.

Our batteries have been tested and validated by the U.S.

Advanced Battery Consortium (“USABC”), as further described below.

They have the potential to help address both sustainability and preference concerns.

We are not focused on the EV market today.

However, we plan to improve our battery cycle life, cost and production quantity, to allow us to better compete with existing commercially available EV batteries in the future.

Battery Requirements for Electric Transportation

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• safe to operate in a wide variety of conditions;

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• a long calendar life and cycle life;

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Based on management’s estimates, we believe that graphite anodes have reached their theoretical limits for energy storage.

We estimate that graphite anodes can only provide up to 355 mAh/g capacity for lithium storage, which can further degrade in extreme environments.

We believe additional increases in the energy density for lithium-ion batteries are possible only by using active anode materials that have a higher capacity for lithium storage.

We estimate that lithium-ion batteries with graphite anodes have an upper limit capacity of 355 mAh/g.

We believe additional increases in the energy density for lithium-ion batteries may be achieved by using active anode materials that have a higher capacity for lithium storage.

Among such active materials, silicon is known to have the highest lithium storage capacity per unit mass or volume over any other element besides lithium itself.

Our SiCore and SiMaxx batteries have replaced the graphite anode with a highly engineered silicon material that has a lithium storage capacity of approximately up to 3,400 mAh/g, which is nearly 10 times the highest capacity of known graphite anodes.

By replacing graphite with silicon in the anode, we have significantly enhanced performance in batteries across energy density, power, charging time, safety and ability to operate in extreme environments.

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Our batteries have replaced the graphite anode with a highly engineered silicon material that has a lithium storage capacity of approximately up to 3,400 mAh/g, nearly 10 times the highest capacity of known graphite anodes.

By replacing graphite with silicon in the anode, we have significantly enhanced performance in batteries across energy density, power, charging time and ability to operate in extreme environments.

Our Competitive Strengths

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We believe that our battery cells significantly outperform commercially available conventional graphite battery cells.

As shown in the table below, as of December 31, 2024 , our batteries, particularly our SiMaxx batteries, have approximately double the specific energy and energy density of graphite battery cells, and enable significantly faster charging time.

As shown in the table below, as of December 31, 2025 , our batteries have approximately up to double the specific energy and energy density of graphite battery cells, and enable significantly faster charging time.

We believe other next-generation battery technologies will require significant additional research, development and investment prior to being commercially viable.

Performance Metric Graphite Anode

Battery Cells (1)

Specific Energy (Wh/kg) ~215-285 320-500 (3)

Energy Density (Wh/L) ~530-715 805-1,300 (3)

Charging Time to 80% 30 minutes <6 minutes (4)

Rate Capability/Power Up to 10C Up to 10C

Cycle Life 500-1,000 cycles 200-1,200 cycles

Operating Temperature -20 to 60 o C

-30 to 55 o C

(1) Other than cycle life, based on a survey of 18650 technical datasheets (e.g., Panasonic NCR18650G), Sony VTC6 technical datasheet, iFixit reports on iPhone and Samsung batteries, and Y.

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Li-Ion NCA/NMC Cylindrical Hard Case Cells Market 2021.

(2) Includes both released and unreleased SiMaxx battery cells with energy and power cell designs.

(3) Based on SiMaxx 500 Wh/kg, 1,300 Wh/L battery cells that were in the development stage as of December 31, 2024 .

(4) Based on SiMaxx High Power cells commercially available in 2024.

Includes both released and unreleased SiMaxx and SiCore battery cells with high-energy, high-power, and balanced cell designs.

Unique suitability for aviation markets that require high power, specific energy and energy density.

We believe the increased performance of our SiCore and SiMaxx batteries enable certain electric aviation applications.

We believe the increased performance of our batteries enable certain electric aviation applications.

For example, our batteries have high specific energy and energy density to maximize payload and reduce weight, thereby extending flight radius;

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In January 2025, we announced the expansion of our SiCore product platform with a SiCore battery cell that provides energy density of 360 Wh/kg, extending runtimes while still exceeding 3,000 W/kg, with discharge rates of up to 10C without cooling and 15C with active cooling.

This SiCore battery cell ensures quick power delivery without

Index to Consolidated Financial Statements

compromising runtime, which makes it ideal for aviation applications, including drones, as well as high-performance electric vehicle applications that require both endurance and rapid energy delivery.

In August 2023, we unveiled a breakthrough battery cell chemistry and design that enables 400 Wh/kg energy density with 10C continuous discharge capability.

The energy and power delivered by this ultra-high-power-high-energy lithium-ion battery make it an ideal solution for electric mobility applications.

This battery, which is part of our SiMaxx product platform, became commercially available in 2024.

This SiCore battery cell ensures quick power delivery without compromising runtime, which makes it ideal for aviation applications, including drones and high-performance electric mobility applications that require both endurance and rapid energy delivery.

In March 2023, we unveiled a prototype battery cell that delivers an energy density of >500 Wh/kg and >1,300 Wh/L at 25°C.

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At approximately half the weight and volume compared to other existing state-of-the-art, commercially available lithium-ion cells, we believe that this type of battery will deliver a potential industry-disrupting performance.

As of December 31, 2024, this battery cell, which will be part of our SiMaxx product platform, was in the development stage.

We will continue to develop next-generation battery cells, and we believe that when they become commercially available, those battery cells will have the potential to expand boundaries for our customers and provide a tailored solution for applications that require heightened discharge times without compromising key features, such as aircraft payload, and without having to increase vehicle weight.

As of December 31, 2025, this SiMaxx battery was in the development stage.

We will continue to develop next-generation battery cells, and we believe that when they become commercially available, those battery cells will have the potential to expand boundaries for our customers and provide a tailored solution for applications that require extended range and heightened discharge times without compromising key features, such as aircraft payload, and without having to increase vehicle weight.

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First mover advantage in emerging aviation markets.

As a result of our success with AALTO Airbus and other tier-one customers, we have become an established market pioneer in providing high performance batteries to the aviation industry.

As a result of our success with AALTO Airbus, Nokia Drone Networks, and other tier-one customers, we have become an established market pioneer in providing high performance batteries to the aviation industry.

Our reputation and commitment to delivering ultra-high performance batteries have enabled us to enter into several development and master supply arrangements with our customers.

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The cell is deemed to have passed if there is no smoke or flame following the nail penetration.

Robust IP portfolio and know-how related to our silicon nanowire ecosystem.

In our fiscal fourth quarter of 2025, we delivered these cells to one of our partners for integration testing in military batteries.

Robust IP portfolio and know-how related to our silicon anode ecosystem.

Our silicon anode technology has been refined and improved upon for over 15 years , and is protected by over 80 patents that were issued to us or are pending applications as of December 31, 2025 .

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Our Products and Customers

As evidenced by customer validation, design wins and recurring orders with AALTO Airbus, AeroVironment, BAE Systems, Kraus Hamdani Aerospace, Teledyne FLIR and the U.S.

Army, among others, our battery technology is well positioned to address the rapidly growing markets within the aviation industry, specifically UAS and eVTOL, as well as LEVs.

As evidenced by customer validation, design wins and recurring orders with AALTO Airbus, AeroVironment, BAE Systems, Kraus Hamdani Aerospace, Nokia Drone Networks, Nordic Wing, Teledyne FLIR and the U.S.

Army, among others, our battery technology is well positioned to address the rapidly growing markets within the aviation industry, specifically UAS and eVTOL, and LEVs.

UAS and eVTOL applications have historically used conventional lithium-ion batteries as a means to promote product prototypes, but market participants are seeking advancements in battery technology.

We believe that our silicon anode technology can be part of the solution.

We currently offer high performance batteries under the following product platforms:

SiCore and SiMaxx.

In addition, we are also currently developing EV-capable products.

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We sell to customers located inside and outside the United States, and a significant portion of our sales are to customers located in Europe.

While we continue expanding and diversifying our customer base, during the year ended December 31, 2025, one customer represented $27.1 million of our total revenue.

We currently offer high performance batteries under our silicon anode platform to supply the aviation, ground and marine vehicle industries.

SiCore Product Platform

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This design of SiCore battery cell delivers a specific energy of up to 360 Wh/kg or 800 Wh/L at a maximum discharge rate of up to 10C and a cycle life of up to 200 cycles at full depth of discharge.

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Balanced Energy/Power .

This design of SiCore battery cell delivers a specific energy of up to 340 Wh/kg or 770 Wh/L at a maximum discharge rate of up to 3C, and a cycle life of up to 700 cycles at full depth of discharge or 1,000 cycles at approximately 90% depth of discharge.

Our SiCore batteries have been validated across various applications in the electric mobility market, and since we began our limited shipment in 2023 and our commercial launch in January 2024, they have garnered positive feedback from customers with demanding performance requirements.

Our SiCore battery chemistries are applied into a wide range of form factors, including both pouch and cylindrical cells.

Our SiCore batteries have been validated across various applications in the electric mobility market, and since our commercial launch in January 2024, they have garnered positive feedback from customers with demanding performance requirements.

Our SiCore battery chemistries are applied into a wide range of form factors, including pouch, cylindrical and prismatic cells.

The cylindrical cell form factors offer balanced energy and power capabilities providing an industry leading capacity of 4Ah in 18650 format and 6.5 Ah in 21700 format, and a cycle life of up to 500 cycles.

SiMaxx Product Platform

We offer our SiMaxx batteries with the following design and performance factors:

High Energy, High Power and Balanced Energy/Power.

High Energy .

Our SiMaxx high energy battery cells are designed to maximize specific energy for applications with low power requirements.

For applications that have a continuous discharge rate of less than 2C, these battery cells deliver a specific energy of up to 500 Wh/kg or 1,300 Wh/L at a discharge rate up to 1C.

SiMaxx high energy battery cells are most frequently used by HAPS, which are designed to carry a payload at high altitudes for extended periods, typically for weeks or months at a time, as they rely on solar power for operations during the day and need to store sufficient energy in the battery to keep the aircraft aloft during the night.

We continue to make improvements on our SiMaxx high energy battery cells.

For example, in November 2023, we developed and delivered three additional formats of 450 Wh/kg cells.

These custom cells were made in collaboration with our strategic customers to address their unique HAPS qualification requirements and to assist in operating in highly challenging environments.

With greater energy density and longer cycle life than our previous high-energy batteries, we believe that our 450 Wh/kg cells are the only commercially available batteries of their kind known to us that can provide enough power and endurance for HAPS’ overnight stratospheric flight.

Our SiMaxx high energy battery cells have also powered AALTO Airbus’ Zephyr S stratospheric vehicle to numerous records since 2018.

The Zephyr S is designed to fly for months at a time, at an altitude of approximately 70,000 feet.

After integrating our battery cells into the Zephyr S, AALTO Airbus set endurance and altitude records by flying continuously for over 25 days in 2018 and 64 days in 2022.

We continue to support the Zephyr S program and were presented the 2021 Innovative Supplier of the Year Award by Airbus.

Our SiMaxx high power battery cells are designed for applications that place a premium on power.

These high power battery cells offer 400 Wh/kg and 820 Wh/L energy density with up to 10C continuous discharge

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This performance is well suited for the air transportation industry, which requires high power capabilities to lift the aircraft from the ground into the air.

In addition, our SiMaxx high power battery cells are capable of fast charging, from 0% to 80% in less than 6 minutes.

This level of power capability, energy density, and fast charge capability is optimal for urban air mobility and other air transportation industry applications.

Once the vehicle has landed, the turnaround time to get the vehicle back into the air becomes critical, which is why we have designed our SiMaxx high power batteries with fast charge capabilities.

Since 2021, we have engaged in technical evaluations with certain tier-one eVTOL manufacturers to develop an eVTOL-optimized battery system to support the development and commercialization of their eVTOL fleet.

We plan to continue expanding our technical evaluation engagements with other eVTOL manufacturers as the eVTOL market grows.

Balanced Energy/Power .

We designed our SiMaxx balanced energy/power battery cells for applications that require a balance between power and energy.

These battery cells offer energy density as high as 395 Wh/kg or 800 Wh/L at up to 4C discharge rate.

This range of power capability is important to customers in the UAS sector.

Our SiMaxx balanced energy/power battery cells typically meet the requirements of UAS devices’ needs for high initial power, as well as higher energy requirements for longer sustained cruising.

Since 2021, our SiMaxx balanced energy/power battery cells have been designed into UAS programs at AeroVironment and Teledyne FLIR, with commercial shipments since 2022.

As of December 31, 2025, we had access, through our manufacturing supply agreements with our global contract manufacturers, to annual production exceeding 2.0 GWh of SiCore batteries in pouch, cylindrical and prismatic formats.

EV capable Products

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Competition in the EV industry is intense, with high production volume requirements, low pricing, and balanced performance criteria, creating a high barrier to entry against the incumbent solutions.

Prior to us being able to effectively compete in the EV space, we will need to further improve cycle life, increase cell form factors, increase production quantity and reduce our costs.

Prior to us being able to effectively compete in the EV space, we will need to further improve cycle life, increase production quantity, and reduce our costs.

Since 2017, we have been sampling our batteries with USABC, which had independently verified that we have met or exceeded the majority of their 2025 EV cell performance goals, including usable energy density, usable specific energy, power density and charge time.

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Our testing of SiMaxx A-Sample EV cells showed that the cells can achieve a specific energy of 360 Wh/kg at the beginning of life, which surpassed USABC’s target of 275 Wh/kg at end of life, and deliver a power density of 1,200 W/kg.

We believe that this development could result in a significant increase in range compared to most commercial EV batteries available today.

In addition, the SiMaxx A-Sample EV cells can charge up to 90% of their rated energy in just 15 minutes, which exceeds USABC’s target of 80% within the same timeframe.

The SiMaxx A-Sample EV cells can charge up to 90% of their rated energy in just 15 minutes, which exceeds USABC’s target of 80% within the same timeframe.

Our Technology

Our SiCore batteries are based on an innovative, proprietary silicon anode material system, delivering batteries with high-energy-density and long cycle life.

SiCore Generation 2 Cells

Our SiCore batteries are based on an innovative, proprietary silicon anode material system, delivering batteries with high-energy-density, high discharge rates, and long cycle life.

Developed in collaboration with Berzelius, the anode in our SiCore batteries have a unique bottom-up structure with an ultra-fine silicon nanostructure interior and multilayer surface protection.

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Due to their robust structure, our SiCore materials can be pressed into high density and thin electrodes, a precondition for high energy density and fast charge capability.

SiMaxx Generation 1 Cells

Our proprietary SiMaxx silicon anode technologies solve for the inherent limitations of silicon anodes in lithium-ion cells.

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For example, silicon particles may expand up to 300% during charging.

After multiple charge and discharge cycles, silicon particles will crack, causing anode degradation and device breakdown.

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Our proprietary SiMaxx silicon anode technology solves for the material expansion inherent in silicon.

After multiple charge and discharge cycles, silicon particles may crack, causing anode degradation and device breakdown.

Our proprietary SiMaxx silicon anode technology is designed to accommodate for the material expansion inherent in silicon.

Our nanowire anodes start with a metal foil that is layered with a nanowire template and metallurgically attached to the metal foil substrate by a growth process.

The nanowire template is coated with a low-density silicon and then encased by a thin layer of high-density silicon.

Our SiMaxx silicon anode generally contains more than 1,000,000 nanowires per square centimeter.

SiMaxx silicon anodes generally contain more than 1,000,000 nanowires per square centimeter.

The nano-porosity of the low-density layer of silicon on each nanowire and the micro-porosity between the wires in our technology allows the silicon to expand at nano- and micro- meter levels when the anode is charged, with little to no damage to the anode.

Our SiMaxx anode structure also enables ions and electrons to travel in a straight path between and through the nanowires.

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Our SiMaxx anode structure enables ions and electrons to travel in a straight path between and through the nanowires.

In contrast, a particle structure results in ions and electrons traveling in a nonlinear, tortuous path.

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Our SiMaxx silicon anodes are considered 100% silicon based on their actual silicon content, which ranges from 99.5% to 99.9% and meets the acceptable purity standards for classification 100%.

As of December 31, 2025, most of our customers have transitioned to SiCore Generation 2 cells from SiMaxx Generation 1 cells.

Product Portfolio

Amprius offers commercially available batteries with the following design and performance factors:

High Energy, High Power, and Balanced Energy/Power.

High Energy .

Our high energy battery cells are designed to maximize specific energy for applications with low power requirements.

For applications that have a continuous discharge rate of less than 2C, these battery cells deliver a specific energy of up to 450 Wh/kg or 950 Wh/L at a discharge rate up to 1C.

Amprius high energy SiCore cells are most frequently used by HAPS, which are designed to carry a payload at high altitudes for extended periods, typically for weeks or months at a time, as they rely on solar power for operations during the day and need to store sufficient energy in the battery to keep the aircraft aloft during the night.

Our high energy battery cells have powered AALTO Airbus’ Zephyr S stratospheric vehicle to numerous records since 2018.

The Zephyr S is designed to fly for months at a time, at an altitude of approximately 70,000 feet.

After integrating our battery cells into the Zephyr S, AALTO Airbus set endurance and altitude records by flying continuously for over 25 days in 2018 and 67 days in 2025.

Airbus presented us with the 2021 Innovative Supplier of the Year Award.

Our high power SiCore cells are designed for applications that place a premium on power.

These high power battery cells offer up to 360 Wh/kg and 800 Wh/L energy density with up to 10C continuous discharge capability.

This performance is well suited for the air transportation industry, which requires high power capabilities to lift the aircraft from the ground into the air.

In addition, our high power battery cells are capable of fast charging, from 0% to 80% in less than 6 minutes.

This level of power capability, energy density, and fast charge capability is optimal for urban air mobility and other air transportation industry applications.

Once the vehicle has landed, the turnaround time to get the vehicle back into the air becomes critical, which is why we believe customers value our high power batteries with fast charge capabilities.

We plan to continue expanding our technical evaluation engagements with other eVTOL manufacturers as the eVTOL market grows.

Balanced Energy/Power .

We designed our balanced energy/power battery cells for applications that require a balance between power and energy.

These battery cells offer energy density as high as 340 Wh/kg or 770 Wh/L at up to 3C discharge rate.

This range of power capability is important to customers in the UAS sector.

Our balanced energy/power battery cells typically meet the requirements of UAS devices’ needs for high initial power, as well as higher energy requirements for longer sustained cruising.

With commercial shipments since 2022, our balanced energy/power battery cells have been designed to accomodate UAS programs at AeroVironment and Teledyne FLIR, with recent customer additions including Nokia Drone Networks, Nordic Wing and ESAero.

Manufacturing and Supply

We invented the proprietary silicon anode and its fabrication process for our SiMaxx batteries.

Our silicon anode is fabricated using chemical vapor deposition (“CVD”) technology, and consists of three sequential steps.

First, the nanowire template is grown by a thermally activated chemical reaction.

Second, a low-density silicon coating is deposited by plasma enhanced CVD.

Third, a high-density thin silicon surface layer is deposited by a thermally activated CVD process.

These three steps replace all powder processing steps typically used in making graphite anodes, including powder mixing, slurry mixing, slurry coating, electrode drying and electrode calendaring.

After fabrication, our product is the fully processed anode.

This anode can then be assembled in cells with cathodes produced by manufacturing lines similar to those used in graphite anode cells.

This fabrication process has been in commercial operation since 2018 at our manufacturing facility in our Fremont headquarters.

To develop the high-volume anode fabrication tool needed for a GWh-scale manufacturing line, we have partnered with centrotherm international AG (“centrotherm”), a leading global supplier of tools used to produce solar cells.

We received large-scale anode production equipment from centrotherm as part of our ongoing expansion of our manufacturing line at our Fremont headquarters into a MWh-scale facility.

The equipment supplied by centrotherm requires certain modifications for our needs, which includes designing and developing automated material handling for the foils and processes for silicon deposition.

These hardware design modifications are in progress.

Completing design and development of the tool as well as the automated material handling and high-volume production processes requires significant engineering.

Moreover, our manufacturing costs will depend not only on the cost of the tools but also on throughput, yield, efficiency of silane gas utilization, among other factors.

The ability to design and develop this tool successfully and the timing of this effort may be subje ct to unforeseen complexities, component supply delays and other risks.

For more information, see the section titled “Risk Factors” be low.

Although our anode manufacturing processes differ from traditional anode manufacturing, the cathode and the rest of the cell, including electrolytes and separators, use conventional lithium-ion battery manufacturing tools and materials.

Our silicon anodes are a direct drop-in replacement of the graphite anode in traditional lithium-ion batteries.

The dominant raw materials for our silicon anode include silane gas, which is used in making the silicon anodes, and nickel foil, which is used for the anode current collector substrate.

As we increase our manufacturing capacity, we expect to procure the silane gas from a global supplier of silane and silicon materials and will procure nickel foil from global suppliers of metals.

Both silane gas and nickel foil are available commodity materials.

Due to its high capacity to store lithium relative to cathode materials, and to further increase the available lithium in the cell, the silicon anode can be prelithiated to a certain level (i.e., 10% to 20%) of its capacity before cell assembly.

Prelithiation can be done electrochemically at low scale and by physical vapor deposition for large manufacturing volume.

Equipment vendors have scaled-up or are scaling lithium evaporation equipment to GWh+ manufacturing volumes.

We use electrochemical prelithiation in our current SiMaxx production and will integrate lithium evaporation steps in the anode manufacturing line.

In order to support the demand for our batteries, we are currently expanding our existing kWh-scale manufacturing facility in Fremont, California into a MWh-scale manufacturing facility;

are planning to expand our contract manufacturing

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partnerships globally;

and may build a GWh-scale manufacturing facility in our leased premises in Brighton, Colorado.

The completion of the expansion of our Fremont facility has been delayed through the first quarter of 2025 due to a delay in our customers’ order commitments.

We believe that this facility will be able to manufacture batteries up to 2 MWh capacity annually when our expansion is completed, which is approximately 10 times our existing production capacity.

Also, as of December 31, 2024, we completed pre-construction planning to build a GWh-scale manufacturing facility at our leased premises in Brighton, Colorado.

However, the scope and schedule of the construction of this facility will be determined based on, among other factors, the availability and timing of funding.

In addition, we are currently monitoring the larger industry dynamics.

As of December 31, 2024, we produce SiCore batteries by leveraging Berzelius’ existing production line and through our manufacturing supply agreements with three global contract manufacturers.

As of December 31, 2025, we produce SiCore batteries through our manufacturing supply agreements with global contract manufacturers.

In order to meet the increased demand for our SiCore batteries, we are planning to expand our contract manufacturing partnerships globally.

Some of the challenges that we may encounter when we enter into a manufacturing supply arrangement include, among others, risk of losing control over the manufacturing process of our SiCore batteries, which could lead to quality control issues, delay in production, increase in production costs, and non-compliance with our established standards.

In addition, we may encounter a risk of losing control of some of our intellectual property.

Some of the challenges that we may encounter when we enter into a manufacturing supply arrangement include, among others, supply chain risks, risk of losing control over the manufacturing process of our SiCore batteries, which could lead to quality control issues, delay in production, increase in production costs, and non-compliance with our established standards.

In addition, we may encounter a risk of losing control of some of

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our intellectual property.

While we plan to set up business processes, including adding oversight and quality control procedures, in order to manage our contract manufacturing supply arrangements, there can be no assurance that such processes will be effective.

As of December 31, 2025, we had access, through our manufacturing supply agreements with our global contract manufacturers, including the Amprius Korea Battery Alliance, to annual production exceeding 2.0 GWh of SiCore batteries in pouch, cylindrical and prismatic formats.

For more information, see the section titled "Risk Factors" below.

In addition, if we partner with other contract manufacturers in the future, we plan to select large, experienced and reputable contract manufacturing companies.

We plan to partner with other contract manufacturers in the future, and we plan to select large, experienced and reputable contract manufacturing companies.

In January 2026, we announced our first partnership with a United States contract manufacturer, Nanotech Energy, located in California.

Our Growth Strategy

Our goal is to become the market leader in high performance lithium-ion batteries for the transportation industry.

Our goal is to become the market leader in high performance lithium-ion batteries.

In order to achieve that goal, we are pursuing the following growth strategies:

Leverage existing contract manufacturing capacity to produce SiCore batteries.

We believe that our existing Exclusive Supply Agreement with Berzelius, which gives us exclusive rights to purchase Berzelius’ proprietary silicon anode materials in the United States, Canada and Mexico, and our existing manufacturing supply agreements with three global contract manufacturers will allow us to continue supporting the increasing demand for our SiCore batteries.

We believe that our existing Exclusive Supply Agreement with Berzelius, which gives us exclusive rights to purchase Berzelius’ proprietary silicon anode materials in the United States, Canada and Mexico, and our existing manufacturing supply agreements with global contract manufacturers will allow us to continue supporting the increasing demand for our SiCore batteries.

Expanding existing manufacturing facility to meet increase in demand and optimize costs.

Although we had access to annual production of up to 800 MWh of SiCore batteries in pouch form and up to 1 GWh of SiCore batteries in cylindrical form through our existing manufacturing supply agreements with our global contract manufacturers as of December 31, 2024, we believe that expanding our existing manufacturing facility would help us meet the growing demand of our customers and optimize costs in the long-term.

We currently operate a kWh-scale manufacturing line for our SiMaxx batteries at our facility in Fremont, California and are expanding it into a MWh-scale manufacturing facility.

The completion of the expansion has been delayed through the first quarter of 2025 due to a delay in our customers’ order commitments.

We believe that this facility will be able to manufacture batteries up to 2 MWh capacity annually when our expansion is completed, which is approximately 10 times our existing production capacity.

In April 2023, we announced a plan to build a GWh-scale manufacturing facility in our leased premises in Brighton, Colorado.

As of December 31, 2024, we completed our pre-construction planning for this facility.

However, the scope and schedule of the construction of this facility will be determined based on, among other factors, the availability and timing of funding.

In addition, we are currently monitoring the larger industry dynamics.

Reduce our SiMaxx battery manufacturing costs .

We believe our ability to reduce the manufacturing costs of our SiMaxx batteries on a $/kWh basis will accelerate the adoption of our SiMaxx batteries and allow us to further broaden our customer base.

As we scale, we believe we will benefit from reduced per-unit costs, including overhead, labor and capital expenditures, improved tool utilization and volume pricing for equipment and materials.

We will also seek to reduce SiMaxx battery costs by optimizing material utilization, throughput and yield.

However, until we are able to complete our optimization process, including designing and implementing our silicon anode production process, we cannot accurately

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forecast our manufacturing costs.

Since our SiMaxx silicon anode process requires different equipment than traditional anode manufacturing, our capital equipment costs are likely to be higher than the equipment used for production of graphite anodes.

Although we had access to annual production exceeding 2.0 GWh of SiCore batteries in pouch, cylindrical and prismatic formats through our existing manufacturing supply agreements with our global contract manufacturers as of December 31, 2025, we believe that expanding our existing manufacturing facility would help us grow our customer base and optimize costs in the long-term.

We are currently transitioning our kWh-scale manufacturing line for our SiMaxx batteries at our facility in Fremont, California to a 10 MWh-scale SiCore pilot line, accelerated by our contract with the DIU.

Extend first-mover advantage to become the market leader in lithium-ion batteries for aviation.

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We expect to continue to increase the performance characteristics of our batteries, particularly around power, energy density and cycle life.

For example, in March 2023, we unveiled the development of a battery cell that delivers an energy density of >500 Wh/kg and >1,300 Wh/L at 25°C.

The performance of this battery cell was verified by a leading testing house offering comprehensive battery regulatory compliance, safety and performance testing.

As of December 31, 2024, this battery cell, which will be part of our SiMaxx product platform, was in the development stage.

We believe our next-generation cells, when commercially available, will have the potential to expand boundaries for our customers and provide a tailored solution for applications that require heightened discharge times without compromising key features, such as aircraft payload, and without having to increase vehicle weight.

We believe our next-generation cells, when commercially available, will have the potential to expand boundaries for our customers and provide a tailored solution for applications that require longer discharge times without compromising key features, such as payload and vehicle weight.

We plan to continue to invest in optimizing combinations of these performance characteristics as well as the requisite form factors to meet the specific needs of our customers and drive adoption of our battery cells in other areas of electrified transportation.

As a result of these efforts, our goal is to fully realize the benefits of our silicon anode technology and develop the highest performing products in the market.

As a result of these efforts, our goal is to fully realize the benefits of our silicon anode technology and remain a developer of industry-leading batteries.

Expand our end markets and applications .

As we increase our production capabilities and partnership with global contract manufacturers, we will be able to supply our batteries in larger volumes to fulfill our customers’ battery prototyping and procurement requirements.

Our current customer base consists primarily of aviation and other air transportation companies.

As we increase our production capabilities and partnerships with global contract manufacturers, we will be able to supply our batteries in larger volumes to fulfill our customers’ battery prototyping and procurement requirements.

Our current customer base consists primarily of aviation and other air transportation companies as well as LEV’s.

We believe the batteries we have developed for the aviation industries can be adapted for larger form factors to meet the energy density and fast-charge requirements of the EV market once we are able to improve the cycle life, increase form factors, reduce cost and improve production quantity for our EV capable battery cells.

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Research and Development

Our original silicon anode technology was developed at Stanford University in 2008, and for over 15 years , we have refined and improved upon the technology for use in commercial applications.

We have conducted research and development initiatives focused on improving certain performance characteristics and expanding the applications of our silicon anode battery technology.

Our original silicon anode technology was developed at Stanford University in 2008.

For over 15 years , we have refined and improved upon the technology for use in commercial applications.

We have conducted research and development initiatives focused on improving performance characteristics and expanding the applications of our silicon anode battery technology.

We expect to continue our research and development efforts in the following areas:

• Improving battery life.

We are working with chemical compounds as potential additives to the silane gas we use to produce our silicon anodes which have demonstrated the potential to improve cycle life without negatively impacting other performance characteristics such as energy density.

We are working with chemical compounds as potential additives to improve cycle life without negatively impacting other performance characteristics such as energy density.

• Further improvements to energy density .

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Our proprietary electrolyte formulations enhance operations at high voltage and high temperature.

In addition, our polymer/semi-solid formulations add safety to nail and ballistic performance.

• Larger cell form factors .

The batteries we have developed and are developing for our customers are typically approximately up to 15Ah for small-sized aircraft.

As we expand our customer base, we are in the process of developing larger form factor batteries for broader aviation applications as well as LEV and EV customers.

We utilize our research and development capabilities not only to improve existing products but also to build custom-designed batteries for our customers.

We have generated revenue from these design services.

However, as we grow our manufacturing capacity, we expect that the relative percentage of our revenue from these activities will decrease.

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As we expand our customer base, we are in the process of developing larger form factor batteries, up to 70 Ah, for broader aviation applications as well as LEV and EV customers.

We utilize our research and development capabilities to improve existing products and build custom batteries for our customers.

We typically structure these customer programs such that we receive revenue from our design services as well as from our initial sample cells.

Intellectual Property

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• 10 patent applications that are pending (2 patent applications in the United States and a total of 8 patent applications in the European Union, Korea, Japan, China and Taiwan);

patents that we licensed from Stanford University.

As of December 31, 2024, we also held a total of 10 registered trademarks that were issued to us, which consisted of 2 trademarks issued in the United States and a total of 8 trademarks issued in the European Union, Great Britain, Japan, Korea and China.

patents licensed from Stanford University.

Our patents cover the following:

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• Silicon anode manufacturing processes, design and equipment.

In addition, we rely on non-disclosure agreements with employees, independent contractors, customers and other third parties to protect our intellectual property and proprietary rights.

As of December 31, 2025, we also held a total of 10 registered trademarks that were issued to us, which consisted of 2 trademarks issued in the United States and a total of 8 trademarks issued in the European Union, Great Britain, Japan, Korea and China.

We rely on non-disclosure agreements with employees, independent contractors, customers and other third parties to protect our intellectual property and proprietary rights.

Circumstances outside our control could pose a threat to our intellectual property rights.

For more information, see the section titled “Risk Factors” below.

We compete directly and indirectly with current battery manufacturers and with an increasing number of companies that are developing new battery technologies and chemistries to address the growing market for electrified mobility solutions.

Specifically, within the aviation markets, we primarily compete with conventional graphite anode batteries and silicon composite anode batteries.

Silicon composites are graphite-based anodes that incorporate some silicon, typically in the form of particles of silicon or silicon monoxide.

Graphite anode battery companies include tier-one manufacturers such as Amperex Technology Limited (ATL), Contemporary Amperex Technology Co., Limited (CATL), LG Chem Ltd., Murata Manufacturing Co., Ltd., Panasonic Industry Co., Ltd., and Samsung SDI Co., Ltd., which provide higher quality and higher performance solutions, and tier-two manufacturers which provide lower cost solutions.

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Specifically, within the aviation markets, we primarily compete with conventional graphite anode batteries and silicon and silicon composite anode batteries.

Graphite anode battery companies include tier-one manufacturers such as Amperex Technology Limited (ATL), Contemporary Amperex Technology Co., Limited (CATL), E-One Moli Energy Corp., LG Energy Solution, Murata Manufacturing Co., Ltd., Panasonic Industry Co., Ltd., and Samsung SDI Co., Ltd., which provide high quality and high performance solutions, and tier-two manufacturers which tend to provide lower cost solutions.

We expect the manufacturers of those batteries will continue to invest in improving the capabilities of their batteries.

While we believe we are currently the only known battery manufacturer making approximately 100% silicon anodes, there are many companies making or developing silicon composite batteries or anode materials and companies seeking to develop 100% silicon anodes.

Companies making or developing silicon composite anodes or materials include both large manufacturers as well as many well-funded new technology companies.

These include Berzelius, BTR New Energy Material Ltd., Enevate Corporation, Enovix Corporation, Group 14 Technologies, Inc., Nexeon Ltd., Shanshan Corporation, Sila Nanotechnologies Inc., and Storedot Ltd.

Silicon composite anodes may offer higher energy density and other improvements over conventional graphite anodes, and may be less expensive to manufacture than our silicon anodes.

Silicon composite anodes may offer higher energy density and other improvements over conventional graphite anodes, and may be less expensive to manufacture than our SiCore products.

For aviation applications, we believe that the defining characteristics of our battery cells make our silicon anode technologies the only battery solutions currently available and suitable for broad aviation adoption.

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However, we expect additional competitors to enter the market as their battery technologies continue to improve.

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The EV and LEV battery industries are fast-growing and highly competitive.

Unlike the aviation industry, where there are a limited number of commercially available batteries that meet the minimum performance specifications, there are many battery manufacturers in the EV and LEV industries that can produce commercially acceptable batteries, and they may be able to produce those batteries at lower cost and higher volumes than we are currently able to.

Future entrants may include companies developing different technologies, such as lithium metal anodes, which are not yet in commercial production.

In order to effectively compete, we will need to further improve our batteries’ life cycles, increase their form factors, increase their production quantity and reduce their production costs.

Future entrants may include companies developing different and less mature technologies, including lithium metal anodes and solid state batteries.

In order to effectively compete, we will need to further improve our batteries’ life cycles, increase their form factors, increase their production quantity, and reduce production costs.

Many of our competitors and potential future entrants, both in the aviation, EV and LEV industries, may be better capitalized and have greater resources to commercialize and expand their production capacities.

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Any failure to adequately address these legal obligations could result in civil fines or suspension or loss of our export privileges, any of which could materially adversely affect our business, financial condition, and results of operations.

In addition, our business is subject to the Foreign Corrupt Practices Act and other anti-corruption, anti-bribery, and anti-money laundering laws and regulations in the jurisdictions in which we have offices or do business, both domestic and abroad.

Any failure to adequately comply with any of these obligations, or future changes with respect to any of these legal regimes, could cause us to incur significant costs, including the potential for new overhead costs, fines, sanctions, and third-party claims.

Our business is subject to the Foreign Corrupt Practices Act and other anti-corruption, anti-bribery, and anti-money laundering laws and regulations in the jurisdictions in which we have offices or do business, both domestic and abroad.

Any failure to adequately comply with any of these obligations, or future changes with respect to any of these legal

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regimes, could cause us to incur significant costs, including the potential for new overhead costs, fines, sanctions, and third-party claims.

As a government contractor and/or subcontractor, we must comply with laws, regulations, and contractual provisions relating to the formation, administration, and performance of government contracts and grants, which affect how we and our partners do business with government agencies.

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Any such damages, penalties, disruption, or limitation in our ability to do business with a government could have a material adverse effect on our business, results of operations, financial condition, public perception and growth prospects.

In addition, recent regulatory developments in China have introduced new export controls on certain lithium-ion batteries, the materials used in their production, and related manufacturing equipment and technologies.

Enforcement of these controls has been suspended until at least November 2026, pending the outcome of further negotiations between United States and China.

These measures, once they are enforced, could affect our partners and suppliers, disrupt our supply chain, increase costs, or require us to diversify our supply chain.

Furthermore, our operations and growth prospects may be impacted by the National Defense Authorization Act ("NDAA"), which includes regulations to be implemented in the future which are aimed at securing the United States defense industrial base and domestic supply chains.

Specifically, the latest NDAA and related measures will, in the future, prohibit the Department of Defense from procuring certain advanced batteries and battery components that are sourced, produced, or refined by "foreign entities of concern." Pursuant to our program with the DIU, we are required to secure future sources or qualify individual lithium-ion battery components from NDAA compliant suppliers.

We may not be successful in sourcing such components or identifying compliant suppliers who can meet our technical specifications and cost targets.

Our inability to qualify compliant components at an acceptable cost could jeopardize opportunities with government agencies and government contractors, as well as our standing under the DIU program, or our business, financial condition, results of operations and prospects could be negatively affected.

For more information, see the section titled “Risk Factors—Risks Related to Litigation and Regulatory Compliance.”

Human Capital

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We seek to hire and develop individuals who are dedicated to our strategic mission.

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As of December 31, 2025, our total headcount was 109 , which consisted of 97 full-time employees and 12 temporary hires and contractors.

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None of our employees are either represented by a labor union or subject to a collective bargaining agreement.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business