Hi, everyone. My name is Colin Rusch. I lead Oppenheimer's Sustainable Growth and Resource Optimization Research practice here. We're thrilled to have the Amprius team here, CEO Kang Sun, and CFO Sandra Wallach. We'll go through a presentation with the company and then do a little bit of Q&A afterwards. With that, I'll pass it over to you, Kang, to give us an introduction to the company. Morning. Thank you. I'm glad to have this opportunity to introduce Amprius Technologies. Let's see if I can get my slide moving. Okay. Morning. Thank you. Amprius is the pioneer developer and manufacturer of high-energy density, of high-power density, silicon anode lithium-ion batteries. We started with the technology coming from Stanford University back in 2008. Now we started the full operation in 2010. Kang, we can see your slide on the timeline. Yeah, I hear myself talking somehow. The previous talking, the comeback again. Okay, let me start from this page. The Amprius is a pioneer developer and manufacturer of high-energy density and high-power density silicon anode lithium-ion battery. Yes, can you hear me? Yeah, we can hear you just fine, Kang. Hi, everyone. Sorry for the trouble there. We are back. My name is Colin Rusch. I lead the Sustainable Growth and Resource Optimization team here at Oppenheimer. We are thrilled to have Kang Sun, CEO of Amprius Technologies, along with Sandra Wallach, the CFO of Amprius Technologies. I think we have our technical difficulties worked through. With that, I'll turn it over to Kang to give us a little bit of background on Amprius Technologies. Colin, thank you. Glad to have this opportunity to introduce Amprius Technologies. Amprius Technologies is a pioneer developer and manufacturer of high-energy density, high-power density silicon anode lithium-ion batteries. Today, we have the most complete silicon anode technology portfolio. The company started in 2008 with the technology coming from Stanford University. In 2014, we designed the first high-capacity silicon anode. In 2016, we developed the manufacturing process and the equipment. In 2018, it was a major milestone for Amprius. We secured the first customer, Airbus, for high-altitude pseudo-satellite battery business. In 2022, we launched the IPO at the New York Stock Exchange. Since then, we developed the various technology platforms, SiMaxx, SiCore, and we secured 1.8 GW manufacturing capacity today. Amprius developed the breakthrough technology. We also delivered breakthrough performance. Today, we have the highest energy density and power density battery in the commercial market. Our battery can perform up to 500 Wh/kg and 1,300 Wh/L. This is very significant. As a reference, most of the battery today in the market is between 260 Wh/kg to about 300 Wh/kg. Your smartphone probably has 700 Wh/L volumetric energy density. We also have a high power density for electrical mobility applications. Our battery can charge you from 0%- 80% in less than six minutes. Very important, we passed the military performance SPEC, a new penetration test, years ago. Our battery also can operate from - 30 degrees Celsius- 60 degrees Celsius. Now, we have years of manufacturing experience. We started the first production back in 2018. These are some major performances. We have a 500 Wh/kg battery, 1,300 Wh/L. Those numbers are actually very, very important and very impressive because today we deliver twice higher energy density in the commercial market. Our revenue, you can see we grow our revenue year after year, quarter after quarter. You know, we just had a Q2 earnings release. The company made very impressive progress. Now, we have a very large customer pipeline here. We have over 320 customers engaged with us, technology collaboration, purchase agreement, and various collaborations. The company has over 80 patents in the silicon anode technology space. Today, we have international business. 86% of our customers are also in the United States. Very, very important is the manufacturing capacity we have and the manufacturing capability we have. You look at Amprius, we know how to design, and we know how to make, and we know how to sell. That's the three key elements for our to make progress. We look at the 2025. Yeah, we have a breakthrough SiCore technology introduced to the market. We introduced this technology back in January 2024 and made significant progress in technology advancement, also in marketing and sales. Yeah, we shipped a high-end performance battery, 6.3 Ah cylindrical cell to Fortune 500 company. In today's commercial market, most 21,700 cylindrical cells normally are 5.8 Ah. Most of them, a larger fraction is even 5.5 Ah. 6.3 Ah is very, very significant. Not long ago, we launched the SiCore 450 Wh/kg high energy density cell with a near-term mass production capability built up. Revenue, we have 4.6x year-to-year revenue growth driven by new customer orders. We look at our major milestones. In 2025, we secured a $15 million purchase order from a leading UAS manufacturer. Very importantly, we invited Tom Stepien to join us as President. I know Tom for 20 years. He is a superb business operator. Now we added additional manufacturing capacity in South Korea. This is very important for us as well. We have diversified the manufacturing region today. Amprius, the key play is silicon anode. Why silicon? Yeah, why use silicon to replace graphite? You know, 20 years ago, the battery industry faced a capacity crisis because we cannot talk on the phone longer. It was very difficult to build EV batteries based on regional technology. The company, the industry is hungry for power density, energy density. Silicon has 10x energy density than carbon. It's an obvious option for new lithium-ion battery anode. However, the silicon has a very high volume expansion coefficient. It's very difficult to control the silicon anode swell. Yeah, even silicon is safe. It's low cost, abundantly available, except the oxygen on the Earth's crust. The silicon is available. Now, easy to process, 10x energy density. The swelling is the issue. What Amprius' accomplishment is to control, mitigate, or eliminate the silicon swelling. Today, as I mentioned earlier, we have the most complete silicon anode technology. Our SiMaxx anode has 3,400 mAh/g. Literally, it's 10 x higher than graphite anode today. This is just not just the element, silicon element, compared to the carbon. This is the anode, complete the anode compared to graphite anode. We have 10 x higher energy density. Amprius is the only company that has an anode which is 10 x higher than graphite anode. This is some real-world testing data here. First on the left, you can see we have 500 Wh/kg compared to most popular graphite battery, commercial battery today. We're almost double the energy density. Compared to the graphite in terms of volumetric energy density, we almost doubled the volumetric energy density as well. On the left-hand side, these are real case tests. We put our battery in one of the customer drones. We deliver 42 minutes flight time compared to their current 24 minutes flight time. In the video capable smartwatch, in the military comfortable wearables, in electrical vehicles, in every application, Amprius battery delivered 2x in the mission time. We have two technology platforms, SiMaxx and SiCore. SiMaxx is a silicon nanowire anode technology. It's pure 100% silicon without any other active materials. This is only 100% silicon anode in the industry. You can see that Amprius has many onlys. We are the only 500 Wh/kg battery manufacturer. We are the only 3,400 mAh/g anode manufacturer. We're also the only pure 100% silicon anode lithium-ion battery manufacturer. In addition to that, we also have a SiCore platform. SiCore actually has 100% silicon also, but SiCore has some inactive materials like polymer binders and other additives, but it can be used without graphite. We look at this performance map. We have on the vertical axis is energy. On the horizontal axis is power. What this shows, this shows Amprius battery occupies the entire battery performance space. We can tailor our battery for various applications: high power, high energy, and high power, high energy, also high power and high energy. Anywhere customers need their battery to perform, we have a solution for it. This is a simple comparison. Our battery to graphite, of course, we beat the graphite performance in every category. This is our SiMaxx platform. SiMaxx, you can see, is very, very unique. It's the only silicon anode structure in the industry. This is a silicon nanowire structure. This structure enables us to have fast charging, high energy density, yeah, also gives us very high power. For the SiMaxx, we have some commercial products available, yeah, 450 Wh/kg. We have been selling this to customers for some time. Recently, we have third-party certification, qualification for 500 Wh/kg battery as well. This is a generation ahead of the game in the lithium-ion battery industry. Today, we have not seen any battery that can perform beyond 350 Wh/kg in the commercial space. This is SiCore. This is a very important platform for Amprius. We consider this is the second-generation Amprius silicon anode battery technology. Its performance is approaching the performance of SiMaxx today. For SiCore, today we have 700 Wh/kg and 910 Wh/L battery. I mentioned that for your smartphone, today probably 700 Wh/L. battery. I mentioned that for your smartphone, today probably 700 Wh/L. Most of those are 680 Wh/L. We already have a 900 Wh/L battery. I mentioned the SiCore performance is approaching SiMaxx. 400 Wh/kg battery is a SiCore battery is available. There is another very amazing battery performance here. It's a balanced energy and power density. This is the only one in today's commercial industry. We can deliver 350 Wh/kg battery and 805 Wh/L. Most importantly, this can continuously discharge at 3C and 5C at a pulse. This is a very important design and performance. We have two types of batteries now. We have both of those battery platforms, SiMaxx and SiCore, can leverage current industrial manufacturing protocol. For SiMaxx, the anode part, we use solar industry manufacturing equipment, currently from a central firm. We use this equipment to make the anode. The rest of the manufacturing process is the same as the industry is doing. We actually can make the anode and give it to somebody else to make the entire battery. For SiCore, even better. Even the anode can use other people, the current traditional industrial manufacturing process, to produce SiCore anode. The manufacturing is not an issue for us. We don't have to reinvent the wheel to manufacture Amprius high energy density, high power density lithium-ion batteries. A couple of years ago, we decided we use a contract manufacturing model, just like Apple made in California, manufacturing someplace else. We do the design. We do the marketing. We do the sales. For now, we leave the manufacturing to our manufacturing partners. This is a capital-led market. We don't have to spend a lot of capital to build a factory. We don't have a manufacturing team on the ground. We don't need to have to buy factory insurance. We don't have to worry about the inventory. We even don't need working capital in many cases. This is a great manufacturing model for Amprius. We have been practicing this over a year and a half, and we have great results. Today, we have a manufacturing facility in Asia, as you see. Also, we are developing contract manufacturers domestically. Our focus is in several areas. The primary focus is aviation. In aviation, there are four areas we are working with. The first one is drones. This is an enormous opportunity today and even bigger tomorrow. We command firm leadership in drone battery performance. I would say we engage with all reputable drone manufacturers today. The second area is we're familiar the most. We started developing, supplying this battery back in 2018 as a high-altitude platform system. Our first customer was Airbus back in 2018. You consider this as a low-hanging drone as well. The third area is eVTOL. The eVTOL is moving forward faster than I thought. We have engagement with the manufacturer of eVTOL as well. The last one actually is a very large battery user in the fixed-wing electrical aircraft. Our second market focus, we call micro-mobility, is a light electrical vehicle space. That's including ebikes, motorcycles, two-wheeler scooters, all those kinds of light electrical vehicle applications. We are in the leading position. We started selling battery to this market in 2024. Here are some of our customers we can disclose. Airbus, I mentioned a few times, is a very important first customer, important customer, and still a very important customer to us. Our battery enabled Airbus to have business successful today. We have Teledyne FLIR. We supply the battery for their drones. We have AeroVironment. We have quite a few news releases with the company, BAE Systems, U.S. Military. We also engage with electrical vehicle battery technology in development. We don't have a commercial product. In the near term, that's not our focus. Technology-wise, we have battery ready. Not long ago, we shipped a sample to the United States Advanced Battery Consortium for probably the highest energy density and the power density battery in the industry. Amprius battery can be used for all applications. Now, we can for aviation, for light electrical vehicle, for consumer electronics, some industrial power applications, marine powers. We can use for many applications. Today, our focus is aviation, micro-mobility, and some AI-related space, like robotics. We look at Amprius. There are four important points I want the audience to take away. The first, we have industrial leading technology and enabled best-in-class performance. The second part is very important. Without our battery, our customers will not be able to achieve their technology and economic targets. We have a gigawatt-scale manufacturing capability. We have this capital-led model. Basically, we don't have a factory. We don't have a manufacturing team. All we have is we have the best product, work with our manufacturing partners, and then they deliver quality products for us. The third one is we have a huge customer pipeline, over 320 here. Some of those customers at the top of the funnel now started purchasing our products. Last, we have a very healthy balance sheet. We have no debt. Our current balance sheet covers quite a few quarters of our operating cost. In summary, we can design the best-performing lithium-ion battery in the industry. We can manufacture various batteries. We can do cylindrical, we can do pouch, we can do prismatic, and use world-leading contract manufacturing partners' capability and the capacity to serve us. The third one, we have a huge customer engagement. All those are important. As we said, design, make, sell. This concludes my presentation. I'll be glad to answer some questions. My colleague, our CFO, Sandra Wallach, is online as well. If you have a question about our financial, Sandra can answer. Thank you so much for all that background. I think one of the things that we have been most excited about is the performance and the evolution of the performance, particularly with the SiCore technology. I think a lot of our investors like to look at IP and IP protection, and the battery space can be very challenging to understand what's defensible and what's not defensible. As you look at the competitive landscape and Amprius' platform, you guys have done a nice job with patents, but then there's an awful lot of know-how in actually producing these batteries. How do you think about your IP position and how you're able to defend it as folks start to look at investing more in some of these high-energy dense and lightweight batteries? Yeah, Colin, the first I mentioned that we have over 80 patents developed during those years. Yeah, we have a patent on the fundamental concept of SiCore and SiMaxx. As you said, in the battery industry, you hardly see the patent fight these days because the patent becomes a very important, very complicated issue. Many companies own various patents. Sometimes they overlap. Very few. The last few years, I only see two patents fight. They finally settled. For Amprius, first, we are very confident. We have a strong intellectual property portfolio. Most importantly, as you mentioned, extensive know-how. This is very important. Yeah, we have a very unique material system. We have a very unique cell chemistry. Now, we have a very unique cell design, and we have a very unique manufacturing process. For example, for formation protocol, Amprius has a very unique formation protocol that enables us to make a high-energy density, high-power density lithium-ion, silicon anode-based lithium-ion battery. Excellent. As you continue to engage in customers, and we know that Tom was brought on in part to help the organization really engage and get deeper with its existing customers, can you talk about the incremental geographies and what that can enable for you guys from a revenue perspective? Moving into South Korea, I'm sure met the requirements of some customers, but looking at potentially U.S. or European manufacturing, I'm sure will open up even more customers. Can you talk about the importance of that capacity and how quickly that might translate into incremental orders and incremental revenue? Yeah. Customers are looking for two parameters: performance and the economics. You can say performance and the cost. When we select our manufacturing partner, those two things, in addition to those two, of course, there's quality there. The quality manufacturer and the low-cost manufacturer. Those two things are very important. We can manufacture the place the customer wants, but we may not be able to deliver the cost the customer wants. The customers still don't buy our stuff. We did this very strategically and very carefully select those partners. Our manufacturing partnership today delivers not only the high quality, but also delivers the economics our customers and Amprius can enjoy. We're looking forward. Today, we already have customers in the United States, in Europe, in Asia. We believe this market is already very, very large for us. Otherwise, we wouldn't have 320- customer- engagements here. Looking forward, I think strengthening our manufacturing base domestically and overseas is very, very important. As I mentioned, it's still the same thing we mentioned. First, we need to design a superb product, which we have now, but we need to make sure that we commend performance leadership all the time. The second part is the manufacturing has to make it. Today, we have an Asian manufacturing partnership. We explore Europe. We had a conversation with our German partners. Now we have domestic. Many people are surprised how you can find a domestic contract manufacturer. Amprius is always creative enough to make things happen. That could come to play soon as well. Excellent. I think for many of the audience, there's been a lot of news reporting around solid-state, right, and what solid-state means in the battery world. We've made a pretty concerted effort around silicon anodes in our research practice based on the performance characteristics that we've seen from the silicon anode-focused companies. Can you just level set our audience around what solid-state means and how Amprius is positioned to compete with some of the promises that are being made by other platforms, which in some cases aren't even approaching the commercial products that you guys have available today? Right. Colin, as you know, you are an expert in this field as well. The original solid state concept comes from lithium metal anode technology. When we look at the silicon, when we talk about high-energy density anode materials, there are only two. One is silicon. Another one is lithium itself. Both have a very similar energy density, around 400 mAh/g. The problem with lithium is lithium is a very active chemical element. Lithium cannot be exposed to air, cannot be exposed to the water. As a matter of fact, we use lithium in our fireworks. To use lithium metal as an anode, we cannot use a liquid electrolyte. We have to use solid state. That's where solid state comes from. This is back to years, decades ago. First, lithium metal battery built in 1987 by Dr. Klaus Braut in Germany. At the time, he was working in Canada. The level, the people don't want to touch that again because their battery exploded. The company went bankrupt. During those years, people tried to find out, you know, if I can have a solid electrolyte, can I make a lithium metal as an anode? Very, very difficult. So far, there is no single company that can make, even in laboratory, cannot successfully demonstrate a lithium metal-based solid state battery. Still, a huge battle. People started doing SiMaxx solid state. Basically, it's not a pure solid state. It's SiMaxx solid state. Let's talk about Amprius in this field. We have a concept. Of course, we have not broadcast because we have not broadcast anything if we believe it's commercially achievable. Otherwise, we don't make claims. You can see Amprius made no claim on the laboratory stuff. Anything we made a claim, we already have customer validation. We believe silicon can be a solid state battery as well. Excellent. If you can talk about the performance, in terms of what you can achieve with silicon, if the material is similar to lithium in terms of potential performance, what's the actual performance and the practical performance in a product on a relative basis? Yeah. If we have a solid-state lithium anode battery, at this moment, we don't expect the energy density to boost a lot. We don't expect a solid-state silicon anode battery to give us 600 Wh/kg. That's not realistic. We can have the same performance, but why we use a solid-state? We want to have safety. Once we don't have all the problems caused by liquid electrolyte. Li thium-ion batteries can do. That is where you guys comes in. We believe, okay, Amprius, we can have a solid-state based on silicon anode. Okay, just to recap, you can have similar performance in your commercial production now as anything that may be coming out of the solid-state world in the coming years. We don't have a commercial product today. I have to mention that. Perfect. Sandra, just quickly on the balance sheet, because we just have a couple of minutes here. The company has run very lean. Can you just talk about the balance sheet's efficiency and your cash flow dynamics as you work towards hitting profitability through a fairly substantial ramp on revenue here over the next several quarters? Yeah, great question. We ended the second quarter with $54.2 million in cash. We've got no debt. We've got about $46.5 million left on an ATM facility. Our operating cash burn rate runs somewhere between $7.5 million- $9 million a quarter. As you mentioned, we run very lean. We were sub-100 employees full-time at the end of June. Because Kang has been able to put together this contract manufacturing strategy, we are not saddled with hiring several hundred people, buying inventory, or managing working capital. We have and own the design and the specification, and we buy the finished product from our contract manufacturing partners and serve our customers. SiCore, which is the product that's been fueling our growth, has been cash flow positive since day one. We believe that we're going to continue to see favorable cash flow from operations trend quarter- over- quarter and that we've got enough cash on the balance sheet along with the ATM to make sure that we can get to cash flow positive. Excellent. Thank you both for being here and thanks for everyone that's listened in. We are running into time here. We are happy at Oppenheimer to help you get deeper into the story here at Amprius and also put you in touch with the company as it makes sense. Please feel free to reach out. Look forward to talking with everyone soon and have a wonderful afternoon. Thanks so much.