AMPX · CIK 1899287
What Amprius Technologies, Inc. told the SEC could break it.
Amprius's disclosures cluster on concentration in both who it sells to and where: one customer was $27.1M of 2025 revenue and a single customer made up 64% of accounts receivable, while a significant share of sales goes to Europe — including $33.0M of 2025 shipments to customers based in Ukraine, an active war zone. The supply side carries its own geopolitical exposure: new Chinese export controls on lithium-ion batteries, materials and manufacturing equipment (enforcement suspended to at least November 2026) could disrupt its China-linked partners and raise costs, and it depends on partners' facilities outside its control — including a South Korean contract-manufacturer consortium — for volume production of its SiCore cells.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Single customer = $27.1M of revenue; 64% of receivablesmedium
In 2025 one customer represented $27.1M of total revenue (>10%), and one customer made up 64% of total accounts receivable, a heavy single-customer concentration for the battery maker.
“during the year ended December 31, 2025, one customer represented $27.1 million of our total revenue.”
SEC filing →As of 2026
Geographic concentration
- Sales to Ukraine / Europemedium
A significant portion of Amprius's sales are to Europe, including $33.0M of 2025 shipments to customers based in Ukraine — an active war zone — concentrating revenue in a high-geopolitical-risk market.
“Middle East and Africa, includes $ 33.0 million and $ 6.4 million related to shipments to customers based in Ukraine, for the years ended December 31, 2025 and 2024, respectively.”
Regulatory & policy
- China export controls on lithium-ion batteries and materialsmedium
New Chinese export controls on lithium-ion batteries, production materials and manufacturing equipment (enforcement suspended to at least Nov 2026) could disrupt Amprius's China-linked partners and supply chain and raise costs.
“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.”
Supplier concentration
- Reliance on third-party contract manufacturers (Amprius Korea Battery Alliance)low
Amprius depends on partners' manufacturing facilities outside its control — including a South Korean contract-manufacturer consortium (Amprius Korea Battery Alliance) — for SiCore volume production, exposing it to capacity and timeline risk.
“For example, we rely on our partners' manufacturing facilities and their operations are outside of our control.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Berzelius (Nanjing) Co., Ltd.
“Our SiCore batteries were developed in collaboration with Berzelius (Nanjing) Co., Ltd. (“Berzelius”), a former affiliated company.”
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