MeritValue

Amprius Technologies, Inc.

AMPXdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Amprius Technologies, Inc. earns about -291% on invested capital, but has diluted owners by 90% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.77M1$4.41M2$8.79M3$23.6M4$71.9M4
Net income−$9.9M5−$17.3M6−$36.8M7−$44.7M8−$44M8
Operating cash flow−$8.02M9−$13.9M10−$25.6M11−$33.4M12−$31.1M12
Capital expenditure$609,00013$1.48M14$17.6M15$3.21M16$4.4M16
Free cash flow (derived)−$8.63M9−$15.4M10−$43.1M11−$36.6M12−$35.5M12
Total debt—————
Cash & equivalents$11.5M17$69.7M18$45.8M19$55.2M20$90.5M20
Diluted shares65.8M71.3M86.2M101.9M124.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$8.33
your share of equity
Profit it earned you last year
−$3.53
Free cash flow it threw off
−$2.85
Debt you’d be carrying
—

10 shares is a claim on $8.33 of net worth that earned you −$3.53 and generated −$2.85 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-291% avg · 5y
FY21 -330%FY22 -410%FY23 -207%FY24 -246%FY25 -261%

It earned an average -291% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+90% shares · 5y

Share count is up 90% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001899287-23-000030 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001899287-24-000016 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001899287-25-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001899287-26-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001899287-23-000030 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001899287-24-000016 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001899287-25-000012 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001899287-26-000015 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001899287-23-000030 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001899287-24-000016 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001899287-25-000012 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001899287-26-000015 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001899287-23-000030 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001899287-24-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001899287-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001899287-26-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001899287-23-000030 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001899287-24-000016 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001899287-25-000012 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001899287-26-000015 (CashAndCashEquivalentsAtCarryingValue)