Correct, the laws of physics and chemistry say that only at 0°K (-273.15°C) it all ends. Above that temperature it's "just" a matter of using the right materials. And that's where technology and innovation kicks in.
I have photographed at -25°C, both in Canada and Kazakhstan with 35mm SLR & DSLR cameras. It worked and I think that on those occasions I was more bothered by the cold than the cameras. :-) Different example, my car with a diesel engine always starts without a problem after having spent the whole day in the parking lot at -20C. It gets that cold here. Different type of battery and a different application but it works.