Key Highlights
- After-hours trading saw AMPX shares decline 27% following the Q1 2026 earnings announcement.
- Quarterly revenue reached $28.5 million, representing a 153% increase compared to the prior year and exceeding the $25.32 million consensus.
- Earnings per share registered at -$0.04, falling short of analyst projections of -$0.0278.
- Full-year 2026 revenue expectations increased to a minimum of $130 million from the previous $125 million target.
- Q1 concluded with $62.4 million in cash reserves and a debt-free balance sheet following a ~$20 million Colorado lease settlement.
Amprius Technologies (AMPX) delivered its most robust quarterly revenue performance to date in Q1 2026, yet investors responded with disappointment. Shares declined 27.15% to $19.229 during extended trading hours following the earnings announcement.
Amprius Technologies, Inc., AMPX
Quarterly revenue totaled $28.5 million — representing a 153% surge compared to the year-ago period and marking a 13% sequential increase from Q4 2025. This performance exceeded Wall Street’s $25.32 million consensus by approximately 12.7%.
The challenge emerged in profitability metrics. AMPX recorded an earnings per share deficit of $0.04, exceeding the anticipated -$0.0278 loss. This 43.88% variance from expectations triggered the negative market response.
Gross profit margins contracted to 20% from the previous quarter’s 24%. CFO Ricardo Rodriguez attributed this decline to elevated overhead expenses associated with the SiMaxx platform — approximately $3 million in fixed costs against merely $618,000 in SiMaxx-related revenue.
The SiCore battery product line has become the dominant revenue generator, contributing 97% of total product sales during the quarter. The legacy SiMaxx platform continues its planned wind-down.
Defense Sector and Customer Expansion Fuel Momentum
CEO Thomas Stepien highlighted several encouraging developments on the demand front. Three customers in the defense and unmanned aerial systems sectors utilizing SiCore battery technology secured multimillion-dollar contract awards, providing enhanced visibility into upcoming procurement cycles.
The Defense Innovation Unit (DIU) agreement expanded for the third consecutive time, bringing the total contract value to $18.1 million. This latest expansion encompasses delivery of three silicon anode cylindrical cell variants plus four standardized pouch cell configurations.
Within the commercial arena, AMPX secured a new client in China’s light electric vehicle segment. This customer committed to a $21 million multi-quarter battery purchase order for two- and three-wheeled vehicle applications, representing a strategic diversification milestone beyond military applications.
Geographic revenue distribution for Q1 showed EMEA comprising 58% of sales, while North America and Asia Pacific each contributed 21%. The company noted substantial sequential growth in the North American segment.
Upgraded Outlook and Strengthened Financial Position
Despite the negative after-hours price action, leadership increased the full-year 2026 revenue projection to a minimum of $130 million — representing a $5 million increase from the prior $125 million forecast. Adjusted EBITDA guidance remains unchanged at a minimum of $4 million, while expected net losses will stay under $8 million, translating to less than $0.06 per share.
Capital expenditure for the year should remain below $10 million, with the DIU contract providing substantial funding support.
The balance sheet underwent major improvement during Q1. Amprius eliminated approximately $20 million to settle its Colorado facility lease obligation — which would have represented over $110 million in future commitments — concluding the quarter with $62.4 million in cash and zero outstanding debt.
Management also unveiled plans for a warrant exchange program, converting public warrants into common equity. Leadership characterized this initiative as eliminating warrant overhang while streamlining the capital structure.
Research and development expenditures totaled $3.8 million with selling, general and administrative costs reaching $8.6 million for the quarter. The GAAP-reported net loss stood at $5 million.
The significant after-hours decline follows an impressive rally of roughly 840% over the trailing twelve months, with shares reaching a 52-week peak of $22.80.
