Amprius Technologies NYSE: AMPX reported record first-quarter 2026 revenue and raised its full-year sales outlook, citing expanding adoption of its silicon-anode batteries across unmanned aerial systems, light electric vehicles and defense-related applications.
Chief Executive Officer Tom Stepien said the company generated first-quarter revenue of $28.5 million, up 153% year over year and 13% sequentially. Chief Financial Officer Ricardo Rodriguez said the results gave Amprius confidence to lift its 2026 revenue forecast to at least $130 million, up from a prior baseline of at least $125 million.
“Our second generation SiCore silicon anode batteries are gaining broad adoption across unmanned aerial system customers, and we are pleased to see the momentum we have built in Europe is now taking hold in the United States,” Stepien said.
SiCore Drives Product Mix as SiMaxx Winds Down
Rodriguez said SiCore represented 97% of product revenue in the quarter, continuing Amprius’ shift away from its legacy SiMaxx platform. Revenue by geography was 58% from Europe, the Middle East and Africa, 21% from North America and 21% from Asia Pacific. He said the North American share increased “meaningfully” both sequentially and year over year, reflecting growing interest from U.S.-based customers.
Gross profit was $5.7 million, resulting in a 20% gross margin, down from 24% in the fourth quarter. Rodriguez attributed the decline largely to overhead tied to the Fremont facility as SiMaxx winds down. He said SiMaxx-related overhead costs were more than $3 million against only $618,000 of revenue, creating a “material but temporary drag” on blended margin. Excluding one month of Colorado expenses, gross margin would have been 22%, he said.
Operating expenses totaled $12.4 million, including $3.8 million in research and development and $8.6 million in selling, general and administrative expenses. The company reported an operating loss of $6.7 million, adjusted EBITDA of negative $1.8 million and a GAAP net loss of $5 million, or $0.04 per share, based on approximately 136.9 million weighted average shares outstanding.
Amprius ended the quarter with $62.4 million in cash and no debt. Rodriguez said cash declined from $90.5 million at year-end due in part to an $11.5 million increase in accounts receivable and an approximately $20 million payment to settle the Colorado facility lease obligation. He said that settlement resolved what would have been more than $110 million of expense “in highly favorable terms” and reduced liabilities by $29.8 million during the quarter.
Defense Customers and Light Electric Vehicles Highlight Demand
Stepien pointed to recent contract awards to three Amprius customers using SiCore batteries as indicators of future demand. He cited Kraus Hamdani Aerospace, whose K1000ULE unmanned aircraft is designed for 24-hour flight and a 1,000-mile range; AeroVironment, which won a $117 million U.S. Army contract for P550 UASs; and Teledyne FLIR, which announced a European order for its Black Hornet 4 nano drone.
“Their success boosts our visibility into future purchase orders for SiCore cells,” Stepien said.
The company also announced that its silicon-anode cells were selected by a China-based light electric vehicle customer, which placed a $21 million multi-quarter purchase order for batteries for two- and three-wheeled vehicles. Stepien said winning business in China was notable given the region’s concentration of major battery competitors.
Amprius’ work with the U.S. Defense Innovation Unit also expanded during the quarter. Stepien said a development contract first awarded in July 2025 was increased for a third time and now totals $18.1 million. The latest increase adds delivery of three types of silicon-anode cylindrical cells and four standard-size pouch cells.
Company Raises Revenue Guidance, Reaffirms EBITDA Outlook
Rodriguez said Amprius continues to see “healthy demand indicators,” including growing backlog, higher production volumes at manufacturing partners and increasing urgency from defense-related customers around NDAA-compliant supply.
For 2026, the company now expects:
- Revenue of at least $130 million.
- Adjusted EBITDA of at least $4 million.
- A net loss of no more than $8 million, or less than $0.06 per share.
- Capital expenditures below $10 million, expected to be funded by the Defense Innovation Unit contract.
Rodriguez said Amprius still sees a path to its 25% full-year gross margin target, with improvement expected mainly in the second half. He said factors include accelerating U.S. demand, managing the China and Asia Pacific mix, and improving logistics coordination as volumes scale.
Warrant Exchange Aims to Simplify Capital Structure
Amprius also announced an agreement to exchange more than 7 million public warrants held by institutional investors into common stock. Rodriguez said the company had nearly 16.5 million public warrants issued when it went public in 2022, with a strike price of $11.50.
Rodriguez said converting 7.1 million of those warrants into stock would save shareholders “at least $70 million of dilution” that otherwise could have occurred if the warrants were exercised. He also said the transaction could relieve short interest tied to institutional warrant hedging.
The warrant exchange follows other balance sheet actions, including closing the company’s at-the-market offering program and settling the Colorado lease obligation. Rodriguez said the company is looking for opportunities to “simplify the balance sheet and optimize the capital structure.”
Management Discusses Manufacturing, Robotics and Standardization
During the question-and-answer session, Stepien said Amprius is seeing growing interest tied to U.S. defense programs, including drone-related initiatives. Asked about how recent awards to customers could translate into Amprius orders, Rodriguez said batteries typically account for 5% to 15% of the bill of materials for unmanned aerial vehicles, depending on how advanced the platform is.
Stepien also discussed progress with Nanotech, a cylindrical cell provider in Chico, California. He said Nanotech had validated Amprius’ silicon-anode materials in a 21700 cell and achieved performance about 10% better than a comparable 6.6Ah cell, with a 6.8Ah cell capable of handling up to 20 amps.
On robotics, Stepien said the market remains early and did not contribute meaningful first-quarter revenue, but discussions are underway with companies in the U.S. and Asia. He said Amprius’ high energy density is especially relevant in unstructured environments where robots cannot easily recharge.
Stepien said Amprius is also working with roughly 40 battery pack companies in a given quarter, including six to 10 major volume providers. He described them as a “force multiplier” because they help integrate Amprius cells into customized packs for end customers.
Looking ahead, Stepien said the company is focused on higher energy density, sustained power, safety, reliability and meeting manufacturing and country-of-origin requirements. “We remain deeply bullish about the opportunities in front of us,” he said.
About Amprius Technologies NYSE: AMPX
Amprius Technologies, Inc NYSE: AMPX is a U.S.-based developer of high-energy-density lithium-ion batteries that leverage silicon anode technology to deliver performance levels beyond conventional graphite-based cells. The company's batteries are designed to offer industry-leading gravimetric energy density, enabling longer run times and reduced weight for portable power applications. Amprius blends advanced materials science and scalable manufacturing processes to commercialize next-generation battery solutions.
At the core of Amprius' product portfolio are cylindrical and prismatic cells that employ a proprietary silicon nanowire anode, which supports high charge/discharge rates while maintaining cycle life.
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