Amprius Technologies (AMPX) Financials

Amprius Technologies (NYSE: AMPX) showed clear top-line growth in Q1 2026, but the business is still operating at a meaningful loss and burning cash. Revenue rose to $28.5 million from $25.2 million in Q4 2025 and $11.3 million in Q1 2025, showing solid year-over-year improvement. However, gross profit remained modest relative to operating costs, and the company posted a net loss of $5.0 million for the quarter.

From a profitability standpoint, Amprius is making progress on revenue, but it has not yet translated that growth into positive operating leverage. Operating expenses totaled $12.4 million in Q1 2026, well above gross profit of $5.7 million, leading to an operating loss of $6.7 million. That is an improvement from the much larger operating loss in Q4 2025, but the company remains far from break-even.

Cash flow remains a key issue. Operating cash flow was negative $37.4 million in Q1 2026, a sharp deterioration from negative $3.5 million in Q4 2025 and worse than the already weak levels seen in prior periods. The company did, however, end the quarter with $62.4 million in cash and equivalents, which provides some near-term cushion. Still, the negative operating cash flow suggests ongoing reliance on external financing or balance sheet liquidity.

The balance sheet looks manageable for now, but leverage and working capital trends deserve attention. Total assets were $130.8 million, total liabilities were $21.4 million, and total common equity stood at $109.4 million. Current assets of $114.0 million comfortably exceeded current liabilities of $16.0 million, which is a positive sign for short-term liquidity.

Over the last several years, the overall trend is one of rapid revenue growth paired with persistent losses and heavy cash consumption. AMPX has scaled revenue from just $679 thousand in Q1 2023 to $28.5 million in Q1 2026, but operating discipline has not kept pace. Investors should view the story as one of improving commercial traction, but still early-stage economics.

• Revenue growth remains strong, with Q1 2026 sales up meaningfully year over year and sequentially.
• Gross profit improved to $5.7 million, indicating better unit economics than earlier periods.
• Cash and equivalents of $62.4 million give the company some runway.
• Current assets exceeded current liabilities, suggesting short-term liquidity is still intact.
• Operating expenses remain high at $12.4 million, limiting progress toward profitability.
• Share count remains elevated versus earlier periods, which can pressure per-share results.
• Capital spending was modest in Q1 2026 at $1.0 million, so investment intensity was not especially heavy this quarter.
• Operating cash flow was deeply negative at $37.4 million, a major concern.
• The company posted a net loss of $5.0 million despite higher revenue.
• Amprius still relies on financing, as cash generation from operations is not yet covering the business.

Bottom line: AMPX is showing real sales momentum, but investors should remember that this is still a cash-burning growth story. The most important question is whether revenue can keep rising fast enough to absorb operating costs and move the company toward sustainable profitability before liquidity becomes tighter.