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Amprius Technologies Inc (AMPX)
NYSE:AMPX
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Amprius Technologies Inc
(NYSE:AMPX)
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Rating:59Neutral
Price Target:
$19.50
▲(6.62% Upside)
Action:ReiteratedDate:03/07/26
The score is driven by strong technical momentum (price well above major moving averages with positive MACD) and a positive earnings outlook with guidance for 2026 growth and adjusted EBITDA turning positive. Offsetting this, current fundamentals remain weak due to sizable losses and ongoing cash burn, and valuation is constrained by negative earnings and no dividend yield support.
Positive Factors
Rapid Revenue Growth
Sustained, multi-year revenue acceleration indicates commercial traction and adoption in targeted weight-sensitive markets. Higher volumes support fixed-cost absorption, enable scale benefits, and make durable margin improvement and recurring production orders more likely as development programs convert to production.
Technical/Product Leadership
Proprietary silicon-anode technology and recognized energy-density leadership create a durable competitive advantage in aerospace, defense and specialized mobility. Superior energy density supports premium applications, stronger ASPs and customer stickiness versus commodity battery suppliers over the medium term.
Improved Liquidity & NDAA Progress
A solid cash balance with no debt and an expanded DIU NDAA-aligned contract reduces near-term financing pressure and supports capex and qualification work. NDAA compliance and U.S. partner progress materially improve addressable defense opportunities and long-term supply-chain resilience.
Negative Factors
Persistent Cash Burn
Negative operating and free cash flow means the business still requires external funding to scale; this constrains financial flexibility and can force dilutive capital raises or costly financing. Continued cash burn also raises risk that operational improvements must materially accelerate to achieve self-sustaining cash generation.
Deep GAAP Losses & Weak Returns
Large GAAP losses and negative returns erode shareholder capital and limit the firm's ability to internally fund expansion. Until operating leverage and margin targets are realized at scale, profitability metrics remain a structural headwind for reinvestment and sustainable free cash flow generation.
Execution & Scaling Risk
Complex multi-model production across contract manufacturers and qualifying many suppliers raises qualification, quality and logistics burdens. These execution challenges can slow volume conversion, increase costs, and delay margin expansion, making long-term targets contingent on successful operational scaling.
Amprius Technologies Inc (AMPX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.46B
Dividend YieldN/A
Average Volume (3M)9.84M
Price to Earnings (P/E)―
Beta (1Y)2.11
Revenue Growth234.14%
EPS Growth42.67%
CountryUS
Employees99
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.18
Shares Outstanding137,019,000
10 Day Avg. Volume13,505,455
30 Day Avg. Volume9,838,820
Financial Highlights & Ratios
PEG Ratio1.01
Price to Book (P/B)9.47
Price to Sales (P/S)13.47
P/FCF Ratio-27.68
Enterprise Value/Market Cap0.93
Enterprise Value/Revenue31.39
Enterprise Value/Gross Profit277.30
Enterprise Value/Ebitda-122.83
Forecast
1Y Price Target
$19.75Price Target Upside7.98% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)-0.06
Revenue Forecast (FY)$125.59M
Amprius Technologies Inc Business Overview & Revenue Model
Company DescriptionAmprius Technologies, Inc. manufactures and distributes lithium-ion batteries. Its products include silicon nanowire anode lithium-ion batteries. The company serves the aerospace, defense, and electric vehicle industries. Amprius Technologies, Inc. was incorporated in 2008 and is headquartered in Fremont, California.
How the Company Makes MoneyAmprius primarily makes money by selling lithium-ion battery cells (and, where applicable, battery packs or related deliverables) to customers that require high-performance energy storage. Revenue is generated through (1) product revenue from commercial shipments of its cells—priced based on agreed specifications such as capacity, power performance, energy density, form factor, and qualification requirements—and (2) service and development revenue when customers contract Amprius for engineering, prototyping, customization, testing/validation, and qualification work associated with bringing a specific battery configuration to production. The company’s earnings are influenced by its ability to scale manufacturing capacity and yields (which affect unit costs and gross margins), secure customer programs that move from development/prototype phases into recurring production orders, and meet stringent performance and safety requirements that can create higher-value niches. Information on specific partnership counterparties and their quantitative contribution to revenue is null.
Amprius Technologies Inc Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive operational and commercial narrative: record quarterly and annual revenue, major gross margin improvement, technical validation (CES award, high energy-density metrics), meaningful customer expansion, and tangible progress toward NDAA compliance and U.S. manufacturing partnerships. At the same time, near-term financials are weighed down by a large one-time Colorado charge, negative adjusted EBITDA in the quarter, and operational scaling risks (converting many evaluations into high-volume orders and finalizing supplier contracts). Management gave constructive 2026 guidance (≥$125M revenue and positive adjusted EBITDA) and outlined a credible long-term margin and capacity target, but execution risk remains around scaling, cash timing (the $20M cash settlement), and converting the pipeline.Q4-2025 Updates
Positive Updates
Record Quarterly and Annual Revenue
Q4 revenue of $25.2M, up 18% quarter-over-quarter and +137% year-over-year; full-year 2025 revenue of $73.0M (3x 2024), and an annualized revenue run-rate above $100M.
Material Gross Margin Improvement
Q4 gross margin improved to 24% (a +9 percentage-point increase QoQ and +45 percentage points YoY); full-year 2025 gross margin of 11% versus negative 76% in 2024, representing a large year-over-year turnaround.
Product and Technical Leadership
CES Best of Innovation award for a silicon-anode cell at 520 Wh/kg (nearly 2x conventional graphite-based cells); SiCore platform expanded to 22 cell designs across chemistries and formats; introduced three new cells in Q4 and retired one.
NDAA Compliance and Supply-Chain Progress
DIU contract increased to $14.8M to accelerate NDAA-compliant pilot/manufacturing lines; internal component sourcing scorecard 11/11 NDAA-compliant; expanded contract manufacturing partners (three in South Korea and first U.S. partner Nanotech Energy) and reported being ahead of schedule on compliance.
Customer Expansion and Notable Wins
Customer base expanded to over 550 customers (up from 444 in prior call, implying >100 new logos in the quarter); highlighted commercial platform win with Nokia Drone Networks and continued traction with customers such as Airbus/Alto and L3Harris.
Capital and Balance Sheet Actions
Cash position reported at approximately $90.5M with no debt; completed aftermarket financing facility; terminated ATM program; fully exited Colorado facility and settled related lease obligations (settlement and balance-sheet reductions expected to materially reduce future liabilities).
Operational and Margin Pathway Guidance
2026 baseline guidance: at least $125M revenue with first full year of adjusted positive EBITDA of at least $4.0M (net loss guidance of ~$8.0M, or $0.06 per share, assuming 134.5M shares); management targets long-term scale: >$600M contracted capacity by decade-end with >30% gross margins and ~20% EBITDA margins.
Efficiency and Cost Management
Q4 operating expenses were $8.9M (excluding one-time $22.5M charge); management highlighted resourceful culture and steps taken to reduce future operating costs (exit of Colorado facility and reallocation of R&D costs).
Negative Updates
GAAP Losses and One-Time Charges
Q4 operating loss of $25.4M included a one-time $22.5M charge related to the decision not to develop the Colorado facility; GAAP net loss in the quarter was $24.3M (-$0.18 per share). Excluding the one-time charge, Q4 operating loss would have been $2.9M and GAAP loss would have been $1.9M (-$0.01 per share).
Adjusted EBITDA Still Negative
Q4 adjusted EBITDA was negative $1.8M (versus negative $1.4M in the prior quarter). Management noted multiple adjustments and Colorado-related costs that cloud the near-term adjusted EBITDA picture, with caveats about pro-forma impacts.
Near-Term Cash Impact From Colorado Settlement
Settlement of the Colorado lease obligation will reduce cash in Q1 by approximately $20.0M and will reduce right-of-use assets and near-term liabilities (noted reductions: $13.4M ROU assets and $33.2M near-term liabilities).
Operational Complexity and Scaling Risks
Aligning 22 cell models across multiple contract manufacturers and 11 internal NDAA-compliant components is operationally intensive; remaining work includes converting qualified suppliers into multiyear agreements and operationalizing deliveries at scale.
Revenue Concentration in Early-Stage Orders and Low Market Share
A large portion of the new customer wins are at evaluation volumes (pilot/test orders from the Fremont pilot line); management reports single-digit market share in served markets, indicating substantial work to convert pipeline into sustained high-volume production.
Working Capital Use and Inventory Build
Q4 cash used in operations was $13.5M, driven by a $1.8M increase in accounts receivable and a $2.1M increase in inventory, which could pressure near-term free cash flow if revenue conversion slows.
Reliance on Contract Manufacturers and Geopolitical Dynamics
While NDAA-compliant partners exist in Korea and the U.S., the company still depends on contract manufacturers for volume; balancing customer country-of-origin demands (U.S. vs Korea or allied sources) could create short-term capacity or pricing pressures.
Company Guidance
The company guided to at least $125.0M of revenue in 2026 with its first full year of adjusted positive EBITDA of at least $4.0M, implying a net loss of about $8.0M (≈-$0.06 per share based on 134.5M shares), and expects CapEx under $10.0M (with a $14.8M DIU contract expected to cover most capital); this builds on 2025 results of $73.0M revenue (3x 2024), Q4 revenue of $25.2M (+18% QoQ), Q4 gross margin of 24% (FY gross margin 11% vs -76% in 2024), Q4 adjusted EBITDA of -$1.8M (would have been +$0.177M excluding $1.6M Colorado costs), a cash balance of ~$90.5M with no debt, termination of the ATM, and longer-term targets of >$600M contracted capacity, >30% gross margins and ≥20% EBITDA margins by the end of the decade.Amprius Technologies Inc Financial Statement Overview
Summary
Revenue growth and gross margin improved meaningfully (2025 revenue $73.0M, gross margin ~11% vs deeply negative prior year), but the company remains heavily loss-making (net margin about -60%) with continued negative operating and free cash flow (FCF about -$35.5M in 2025). Balance sheet leverage improved and was described as supported, but negative returns and ongoing cash burn keep financial strength below average.Income Statement
Revenue growth has accelerated sharply, rising to $73.0M in 2025 (up ~25% vs. 2024), showing improving commercial traction. Profitability is still weak: while gross margin turned positive in 2025 (~11%) after deeply negative levels in prior years, the company remains heavily loss-making with EBIT and net margins still meaningfully negative (net margin about -60% in 2025). Overall, the trend is improving at the top line and at the gross profit level, but operating expenses remain too high for the current scale.34
Negative
Balance Sheet
The balance sheet shows moderate leverage, with debt-to-equity improving to ~0.38 in 2025 (down from ~0.54 in 2024), alongside a larger equity base ($103.8M) and asset growth ($156.9M). However, returns remain very negative (return on equity around -42% in 2025), reflecting ongoing losses and limiting balance-sheet quality despite the improved capital structure. Financial flexibility appears acceptable, but sustained losses are the key risk.56
Neutral
Cash Flow
Cash generation remains a challenge, with operating cash flow and free cash flow both negative in 2025 (about -$31.1M and -$35.5M, respectively), indicating continued cash burn. Free cash flow improved modestly versus 2024, but the business is still not funding itself from operations. While cash outflow is directionally stabilizing, the company likely remains dependent on external capital until profitability and operating cash flow turn positive.33
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 73.01M | 23.57M | 8.79M | 4.41M | 2.77M |
| Gross Profit | 8.26M | -18.93M | -14.94M | -5.44M | -4.33M |
| EBITDA | -19.76M | -40.59M | -36.90M | -15.24M | -8.46M |
| Net Income | -44.02M | -44.67M | -36.78M | -17.33M | -9.90M |
Balance Sheet | |||||
| Total Assets | 156.89M | 121.13M | 107.74M | 83.17M | 18.53M |
| Cash, Cash Equivalents and Short-Term Investments | 90.47M | 55.16M | 45.76M | 69.70M | 11.49M |
| Total Debt | 39.87M | 37.76M | 35.57M | 3.02M | 0.00 |
| Total Liabilities | 53.08M | 51.65M | 47.94M | 10.14M | 4.67M |
| Stockholders Equity | 103.81M | 69.47M | 59.80M | 73.03M | 13.86M |
Cash Flow | |||||
| Free Cash Flow | -35.53M | -36.56M | -43.10M | -15.36M | -8.63M |
| Operating Cash Flow | -31.13M | -33.35M | -25.55M | -13.88M | -8.02M |
| Investing Cash Flow | -4.40M | -3.21M | -17.55M | -1.48M | -609.00K |
| Financing Cash Flow | 71.04M | 47.15M | 19.17M | 73.63M | 20.11M |
Amprius Technologies Inc Technical Analysis
Positive
18.29
Price Trends
11.59
Positive
11.41
Positive
9.40
Positive
Market Momentum
1.83
Negative
74.79
Negative
89.25
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMPX, the sentiment is Positive. The current price of 18.29 is above the 20-day moving average (MA) of 12.68, above the 50-day MA of 11.59, and above the 200-day MA of 9.40, indicating a bullish trend. The MACD of 1.83 indicates Negative momentum. The RSI at 74.79 is Negative, neither overbought nor oversold. The STOCH value of 89.25 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AMPX.
Amprius Technologies Inc Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $5.93B | 15.10 | 16.61% | 0.67% | 6.17% | 20.86% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $2.46B | -22.34 | -49.74% | ― | 234.14% | 42.67% | |
52 Neutral | $731.85M | -209.28 | -38.86% | ― | 19.82% | -7.14% | |
52 Neutral | $1.07B | -10.09 | -0.23% | ― | 45.98% | 44.14% | |
50 Neutral | $3.00B | -1.40 | -110.00% | ― | 2.53% | -2.83% | |
45 Neutral | $1.94B | -3.08 | 73.98% | ― | 324.10% | -214.91% |
* Industrials Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.