Amprius Technologies Inc. (AMPX)
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Amprius builds what may be the lightest battery in the drone world and is growing at a breathtaking pace: revenue went from $9.1 to $24.2 to $73.0 million in three years and rose another 153 percent in the first quarter of 2026 — our in-house scanner fires cleanly. But behind that stand a $44 million annual loss, 68 percent more shares, a buried factory of its own and a third of revenue hanging on shipments to Ukraine. We read the annual report (10-K) and the quarterly report (10-Q) — and untangle this bet for you. Not investment advice — just the fine print on the fuel tank before you chase the rocket.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
NeutralAmprius verdient sein Geld mit Silizium-Anoden-Lithium-Ionen-Batterien (SiCore/SiMaxx) für Luftfahrt, Drohnen, Wearables und Elektromobilität; in den sechs geprüften Filings gibt es keine KI-Umsatzquelle, kein konkretes KI-Geschäftsrisiko und keinen belegten operativen KI-Einsatz — die Begriffe „artificial intelligence“, „machine learning“ oder „AI“ tauchen in keinem der vier 10-Qs und keinem der zwei 10-Ks auch nur einmal auf; „autonomous“ bezieht sich ausschließlich auf unbemannte Fluggeräte (UAS/Drohnen) als Batterie-Endmarkt und auf die Uigurische Autonome Region im Lieferketten-Abschnitt (UFLPA).
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-07 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-Q 2025-05-08 · 10-K 2026-03-06 · 10-K 2025-03-20
Rated on July 8, 2026 · How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.10 | – | 11 | 169.50 | -107.40 | -6 | -3 |
| 2025: Q1 | -0.08 | – | 11 | 383.00 | -83.00 | -14 | -15 |
| 2025: Q2 | -0.05 | – | 15 | 350.40 | -42.30 | -4 | -5 |
| 2025: Q3 | -0.03 | – | 21 | 172.80 | -18.20 | -9 | -10 |
| 2025: Q4 | -0.18 | – | 25 | 137.40 | -96.70 | -4 | -6 |
| 2026: Q1 | -0.04 | – | 29 | 152.90 | -17.70 | -37 | -38 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
A real, organic product ramp: from $9.1 million (2023) over $24.2 million (2024) to $73.0 million (2025), nine consecutive quarters of increases, and the first quarter of 2026 up 153 percent year over year. No acquisition, no bookkeeping effect — the scanner hit is clean.
Gross margin turned from minus 75.8 percent (2024) to plus 20.1 percent (first quarter of 2026), and the quarterly loss is shrinking. Behind it stands a real technology lead: 450 Wh/kg in series production, more than 80 patents, asset-light via contract manufacturers, and a Pentagon contract (DIU) increased to $18.1 million.
A market value around $1.8 billion against roughly $90 million of annualized revenue = a price-to-sales ratio around 20. The market is already paying for many years of flawless hyper-scaling in advance; the price leaves little room for disappointment, and with a beta above 2 the stock is extremely volatile.
A $44.0 million annual loss and a $223.4 million accumulated deficit. Financing runs through new shares: up 68 percent since 2022, the $100 million ATM is empty, and in May 2026 another 7.1 million warrants were exchanged for shares without cash coming in. On the plus side: practically debt-free ($62.4 million in cash).
The company's own Colorado factory was buried ($19.1 million in impairments, a $20 million termination payment); SiCore comes from China and South Korea, and the anode material exclusively from Berzelius without fixed prices. Add about 35 percent of Q1 2026 revenue from Ukraine and one customer with 37 percent of 2025 revenue.
Amprius is that rare growth story in which the growth is real: organic, accelerating, with a first positive gross margin and a technology lead in silicon-anode batteries for drones and the military. The catch lies not in the numbers but in the price and the fine print — a price-to-sales ratio around 20 on continuing losses, ongoing dilution, a Chinese supply chain and a third of revenue hanging on a war. Not investment advice.
- The revenue is real and organic (no merger or bookkeeping effect), but a good third of Q1 2026 revenue ($10.0 of $28.5 million) comes from shipments to customers in Ukraine; a ceasefire could dampen demand for combat-zone drones.
- The volume product SiCore is entirely contract-manufactured (China/South Korea); the anode material comes exclusively from the Chinese partner Berzelius, whose supply agreement contains no fixed prices. Chinese export controls on battery material are suspended only through at least November 2026.
- Financing runs entirely through equity: zero insider purchases against 20 insider sales (data as of July 8, 2026), the $100 million ATM has been used up since December 2025, and roughly 18.6 million further warrants run until September 2027.
About the Company
Amprius Technologies, Inc. entwickelt, fertigt und vermarktet Lithium-Ionen-Batterien für Mobilitätsanwendungen.
| Employees | 97 |
|---|---|
| Headquarters | Fremont, CA |
| Website | amprius.com |
| IPO Date | 15. Sep 2022 |
| Next Earnings | 6. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Thomas Michael Stepien | CEO, President & Director | 1961 |
| Ricardo C. Rodriguez | CFO & Corporate Secretary | 1985 |
| Kang Sun Ph.D. | Executive Advisor & Director | 1955 |
| Constantin Ionel Stefan | Chief Technology Officer | 1973 |
| Siyu Jiang | Vice President of Legal Affairs | – |
| Scott Zafiropoulo | Senior Director of Marketing | – |
| Ronnie Tao | Vice President of Sales | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.