Key Takeaways
- Shares of AMPX declined 27% in extended trading after reporting first quarter 2026 financial results that missed earnings expectations.
- Quarterly revenue reached $28.5 million, representing a 153% increase from the prior year period and exceeding the $25.32 million consensus estimate.
- The company reported a loss per share of -$0.04, falling short of the anticipated -$0.0278 loss.
- Management increased fiscal 2026 revenue projections to a minimum of $130 million from the previous $125 million target.
- Amprius closed the quarter with $62.4 million in cash reserves and eliminated all debt following a ~$20 million Colorado facility lease settlement.
Amprius Technologies (AMPX) delivered its most robust quarterly revenue performance to date during Q1 2026, yet the market response was decidedly negative. Shares plummeted 27.15% to $19.229 during after-hours trading following the earnings announcement.
Amprius Technologies, Inc., AMPX
The company generated $28.5 million in quarterly revenue — marking a 153% year-over-year increase and a 13% sequential improvement from Q4 2025. This performance exceeded Wall Street’s $25.32 million forecast by approximately 12.7%.
However, profitability metrics told a different story. AMPX disclosed an earnings per share loss of $0.04, which was 43.88% worse than the consensus estimate of -$0.0278. This bottom-line disappointment triggered the sharp sell-off.
Profitability margins also contracted during the period. Gross margin declined to 20% from the previous quarter’s 24%. CFO Ricardo Rodriguez attributed this compression to elevated overhead expenses associated with the SiMaxx platform — approximately $3 million in fixed costs against just $618,000 in SiMaxx-related sales.
The company’s SiCore battery product line now dominates operations, representing 97% of total product revenue during the quarter. The legacy SiMaxx platform is gradually being discontinued.
Defense Sector and Customer Expansion Fuel Top-Line Performance
CEO Thomas Stepien highlighted several positive developments on the customer acquisition front. Three defense and unmanned aerial systems (UAS) clients utilizing SiCore battery technology recently secured multimillion-dollar contract awards, providing the company with enhanced forecasting capabilities for future orders.
The Defense Innovation Unit (DIU) partnership has also expanded significantly — now extended for the third time to a cumulative value of $18.1 million. The most recent expansion encompasses delivery of three varieties of silicon anode cylindrical cells plus four standard-format pouch cells.
On the commercial front, AMPX secured a new light electric vehicle partner in China. This customer committed to a $21 million multi-quarter purchase agreement for batteries designed for two- and three-wheeled vehicles — representing a strategic win as the company works to broaden its customer base beyond defense applications.
Geographic revenue distribution for Q1 showed 58% originating from EMEA markets, while North America and Asia Pacific each contributed 21%. The North American segment experienced “meaningful” growth compared to the preceding quarter.
Forward Outlook Improved, Financial Position Strengthened
Despite the negative after-hours market reaction, company leadership elevated full-year 2026 revenue projections to a minimum of $130 million — representing a $5 million increase from the prior $125 million guidance. Adjusted EBITDA expectations remain unchanged at no less than $4 million, with projected net loss capped at $8 million, or less than $0.06 per diluted share.
Capital expenditures are projected to remain under $10 million throughout the year, with substantial funding provided through the DIU contract arrangement.
The company’s financial position improved considerably during Q1. Amprius negotiated an approximately $20 million settlement to terminate its Colorado facility lease obligations — eliminating what would have amounted to over $110 million in future payment commitments — concluding the quarter with $62.4 million in cash and zero outstanding debt.
Management also unveiled plans to exchange outstanding public warrants for common equity, characterizing this initiative as reducing warrant overhang while streamlining the capital structure.
Research and development expenditures totaled $3.8 million for the quarter, with selling, general and administrative expenses reaching $8.6 million. The GAAP net loss stood at $5 million.
The dramatic after-hours decline followed an impressive run that saw the stock appreciate roughly 840% over the trailing twelve months, with a 52-week peak of $22.80.
