Strong Revenue Growth and Raised Guidance
Q1 revenue of $28.5M, up 153% year-over-year and 13% sequentially; company raised 2026 revenue guidance to at least $130M (up $5M from prior forecast).
Amprius Technologies Inc
· AMPX
May 6th, 2026
Summary
- Earnings Call Date:
- 2026-05-06
- Change Since:
- -43.58%
- Next Earnings Date:
- 2026-08-06
Earnings Call Sentiment
PositiveThe call conveyed a strongly positive commercial momentum story — very high revenue growth (Q1 +153% YoY), a raised 2026 revenue target, meaningful defense and commercial customer awards, DIU funding increases, and technical/manufacturing validation — while acknowledging near-term margin pressure and a sizable but managed cash draw tied to working capital, a Colorado lease settlement and legacy product wind-down. Management provided visibility on guidance (revenue, adjusted EBITDA, net loss limits), capital structure actions to reduce future dilution, and a path to recover gross margins as manufacturing capacity and logistics improve. Overall the highlights (strong growth, customer wins, contract expansions and strategic balance-sheet moves) materially outweigh the temporary lowlights (margin step-back, Q1 operating loss and cash consumption).
Company Guidance
Amprius raised 2026 revenue guidance to at least $130.0 million (up $5.0M from prior) after Q1 results of $28.5M (153% YoY, +13% sequential), and expects a reacceleration in the June quarter; Q1 gross profit was $5.7M (20% GM; ~22% ex-Colorado) and management is targeting ~25% full‑year gross margin; Q1 adjusted EBITDA was negative $1.8M but 2026 adjusted EBITDA is guided to be at least $4.0M, with a net‑loss ceiling of no more than $8.0M (less than $0.06 per share) assuming ~136.9M shares (Q1 GAAP net loss was $5.0M, -$0.04/share); cash was $62.4M (no debt), down from $90.5M after $37.3M cash use (including $11.5M AR increase with ~$6.5M collected and ~$20M Colorado lease settlement), liabilities fell ~$29.8M and shareholders’ equity was $109.4M; Q1 OpEx totaled $12.4M (R&D $3.8M, SG&A $8.6M) with full‑year OpEx expected to top out near $50M, and 2026 CapEx is expected to remain under $10M, largely funded by the DIU; product mix was 97% SiCore and regional mix was ~58% EMEA / 21% North America / 21% APAC.
Broad Adoption of SiCore and Defense Customer Wins
Second-generation SiCore silicon-anode cells are gaining adoption across UAS customers; three long-tenured customers achieved large awards (including a $270M potential AF Central contract and a $117M US Army contract for a customer), improving visibility into future SiCore purchase orders.
Significant Commercial Order in Light Electric Vehicles (China)
Secured a $21M multi-quarter purchase order from a leading light electric vehicle customer in China, demonstrating traction in a highly competitive EV market.
Expanded DIU Contract and U.S. Pouch Development
Defense Innovation Unit development contract increased to $18.1M (third increase), funding delivery of multiple cylindrical and pouch silicon-anode cells and supporting U.S. pouch cell prototype capacity; DIU funding expected to help fund 2026 CapEx.
Adjusted EBITDA Improvement Year-over-Year
Q1 adjusted EBITDA was negative $1.8M, an improvement versus negative $5.2M in the same quarter last year, and management continues to expect 2026 adjusted EBITDA of at least $4M.
Strategic Balance Sheet and Capital Structure Actions
Ended Q1 with $62.4M cash and no debt; settled Colorado lease (paid ~$20M) reducing liabilities by $29.8M; announced agreement to convert ~7.1M public warrants into common shares, expected to avoid at least ~$70M of future dilution.
Manufacturing & Technical Validation Progress
Nanotech (U.S. cylindrical CM) validated a 21700 cell (6.8 Ah, ~10% better than comparable cells) and can handle higher discharge (up to 20 A); company has multiple CMs in Korea and progress on NDAA-compliant supplier agreements.
Geographic and Customer Mix Expansion
Cycle (SiCore) represented 97% of product revenue; revenue mix was 58% EMEA, 21% North America (meaningful sequential increase), and 21% Asia Pacific; more than 50% of shipments in Q1 were to new customers, and pack-partner network (~40 partners) is a force multiplier.
Awards & Recognition
Won a CES Innovation Award and was named a TIME Top 100 Greentech company, enhancing external validation and visibility.
Operator
Good morning. Welcome to the Amprius Technologies First Quarter 2026 Earnings Conference Call. Joining us for today's presentation are the company's CEO, Tom Stepien; and CFO, Ricardo Rodriguez. [Operator Instructions] Following management's remarks, we will open the call for questions. Please note that this presentation contains forward-looking statements, including, but not limited to, statements regarding our financial and business performance, our business strategy, future product development or commercialization, new customer adoption and new applications, our growth and the growth of the markets in which we operate and the timing and ability of Amprius to expand its manufacturing capacity, scale its business and achieve a sustainable cost structure. These statements involve known and unknown risks, uncertainties and other important factors that may cause Amprius' results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. For a more complete discussion of these risks and uncertainties, please refer to Amprius' filings with the Securities and Exchange Commission. This presentation includes a non-GAAP financial measure, which is adjusted EBITDA.
This non-GAAP financial measure does not replace the presentation of Amprius' GAAP financial results and should only be used as a supplement to, not a substitute for, Amprius' financial results presented in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies...
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