Key Takeaways
- Shares of AMPX plummeted 27% in extended trading after releasing Q1 2026 results that showed mixed performance.
- Quarterly sales reached $28.5 million, marking a 153% increase from the prior year and exceeding the $25.32 million consensus.
- Earnings per share registered at -$0.04, falling short of the anticipated -$0.0278 loss.
- Full-year 2026 revenue projections were increased to a minimum of $130 million from the previous $125 million target.
- The company closed Q1 with $62.4 million in available cash and eliminated all debt following a ~$20 million Colorado lease settlement.
Amprius Technologies (AMPX) delivered its best-ever quarterly revenue performance in Q1 2026, yet investors responded with sharp selling pressure. Shares plummeted 27.15% to $19.229 during after-hours trading immediately following the earnings announcement.
Amprius Technologies, Inc., AMPX
The company recorded quarterly sales of $28.5 million — representing a year-over-year surge of 153% and a sequential gain of 13% versus Q4 2025. This figure exceeded Wall Street’s consensus estimate of $25.32 million by approximately 12.7%.
However, profitability metrics told a different story. AMPX disclosed an earnings per share loss of $0.04, significantly worse than the -$0.0278 consensus forecast. This 43.88% deviation from expectations triggered the negative market reaction.
Profitability margins also deteriorated during the period. Gross margin contracted to 20% from the previous quarter’s 24%. CFO Ricardo Rodriguez attributed this decline to elevated overhead expenses associated with the SiMaxx platform — approximately $3 million in fixed costs generated only $618,000 in SiMaxx-related revenue.
The company’s SiCore battery product line has emerged as the dominant revenue contributor, representing 97% of total product sales during the quarter. Meanwhile, the legacy SiMaxx product line continues its planned phase-out.
Military Contracts and Customer Expansion Fuel Revenue Momentum
CEO Thomas Stepien highlighted several positive developments on the commercial front. Three defense and unmanned aircraft system (UAS) clients utilizing SiCore battery technology recently secured multimillion-dollar contract awards, providing enhanced forward visibility for purchase orders.
The Defense Innovation Unit (DIU) agreement has been expanded for the third consecutive time, bringing its total value to $18.1 million. The most recent expansion encompasses delivery of three variants of silicon anode cylindrical cells plus four standard-configuration pouch cells.
In the commercial sector, 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 vehicle applications. This represents an important diversification milestone beyond the company’s defense-focused customer base.
Geographic revenue distribution for Q1 showed EMEA accounting for 58% of sales, while North America and Asia Pacific each contributed 21%. Notably, North America’s proportion increased substantially compared to the previous quarter.
Updated Financial Outlook and Strengthened Financial Position
Despite the negative after-hours trading response, company leadership increased their full-year 2026 revenue forecast to a minimum of $130 million — representing a $5 million increase from the previous $125 million guidance. Adjusted EBITDA projections remain unchanged at a minimum of $4 million, with anticipated net losses not exceeding $8 million, or less than $0.06 per share.
Capital expenditures are projected to remain under $10 million throughout the year, with the DIU contract providing substantial funding support.
The company’s financial position improved considerably during Q1. Amprius paid approximately $20 million to eliminate its Colorado facility lease obligation — which would have represented over $110 million in future commitments — concluding the quarter with $62.4 million in cash reserves and zero outstanding debt.
Management also disclosed plans to execute a warrant exchange program, converting public warrants into common stock. Leadership characterized this initiative as reducing warrant overhang while streamlining the capital structure.
Research and development expenditures totaled $3.8 million while selling, general and administrative expenses reached $8.6 million for the quarter. The GAAP net loss amounted to $5 million.
The substantial after-hours decline followed a remarkable run of approximately 840% gains over the trailing twelve months, with shares reaching a 52-week peak of $22.80.
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