olivlawolivlaw

olivLaw · US equity research

Amprius Technologies, Inc. AMPX

Miscellaneous Electrical Machinery, Equipment & Supplies · SIC 3690 · Vertical: Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690)

8.47USD−4.08% · 1 dayClose 04 Nov 2026

Amprius Technologies designs and manufactures silicon-anode lithium-ion batteries for aviation, drones and electric mobility. Revenue more than doubled in the second quarter of 2026 and the company raised its full-year outlook, making AMPX a name to watch in defense and drones.

At the close of 04 Nov 2026, Amprius Technologies, Inc. (AMPX) stock was 8.47 USD (−4.08% on the day), with market capitalisation 1.2 bn USD, beta 2.73, 52-week range 7.58–22.91 USD. Latest reported quarter (Q2 2026): revenue of 34.0 m USD (+125.9% YoY), net income of -3.2 m USD, diluted EPS -0.04 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
1.2 bn USD
shares as of 31 Jul 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.29 · TTM to 30 Jun 2026
E/P (TTM)
-3.48%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
2.73
Volatility (1y) 99%
52-week range
7.5822.91

Price history

Loading chart…

Technical reading

RSI (14)
46.0
neutral
Bollinger (20, 2)
7.39 – 9.58
in the lower half of the band · %B 0.49 · band width 25.8%
SMA 50 / 200
9.19 / 13.37
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.18 / -0.27
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−10.4%−1.1%−9.3 pp—
3 months−27.7%−0.5%−27.3 pp—
6 months−61.8%+4.4%−66.2 pp—
Year to date+7.4%+12.3%−5.0 pp—
1 year−30.0%+13.5%−43.5 pp−60.2%
3 years+152.8%+76.4%+76.4 pp−50.2%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−66.9%
02 Jun 2026 → 20 Oct 2026
Max drawdown (5y)
−94.5%
23 Sept 2022 → 06 Sept 2024
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
34.0 m USD
+125.9% YoY
Net income
-3.2 m USD
unavailable YoY
Diluted EPS
-0.04
unavailable YoY
net / operating
-9.3% / -12.6%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue7.9 m10.6 m11.3 m15.1 m21.4 m25.2 m28.5 m34.0 m
Cost of revenue13.0 m12.9 m13.6 m13.7 m18.1 m19.3 m22.8 m24.8 m
Gross profit-5.1 m-2.3 m-2.4 m1.3 m3.3 m6.0 m5.7 m9.3 m
Research & development1.8 m2.3 m2.0 m2.2 m2.5 m2.8 m3.8 m4.1 m
SG&A4.3 m5.4 m5.3 m6.0 m5.5 m6.2 m8.6 m9.5 m
Operating income-11.3 m-11.8 m-9.7 m-6.8 m-4.7 m-25.5 m-6.7 m-4.3 m
Depreciation & amortisation864.0 k ≈891.0 k943.0 k1.0 m ≈1.2 m ≈1.2 m761.0 k751.0 k ≈
Income tax0 ≈000 ≈0 ≈000 ≈
Net income-10.9 m-11.4 m-9.4 m-6.4 m-3.9 m-24.4 m-5.0 m-3.2 m
Diluted EPS-0.10-0.10 ≈-0.08-0.05-0.03-0.18 ≈-0.04-0.04
Operating cash flow-9.5 m ≈-6.1 m-14.1 m-4.3 m ≈-9.2 m ≈-3.5 m-37.3 m-2.9 m ≈
Capex1.3 m ≈-3.6 m913.0 k716.0 k ≈414.0 k ≈2.4 m980.0 k1.8 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20212022202320242025
Revenue2.8 m4.4 m9.1 m24.2 m73.0 m
Revenue YoYunavailable+59.1%+105.3%+167.0%+202.1%
Net income-9.9 m-17.3 m-36.8 m-44.7 m-44.0 m
Net income YoYunavailableunavailableunavailableunavailableunavailable
Diluted EPS-0.15-0.24-0.43-0.45-0.35
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailable
net %-357.0%-393.1%-406.2%-184.8%-60.3%
Free cash flow-8.6 m-15.4 m-43.1 m-36.6 m-35.5 m

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
90.5 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
103.8 m USD
Total assets
156.9 m USD
Debt / equity
unavailable
Current ratio
7.08x
ROE
-50.8%
ROA
-31.7%
FCF margin
-48.7%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
9.1 m
2024
24.2 m
2025
73.0 m

SEC (XBRL)· 06 Mar 2026verified

Cost of revenue
2023
23.7 m
2024
42.5 m
2025
64.7 m

SEC (XBRL)· 06 Mar 2026verified

Gross profit
2023
-14.7 m
2024
-18.3 m
2025
8.3 m

SEC (XBRL)· 06 Mar 2026verified

Research & development
2023
3.7 m
2024
7.3 m
2025
9.4 m

SEC (XBRL)· 06 Mar 2026verified

SG&A
2023
20.4 m
2024
18.7 m
2025
23.0 m

SEC (XBRL)· 06 Mar 2026verified

Operating income
2023
-38.7 m
2024
-46.3 m
2025
-46.6 m

SEC (XBRL)· 06 Mar 2026verified

Depreciation & amortisation
2023
1.8 m
2024
3.8 m
2025
4.4 m

SEC (XBRL)· 06 Mar 2026verified

EBITDA
2023
-36.9 m ≈
2024
-42.5 m ≈
2025
-42.3 m ≈

SEC (XBRL)· 06 Mar 2026derived

Pre-tax income
2023
-36.8 m
2024
-44.7 m
2025
-44.0 m

SEC (XBRL)· 06 Mar 2026verified

Income tax
2023
0
2024
0
2025
0

SEC (XBRL)· 06 Mar 2026verified

Net income
2023
-36.8 m
2024
-44.7 m
2025
-44.0 m

SEC (XBRL)· 06 Mar 2026verified

Diluted EPS
2023
-0.43
2024
-0.45
2025
-0.35

SEC (XBRL)· 06 Mar 2026verified

Weighted average diluted shares
2023
86.2 m
2024
101.9 m
2025
124.6 m

SEC (XBRL)· 06 Mar 2026verified

Balance sheet · USD

Cash
2023
45.8 m
2024
55.2 m
2025
90.5 m

SEC (XBRL)· 06 Mar 2026verified

Receivables
2023
1.3 m
2024
5.6 m
2025
23.7 m

SEC (XBRL)· 06 Mar 2026verified

Inventories
2023
730.0 k
2024
6.6 m
2025
6.7 m

SEC (XBRL)· 06 Mar 2026verified

Current assets
2023
50.5 m
2024
68.8 m
2025
126.4 m

SEC (XBRL)· 06 Mar 2026verified

Property, plant & equipment, net
2023
21.8 m
2024
17.5 m
2025
9.7 m

SEC (XBRL)· 06 Mar 2026verified

Total assets
2023
107.7 m
2024
121.1 m
2025
156.9 m

SEC (XBRL)· 06 Mar 2026verified

Accounts payable
2023
3.3 m
2024
7.4 m
2025
6.7 m

SEC (XBRL)· 06 Mar 2026verified

Current liabilities
2023
13.5 m
2024
17.2 m
2025
17.9 m

SEC (XBRL)· 06 Mar 2026verified

Total liabilities
2023
47.9 m
2024
51.7 m
2025
53.1 m

SEC (XBRL)· 06 Mar 2026verified

Equity
2023
59.8 m †
2024
69.5 m †
2025
103.8 m †

SEC (XBRL)· 06 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-25.6 m
2024
-33.4 m
2025
-31.1 m

SEC (XBRL)· 06 Mar 2026verified

Capex
2023
17.6 m
2024
3.2 m
2025
4.4 m

SEC (XBRL)· 06 Mar 2026verified

Free cash flow
2023
-43.1 m ≈
2024
-36.6 m ≈
2025
-35.5 m ≈

SEC (XBRL)· 06 Mar 2026derived

Investing cash flow
2023
-17.6 m
2024
-3.2 m
2025
-4.4 m

SEC (XBRL)· 06 Mar 2026verified

Financing cash flow
2023
19.2 m
2024
47.2 m
2025
71.0 m

SEC (XBRL)· 06 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
202.1%
computed by olivLawFY 2025
Revenue CAGR 3Y
154.9%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
22.3%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-34.1%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-37.7%
computed by olivLawTTM to 30 Jun 2026
Net margin
-33.4%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-53.5%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-36.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-26.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-31.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
7.2x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
4.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-52.9 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
5.6 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-58.4 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
86 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
29 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
1.2 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-3.5%
computed by olivLawTTM to 30 Jun 2026
P/B
9.8x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
11.3x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-4.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

8.47 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 1.2 bn USD

Key indicators

Market capitalisation
1.2 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
9.8x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-36.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-33.4%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
202.1%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 31 Jul 2026
Source: SEC (XBRL)published 06 Aug 2026
verified 679derived 65

Score by group

72% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)

no valuation method could be computed

Multiple comparisons use the SIC vertical: Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Quality22.3%0 (on a fixed band)15%
EBIT margin · Quality-37.7%56 (vs peers)12%
FCF margin · Quality-53.5%0 (on a fixed band)12%
Revenue CAGR 3Y · Growth154.9%100 (on a fixed band)24%
Revenue growth (YoY) · Growth202.1%86 (vs peers)12%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet7.2x100 (on a fixed band)9%
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuation-4.7%0 (on a fixed band)18%
Shareholder yield (distributions) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/2 factors with a value
  • Growth95/100 · 2/2 factors with a value
  • Quality17/100 · 3/3 factors with a value
  • Returns· partialunavailable · 0/1 factors with a value
  • Valuation· partial0/100 · 1/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Amprius Technologies, Inc. (AMPX). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 73.0 m USD in 2025; YoY growth 202.1%; net margin -33.4%; ROE -36.1%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 154.9%
  • Revenue growth (YoY): 202.1%
  • Current ratio: 7.2x

What contradicts it

  • Gross margin: 22.3%
  • FCF margin: -53.5%
  • FCF yield: -4.7%

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales, Shareholder yield (distributions).

Versus the vertical median

Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690) · same industry (4-digit SIC) · compared with 38 companies

Multiples and returns vs the median

P/E
—
vertical median 21.3x
EV/EBITDA
—
vertical median 11.5x
P/S
11.3x
vertical median 1.3x
above median (+803.3%)
P/B
9.8x
vertical median 1.7x
above median (+475.7%)
ROE
-36.1%
vertical median -62.0%
above median
Net margin
-33.4%
vertical median -52.2%
above median
EBIT margin
-37.7%
vertical median -42.4%
above median
Revenue YoY
202.1%
vertical median 5.8%
above median (+3,359.9%)
Net debt/EBITDA
—
vertical median 1.2x
Dividend yield
—
vertical median 1.7%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ENSEnerSys5.6 bn16.718.4%9.3%+3.7%+9% / +76%
NOVTNovanta Inc.5.5 bn92.85.1%6.0%+3.3%+28% / +1%
ATKRAtkore Inc.3.2 bn—-11.9%-5.5%−11.0%+37% / −24%
SPBSpectrum Brands Holdings, Inc.2.1 bn28.04.2%2.8%−5.2%+54% / +32%
NVXNOVONIX Ltd1.9 bn—-62.0%-1,650.8%−4.1%−81% / −88%
ENREnergizer Holdings, Inc.1.7 bn21.342.2%2.7%+2.3%+38% / −18%
AMPXAmprius Technologies, Inc.1.2 bn—-36.1%-33.4%+202.1%−30% / +153%
EMATEvolution Metals & Technologies Corp.1.2 bn———unavailableunavailable / unavailable
EOSEEos Energy Enterprises, Inc.779.3 m——-246.8%+631.8%−86% / +95%
ENVXEnovix Corporation612.3 m—-82.2%-473.9%+37.9%−64% / −75%
NRGVEnergy Vault Holdings, Inc.578.2 m—-225.9%-48.6%+340.9%−8% / +38%
SLDPSolid Power, Inc.515.7 m—-20.5%-1,152.2%+8.0%−57% / +60%
FLNCFluence Energy, Inc.312.1 m—-20.7%-3.1%−16.1%−69% / −76%
CHPTChargePoint Holdings, Inc.306.4 m—-1,015.1%-40.6%−1.4%+39% / −69%
SESSES AI Corporation286.4 m—-31.2%-289.6%+929.4%−60% / −63%
ULBIEnerSys260.3 m1.4-4.8%-3.5%+16.2%+175% / +109%
MVSTMicrovast Holdings, Inc.255.7 m—11.4%13.9%+12.6%−81% / −43%
ELVAElectrovaya Inc.173.4 m—-673.8%-3.4%+170.8%+7% / +94%
ELPWElong Power Holding Ltd.145.7 m——-271.3%+430.7%−100% / −100%
NEOVNeoVolta, Inc.134.6 m—-101.1%-161.0%+58.2%−44% / +28%
GAUZGauzy Ltd.127.5 m——-51.4%+32.8%−86% / unavailable
BYRNByrna Technologies Inc.97.4 m—-14.9%-9.2%+37.7%−77% / −29%
EPOWE-Power Inc.88.8 m——-35.8%−28.6%−88% / −87%
BLNKBlink Charging Co.65.4 m—-79.9%-52.2%−18.0%−66% / −86%
STISolidion Technology, Inc.37.8 m—-1,382.4%-23,852.8%unavailable−59% / −99%

1- and 3-year price returns: for AMPX from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Amprius Technologies designs and manufactures silicon-anode lithium-ion batteries for aviation, drones and electric mobility. Revenue more than doubled in the second quarter of 2026 and the company raised its full-year outlook, making AMPX a name to watch in defense and drones 13.

    SWOT

    Strengths

    • Contract manufacturing model that allows capacity expansion with low capital investment 13.
    • Rapid revenue growth and improved gross margin in the second quarter of 2026 3.

    Weaknesses

    • The company has a history of financial losses and expects significant expenses and continuing losses 1.
    • Reliance on third-party partners for manufacturing and materials can create quality and supply risks 1.
    • Limited historical data on battery performance and reliability in the field 1.

    Opportunities

    • A multi-year contract with an electric motorcycle maker could generate substantial revenue if it materialises 3.
    • Demand from defense and military drones could grow, supported by government programmes and pilot-line funding 13.
    • The light electric mobility and electric air vehicle markets could open new customers for high-density cells 1.

    Threats

    • New NDAA restrictions and tariffs may raise costs and limit available suppliers 1.
    • Larger competitors with stronger finances could quickly take share in aviation and electric vehicles 1.
    • Geopolitical tensions and reliance on overseas suppliers, including in China, could disrupt the supply chain 1.

    Risks

    • Battery defectshigh

      If batteries do not perform as expected, the company could face recalls, warranty costs and loss of customers 1.

    • Reliance on contract manufacturershigh

      Loss of a manufacturing partner or lack of established commercial terms could delay deliveries and raise costs 1.

    • Need for additional capitalmedium

      The company could need additional funding, and its terms might be less favourable than expected 1.

    • Customer concentrationmedium

      Changes in demand from large customers or from the public sector could reduce revenue and operating results 1.

    • Intellectual property disputeslow

      The company's patents could be challenged, and defending litigation could be costly and time-consuming 1.

    Investment thesis

    What would need to be true (bull case)

    • Quarterly revenue grew strongly, gross margin improved, and the full-year outlook was raised twice in a row 3.
    • Large contracts with a European drone maker and an electric motorcycle supplier could support medium-term growth 3.
    • The silicon anode technology and low-investment production model could allow rapid expansion if demand holds 1.

    What would break the thesis

    • The company continues to report net losses, and reaching profitability targets depends on executing a fast ramp 13.
    • Reliance on third-party manufacturers and a single exclusive materials supplier can create price and delivery risks 1.
    • Larger competitors could erode the company's market share if they expand capacity quickly 1.

    What to watch

    • Delivery against the at least 140 million USD revenue outlook2026
    • Execution of the Stark Future contract and start of deliveries2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Amprius Technologies, Inc. develops, manufactures and markets lithium-ion batteries for mobility applications, including aviation, ground and marine vehicles. Its silicon anode technology replaces the graphite anode in traditional lithium-ion batteries and promises higher energy density and fast charging 1. The company produces in Fremont, California, and relies mainly on global contract manufacturers to expand capacity with minimal capital investment, with access to over 2.0 GWh of annual SiCore production 13. Its headquarters are in Fremont and its shares are listed on the NYSE under AMPX 3.

    Segments

    SiCore batteries

    SiCore batteries, developed with Berzelius, began limited shipments in 2023 and launched commercially in January 2024. They are produced by contract partners and sold for drones, light electric vehicles and other uses, with access to over 2.0 GWh of annual production 12. Customers include a European drone maker that placed a $24.0 million order in the second quarter of 2026 3.

    Aviation and drones

    Aviation, including unmanned aerial systems, drones and HAPS, is the company's main market today 1. Validated customers include AALTO Airbus, AeroVironment, BAE Systems and Teledyne FLIR, and quarterly revenue has grown with demand from drones and electric mobility 13.

    Market context

    The market for batteries for electric mobility, aviation and light vehicles is growing fast, supported by transport electrification and government programmes. Drones and HAPS need batteries with higher energy density, and according to the company graphite is approaching its theoretical limits 1. Light electric mobility such as motorcycles and scooters is an expanding market for SiCore cells 13.

    Trends

    • Demand from drones and defensetailwind

      Drones are increasingly used in defense, agriculture, logistics and public safety, which raises demand for batteries with longer endurance. If this demand holds, it could support revenue growth 13.

    • New NDAA requirementsheadwind

      New provisions of the fiscal 2026 National Defense Authorization Act are expected to impose restrictions on the source of battery components and materials for government suppliers. Adapting the supply chain may take time and money 1.

    • Electrification of light mobilitytailwind

      Rapid growth in electric two- and three-wheel vehicles could create demand for high-density batteries, especially SiCore cells 1.

    • Reliance on third-party manufacturersmixed

      Use of contract manufacturers and a single exclusive materials supplier can bring price, quality and delay risks, especially without established commercial terms 1. This dependence may limit near-term margins, although it allows capacity expansion with low investment 3.

    Competitive position

    The battery market is highly competitive, with established manufacturers and new entrants developing new technologies and chemistries. Some competitors could have greater resources to expand production and reach customers in aviation and electric vehicles 1. The company says it has the only known 100% silicon anode free of inactive additives, but this advantage depends on how competition evolves 1.

    • New entrants with alternative battery chemistries

      New companies developing alternative battery technologies; the source describes them generally and does not name them.

    • Established lithium-ion cell manufacturers

      Companies established in lithium-ion production that may have greater resources to scale; the source does not name them.

    • Electric vehicle battery manufacturers

      Suppliers with a limited range of commercial batteries meeting electric vehicle specifications; the source does not name them.

    • Berzelius

      Development partner and exclusive silicon anode material supplier, which may also compete with the company for customers.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Amprius Technologies, Inc. · 06 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Amprius Technologies, Inc. · 06 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Amprius Technologies, Inc. · 04 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.