Key Takeaways
- After-hours trading saw AMPX stock plummet 27% following the Q1 2026 earnings announcement, even with revenue exceeding projections.
- Quarterly revenue reached $28.5 million, reflecting a 153% year-over-year increase and surpassing the $25.32 million consensus estimate.
- Earnings per share registered at -$0.04, falling short of the anticipated -$0.0278 loss.
- Management elevated full-year 2026 revenue projections to a minimum of $130 million from the previous $125 million target.
- The quarter concluded with $62.4 million in cash reserves and zero debt following a ~$20 million Colorado lease settlement.
Amprius Technologies (AMPX) delivered its most robust revenue performance to date in Q1 2026, yet investors responded with sharp selling pressure. Shares tumbled 27.15% to $19.229 during extended trading hours immediately after earnings were announced.
Amprius Technologies, Inc., AMPX
Quarterly revenue totaled $28.5 million — representing a substantial 153% increase compared to the year-ago period and marking a 13% sequential rise from Q4 2025. The figure exceeded Wall Street’s $25.32 million projection by approximately 12.7%.
However, profitability metrics disappointed. AMPX disclosed an EPS loss of $0.04, significantly worse than the -$0.0278 consensus forecast. This 43.88% earnings shortfall drove the negative market reaction.
Gross margin compression also emerged as a concern, declining to 20% from the previous quarter’s 24%. CFO Ricardo Rodriguez attributed this to elevated overhead expenses associated with the company’s SiMaxx platform — approximately $3 million in fixed costs against merely $618,000 in SiMaxx-generated revenue.
The SiCore battery product line has become the dominant revenue generator, representing 97% of total product sales during the quarter. The legacy SiMaxx platform is gradually being discontinued.
Defense Sector and Customer Expansion Fuel Revenue Momentum
CEO Thomas Stepien highlighted several encouraging developments on the customer acquisition front. Three defense and unmanned aerial systems (UAS) clients utilizing SiCore batteries recently secured multimillion-dollar contract awards, providing the company with enhanced forward-looking order visibility.
The Defense Innovation Unit (DIU) agreement has been expanded for a third consecutive time, bringing the total contract value to $18.1 million. The most recent expansion encompasses delivery of three varieties of silicon anode cylindrical cells plus four standard-format pouch cells.
In commercial markets, AMPX secured a new light electric vehicle manufacturer in China. This customer committed to a $21 million multi-quarter procurement order for batteries destined for two- and three-wheeled transportation applications. The agreement represents a significant milestone for the company’s diversification strategy beyond military applications.
Geographic revenue distribution for Q1 showed 58% originating from EMEA territories, while North America and Asia Pacific each contributed 21%. Notably, North America’s proportion expanded substantially compared to the previous quarter.
Upgraded Forecast and Strengthened Financial Position
Notwithstanding the after-hours price decline, executive leadership increased the complete 2026 fiscal year revenue forecast to a minimum of $130 million — representing a $5 million elevation from the prior $125 million guidance. Adjusted EBITDA projections remain unchanged at a minimum of $4 million, while net loss expectations hold steady at no more than $8 million, translating to under $0.06 per share.
Capital expenditure is projected to remain below $10 million throughout the year, with funding largely sourced from the DIU contract proceeds.
The balance sheet underwent substantial improvement during Q1. Amprius paid approximately $20 million to terminate its Colorado facility lease obligation — eliminating what would have exceeded $110 million in future payment commitments — concluding the period with $62.4 million in cash and complete debt elimination.
Management also disclosed plans to exchange outstanding public warrants for common stock, characterizing the transaction as reducing warrant overhang while streamlining the capital structure.
Research and development expenditures totaled $3.8 million while selling, general, and administrative costs reached $8.6 million for the quarter. The GAAP net loss amounted to $5 million.
The stock’s pronounced after-hours decline followed a remarkable rally of approximately 840% over the trailing twelve months, with shares reaching a 52-week peak of $22.80.
