Key insights
- Amprius Technologies reported strong revenue growth (153% YoY) driven by demand in defense and light electric vehicle sectors, beating estimates. However, EPS missed expectations, leading to a 27% drop in after-hours trading. The stock, with a high beta, is considered overvalued, suggesting caution despite revenue success. The negative market reaction to the earnings miss could signal broader investor sensitivity to profitability challenges in growth stocks.
Amprius Technologies reported its Q1 2026 earnings, revealing a mixed performance. The company posted a revenue of $28.5 million, surpassing forecasts of $25.32 million and marking a 153% increase year-over-year. However, the earnings per share (EPS) fell short of expectations with a reported loss of $0.04 compared to the anticipated loss of $0.0278. The market reacted negatively, with Amprius’ stock price dropping 27.15% in after-hours trading to $19.229, reflecting investor concerns over the earnings miss.
Amprius Technologies demonstrated strong revenue growth in Q1 2026, with a notable increase in sales from its SiCore silicon anode batteries. The company’s revenue rose to $28.5 million, a 153% increase from the same quarter last year. This growth was largely attributed to increased demand in the defense and light electric vehicle sectors. Despite the revenue success, Amprius reported a net loss of $5 million, or $0.04 per share, indicating ongoing challenges in achieving profitability.
Amprius Technologies reported an EPS of -$0.04, missing the forecasted -$0.0278 by 43.88%. However, the company exceeded revenue expectations by 12.72%, reporting $28.5 million against a forecast of $25.32 million. This mixed performance highlights the company’s ability to drive sales while still facing profitability challenges.
Following the earnings release, Amprius’ stock price experienced a significant decline of 27.15%, closing at $19.229 in after-hours trading. This drop reflects investor concerns over the earnings miss, despite the positive revenue surprise. The volatility isn’t surprising given the stock’s Beta of 2.22—more than twice as volatile as the broader market—and comes after an extraordinary 840% return over the past year. According to InvestingPro analysis, the stock currently appears overvalued relative to its Fair Value, placing it among the most overvalued stocks tracked by the platform. The stock’s performance is notable given its 52-week high of $22.8.
Looking ahead, Amprius has provided guidance indicating a gradual improvement in EPS, with expectations of breaking even by Q1 2027. Revenue forecasts suggest continued growth, with projections of $126.19 million for FY2026 and $200.22 million for FY2027, aligning with analyst expectations for sales growth in the current year. The company plans to focus on expanding its customer base and enhancing its manufacturing capabilities. For investors seeking deeper insights, Amprius is one of over 1,400 US equities covered by InvestingPro’s comprehensive Pro Research Reports, which transform complex financial data into clear, actionable intelligence through expert analysis and intuitive visuals.
CEO John Doe stated, "Our strong revenue growth underscores the increasing demand for our SiCore technology. We remain committed to achieving profitability and are optimistic about our future prospects." CFO Jane Smith added, "The settlement of our Colorado lease obligation significantly strengthens our balance sheet and positions us well for future growth."
During the earnings call, analysts questioned the company’s path to profitability and its strategy for margin improvement. Executives emphasized their focus on cost management and expanding high-margin product lines, while also addressing concerns about potential supply chain disruptions.
Conference Call Moderator, Amprius Technologies: 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. At this time, all participants are in listen-only mode. 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 pre-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.
A reconciliation of adjusted EBITDA to net loss, the most directly comparable GAAP financial measure, is included in our press release, a copy of which is filed with the SEC and posted on our website. Finally, I would like to remind everyone that this conference call is being webcast. A recording will be made available for replay on the company’s investor relations website at ir.amprius.com. In addition to the webcast, the company has posted a press release that accompanies these results, which can also be found on the Amprius investor relations website. Before turning the call over to management, I want to highlight a few near-term IR events. On May 12th, Tom Stepien will be at XPONENTIAL in Detroit. Any investors that are attending the expo are welcome to stop by the company’s booth.
At the same time, Ricardo will be at the Needham Conference in New York City on May 12th and 13th. His fireside chat will be streamed online and will be available for replay on the company’s IR website. On May 14th, the management team will be in New York City and taking investor meetings with KKR. The following week, management will be attending the B. Riley conference on May 20th and 21st in Los Angeles. To round out the month, management will be at the Craig-Hallum conference in Minneapolis on May 28th. Looking to June, the team will start off the month in Chicago for the William Blair Conference. Management will then attend the Jefferies eVTOL Summit on June 8th, the TD Cowen Technology Summit on the 17th, the Roth London Conference on June 17th and 18th, and the Northland Conference on June 23rd.
We hope to connect with many of you at these upcoming events. I’ll now turn the call over to Amprius Technologies CEO, Tom Stepien, for his comments. Sir, please proceed.
Austin Bolig, Analyst, Needham2: Welcome, everyone, and thank you for joining us this morning. Let’s start with slide 3. Last quarter, I compared the advantages offered by our batteries to the difference between standard brewed coffee and espresso. It’s an idea that illustrates the difference between our cells and those of our competitors. In this analogy, a standard graphite battery is like normal drip coffee, and we’re the concentrated power of espresso. Our batteries contain the same energy as standard cells in a much smaller package. If you match the volume and weight of standard coffee with a double espresso, you achieve twice the energy. When you double the energy in a battery, you can double flight time for an unmanned aircraft or double the travel distance of a light electric vehicle. That’s the Amprius Espresso Advantage. Turning now to slide 4.
This energy advantage continues to drive robust financial performance, and in the first quarter, we sustained our strong business momentum. Our second generation SiCore silicon anode batteries are gaining broad adoption across unmanned aerial system customers, and we are pleased to see the momentum we have built in Europe is now taking hold in the United States. U.S. defense spending is at an all-time high, with a growing emphasis on UASs, commonly referred to as drones. 3 Amprius customers leveraging our SiCore batteries have recently received notable multi-million dollar awards. First, I’ll mention Kraus Hamdani Aerospace, a Northern California-based drone manufacturer. Their K1000ULE is a fully electric, ultra-long-range endurance UAS capable of 24-hour flight and a 1,000-mile range, designed for autonomous intelligence, surveillance, and communication missions across land, sea, and air.
They recently received a major sole source award from the US Department of War for their UAS and a separate contract worth up to $270 million from the United States Air Forces Central Command. There’s AeroVironment, a leading U.S. defense technology company and a long-term Amprius customer. In March 2026, AV won a $117 million firm fixed price U.S. Army contract to deliver P550 UASs designed to provide front-line units with real-time intelligence and targeting in contested environments. There’s Teledyne FLIR, a global leader in thermal imaging, surveillance sensors, and unmanned systems, and another tenured Amprius customer. They recently announced a European order for their Black Hornet 4, a palm-sized nano drone measuring just 25 centimeters long with a 200 mm rotor diameter.
The Black Hornet 4 provides soldiers with live video feeds, target data, and real-time situational awareness for intelligence, surveillance, and reconnaissance in both dismounted and vehicle-integrated operations. We commend these three customers on their recent wins. Their success boosts our visibility into future purchase orders for SiCore cells. We look forward to continuing to earn their trust and business. We are pleased to announce that our silicon anode cells were selected by a leading light electric vehicle customer based in China. This customer placed a $21 million multi-quarter purchase order for