Amprius Technologies, Inc.

What they do

Amprius develops, manufactures, and markets lithium-ion batteries using proprietary silicon anode technology, targeting aviation (drones, HAPS) and ground/marine mobility. Its SiCore batteries are produced through global contract manufacturers, including the Amprius Korea Battery Alliance, while SiMaxx batteries are made at its Fremont, California facility. The company has shipped over 4.2 million cells since inception.

Revenue drivers

• SiCore batteries — Commercial launch in January 2024; revenue driver via contracts with drone and e-mobility customers, including a $24.0M order from a European drone developer and a multi-year Stark Future supply agreement exceeding $100M.
• SiMaxx batteries — Manufactured in Fremont; supports high-energy-density applications, though recent expansion focuses on SiCore quick-turn prototypes.
• Aviation and e-mobility customers — Customers include AALTO Airbus, AeroVironment, BAE Systems, Redwire, and Stark Future; revenue growth driven by reorders and new engagements, with over 500 customer engagements since inception.

Recent performance

Q2 2026 revenue was $34.0M, up 126% YoY and 19% sequentially. Gross profit was $9.3M (27% margin), up 593% YoY. GAAP net loss narrowed to $5.1M, a 20% improvement, including a $1.9M non-cash warrant exchange charge; adjusted net loss was $3.2M. Full-year 2025 revenue was $71.9M with a net loss of $44.0M.

Strategy

Amprius relies on outsourced contract manufacturing to scale capacity rapidly with minimal capital, leveraging global partners including the Amprius Korea Battery Alliance to access over 2.0 GWh annual production. It is expanding its Fremont pilot line to 10 MWh, partially funded by a $18.1M DIU contract. The company terminated the Brighton, Colorado lease with a $20.0M payment (January 2026) to cut capital commitments. It is also adding pack partners to scale without direct sales headcount.

Risks

• Third-party manufacturing reliance — Primary dependence on contract manufacturers and Berzelius for silicon anode materials exposes Amprius to supply chain disruptions and quality control risks.
• Scalability and cost targets — May not succeed in expanding capacity or meeting cost, quality, and yield targets, which could limit market opportunities and profitability.
• Brighton lease termination costs — Termination of the Brighton lease incurred a $20.0M payment and a $0.2M net loss on lease termination in Q1 2026, reflecting prior $19.1M impairment.
• Continued losses and funding needs — Despite improving results, the company has a history of net losses and negative operating cash flows, requiring future capital raises (e.g., sales agreement up to $100M) to fund operations.

Outlook

For full-year 2026, management raised revenue guidance to at least $140.0M (from at least $130M) and gross margin to at least 28% (from 25%). It reiterates net loss below $10.0M and positive non-GAAP Adjusted EBITDA of at least $4M. The company expects continued demand from drone and e-mobility markets and ongoing Fremont pilot line expansion.