Amprius (AMPX) Stock Plunges 27% Despite Q1 Revenue Surge of 153%

Key Takeaways

• AMPX shares plummeted 27% in extended trading after releasing Q1 2026 results, despite exceeding revenue projections.
• Quarterly revenue reached $28.5 million, representing a 153% year-over-year increase and beating consensus estimates of $25.32 million.
• Earnings per share registered at -$0.04, falling short of the anticipated -$0.0278 loss.
• Management increased its 2026 annual revenue forecast to a minimum of $130 million from the previous $125 million target.
• The quarter closed with $62.4 million in cash reserves and a debt-free balance sheet following a ~$20 million Colorado lease settlement.

Amprius Technologies (AMPX) delivered its most robust quarterly revenue performance to date in Q1 2026, yet the market response was decidedly negative. Shares declined 27.15% in after-hours activity, trading at $19.229 following the earnings announcement.

Amprius Technologies, Inc., AMPX

The company generated $28.5 million in quarterly revenue — marking a 153% increase compared to the prior-year period and climbing 13% sequentially from Q4 2025. This performance exceeded Wall Street’s consensus forecast of $25.32 million by approximately 12.7%.

However, profitability metrics told a different story. AMPX posted a per-share loss of $0.04, significantly worse than the -$0.0278 loss analysts had projected. This 43.88% earnings shortfall prompted the sharp sell-off in extended trading.

Profitability margins also contracted during the quarter, with gross margin declining to 20% from the previous quarter’s 24%. CFO Ricardo Rodriguez attributed this compression to elevated overhead expenses associated with the company’s SiMaxx platform — approximately $3 million in fixed costs against just $618,000 in SiMaxx-related revenue.

The SiCore battery product line has emerged as the primary revenue driver, representing 97% of total product sales during the quarter. The legacy SiMaxx platform continues its planned phase-out.

Defense Contracts and Customer Expansion Fuel Revenue Growth

CEO Thomas Stepien highlighted substantial momentum on the customer acquisition front. Three defense and unmanned aerial systems customers utilizing SiCore battery technology recently secured multimillion-dollar contract awards, providing the company with enhanced visibility into upcoming order flow.

The Defense Innovation Unit (DIU) partnership has expanded for a third consecutive time, now totaling $18.1 million. The latest modification encompasses delivery of three variants of silicon anode cylindrical cells plus four standard-format pouch cells.

In the commercial sector, AMPX secured a new light electric vehicle customer based in China. This client issued a $21 million multi-quarter procurement order for batteries powering two- and three-wheeled vehicles — a significant development for a company seeking to reduce defense concentration.

Geographic revenue distribution in Q1 showed EMEA contributing 58%, while North America and Asia Pacific each accounted for 21%. North America’s proportion increased substantially from the preceding quarter.

Updated Outlook and Strengthened Financial Position

Despite the after-hours price decline, leadership revised upward its full-year 2026 revenue projection to at least $130 million — representing a $5 million increase from the prior $125 million guidance. Adjusted EBITDA expectations remain unchanged at a minimum of $4 million, while net loss is projected not to exceed $8 million, or below $0.06 per share.

Capital expenditures are anticipated to remain under $10 million for the year, with the DIU contract providing substantial funding.

The company’s financial position improved materially during Q1. Amprius paid approximately $20 million to terminate its Colorado facility lease — eliminating what would have been over $110 million in future payment obligations — and concluded the period with $62.4 million in cash and zero debt.

Management also unveiled a warrant exchange program designed to convert outstanding public warrants into common stock, a strategic initiative aimed at eliminating warrant overhang and streamlining the capital structure.

Research and development expenditures totaled $3.8 million while selling, general and administrative costs reached $8.6 million during the quarter. The GAAP net loss amounted to $5 million.

The steep after-hours decline follows an impressive run of roughly 840% over the trailing twelve months, with shares having reached a 52-week peak of $22.80.

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