Amprius Technologies Inc. (AMPX)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The growth and margin curve is intact and impressive, but the stock already prices in years of flawless scaling and carries several concentration risks at once — the China supply chain, the Ukraine revenue, one major customer. Only when the gross margin solidifies, the operating cash burn falls without new capital raises and the revenue base broadens (less war, less China, more USA) does the roughly 20-times-revenue valuation earn trust. Until then: keep an eye on the quarterly margin, the share count and customer concentration. The next figures are due August 6, 2026. The decision is yours.
symbol.quality_note
Amprius builds what may be the lightest battery in the drone world and is growing at a breathtaking pace: revenue went from $9.1 to $24.2 to $73.0 million in three years and rose another 153 percent in the first quarter of 2026 — our in-house scanner fires cleanly. But behind that stand a $44 million annual loss, 68 percent more shares, a buried factory of its own and a third of revenue hanging on shipments to Ukraine. We read the annual report (10-K) and the quarterly report (10-Q) — and untangle this bet for you. Not investment advice — just the fine print on the fuel tank before you chase the rocket.
Read the analysis
Stock Watch
This analysis is as of July 16, 2026. Stock Watch will tell you what's changed at AMPX since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Appears in These Scanners
This stock currently matches 9 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 9.60 $ — 19% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
NeutralAmprius verdient sein Geld mit Silizium-Anoden-Lithium-Ionen-Batterien (SiCore/SiMaxx) für Luftfahrt, Drohnen, Wearables und Elektromobilität; in den sechs geprüften Filings gibt es keine KI-Umsatzquelle, kein konkretes KI-Geschäftsrisiko und keinen belegten operativen KI-Einsatz — die Begriffe „artificial intelligence“, „machine learning“ oder „AI“ tauchen in keinem der vier 10-Qs und keinem der zwei 10-Ks auch nur einmal auf; „autonomous“ bezieht sich ausschließlich auf unbemannte Fluggeräte (UAS/Drohnen) als Batterie-Endmarkt und auf die Uigurische Autonome Region im Lieferketten-Abschnitt (UFLPA).
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-07 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-Q 2025-05-08 · 10-K 2026-03-06 · 10-K 2025-03-20
Rated on July 8, 2026 · How the Rating Is Built
Growth Score
5 of 10 Solid growthTen checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 154.8% passed
- More than 10% revenue growth is expected for the coming year 56.6% passed
- Share count grows by less than 3% a year 13.8% failed
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 153.4% passed
- Gross margin at 40% or higher and without meaningful erosion 11.3% failed
- Goodwill from acquisitions does not grow faster than revenue 0.0% passed
- Net debt below twice EBITDA 51 m net cash passed
- Operating cash flow covers the profits of the last three years 35 m failed
- Return on capital at 15% or higher, or up versus two years ago -33.6% failed
- Insiders hold at least 10% or are net buyers 4.5% failed
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Analysts & Price Target
The price target sits 139.6% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 7
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.07 | -0.10 – -0.05 | 132 | 61.4% | 7 |
| 12/31/2027 | 0.06 | 0.01 – 0.09 | 207 | 191.3% | 7 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- -0.03 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.10 | – | 11 | 169.50 | -107.40 | -6 | -3 |
| 2025: Q1 | -0.08 | – | 11 | 383.00 | -83.00 | -14 | -15 |
| 2025: Q2 | -0.05 | – | 15 | 350.40 | -42.30 | -4 | -5 |
| 2025: Q3 | -0.03 | – | 21 | 172.80 | -18.20 | -9 | -10 |
| 2025: Q4 | -0.18 | – | 25 | 137.40 | -96.70 | -4 | -6 |
| 2026: Q1 | -0.04 | – | 29 | 152.90 | -17.70 | -37 | -38 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2020 | 5 | -7 | -7 | -0.07 | -5 | 1 | 7 |
| 2021 | 3 | -11 | -10 | -0.10 | -8 | 14 | 19 |
| 2022 | 4 | -18 | -17 | -0.20 | -14 | 73 | 83 |
| 2023 | 9 | -39 | -37 | -0.43 | -26 | 60 | 108 |
| 2024 | 24 | -44 | -45 | -0.44 | -33 | 69 | 121 |
| 2025 | 73 | -47 | -44 | -0.35 | -31 | 104 | 157 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
A real, organic product ramp: from $9.1 million (2023) over $24.2 million (2024) to $73.0 million (2025), nine consecutive quarters of increases, and the first quarter of 2026 up 153 percent year over year. No acquisition, no bookkeeping effect — the scanner hit is clean.
Gross margin turned from minus 75.8 percent (2024) to plus 20.1 percent (first quarter of 2026), and the quarterly loss is shrinking. Behind it stands a real technology lead: 450 Wh/kg in series production, more than 80 patents, asset-light via contract manufacturers, and a Pentagon contract (DIU) increased to $18.1 million.
A market value around $1.8 billion against roughly $90 million of annualized revenue = a price-to-sales ratio around 20. The market is already paying for many years of flawless hyper-scaling in advance; the price leaves little room for disappointment, and with a beta above 2 the stock is extremely volatile.
A $44.0 million annual loss and a $223.4 million accumulated deficit. Financing runs through new shares: up 68 percent since 2022, the $100 million ATM is empty, and in May 2026 another 7.1 million warrants were exchanged for shares without cash coming in. On the plus side: practically debt-free ($62.4 million in cash).
The company's own Colorado factory was buried ($19.1 million in impairments, a $20 million termination payment); SiCore comes from China and South Korea, and the anode material exclusively from Berzelius without fixed prices. Add about 35 percent of Q1 2026 revenue from Ukraine and one customer with 37 percent of 2025 revenue.
Amprius is that rare growth story in which the growth is real: organic, accelerating, with a first positive gross margin and a technology lead in silicon-anode batteries for drones and the military. The catch lies not in the numbers but in the price and the fine print — a price-to-sales ratio around 20 on continuing losses, ongoing dilution, a Chinese supply chain and a third of revenue hanging on a war. Not investment advice.
- The revenue is real and organic (no merger or bookkeeping effect), but a good third of Q1 2026 revenue ($10.0 of $28.5 million) comes from shipments to customers in Ukraine; a ceasefire could dampen demand for combat-zone drones.
- The volume product SiCore is entirely contract-manufactured (China/South Korea); the anode material comes exclusively from the Chinese partner Berzelius, whose supply agreement contains no fixed prices. Chinese export controls on battery material are suspended only through at least November 2026.
- Financing runs entirely through equity: zero insider purchases against 20 insider sales (data as of July 8, 2026), the $100 million ATM has been used up since December 2025, and roughly 18.6 million further warrants run until September 2027.
About the Company
Amprius Technologies, Inc. entwickelt, fertigt und vermarktet Lithium-Ionen-Batterien für Mobilitätsanwendungen.
| Employees | 97 |
|---|---|
| Headquarters | Fremont, CA |
| Address | 1180 Page Avenue, 94538 Fremont, United States |
| Phone | 800 425 8803 |
| Website | amprius.com |
| IPO Date | 15. Sep 2022 |
| ISIN | US03214Q1085 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Thomas Michael Stepien | CEO, President & Director | 1961 |
| Ricardo C. Rodriguez | CFO & Corporate Secretary | 1985 |
| Kang Sun Ph.D. | Executive Advisor & Director | 1955 |
| Constantin Ionel Stefan | Chief Technology Officer | 1973 |
| Siyu Jiang | Vice President of Legal Affairs | – |
| Scott Zafiropoulo | Senior Director of Marketing | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.