TLDR
- AMPX stock dropped 27% in after-hours trading following Q1 2026 earnings despite beating revenue forecasts.
- Revenue hit $28.5 million, up 153% year-over-year, topping the $25.32 million estimate.
- EPS came in at -$0.04, missing the expected -$0.0278 loss.
- The company raised full-year 2026 revenue guidance to at least $130 million, up from $125 million.
- Amprius ended Q1 with $62.4 million cash and zero debt after settling its Colorado lease for ~$20 million.
Amprius Technologies (AMPX) posted its strongest revenue quarter yet in Q1 2026, but the market wasn’t impressed. The stock fell 27.15% in after-hours trading to $19.229 after the earnings release.
Amprius Technologies, Inc., AMPX
Revenue came in at $28.5 million for the quarter — a 153% jump from the same period last year and 13% above Q4 2025. That beat analyst expectations of $25.32 million by about 12.7%.
The problem was on the bottom line. AMPX reported an EPS loss of $0.04, wider than the -$0.0278 analysts had penciled in. That 43.88% miss is what spooked investors.
$AMPX with a massive revenue beat in Q1, they just missed the EPS estimates.
The stock is down 7% in aftermarket but on the first sight there is a lot to like about these earnings.
1. Huge Backlog: $500 Million in Defense Orders
This is a big win. While the company's current… pic.twitter.com/7u9mlQOYod— KaizenInvestor (@Kaizen_Investor) May 6, 2026
Gross margin also slipped, falling to 20% from 24% in Q4 2025. CFO Ricardo Rodriguez pointed to higher overhead costs tied to the company’s SiMaxx platform — roughly $3 million in fixed costs against only $618,000 in SiMaxx revenue.
The SiCore battery line is clearly driving the ship now, accounting for 97% of product revenue in the quarter. Legacy SiMaxx is being phased out.
Defense and New Customers Driving Growth
CEO Thomas Stepien had plenty of good news on the demand side. Three defense and UAS customers using SiCore batteries recently picked up multimillion-dollar awards, which the company says gives it better visibility into future purchase orders.
The DIU (Defense Innovation Unit) contract also got bigger — expanded for a third time to now total $18.1 million. The latest addition includes delivery of three types of silicon anode cylindrical cells and four standard-sized pouch cells.
On the commercial side, AMPX landed a new light electric vehicle customer in China. That customer placed a $21 million multi-quarter purchase order for batteries for two- and three-wheeled vehicles. A meaningful win for a company trying to diversify beyond defense.
Revenue mix in Q1 showed 58% from EMEA, with North America and Asia Pacific each at 21%. North America’s share grew “meaningfully” from the prior quarter.
Guidance Raised, Balance Sheet Cleaned Up
Despite the after-hours selloff, management did raise the full-year 2026 revenue outlook to at least $130 million — $5 million above the prior guidance of $125 million. Adjusted EBITDA guidance stays at at least $4 million, with a net loss expected to be no more than $8 million, or under $0.06 per share.
CapEx is expected to stay below $10 million for the year, largely funded by the DIU contract.
The balance sheet got a significant cleanup in Q1. Amprius paid about $20 million to settle its Colorado facility lease — what would have been more than $110 million in future obligations — leaving the company with $62.4 million in cash and no debt.
The company also announced a plan to exchange its public warrants for common stock, a move management framed as reducing warrant overhang and simplifying the capital structure.
R&D expenses were $3.8 million and SG&A was $8.6 million for the quarter. The GAAP net loss was $5 million.
The stock’s steep after-hours drop came after a run of approximately 840% over the past year, with a 52-week high of $22.80.
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