Amprius Technologies, Inc. (AMPX)

Price$9.44Cached quoteAs of 2026-10-10 12:12 UTC

AI: Overvalued

Price checkCurrent price assumes rapid profitable growth before Amprius has produced durable positive cash.

Using 146.1 million shares outstanding, the observed close implies an equity value near $1.38 billion. After subtracting $68.1 million of net cash, the operating business is valued near $1.31 billion. Revenue over the latest four quarters was about $108.1 million, roughly 12 times sales; even against management’s at-least-$140 million 2026 target, it is about 9 times sales. It also equals about 11 times $125.6 million of book equity, assets left after liabilities. With ongoing losses, no earnings-based valuation support exists.

Big pictureGrowth and margins improved sharply, but cash generation remains unproven and partly obscured.

Revenue rose from $23.6 million in 2024 to $71.9 million in 2025, then reached $62.6 million in 2026’s first half. Second-quarter gross profit was $9.3 million, or 27% of revenue after direct production costs, versus 9% a year earlier. First-half operating cash outflow was $40.1 million, plus $2.4 million of equipment spending. This included a $20 million Colorado lease exit that removed over $110 million of future obligations; inventory and payment timing consumed more cash. Free cash flow—cash left after operations and investment—remained negative.

Business strengthStrong liquidity and better products support growth, though concentrated project sales can swing.

At June 30, Amprius held $74.5 million of cash and $6.4 million of lease-related obligations, leaving $68.1 million net cash, meaning cash exceeded those obligations. Current assets were $131.6 million versus $18.4 million of current liabilities. Its outsourced network offered more than two gigawatt-hours of annual capacity, limiting factory spending. However, two customers supplied 25% of second-quarter revenue, and Ukraine shipments were $10.4 million, about 31%. Drone, defense, and electric-mobility projects arrive as large orders, making sales sensitive to qualification and procurement cycles.

What could change the storyConfirmed orders could justify optimism, but missed targets or further dilution would expose valuation risk.

The bull case needs at least $140 million of 2026 revenue, a 28% gross margin, and adjusted operating profit above $4 million before interest, taxes, and non-cash depreciation. Amprius must then convert its $24 million drone order and Stark Future’s more-than-$100 million opportunity into cash-producing sales. The bear case is delayed qualifications while costs remain high. Shares outstanding rose from 116.9 million at 2024 year-end to 146.1 million by June 2026, reducing each existing share’s ownership by about 20%. Another $23.2 million of unrecognized stock compensation could continue dilution.

AI: News

Outlook raised after growthAmprius more than doubled quarterly sales, widened gross profit, and raised its full-year targets.

On August 4, Amprius reported second-quarter revenue of $34.0 million, up 126% year over year, and gross profit of $9.3 million, up from $1.3 million. It raised 2026 revenue guidance to at least $140 million and its gross-margin target to at least 28%, while targeting a net loss below $10 million. Shares gained 8.4% the following session, but the timing supports only an association, not proof that earnings alone caused the move.

Two large customer winsNew drone and motorcycle commitments improve revenue visibility, but qualification and delivery timing still matter.

Disclosed on August 4, a new European drone maker placed a $24 million SiCore cell order, while electric-motorcycle manufacturer Stark Future signed a multi-year supply agreement starting in 2027 that Amprius says could exceed $100 million. Together, these commitments are large relative to 2025 revenue of $71.9 million and strengthen the growth case. The Stark figure is described as an opportunity, not guaranteed revenue, so production schedules, qualifications, and customer demand determine how much becomes sales.

SiCore 500 launchA new high-energy aviation cell could widen Amprius’s advantage if customers approve it at scale.

On September 2, Amprius introduced a second-generation SiCore cell rated at 500 watt-hours per kilogram, a measure of stored energy relative to weight. Commercial availability is expected in the fourth quarter. Management says the cell can run on conventional lithium-ion equipment, potentially preserving the low-spending outsourced model while improving drone range or payload. This remains a product-launch claim: customer qualification, safety, cycle life, production yield, and volume orders must confirm that the stated performance translates into profitable commercial sales.

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Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$71.9M	$23.6M	$8.8M	$4.4M	$2.8M
Gross profit	$8.3M	−$18.3M	−$14.7M	−$5.7M	−$4.3M
Gross margin	11.49%	−77.78%	−166.94%	−128.24%	−156.17%
Research & development	$9.4M	$7.3M	$3.7M	$2.0M	$1.4M
Operating expenses	$54.9M	$27.9M	$24.0M	$12.4M	$6.3M
Operating income	−$46.6M	−$46.3M	−$38.7M	−$18.0M	−$10.6M
Operating margin	−64.87%	−196.30%	−440.33%	−409.19%	−383.23%
EBITDA	−$42.3M	−$42.5M	−$36.9M	−$16.5M	−$9.2M
EBITDA margin	−58.79%	−180.14%	−419.78%	−374.28%	−331.24%
Net income	−$44.0M	−$44.7M	−$36.8M	−$17.3M	−$9.9M
Net profit margin	−61.22%	−189.55%	−418.34%	−393.11%	−357.00%
Basic EPSper basic share	-$0.35	-$0.45	-$0.43	-$0.24	-$0.15
Diluted EPSper diluted share	-$0.35	-$0.45	-$0.43	-$0.24	-$0.15

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

7.76%of listed shares

BlackRock, Inc.11.34M shares · Jun 30, 2026

View holders

Top 20 reported holders of AMPX
Holder	% owned
BlackRock, Inc.	7.76%11.34M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.81%5.56M shares
MORGAN STANLEY	3.49%5.11M shares
TWO SIGMA INVESTMENTS, LP	2.96%4.32M shares
UBS Group AG	2.79%4.07M shares
GEODE CAPITAL MANAGEMENT, LLC	2.41%3.52M shares
JANE STREET GROUP, LLC	2.33%3.4M shares
STATE STREET CORP	2.22%3.24M shares
GOLDMAN SACHS GROUP INC	1.74%2.54M shares
Amprius, Inc.	≈1.71%2.5M shares
JUPITER ASSET MANAGEMENT LTD	1.46%2.13M shares
LMR Partners LLP	1.20%1.75M shares
CITADEL ADVISORS LLC	1.15%1.68M shares
PRICE T ROWE ASSOCIATES INC /MD/	1.12%1.64M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	1.00%1.46M shares
Hood River Capital Management LLC	0.97%1.41M shares
RENAISSANCE TECHNOLOGIES LLC	0.96%1.41M shares
Driehaus Capital Management LLC	0.92%1.35M shares
Sun Kang	≈0.92%1.34M shares
Stepien Thomas M	≈0.91%1.33M shares

Percentages use 146.08M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)61$86.89M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4	DIXON DONALD RDirector	SellCommon stock · indirect	85.0K	$17.17	$1.46M	359.4K
Jun 9, 2026Form 4	DIXON DONALD RDirector	SellCommon stock · indirect	40.0K	$19.13	$765.2K	444.4K
Jun 4, 2026Form 4	Stepien Thomas MChief Executive Officer	SellCommon stock	2.0K	$20.97	$41.9K	625.6K
May 27, 2026Form 4	Stepien Thomas MChief Executive Officer	SellCommon stock	4.4K	$17.19	$75.2K	694.9K
May 27, 2026Form 4	Stefan Constantin IonelChief Technology Officer	SellCommon stock	3.2K	$17.19	$55.1K	801.3K