Amprius Technologies Reports Third Quarter 2026 Financial Results and Recent
Amprius Technologies, Inc. (AMPX) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Amprius Technologies Reports Third Quarter 2026 Financial Results and Recent Business Highlights • Q3 2026 revenue increased 83% year-over-year to $39.1 million • Net loss of $3.5 million, a 10% year-over-year improvement • Increasing 2026 revenue outlook to $145 mil
How this was made
The 30-second read
Why it matters
The earnings beat and raised revenue outlook provide fresh data for traders, while the $75M defense contract adds a strategic growth catalyst.
Market read
First‑report earnings with strong growth and higher guidance make this a notable event for the battery sector and defense‑related investors.
What to watch
Potential supply‑chain constraints and the need for additional capital to fund the new production line could limit upside.
Q3 2026 revenue rose 83% year over year to $39.1 million and the company raised its 2026 revenue outlook to $145 million, while GAAP net loss narrowed to $3.5 million and non-GAAP Adjusted EBITDA was $(1.0) million.
Revenue reached a reported record of $39.1 million (up 83% YoY and 15% sequentially), GAAP gross margin rose to 27% from 15%, and the 2026 revenue outlook was raised to $145 million. Offsetting this, Adjusted EBITDA was $(1.0) million versus $0.2 million a year earlier, nine-month operating cash outflow was $(47,964) thousand, and cash fell to $60,685 thousand from $90,465 thousand at December 31, 2025.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, Q3 2026GAAP | $39.1M | 15% | 83% |
| Revenue, Q3 2026 (condensed statement of operations)GAAP | $39.15M | – | – |
| Revenue, nine months ended Sep 30, 2026GAAP | $101.7M | – | – |
| Cost of revenue, Q3 2026GAAP | $28.63M | – | – |
| Gross profit, Q3 2026GAAP | $10.5M | – | 217% |
| Gross profit, Q3 2026 (condensed statement of operations)GAAP | $10.52M | – | – |
| Gross margin, Q3 2026GAAP | 27% | – | – |
| Gross profit, nine months ended Sep 30, 2026GAAP | $25.54M | – | – |
| Gross margin, nine months ended Sep 30, 2026GAAP | 25% | – | – |
| Research and development, Q3 2026GAAP | $6.41M | – | – |
| Selling, general and administrative, Q3 2026GAAP | $8.83M | – | – |
| Total operating expenses, Q3 2026GAAP | $15.24M | – | – |
| Loss from operations, Q3 2026GAAP | −$4.73M | – | – |
| Other income, net, Q3 2026GAAP | $1.23M | – | – |
| Net loss, Q3 2026GAAP | −$3.50M | – | 10% improvement |
| Net loss attributable to common stockholders, Q3 2026GAAP | $3.5M | – | 10% year-over-year improvement |
| Net margin, Q3 2026GAAP | (9%) | – | – |
| Net loss per share, basic and diluted, Q3 2026GAAP | $(0.02) | – | – |
| Net loss, nine months ended Sep 30, 2026GAAP | −$11.70M | – | – |
| Net loss attributable to common stockholders, nine months ended Sep 30, 2026GAAP | −$13.62M | – | – |
| Net loss per share, basic and diluted, nine months ended Sep 30, 2026GAAP | $(0.10) | – | – |
| Loss from operations, nine months ended Sep 30, 2026GAAP | −$15.71M | – | – |
| Research and development, nine months ended Sep 30, 2026GAAP | $14.30M | – | – |
| Selling, general and administrative, nine months ended Sep 30, 2026GAAP | $26.94M | – | – |
| Total operating expenses, nine months ended Sep 30, 2026GAAP | $41.25M | – | – |
| Adjusted EBITDA, Q3 2026non-GAAP | −$1M | – | NM |
| Adjusted EBITDA, Q3 2026 (reconciliation table)non-GAAP | −$1.03M | – | – |
| Adjusted EBITDA margin, Q3 2026non-GAAP | (3%) | – | – |
| Adjusted EBITDA, nine months ended Sep 30, 2026non-GAAP | −$3.14M | – | – |
| Net cash used in operating activities, nine months ended Sep 30, 2026GAAP | −$47.96M | – | – |
| Purchase of property, plant and equipment, nine months ended Sep 30, 2026GAAP | −$7.98M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| U.S. revenue, Q3 2026The company states U.S. revenues increased by 2.3X quarter-over-quarter to $12.2 million. No prior-year or prior-quarter dollar figure is printed for this line. | $12.2M | 2.3X | – |
FY2026 (updated outlook) outlook
- Revenue$145 million (raised from at least $140 million, per the release)
- Gross marginat least 28%
- NoteNet loss: less than $10 million, including the Q2 $1.9 million non-cash fair value charge impact of the Warrant Exchange
- NoteNet loss per share: under $0.07
- NoteAdjusted EBITDA: at least $2.5 million (the outlook column of the reconciliation prints $2,721 thousand; no reconciliation of the outlook is provided, per the release)
- NoteCapital expenditure: under $10 million
- NoteAssumptions: depreciation and amortization of $3.0 million; stock-based compensation expense of $9.5 million; $1.2 million of Colorado facility expenses; interest income of $1.7 million; government grant income of $8.0 million; weighted average shares outstanding of 143.4 million for the full year
Capital returns
- No share repurchases or dividends are printed in the filing.
- Nine-month financing inflows: proceeds from exercise of warrants $14,182 thousand; proceeds from exercise of stock options $11,295 thousand; net cash provided by financing activities $25,477 thousand.
- Prior-year nine-month financing included proceeds from the At Market Issuance Sales Agreement, net of $44,053 thousand (none in the current nine months).
What drove it
- The company states that Q3 2026 revenue was record and was supported by deepening customer relationships across the drone, aviation, defense and advanced mobility markets.
- The company states it secured a $75 million U.S. Department of War competitive contract to produce cells in the U.S., of which $22.3 million is obligated, with planned output of up to 12 million NDAA-compliant cells annually in 2028.
- The company introduced SiCore 500, a second-generation silicon anode cell delivering 500 Wh/kg on conventional lithium-ion manufacturing equipment.
- The company reports an expanded relationship with Quantum Systems, with increased deployment of Amprius cells across its Vector and Twister ISR platforms.
- The company reports it began supplying SiCore cells to a U.S. aerospace company producing a solar-powered stratospheric platform and secured a design win with a global leader in maritime and defense technology for an autonomous deep-sea underwater vehicle platform.
- Gross profit increased by $7.2 million and 217% year over year, per the release.
- The company states it terminated the Colorado facility lease in January 2026 and excludes the former facility's operating costs from non-GAAP measures.
Concerns
- Non-GAAP Adjusted EBITDA was $(1.0) million in Q3 2026 versus $0.2 million in Q3 2025, a decline the release labels NM in its comparison.
- Nine-month net cash used in operating activities was $(47,964) thousand versus $(27,637) thousand a year earlier, and cash and cash equivalents declined to $60,685 thousand.
- Accounts receivable rose to $45,859 thousand from $23,737 thousand at December 31, 2025, and inventories rose to $15,890 thousand from $6,735 thousand.
- Nine-month loss attributable to common stockholders includes an increase in net loss due to warrant modification of $(1,921) thousand, which the company also references in its net loss outlook.
- The company states that its outlook may change because of additional charges, gains or losses, financing costs, capacity expansion issues, supply chain disruptions or further cost inflation.
- The company has not provided a reconciliation of its 2026 Adjusted EBITDA outlook, citing the unreasonable efforts exception under Regulation S-K.
What to watch
- Whether the $145 million 2026 revenue outlook and at least 28% gross margin are met, given the nine-month gross margin of 25%.
- Progress of the $75 million U.S. Department of War contract, including the $22.3 million obligated amount and the planned 2028 output.
- Operating cash flow and capital expenditure against the under $10 million capex outlook, given the nine-month purchase of property, plant and equipment of $(7,979) thousand.
- Working capital trends, specifically accounts receivable and inventories relative to the reported revenue growth.
- Achievement of the at least $2.5 million Adjusted EBITDA outlook after a Q3 2026 figure of $(1.0) million.
- Management commentary on the expanding pipeline and increased manufacturing scale referenced for the fourth quarter, per the earnings call scheduled for November 11, 2026.
Balance sheet and cash flow
- Cash and cash equivalents: $60,685 thousand at September 30, 2026 versus $90,465 thousand at December 31, 2025.
- Total assets: $164,155 thousand at September 30, 2026 versus $156,891 thousand at December 31, 2025.
- Total liabilities: $39,460 thousand at September 30, 2026 versus $53,076 thousand at December 31, 2025.
- Total stockholders' equity: $124,695 thousand at September 30, 2026 versus $103,815 thousand at December 31, 2025.
- Accounts receivable, net: $45,859 thousand at September 30, 2026 versus $23,737 thousand at December 31, 2025.
- Inventories: $15,890 thousand at September 30, 2026 versus $6,735 thousand at December 31, 2025.
- Nine-month net cash used in operating activities: $(47,964) thousand versus $(27,637) thousand in the prior-year nine months.
- Free cash flow is not printed in the filing and is not calculated here.
- Common shares issued and outstanding: 146,634,469 at September 30, 2026 versus 134,536,592 at December 31, 2025.
Analysis
Amprius reported Q3 2026 revenue of $39.1 million, up 83% from $21.4 million a year earlier and up 15% sequentially, according to the release. Gross profit of $10.5 million rose $7.2 million and 217% year over year, and GAAP gross margin was 27% against 15% in Q3 2025. For the nine months, revenue was $101,713 thousand against $47,777 thousand and gross margin was 25% against 5%. The release also states that U.S. revenues rose 2.3X quarter over quarter to $12.2 million, which is the only geographic split printed.
Below the gross line, operating expenses rose to $15,241 thousand from $8,010 thousand in Q3, with research and development at $6,407 thousand (against $2,509 thousand) and SG&A at $8,834 thousand (against $5,501 thousand). Loss from operations was $(4,726) thousand, nearly unchanged from $(4,692) thousand. GAAP net loss narrowed to $(3,499) thousand from $(3,892) thousand, a 10% improvement, helped by other income, net of $1,227 thousand. Net loss per share was $(0.02) against $(0.03). Non-GAAP Adjusted EBITDA moved to $(1.0) million from $0.2 million, a swing the release does not explain in detail beyond its reconciliation, which shows stock-based compensation of $2,472 thousand in the quarter against $1,763 thousand.
Cash flow and the balance sheet show the cost of growth. Nine-month operating cash outflow was $(47,964) thousand against $(27,637) thousand, with receivables, inventories and prepaid assets all increasing from year-end, and cash and cash equivalents fell to $60,685 thousand from $90,465 thousand at December 31, 2025. Financing came from warrant exercises of $14,182 thousand and option exercises of $11,295 thousand. Stockholders' equity rose to $124,695 thousand from $103,815 thousand, and the share count increased to 146,634,469 from 134,536,592.
The company raised its 2026 revenue outlook to $145 million from the at least $140 million floor stated in the release, and it guides to gross margin of at least 28%, a net loss below $10 million, net loss per share under $0.07, Adjusted EBITDA of at least $2.5 million and capital expenditure under $10 million. The net loss outlook explicitly includes a Q2 $1.9 million non-cash fair value charge tied to the Warrant Exchange. The release carries a broad caveat that additional charges, financing costs, capacity expansion issues and cost inflation could move results materially.
The items deserving the closest attention are the gap between the nine-month gross margin of 25% and the 28% full-year floor, the sharp rise in receivables and inventories relative to the cash position, and the negative Adjusted EBITDA in Q3 against a full-year floor of $2.5 million. The Department of War award ($75 million, with $22.3 million obligated) and the SiCore 500 introduction are described as the main commercial developments.
Management, verbatim
We delivered record revenue, as we continued to deepen our relationships with customers across the drone, aviation, defense, and advanced mobility markets.
Tom Stepien, CEO
The third quarter once again proved the scalability of our fabless technology and process-owning strategy.
Ricardo C. Rodriguez, CFO
Not in the filing
stated, not guessed- Prior-year and prior-quarter values for the Q3 2026 U.S. revenue segment (only the 2.3X quarter-over-quarter change is printed).
- Q2 2026 (prior-quarter) figures for revenue, gross profit, net loss and other lines; the release prints no sequential comparison except revenue growth of 15%.
- Prior-year Q3 2025 comparisons for research and development, SG&A, total operating expenses, cost of revenue and other income as percentage changes.
- Prior-year nine-month percentage changes for revenue, gross profit and operating lines.
- Free cash flow and any cash flow line for Q3 2026 alone; only nine-month cash flow is printed.
- Prior period (previous release) outlook, so vs_prior_guidance cannot be compared line by line; the release only states that revenue was raised from at least $140 million.
- Reconciliation of the 2026 Adjusted EBITDA outlook (not provided, per the release).
- Consensus estimates and the share-price reaction (not in the documents).
- Dollar amount of the Q2 2026 warrant charge beyond the $1.9 million cited in the outlook and the warrant modification line.
- Reasons for the year-over-year change in Adjusted EBITDA beyond the reconciliation lines (no explanation printed).
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Amprius Technologies, a NYSE‑listed maker of silicon‑anode lithium‑ion batteries, filed its Form 8‑K with Q3 2026 results and updated guidance.
Ticker impact
Amprius Technologies reported Q3 2026 results with 83% revenue growth and raised its 2026 revenue outlook to $145 million.
likely upward pressure as investors price in the revenue growth and raised outlook.
Revenue jumped to $39.1M, gross margin improved to 27%, and the company issued guidance for $145M revenue, indicating momentum that could lift the share price.
Market effects
Highlights growing demand for silicon‑anode batteries in aerospace, defense and advanced mobility, potentially benefiting peers in the battery and EV supply chain.
U.S. battery manufacturers may see increased investor interest as domestic production expands.
The $75M Department of War contract underscores U.S. defense spending on advanced battery tech, a trend of global relevance.
Counterpoint
If the company cannot scale production to meet the 2028 target, the raised outlook may be overly optimistic.
Key entities
- companyAmprius Technologies, Inc.
Battery technology firm reporting Q3 2026 results.
- governmentU.S. Department of War
Awarded a $75M contract to Amprius for cell production.
