Amprius Technologies, Inc. (AMPX) Q1 2026 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings call reveals several positive aspects: Amprius projects significant revenue growth and aims for positive EBITDA by 2026, supported by a government contract. The company is expanding manufacturing and diversifying its supply chain, with strong market expansion plans. The Q&A highlights increased defense opportunities and strategic moves to reduce dilution. Despite some unclear management responses, the overall sentiment is positive, with optimistic guidance and strategic partnerships likely to boost stock price.
Key Financial Performance
Q1 Revenue $28.5 million, up 153% year-over-year and 13% higher sequentially. The increase was driven by the expansion in the SiCore customer base and increasing order volumes from existing customers.
Gross Margin 20%, down from 24% in Q4. The decrease was due to overhead costs associated with the Fremont facility being absorbed across a larger SiCore revenue base and the wind-down of the SiMaxx product line.
Operating Expenses $12.4 million, down approximately $19 million quarter-over-quarter. The decrease is distorted by a $22.5 million noncash impairment charge for Colorado in Q4 of last year. On a clean basis, adjusted OpEx run rate is up modestly quarter-over-quarter due to investments in sales and R&D.
Adjusted EBITDA Negative $1.8 million, compared to negative $5.2 million in the same quarter of last year. The improvement reflects revenue growth and operational efficiencies.
Net Loss $5 million or negative $0.04 per share, based on approximately 136.9 million weighted average shares outstanding.
Cash Position $62.4 million, down from $90.5 million at year-end. The decrease was due to a $20 million settlement for the Colorado facility lease obligation and an $11.5 million increase in accounts receivable.
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Operating Highlights
Second-generation SiCore silicon anode batteries: Gaining broad adoption across unmanned aerial system customers, with momentum in both Europe and the United States.
Silicon anode cells for light electric vehicles: Selected by a leading Chinese customer, resulting in a $21 million multi-quarter purchase order for 2- and 3-wheeled vehicles.
Silicon anode cylindrical and pouch cells: Expanded U.S. Defense Innovation Unit contract to $18.1 million, adding delivery of 3 types of cylindrical cells and 4 standard-sized pouch cells.
U.S. defense market: High defense spending and growing emphasis on unmanned aerial systems (UASs) have led to multimillion-dollar awards for Amprius customers.
China market: Secured a $21 million order for light electric vehicle batteries, showcasing competitiveness in a highly competitive region.
Global lithium-ion battery market: Estimated at $7 billion in 2026, projected to grow to $13 billion by 2030 and $35 billion by 2035.
Revenue growth: Q1 revenue of $28.5 million, up 2.5x year-over-year and 13% sequentially. Full-year revenue guidance increased to at least $130 million.
Geographic revenue distribution: 58% from EMEA, 21% from North America, and 21% from Asia Pacific, with North America showing meaningful growth.
Cost management: Temporary gross margin decline to 20% due to SiMaxx phaseout and Colorado facility costs, but expected to normalize.
Capital structure optimization: Agreement to exchange over 7 million public warrants for common stock, reducing future dilution and simplifying the balance sheet.
Market focus: Expanding portfolio to mobility-focused platforms and converting customer engagements into formal qualifications and deployments.
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Risk or Challenges
Manufacturing capacity expansion: The company faces challenges in expanding its manufacturing capacity to meet growing demand, which could impact its ability to scale operations and achieve a sustainable cost structure.
Competitive pressures: The lithium-ion battery market is highly competitive, and maintaining a technological edge with silicon anode batteries is critical to staying ahead of competitors.
Regulatory compliance: Meeting manufacturing and country origin requirements, particularly for defense-related customers, poses a challenge and could impact operations if not adhered to.
Supply chain disruptions: Dependence on manufacturing partners in Korea and the U.S. introduces risks of supply chain disruptions, which could affect production volumes and delivery timelines.
Financial risks: The company reported a net loss and negative adjusted EBITDA in Q1, indicating financial challenges that could impact its ability to invest in growth and operations.
Customer concentration: A significant portion of revenue comes from defense-related customers, making the company vulnerable to changes in defense spending or contract awards.
Technological advancements: The need to continuously innovate and improve silicon anode battery performance to meet customer demands and maintain market relevance is a persistent challenge.
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Guidance & Outlook
Revenue Guidance: Amprius has increased its 2026 full-year revenue guidance to at least $130 million, up from the previous forecast of $125 million. This reflects strong demand indicators, a growing backlog, and higher production volumes.
Adjusted EBITDA and Net Loss: The company expects 2026 adjusted EBITDA of at least $4 million and a net loss of no more than $8 million or less than $0.06 per share, assuming 136.9 million shares.
Capital Expenditures: CapEx for 2026 is expected to remain below $10 million, funded largely through the Defense Innovation Unit contract.
Market Growth Projections: Lithium-ion battery applications across Amprius' five principal end markets are estimated to grow from $7 billion in 2026 to $13 billion by the end of the decade, and further to $35 billion by 2035.
Manufacturing Capacity Expansion: Additional manufacturing capacity from Korean and U.S. partners is expected to come online in 2026, supporting increased production volumes.
Product Development: Amprius is driving next-generation silicon anode performance with higher energy density and sustained power while meeting safety and reliability standards. The company is expanding its portfolio to reach new markets and converting customer engagements into formal qualifications and deployments.
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Shareholder Return Plan
The selected topic was not discussed during the call.
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Key Q&A
Q:What progress has been made in driving better visibility on customer volumes and supply chain optimization?
A:The company is in early stages but sees significant upside. They are starting to see contracts being received by key customers and suppliers, including Amprius. There is increased activity in light electric vehicles and robotics, with larger purchase orders coming in. The company is expanding its team and partnerships, including a new group in South Korea, and is optimistic about capturing market opportunities.
Q:What is the status of mobile robot opportunities and product market fit?
A:The robotics segment is in early stages with no meaningful revenue in Q1. Discussions with U.S. and Asian customers are ongoing. Amprius' high energy density batteries are advantageous in unstructured environments. Revenue from robotics is expected to start showing toward the end of the year or early next year.
Q:How have conversations with the U.S. military and defense contractors evolved in light of recent conflicts?
A:There has been increased urgency and flow of business from drone programs. The company is closely involved with the Gauntlet 2 and drone dominance programs, which are progressing with qualifiers and competitions. Amprius emphasizes its ability to provide longer loitering times for drones.
Q:What is the strategy behind the recent warrant transaction?
A:The company negotiated with holders of 7.1 million public warrants to convert them into stock, saving shareholders at least $70 million in dilution. This move is expected to reduce short interest on the stock by approximately 7.1 million shares.
Q:What is the attach rate for Amprius' batteries in defense orders, and when might these translate into purchase orders?
A:Attach rates are not fully tracked as some programs are new. Batteries typically account for 5%-15% of the bill of materials. Fulfillment of these orders is expected in the second half of the year, spilling into the following year.
Q:What factors will drive gross margin back to 25% for the full year?
A:Key factors include an accelerating U.S. mix, managing China and Asia Pacific sales, and improving logistics coordination. The company is focused on sharpening its operational capabilities to achieve the 25% gross margin target, primarily in the second half of the year.
Q:What is the status of the customer base and new customer additions?
A:More than 50% of Q1 shipments were for new customers. The company is moving away from reporting customer counts but notes robust interest and scalability through battery pack partners. The focus is on expanding in regions like Korea and leveraging partnerships to meet demand.
Q:What progress has been made with Nanotech and other manufacturing partners?
A:Nanotech has validated its ability to handle Amprius' silicon anode materials and produce high-performing cylindrical cells. Discussions with other U.S. and allied manufacturing partners are ongoing, with a focus on pouch cells for defense applications.
Q:What opportunities does the recent defense budget request provide?
A:The proposed $1 trillion defense spending and additional $500 billion focus heavily on unmanned aerial systems, aligning with Amprius' strengths. The company is in discussions with the Department of Defense and sees strong product-market fit in this expanding market.
Q:What is the status of standardizing battery components for government customers?
A:Amprius has achieved NDAA compliance for 11 key battery components and is working on long-term agreements with suppliers. The company is focused on standardizing pouch cells to improve interchangeability and efficiency for defense applications.
Q:What is the potential for light electric vehicles (LEVs) compared to other markets?
A:LEVs are expected to remain the second-largest segment for the next year, with growth opportunities in regions like China, India, and Vietnam. However, other segments like robotics and space activities may rival LEVs in the future.
Q:What is the role of battery pack partners in Amprius' growth strategy?
A:Battery pack partners are key to scaling the business, providing customization for customers, and expanding the customer base. About 6-10 major pack partners drive significant volume, and their role in revenue is expected to grow.
Q:What is the status of the Fremont plant and the transition from SiMaxx to SiCore?
A:The Fremont plant has already undergone an asset impairment. The company has transitioned all customers from SiMaxx to SiCore, with SiMaxx revenue ending in Q1. The focus is now on optimizing operations for SiCore production.
Q:What is the performance of pouch cells compared to cylindrical cells?
A:Pouch cells have higher gravimetric energy density (450 Wh/kg) compared to cylindrical cells (330-350 Wh/kg) due to less overhead. They are preferred for high-end drones and applications requiring maximum energy density.
Q:Review of Unclear Management Responses
A:Management avoided providing specific attach rates for defense orders, citing the newness of some programs. Additionally, while discussing the transition from SiMaxx to SiCore, there was limited detail on the long-term strategy for the Fremont plant. Similarly, discussions on the scalability of battery pack partners lacked precise revenue contributions or growth metrics.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
Amprius customer
Amprius result
Black Hornet
CEO Stepien
DFR
Defense
New York
Slide
Summit
UASs drone
York City
advantage
agreement warrant
air
aircraft
anode cell
awareness
capital structure
coffee espresso
difference
economics
intelligence surveillance
measure
mission
momentum
month Colorado
press release
purchase order
result confidence
source award
vehicle customer
weight
AMPX Transcript
Amprius Technologies, Inc. (AMPX) Q1 2026 Earnings Call Transcript
Positive5-7
The earnings call reveals several positive aspects: Amprius projects significant revenue growth and aims for positive EBITDA by 2026, supported by a government contract. The company is expanding manufacturing and diversifying its supply chain, with strong market expansion plans. The Q&A highlights increased defense opportunities and strategic moves to reduce dilution. Despite some unclear management responses, the overall sentiment is positive, with optimistic guidance and strategic partnerships likely to boost stock price.
Amprius Technologies, Inc. (AMPX) Q4 2025 Earnings Call Transcript
Positive3-5
The earnings call summary and Q&A session indicate strong revenue growth, increased customer base, and strategic partnerships, including a U.S. government contract. Despite some uncertainties in guidance specifics, the company's proactive measures in manufacturing and market expansion are positive. The positive sentiment is bolstered by the company's advancements in technology and potential market opportunities, outweighing any concerns from vague responses. Overall, these factors suggest a likely positive stock price movement.
Amprius Technologies, Inc. (AMPX) Q3 2025 Earnings Call Transcript
Positive11-7
The earnings call highlights strong revenue growth, improved gross margins, and increased customer adoption, which are positive indicators. The Q&A section supports this with discussions on significant customer demand and strategic partnerships. Despite some uncertainties in cash flow breakeven timing, the company's optimistic market outlook and strategic expansions suggest a positive sentiment. The absence of negative financial surprises and the focus on growth initiatives further reinforce a positive stock price reaction over the next two weeks.
Amprius Technologies, Inc. (AMPX) Q2 2025 Earnings Call Transcript
Positive8-8
The earnings call highlights several positive factors: strong customer pipeline transition from qualification to revenue, gross margin positivity, significant market opportunities in drones and light electric vehicles, and a substantial government contract. Despite some lack of clarity on revenue mix and contract specifics, the overall sentiment is positive, with expectations of revenue growth and strategic partnerships.
AMPX Report
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