Amprius Technologies — Third Quarter 2026 Earnings Summary

Financial Performance:

• Q3 2026 revenue reached $39.1 million, an 83% year-over-year increase from $21.4 million in Q3 2025, and a 15% sequential increase.
• Gross profit totaled $10.5 million in Q3 2026, representing a 217% year-over-year increase from $3.3 million in Q3 2025.
• GAAP gross margin improved to 27% in Q3 2026 from 15% in Q3 2025.
• Net loss attributable to common stockholders was $3.5 million in Q3 2026, a 10% improvement from $3.9 million in Q3 2025.
• GAAP net loss per share was $0.02 in Q3 2026, compared to $0.03 in Q3 2025.
• Non-GAAP Adjusted EBITDA was $(1.0) million in Q3 2026, a decrease from $0.2 million in Q3 2025.
• U.S. revenues increased 2.3x quarter-over-quarter to $12.2 million in Q3 2026.
• For the nine months ended September 30, 2026, revenue was $101.7 million compared to $47.8 million in the same period in 2025.
• Cash and cash equivalents were $60.7 million as of September 30, 2026, down from $90.5 million as of December 31, 2025.
• Accounts receivable increased to $45.9 million as of September 30, 2026, from $23.7 million as of December 31, 2025.
• Inventories increased to $15.9 million as of September 30, 2026, from $6.7 million as of December 31, 2025.
• Deferred revenue was $92,000 as of September 30, 2026, down from $100,000 as of December 31, 2025.
• Total liabilities were $39.5 million as of September 30, 2026, compared to $53.1 million as of December 31, 2025.

Guidance and Future Outlook:

• Updated 2026 revenue outlook to $145 million, raised from a previous minimum of $140 million.
• 2026 gross margin is expected to be at least 28%.
• 2026 net loss is expected to be less than $10 million, including a $1.9 million non-cash fair value charge impact from the Warrant Exchange.
• 2026 net loss per share is expected to be under $0.07.
• 2026 Adjusted EBITDA is expected to be at least $2.5 million.
• 2026 capital expenditure is expected to be under $10 million.
• Full-year 2026 outlook assumptions include depreciation and amortization of $3.0 million, stock-based compensation of $9.5 million, $1.2 million in Colorado facility expenses, interest income of $1.7 million, government grant income of $8.0 million, and weighted average shares outstanding of 143.4 million.
• The company notes that actual results may vary due to capacity expansion, supply chain disruptions, or cost inflation.

Business Segments and Product Lines:

• Introduced SiCore 500, a second-generation silicon anode cell delivering 500 Wh/kg on conventional lithium-ion manufacturing equipment.
• Secured a $75 million U.S. Department of War competitive contract to produce cells in the U.S., with $22.3 million obligated.
• The U.S. Department of War contract supports conversion of an existing production line with planned output of up to 12 million NDAA-compliant cells annually in 2028.
• Expanded relationship with Quantum Systems, a German developer of autonomous unmanned systems, with increased deployment across Vector and Twister ISR platforms.
• Began supplying SiCore cells to a U.S. aerospace company for a solar-powered stratospheric platform.
• Secured a design win with a global maritime and defense technology leader for an autonomous deep-sea underwater vehicle platform.
• The company operates a fabless technology model with a contract manufacturing strategy.

Market and Competitive Landscape:

• The company serves customers across the drone, aviation, defense, and advanced mobility markets.
• The SiCore 500 is positioned to support a scalable path to large-scale commercial production for aviation customers.
• The company is expanding applications into subsea defense and maritime markets.

Risks and Challenges:

• Potential risks include capacity expansion, supply chain disruptions, and further cost inflation.
• Risks related to the terms, conditions, milestones, and funding of government awards.
• Risks associated with reliance on third-party contract manufacturers for production performance and timing.
• Risks related to macroeconomic factors, including tariffs, trade barriers, geopolitical events, currency fluctuations, and embargoes.
• Risks that third-party producers may fail to meet milestone requirements or experience delays.
• Risks related to liquidity and the ability to raise additional capital.
• Risks related to alternative technologies and changes in government policies impacting customers and addressable markets.

Management Commentary and Tone:

• CEO Tom Stepien stated that Q3 results demonstrate technology leadership and the ability to convert customer demand into financial performance.
• Management highlighted strong momentum entering the fourth quarter driven by an expanding pipeline and increased manufacturing scale.
• CFO Ricardo C. Rodriguez noted the scalability of the fabless technology and process-owning strategy, emphasizing meeting demand without significant capital investment in manufacturing.
• Management indicated that agreements to establish additional NDAA-compliant production extend their model to next levels of demand.

Other Key Points:

• The company received a $75 million competitive contract from the U.S. Department of War.
• The 2026 outlook includes a $1.9 million non-cash fair value charge related to the Warrant Exchange.
• The company terminated its lease at the Brighton, Colorado facility in January 2026, with associated costs excluded from non-GAAP measures.
• The company did not provide a reconciliation for the 2026 outlook for non-GAAP Adjusted EBITDA due to the unreasonable efforts exception under Regulation S-K regarding potential non-recurring items.
• A conference call to discuss results was held on November 11, 2026.