Date of Call: May 7, 2026

Financials Results

  • Revenue: $28.5 million, up 153% year-over-year and 13% higher sequentially
  • EPS: -$0.04 per share
  • Gross Margin: 20%, down from Q4 gross margin of 24%

Guidance:

  • Raised 2026 full year revenue forecast to at least $130 million, up $5 million from previous forecast.
  • Expect 2026 adjusted EBITDA of at least $4 million.
  • Expect 2026 net loss of no more than $8 million or less than $0.06 per share.
  • CapEx for 2026 expected to be below $10 million, funded by DIU contract.
  • Expect gross margin improvement to reach 25% in the second half of the year.

Business Commentary:

Amprius’ Ndaa Compliance Delays and Shifting U.S. Production Plans Spark Earnings Call Contradictions

Revenue Growth and Business Momentum:

  • Amprius Technologies reported Q1 revenue of $28.5 million, which is up 2.5x year-over-year and 13% higher sequentially.
  • The strong results prompted an increase in the full-year revenue guidance to at least $130 million.
  • Growth was driven by the adoption of second-generation SiCore silicon anode batteries across unmanned aerial systems (UAS) customers and expanding momentum in the United States.

Geographic Revenue Distribution:

  • In Q1, 58% of revenue was generated from Europe, the Middle East, and Africa, 21% from North America, and 21% from the Asia Pacific region.
  • The North American share increased significantly, reflecting growing interest from U.S.-based customers, with potential for further acceleration in the second half of the year.

Gross Margin and Cost Structure:

  • The company reported a gross margin of 20% for Q1, down from 24% in Q4, primarily due to overhead costs from the Fremont facility being absorbed by a larger SiCore revenue base and the winding down of the SiMaxx product line.
  • Efforts are underway to optimize logistics and coordination to improve margins, with expectations to catch up to the 25% gross margin target in the second half of the year.

Customer Expansion and Market Penetration:

  • Over 50% of shipments in Q1 were for new customers, indicating robust interest and potential for future growth.
  • The company is broadening its customer base through participation in conferences and leveraging battery pack partners for increased scalability, particularly in the light electric vehicle (LEV) segment.

Defense and UAS Market Opportunities:

  • With U.S. defense spending at an all-time high and a focus on UAS, Amprius benefits from contracts awarded to its customers, such as Kraus Hamdani Aerospace and AeroVironment.
  • The increased demand for NDAA-compliant batteries and the expansion of defense programs like Drone Dominance are creating favorable conditions for Amprius to capture more market share.

Sentiment Analysis:

Overall Tone: Positive

  • Management reported 'record-breaking quarter' with 'strong business momentum' and 'double-digit percentage points' revenue growth. Increased full-year revenue guidance and expressed being 'very bullish' about the market, with 'healthy demand indicators' and a 'constructive' setup for economics.

Q&A:

  • Question from Colin Rusch (Oppenheimer): Update on customer volume visibility and supply chain optimization?
    Response: Management sees significant upside with early stages of new programs and larger purchase orders, and is adding resources and market outreach to capture more demand.

  • Question from Colin Rusch (Oppenheimer): Product market fit and competitive landscape in robotics?
    Response: Robotics is early days with no meaningful Q1 revenue, but discussions are good; Amprius' high energy density is advantageous for blended power and energy needs, with revenue expected later this year/early next.

  • Question from Mark Shooter (William Blair): Impact of recent U.S. military conflicts on drone program conversations?
    Response: Management is seeing increased flow from U.S. military and defense contractors, with some contracts translating to business; they are close to programs like Gauntlet Two and emphasize longer loitering time.

  • Question from Mark Shooter (William Blair): Strategy and details on the warrant exchange transaction?
    Response: The transaction converts 7.1 million warrants into stock, saving at least $70 million in potential dilution and is expected to reduce short interest by about 7.1 million shares.

  • Question from Derek Soderberg (Cantor Fitzgerald): Typical attach rate and timing for POs on $500 million in defense orders?
    Response: Attach rates are not traced as programs are new, but batteries are typically 5%-15% of BOM; fulfillment is expected in second half of 2026, spilling into the following year.

  • Question from Derek Soderberg (Cantor Fitzgerald): Drivers to achieve 25% gross margin guide for full year?
    Response: Margin improvement expected mainly from better U.S. mix, improved logistics coordination, and managing revenue/supply across SKUs and partners to regain profit.

  • Question from Austin Bolig (Needham): New customer adds and cadence with existing customers?
    Response: Over 50% of Q1 shipments were for new customers, indicating robust interest; customer count metric is less meaningful as pack partners provide scalability.

  • Question from Austin Bolig (Needham): OpEx progression through the year?
    Response: OpEx is expected to top out at ~$50 million for the year, with incremental hires managed below that level.

  • Question from Ryan Pfingst (B. Riley Securities): Progress with Nanotech and additional manufacturing partners?
    Response: Nanotech validated and is scheduling demand; discussions for additional U.S./allied pouch cell partners are active, encouraged by DoD, with focus on standard cells.

  • Question from Ryan Pfingst (B. Riley Securities): Potential opportunities from recent defense budget request?
    Response: Defense budget is heavily weighted to UAS, which aligns with Amprius' strength; battery is typically 5%-15% of BOM, and current market analysis does not capture potential impact.

  • Question from Eric Stine (Craig-Hallum): Status on NDAA compliance component supplier long-term agreements?
    Response: Progressing well with several key components under contract; understanding landed costs and supply chain details, with shipments of NDAA-compliant cells already made.

  • Question from Eric Stine (Craig-Hallum): Growth potential of light electric vehicles vs. other end markets?
    Response: LEVs are currently second in growth; Amprius aims to expand into other regions like India/Vietnam, but expects other segments like robotics and space to rival or exceed LEV growth in the next year.

  • Question from Chip Moore (Roth MKM): Importance of standardizing cells for government customers and opportunity size?
    Response: Standardized pouch cells aim to bring interchangeability and efficiency to military sourcing; DIU funding supports this, with incremental $3 million to the grant solidifying the effort.

  • Question from Chip Moore (Roth MKM): 'Mobility folks, platforms' in closing remarks refers to?
    Response: Primarily light electric vehicles and robotics; higher energy density cells benefit mobility applications, from LEVs to space, where Amprius targets the high end of the market.

  • Question from Ted Jackson (Northland Securities): Fremont plant asset impairment for SiMaxx?
    Response: Impairment was done in Q4 2025; last SiMaxx revenue was in Q1 2026, and company will be out of the product by Q1 2026, with assets written down.

  • Question from Ted Jackson (Northland Securities): Battery pack partner landscape and their role?
    Response: Works with ~40 pack companies per quarter, 6-10 major volume partners; they act as force multipliers, helping reach customers and handle customization, with their share of sales expected to grow.

  • Question from Amit Dayal (H.C. Wainwright): Pouch cell performance vs. cylindrical format?
    Response: Pouch cells have higher gravimetric energy density (e.g., 450 Wh/kg vs. 330-350 Wh/kg for cylindrical), making them preferred for weight-sensitive drones.

  • Question from Amit Dayal (H.C. Wainwright): Building pipeline for U.S. non-drone defense opportunities?
    Response: Standardized cells and packs can enable participation in defense ecosystems; this focus aims to add efficiencies and reduce engineering friction for iterative drone improvements.