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what it is
Amprius makes lithium-ion batteries that pack 500 watt-hours per kilogram, or more power in less weight.
how it gets paid
Last year Amprius Tech made $72M in revenue. Battery cells was the main engine at $34M, or 47% of sales.
why it's growing
Revenue grew 205.1% last year. The key number was -$0.16 a share. It shows the company is still losing money while revenue remains only $72M.
what just happened
Amprius lost $0.16 a share, and gross margin was 11.5%.
At a glance
B+ balance sheet — decent shape, but not bulletproof
-$0.45 fy2024 eps est
$24M fy2024 rev est
64.9% operating margin
2.05 beta
xvary composite: 65/100 — average
What they do
Amprius makes lithium-ion batteries that pack 500 watt-hours per kilogram, or more power in less weight.
Its commercial cells reach 500 watt-hours per kilogram, or more energy in less weight. That matters when your drone, plane, or sensor hates extra pounds. Amprius also has over 2.0 gigawatt-hours of contract manufacturing capacity, so you can sell more without owning every factory.
How they make money
$72M
annual revenue · their business grew +205.1% last year
Battery cells
$34M
Customization services
$14M
Pilot manufacturing
$12M
Contract manufacturing
$12M
The products that matter
high-density battery cells
silicon-anode lithium-ion batteries
$72M company revenue · 30–50% higher energy density
this is the product behind the entire $72M revenue base, and the 30–50% energy-density edge is the reason customers test it in the first place.
core product
customer-specific cell design
customization services
$20M+ lev contracts
custom work helped land $20M+ of light electric vehicle contracts. it only becomes valuable to you if those wins show up as repeat revenue and margin above the current 11.5% baseline.
commercial test
Key numbers
64.9%
operating margin
For every $1 of sales, Amprius loses about 65 cents before interest and taxes.
$72M
annual revenue
That is tiny beside a $2B market cap.
11.5%
gross margin
The company keeps 11.5 cents of each sales dollar before overhead.
2.05
beta
A beta of 2.05 means the stock has moved about twice the market's swings.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 1 — safer than 95% of stocks
- price stability 5 / 100
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for AMPX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Amprius lost $0.16 a share, and gross margin was 11.5%.
Revenue was $72M over the last four quarters. Gross margin stayed thin at 11.5%, so the business is still far from covering its fixed costs.
$72M
revenue
-$0.16
eps
11.5%
gross margin
the number that mattered
The key number was -$0.16 a share. It shows the company is still losing money while revenue remains only $72M.
source: company earnings report, 2026
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What could go wrong
the #1 risk is silicon-anode manufacturing scale arriving later than the cash need.
med
cash burn vs. scaling timeline
11.5% gross margin means the business still keeps very little after direct costs. if production ramps slower than expected, the company can reach for capital before the unit economics are ready.
at ~$2B of market value, a delayed scale story raises dilution risk fast.
med
technology edge that stays technical
30–50% better energy density is valuable only if it survives factory reality. if yields stall or costs stay high, the advantage stays in the spec sheet instead of the income statement.
that is how a premium multiple turns into a lower one without the science changing at all.
med
customer timing tied to defense demand
management has linked future adjustments to 2026 guidance to u.s. defense demand that is not fully included in current plans. that makes your revenue line harder to handicap.
delayed awards or slower adoption can hit both revenue timing and investor confidence.
med
consensus visibility is thin
the estimate feed still showing $24M beside reported $72M tells you analyst coverage is light or stale. when the information base is this thin, the stock can react hard to small updates.
thin coverage does not create risk by itself, but it does widen the gap between expectation and reality.
at ~$2B of market value against $72M of revenue and 11.5% gross margin, even a modest delay in scaling can mean more dilution, a lower multiple, or both.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
gross margin holding above 15%
11.5% was the full-year reality. 15% showed up in q4 2025. if that improvement sticks, the economics start to back the chemistry story.
contract
$20M+ light electric vehicle contracts
demand is the easy part. watch whether those contracts turn into shipped revenue with better margin, not just more volume.
manufacturing
u.s.-based manufacturing partner
announced in february 2026. this is where the story moves from battery demo to industrial execution.
window
the 2-year ndaa incumbent opportunity
management says it has a two-year window to become the incumbent for u.s. defense battery contracts. if that closes, part of the premium narrative closes with it.
Analyst rankings
coverage depth
thin
few analysts means fewer shortcuts for you. in human-speak, you should expect bigger reactions when fresh numbers finally hit the tape.
estimate quality
mixed
the stale-looking $24M revenue estimate next to reported $72M is the tell. use consensus carefully.
what matters
proof
for this stock, one clean quarter of margin improvement matters more than a stack of cautious notes.
source: institutional data
Institutional activity
institutional ownership data for AMPX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$10
current price
n/a
target midpoint · n/a from current
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