Amprius Technologies, Inc. (AMPX) - Q2 2026 10-Q Summary
Business Context and Reporting Period
This Quarterly Report on Form 10-Q covers the period ended June 30, 2026. Amprius Technologies, Inc. develops and manufactures high-energy density lithium-ion batteries using silicon anode technology for mobility applications, including aviation, ground, and marine vehicles. The company is classified as an emerging growth company and a smaller reporting company.
Key Financial Metrics
| Metric | Q2 2026 (3 Months) | YTD 2026 (6 Months) | Q2 2025 (3 Months) | YTD 2025 (6 Months) |
|---|---|---|---|---|
| Revenue | $34.0 million | $62.6 million | $15.1 million | $26.4 million |
| Gross Profit | $9.3 million | $15.0 million | $1.3 million | ($1.0 million) |
| Gross Margin | 27% | 24% | 9% | (4%) |
| Net Loss | ($3.2 million) | ($8.2 million) | ($6.4 million) | ($15.7 million) |
| Net Loss Attributable to Common Stockholders | ($5.1 million) | ($10.1 million) | ($6.4 million) | ($15.7 million) |
| Cash and Cash Equivalents (End of Period) | $74.5 million (as of June 30, 2026) | |||
| Operating Cash Flow (YTD) | ($40.1 million) | ($18.4 million) |
Material Changes vs. Prior Period
- Revenue Growth: Revenue increased 126% year-over-year for Q2 and 137% for the six-month period, driven primarily by increased sales of SiCore batteries and a broader customer base.
- Profitability Improvement: The company achieved a gross profit of $9.3 million in Q2 2026 compared to $1.3 million in Q2 2025, resulting in a gross margin expansion from 9% to 27%.
- Lease Termination: In January 2026, the company terminated its lease for a facility in Brighton, Colorado, for a one-time payment of $20.0 million. This resulted in a net loss on lease termination of approximately $0.2 million and a significant reduction in future operating lease liabilities.
- Warrant Modification: A cashless tender offer to exchange public warrants for common stock resulted in a $1.9 million increase in net loss attributable to common stockholders due to the accounting treatment of the modification.
- Operating Expenses: R&D expenses increased 90% and SG&A expenses increased 58% year-over-year for Q2, primarily due to increased headcount and professional fees.
Guidance, Outlook, and Risks
- Liquidity: Management believes cash and cash equivalents of $74.5 million are sufficient to fund operations for at least the next 12 months. The company has no debt.
- Manufacturing Strategy: Amprius is leveraging a contract manufacturing strategy to access over 2.0 GWh of annual production capacity. The company is expanding its Fremont, California pilot line to 10 MWh, partially funded by an $18.1 million contract with the U.S. Defense Innovation Unit (DIU).
- Outlook: The company expects to incur additional losses as it scales operations and increases R&D spend. Future profitability depends on scaling production and managing costs.
- Risks: Key risks include geopolitical tensions affecting supply chains (specifically regarding China export controls), potential tariffs, and the ability to raise additional capital if needed. The company faces competition in the EV and aviation battery markets.
Investor Verification Checklist
- Warrant Exercise Impact: Verify the remaining number of outstanding warrants (approx. 10.5 million) and the potential dilution or cash proceeds if exercised.
- Customer Concentration: Review the concentration of revenue and accounts receivable; two customers represented 25% of Q2 revenue, and two customers held 54% of accounts receivable.
- Supply Chain Dependencies: Assess reliance on Berzelius (Nanjing) Co., Ltd. for silicon anode materials and global contract manufacturers for battery production.
- Government Contract Status: Monitor the execution and milestone achievements of the $18.1 million DIU contract.
- Cash Burn Rate: Analyze the $40.1 million net cash used in operating activities for the first half of 2026, noting the impact of the $20 million lease termination payment.