AMPX

Amprius Technologies, Inc. (AMPX) - Q1 2026 10-Q Summary

Business Context and Reporting Period

This report covers the quarterly period ended March 31, 2026. Amprius Technologies, Inc. develops and manufactures high-energy density lithium-ion batteries using silicon anode technology for aviation, electric vehicle (EV), and light electric vehicle (LEV) applications. The company operates as a single segment focused on battery sales and customization services. As of the reporting date, the company is classified as an emerging growth company and a smaller reporting company.

Key Financial Metrics

Note: Total lease liabilities decreased significantly due to the termination of the Brighton, Colorado facility lease.

Material Changes vs. Prior Period

• Revenue Growth: Revenue increased 153% year-over-year, driven by a $17.4 million increase in sales of SiCore batteries and expanded customer volume.
• Profitability Improvement: The company moved from a gross loss of $2.4 million in Q1 2025 to a gross profit of $5.7 million in Q1 2026, resulting in a 343% improvement in gross profit.
• Net Loss Reduction: Net loss decreased by 46% to $5.0 million, aided by higher gross margins and increased other income.
• Lease Termination: The company terminated its lease for the Brighton, Colorado facility in January 2026. This resulted in a one-time cash payment of $20.0 million, a derecognition of $33.2 million in lease liabilities, and a recorded net loss on termination of approximately $0.2 million.
• Working Capital: Accounts receivable increased by $11.5 million to $35.3 million, reflecting higher sales volume. Inventory increased by $1.5 million to $8.2 million.

Outlook, Risks, and Management Commentary

• Liquidity: Management believes cash and cash equivalents of $62.4 million are sufficient to fund operations for at least the next 12 months. The company expects to incur additional losses as it scales operations and expands its Fremont pilot line to 10 MWh.
• Government Contracts: A contract with the U.S. Government Defense Innovation Unit (DIU), amended to $18.1 million in July 2025, is accelerating facility expansion. $0.8 million of grant income was recognized in Q1 2026.
• Manufacturing Strategy: The company relies on a contract manufacturing strategy (including Berzelius and the Amprius Korea Battery Alliance) to access over 2.0 GWh of annual production capacity with minimal capital investment.
• Risks: Key risks include geopolitical conflicts (Ukraine/Russia, Middle East) affecting supply chains and defense customers, potential U.S. trade tariffs, and the need to raise additional capital to meet future requirements. The company faces concentration risk with two customers representing 64% of accounts receivable.
• Subsequent Event: On May 6, 2026, the company entered into agreements to exchange approximately 7.1 million public warrants for common stock, expected to close on May 18, 2026.

Investor Verification Checklist

• Cash Burn Rate: Verify the sustainability of the $37.3 million operating cash outflow, which included a $20.0 million non-recurring lease termination payment.
• Customer Concentration: Assess the risk associated with two customers comprising 64% of accounts receivable and three customers comprising 49% of revenue.
• Bill-and-Hold Revenue: Review the $17.1 million in undelivered amounts under bill-and-hold arrangements as of March 31, 2026, to understand future revenue recognition timing.
• Warrant Exchange Impact: Monitor the closing of the May 2026 warrant exchange and its impact on share count and potential dilution.
• Supply Chain Dependencies: Evaluate reliance on Berzelius and global contract manufacturers for SiCore battery production.