Amprius Bounds Ahead: Record Revenue, New Markets, Yet the Stock Sells Off
A beat-and-raise, a $100M e-mobility deal, and a strategic pivot into robotics — yet the shares have tumbled 40% in three months.
AMPX · Earnings Call · 2026-08-05
The Record Quarter and the Guidance Raise
Amprius Technologies (AMPX) delivered yet another blowout quarter, with Q2 2026 revenue of $34M, up 19% sequentially and 2.3x year-over-year. CFO Ricardo Rodriguez noted, "This was our sixth consecutive quarter of sequential growth." The company increased its full-year revenue guidance to at least $140M and lifted gross margin expectations to 28% or better. Remarkably, adjusted EBITDA is now "within a rounding error of breakeven" on a trailing twelve-month basis, a dramatic shift from a $7M operating loss a year ago. Total revenue has grown from $1M in 2022 to $34M in Q2 2026, yet the company still posted an operating loss of $4.3M in the quarter. The market, however, is voting with its feet: the stock has tumbled 40% over the last 90 days, despite this streak of good news. Is the market missing the real story?Defense Drones: The Core Engine
The defense drone opportunity remains the centerpiece. With the Department of War's proposed $50 billion budget for autonomous warfare, Amprius is positioned as a key supplier. Tom Stepien highlighted, "Half of the participants are using Amprius cells" in the DoD's upcoming 60,000-drone order at Fort Carson. The company's NDAA compliance efforts are advancing rapidly, with a pilot line in Fremont set to begin production in December 2026 and South Korean partners already shipping. This is not just a U.S. story; a new $24M European defense order underlines the global pull. “We are well on track to reach full NDAA compliance with domestically produced cells in 2027.” — Thomas Stepien, Chief Executive Officer · 2026-08-05 The company's PAC partner program is also expanding, serving as a force multiplier to reach hundreds of end customers without ballooning sales headcount.Beyond Drones: e-Mobility, Robotics, and Data Centers
The most striking development this quarter is Amprius's expansion into new verticals. The company signed a $100M, three-year contract with Stark Future, a Spanish electric motorcycle maker. “We expect revenues from our relationship to Stark to be at least $100 million through 2029.” — Thomas Stepien, Chief Executive Officer · 2026-08-05 This is a clear signal that e-mobility is becoming a meaningful growth pillar, complementing the previously announced $21M Chinese LEV order. Management also appointed Ronnie Tao as Chief Business Officer to target robotics, a market it sees as "in its early stages" but with substantial upside.In addition, CFO Ricardo Rodriguez revealed an initial team is exploring data center power applications, adding yet another adjacent opportunity.We have some really good conversations with customers that will start to show up in terms of revenue toward the end of this year, early next.