Amprius Technologies, Inc.

Q2 revenue was $34 million, up 19% sequentially and 2.3x year over year; first-half revenue was $62.6 million, up 137% year over year. Gross profit was $9.3 million and gross margin was 27%, versus 20% in Q1 and 9% in the same quarter last year; first-half gross margin was 24% versus negative 4% in the first half of 2025. GAAP net loss attributable to common shareholders was $5.1 million, or negative $0.04 per share, and adjusted net loss was $3.2 million, or negative $0.02 per share; adjusted EBITDA was negative $1 million. Cash ended at $74.5 million with no debt, up $12.2 million in the quarter. For 2026, management now expects at least $140 million of revenue, at least 28% gross margin, more than $4 million of adjusted EBITDA, net loss of $10 million or less, and loss of $0.08 or less per diluted share.

Tom Stepien framed the quarter as evidence that Amprius is gaining real traction in energy-dense silicon-anode batteries, especially for drones and other mobility applications. He emphasized broadening end markets — defense UAVs, commercial delivery, robotics, satellites, eVTOL, and e-mobility — while highlighting the company’s “capital-efficient” contract manufacturing model. His tone was optimistic and expansionary, but he repeatedly noted that some newer markets are early and still need customer qualification and execution.

Ricardo Rodriguez focused on the financial execution: revenue of $34 million, gross margin of 27%, operating loss of $4.3 million, net loss of $5.1 million, and adjusted EBITDA of negative $1 million. He pointed to a strong cash position of $74.5 million, no debt, and only $2.9 million of cash used in operations, while noting inventory and receivables were intentionally built to support the second-half ramp. He also said capex was $1.8 million in Q2, first-half capex was $2.8 million, and the company is tracking below its less than $10 million full-year capex expectation. On guidance, he said revenue visibility improved, tariff-related costs and Colorado-related expenses helped make the margin raise easier, and the company expects at least 28% gross margin in the second half while keeping SG&A growth controlled.

Analysts focused on NDAA compliance, U.S. manufacturing capacity, drone-demand visibility, margins, and how quickly new markets like robotics, delivery drones, and data centers could contribute. Management said supplier qualification for NDAA is progressing and that they expect to have the new suppliers under contract this quarter, while still targeting fully U.S. NDAA-compliant cells in 2027. On margins, Ricardo said the main drivers are product and regional mix, with accretive sales, pouch-cell mix, and Europe helping, but he warned there could still be quarter-to-quarter lumpiness as the company absorbs the cost structure needed for NDAA compliance. They also said they are actively exploring additional U.S. partner manufacturing, including pouch-cell capacity, but are not ready to announce specifics yet.