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    AMPX
    Earnings call· Jun 2026(Q2 FY26)

    Amprius Technologies Q2 FY26 earnings call AMPX

    Aug 5, 2026 Source

    Executive summary

    Amprius Q2 FY26 — Record Revenue, Raised Outlook, and Strong Defense/e-Mobility Demand

    Amprius delivered a strong second quarter, driven by robust demand for its silicon anode batteries in defense and emerging e-mobility markets, leading to another revenue and gross margin guidance raise. The company is strategically expanding its NDAA-compliant manufacturing footprint through partnerships in South Korea and the U.S., while also investing in go-to-market and R&D efforts. Management remains focused on capital-efficient growth and achieving long-term profitability targets by leveraging its high-energy density technology across diverse applications.

    Highlights

    5

    • Achieved record revenue of $34 million in Q2 FY26, up 19% QoQ and 2.3x YoY.

    • Increased full-year 2026 revenue forecast to at least $140 million and gross margin to at least 28% for the second consecutive quarter.

    • Secured a new $24 million order from a European drone manufacturer and a 3-year, $100 million+ contract with e-mobility company Stark Future.

    • Expanded NDAA-compliant manufacturing with new South Korean partners and made significant progress on the Fremont pilot line, with production expected by December 2026.

    • Adjusted EBITDA reached near breakeven on a trailing 12-month basis at negative $800,000, with Q2 adjusted EBITDA at negative $1 million.

    Concerns

    3

    • The proposed FY27 defense budget for autonomous warfare, while significant, may be smaller than the original $50 billion request, potentially impacting future order timing.

    • Working capital increased with accounts receivable growing by $5.4 million to $40.7 million and inventory by $3.3 million to $11.5 million in Q2 to support future ramp.

    • Full U.S. NDAA compliance for domestically produced cells is targeted for 2027, requiring continued efforts to secure and integrate new U.S. manufacturing partners.

    Guidance & targets

    9
    CategoryTargetConfidence
    Full-year Revenue
    at least $140 million
    high materiality
    High
    Full-year Gross Margin
    at least 28%
    high materiality
    High
    Full-year Adjusted EBITDA
    more than $4 million
    high materiality
    High
    Full-year Net Loss
    $10 million or less
    medium materiality
    High
    Full-year Diluted EPS
    $0.08 or less per diluted share
    high materiality
    High
    Long-term Contracted Capacity
    more than $600 million
    high materiality
    Medium
    Long-term Gross Margin
    above 30%
    high materiality
    Medium
    Long-term Adjusted EBITDA Margin
    at least 20%
    high materiality
    Medium
    Quarterly OpEx Increase
    another $1 million
    low materiality
    High

    Segment performance

    3
    SegmentRevenueYoYQoQMargin
    Company-wide
    SiCore accounted for 98% of total revenue in Q2 FY26.
    SiCore Revenue Share: 98%
    		————
    EMEA
    EMEA drove 68% of total revenue in Q2 FY26.
    		68% of total———
    U.S. and Asia
    The rest of the revenue came from the U.S. and Asia in Q2 FY26.
    		32% of total———

    Operational metrics

    32
    Revenue
    $34 millionup 19% QoQ, 2.3x YoY
    Q2 FY26

    Achieved record revenue for the quarter.

    Revenue
    $62.6 millionup 137% YoY
    1H FY26

    First half revenue.

    Gross Margin
    27%up from 20% in Q1 FY26, 9% in Q2 FY25
    Q2 FY26

    Right in line with expectations.

    Gross Margin
    24%up from negative 4% in 1H FY25
    1H FY26

    First half gross margin.

    Total Operating Expenses
    $13.6 millionup $1.2 million QoQ, $5.4 million YoY
    Q2 FY26

    Continued investment in go-to-market and R&D efforts.

    Other Income
    $1.1 million
    Q2 FY26

    Composed of interest and government grant income.

    Non-GAAP Adjusted Net Loss
    $3.2 million
    Q2 FY26

    Excluding a $1.9 million non-cash adjustment for warrant fair value.

    Non-GAAP Adjusted Net Loss
    $8.2 million
    1H FY26

    Excluding a $1.9 million non-cash adjustment for warrant fair value.

    Adjusted EBITDA
    -$1 millionvs. -$1.8 million in Q1 FY26, -$2.1 million in Q2 FY25
    Q2 FY26

    Adjustments include $1.9 million warrant exchange, $2.5 million stock-based compensation, $800,000 D&A, $1.1 million interest/other income.

    Adjusted EBITDA
    -$2.8 millionvs. -$7.3 million in 1H FY25
    1H FY26

    First half adjusted EBITDA.

    Trailing 12-month Adjusted EBITDA
    -$800,000
    TTM

    Within a rounding error of breakeven on a full-year basis.

    Cash Balance
    $74.5 millionincrease of $12.2 million during the quarter
    Q2 FY26 end

    Cash balance at quarter end.

    Cash Used in Operations
    $2.9 million
    Q2 FY26

    Operations only used cash, but generated cash before working capital movements.

    Accounts Receivable
    $40.7 milliongrew by $5.4 million
    Q2 FY26 end

    Deliberate to support ramp, reflects fast-growing shipment profile weighted towards second half of quarter.

    Inventory
    $11.5 milliongrew by $3.3 million
    Q2 FY26 end

    Deliberate to support ramp of Q3.

    Capital Expenditures
    $1.8 million
    Q2 FY26

    CapEx for the quarter.

    Capital Expenditures
    $2.8 millionagainst less than $10 million for FY26
    1H FY26

    Tracking well inside the full-year CapEx guidance.

    Financing Activities Cash Flow
    $16.8 million
    Q2 FY26

    Equity capital came from holders choosing to exercise, minimizing dilution.

    Working Capital
    $113.2 millioncompared to $59.8 million for Q2 FY25
    Q2 FY26 end

    Working capital at quarter-end.

    Direct Customers
    more than 500grows every quarter
    Q2 FY26

    Customers who buy cells directly.

    PAC Partners
    9more will be added over time
    Q2 FY26

    Companies who buy cells and package them for end-use customers.

    Production Capacity
    greater than 2 GWh
    annual

    Total production capacity across all manufacturing partners.

    Cells Produced
    12 million to 15 million
    per quarter

    Based on average cell size and total production capacity.

    Gross Margin (GAAP)
    20%
    Q1 FY26

    GAAP gross margin for the first quarter.

    Gross Margin (Adjusted)
    22%
    Q1 FY26

    Adjusted gross margin for the first quarter.

    Colorado Expenses
    $0.5 million
    Q1 FY26

    One-time expenses stripped out for adjusted gross margin calculation.

    Tariff Costs
    $1.8 million
    1H FY26

    Tariff expenses incurred in the first half of the year.

    Stock-based Compensation
    $2.5 million
    Q2 FY26

    Adjustment item for Adjusted EBITDA.

    Warrant Fair Value Adjustment
    $1.9 million
    Q2 FY26

    Adjustment reflecting the change in fair value of public warrants during exchange for stock.

    Gross Margin Range
    low 20s to high 30s
    current

    Margin range depends on product type and regional mix.

    Capacity Planning Lead Time (Full NDAA/U.S.)
    1-2 years
    future

    Lead time for setting up full NDAA-compliant capacity in the U.S. or South Korea.

    Capacity Planning Lead Time (Regional Flexibility)
    1-1.5 quarters
    current

    Lead time for making switches and having things up and running within a region.

    Industry KPIs

    2
    MetricValueDetails
    Orders bookings growth2.3xYoY
    Data center exposure pipelinediscussed_not_quantified

    Orderbook & backlog

    1
    Total Backlognot statedQ2 FY26 end

    Management states they do not have much to add on backlog and historically the term has been misused; they have good visibility from open purchase orders and work to ship as much product within the quarter.

    Deals & partnerships

    10
    Defense Innovation UnitDevelop and scale NDAA compliant silicon anode battery cells$18.1 million

    Contract increased for a third time in March quarter.

    European drone manufacturerOrder for SA124 SiCore cylindrical cells$24 million3 quarters

    New customer win.

    RedwirePurchase orders for high energy density batteries for Stalker Block 30 dronesmore than $40 million

    Redwire first purchased Amprius batteries in 2024.

    MatternetAgreement to provide high-density silicon anode cells for drone delivery platform

    Agreement announced in May.

    Premier electric mobility customer (China)Order to power light electric vehicles (scooters, 3-wheelers, motorcycles)$21 million

    Order announced earlier this year.

    Stark Future3-year contract for premium electric motorcycle batteriesat least $100 million3 years

    Barcelona-based premium electric motorcycle manufacturer.

    LibestSouth Korean contract manufacturing partner

    Located in Daejeon, announced May 2025.

    JR EnergySouth Korean contract manufacturing partner

    Recently added.

    Top MaterialSouth Korean contract manufacturing partner

    Recently added.

    Nanotech EnergyU.S. contract manufacturing partner

    Announced earlier this year, has delivered cells.

    Capital programs

    1
    Fremont Pilot Line Expansionunderway
    Period spend: $1.8 million (Q2 FY26)
    Funding: Defense Innovation Unit

    Benefit: Supports expansion of pilot line, enables quick turns for new cell chemistries, small volume delivery, and validation of new components.

    Nearly half of the required equipment has been received and is undergoing installation; the remaining equipment is scheduled to arrive in August and September.

    Risks & headwinds

    4
    Uncertainty in FY27 Defense Budget AuthorizationMonths ahead (FY27 budget cycle)

    Proposed $50 billion for Defense Autonomous Warfare Group (24,000% YoY increase), but actual budget might be smaller than original request.

    Mitigation: Company has existing DIU contract and strong position with drone manufacturers; expects some level of increased outlay regardless of final budget size.

    Working Capital GrowthNear-term

    Accounts receivable grew by $5.4 million to $40.7 million; inventory grew by $3.3 million to $11.5 million in Q2 FY26.

    Mitigation: Deliberate to support ramp of Q3; receivables reflect fast-growing shipment profile weighted towards end of quarter; comfortable with AR aging and long-standing customer relationships.

    NDAA Compliance Timeline and Cost StructureThrough 2027

    Full U.S. NDAA compliance for domestically produced cells targeted for 2027.

    Mitigation: Actively qualifying new suppliers and working with South Korean and U.S. contract manufacturers; managing cost structure to ensure profitability.

    Lumpy Gross MarginsNext 2 years or so

    Gross margins could take a slight step back in a given quarter.

    Mitigation: Managing mix, especially as North America revenue increases and before full NDAA cost recovery; focus on delivering what is promised and slightly more.

    What to watch in Q3 FY26

    5

    Fremont Pilot Line Production Start

    December 2026
    CurrentEquipment installation underway, remaining equipment arriving Aug/Sep 2026.
    TargetProduction begins.

    Why it matters

    Successful ramp of the pilot line is crucial for winning new customers, delivering new cell chemistries, and validating new components for NDAA compliance.

    The remaining equipment is scheduled to arrive later this month and in September with production expected to begin in December 2026.

    Q&A highlights

    8

    How flexible is Amprius' technology platform in using alternate anode/electrolyte inputs, including semi-solid/solid-state, to integrate material advances, especially with NDAA compliance?

    Amprius has 5 chemistry platforms and good dexterity. They've qualified 2 sets of 11 new suppliers for anode, cathode, separator, and binders for NDAA, holding them in cells made in South Korea and the U.S. The Fremont pilot line aids quick validation. They are on track for full U.S. NDAA compliance by 2027.

    “We have 5 chemistry platforms, a power-based one, energy-based one, balanced one. We have very good dexterity, as you say. We have had long serving suppliers over the last several years. And as a part of NDAA, we've qualified 2 sets of 11 new suppliers for the anode, cathode, separator and 7 other binders, et cetera, that go into our batteries.”

    asked by Colin Rusch · answered by Thomas Stepien

    2 min read6 chapters

    Detailed Narrative

    01

    Defense Market Opportunity

    The company highlights the significant and growing opportunity in military UAVs, citing the Trump administration's proposed FY27 defense budget of over $50 billion for the Defense Autonomous Warfare Group, a 24,000% YoY increase. Amprius' DIU contract, now totaling $18.1 million, supports pilot line expansion, and half of the 19 drone manufacturers invited to a Department of War competitive demonstration are using Amprius cells, with orders for 60,000 drones expected from top performers.

    02

    e-Mobility and Robotics Expansion

    Beyond drones, Amprius is expanding into e-mobility with a new 3-year, $100 million+ contract with Stark Future for electric motorcycles, with shipments starting early next year. The company is also targeting robotics, focusing on unstructured environments where high energy density and power balance are critical, and has appointed a Chief Business Officer to lead this expansion.

    03

    Manufacturing Strategy and NDAA Compliance

    Amprius employs a capital-efficient contract manufacturing model, leveraging its Fremont pilot line for R&D and small volumes, and partners in China and South Korea for volume production. New South Korean partners (Libest, JR Energy, Top Material) provide NDAA-compliant supply, and the company is on track for full U.S. NDAA compliance with domestically produced cells in 2027, actively seeking additional U.S. partners.

    04

    Leadership Team Enhancements

    The company strengthened its senior management team with Ronnie Tao moving to Chief Business Officer to focus on new markets like robotics, and Anne Torricelli joining as VP of Sales, bringing nearly two decades of energy technology sales experience. These appointments aim to drive growth and expand market reach.

    05

    Market Diversification

    Amprius sees broad growth opportunities across multiple markets and geographies, including commercial drones (delivery, public safety), satellites and space (improving launch economics due to lighter batteries), and eVTOL aircraft for passenger and cargo transport, leveraging its high energy density cells.

    06

    Pilot Line Progress

    The Fremont pilot line, funded by the Defense Innovation Unit, is progressing well, with nearly half of the required equipment received and installed. The remaining equipment is scheduled to arrive in August and September, with production expected to commence in December 2026.

    AI-generated summary of the company’s earnings call. Not investment advice.