Amprius (AMPX) Stock: Q1 2026 Revenue Beats Estimates but EPS Miss Causes Selloff

TLDR

• AMPX shares plunged 27% in after-hours activity after reporting Q1 2026 results, even though revenue exceeded projections.
• Revenue reached $28.5 million, a 153% increase year-over-year, surpassing the $25.32 million consensus estimate.
• The company reported a loss per share of $0.04, which was worse than the anticipated loss of $0.0278.
• Full-year 2026 revenue guidance was increased to a minimum of $130 million, up from the previous $125 million.
• Amprius concluded the quarter with $62.4 million in cash and no debt following a ~$20 million settlement of its Colorado lease.

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(SeaPRwire) –   Amprius Technologies (AMPX) reported its highest-ever quarterly revenue for Q1 2026, yet the market reaction was negative. The stock price declined 27.15% in after-hours trading to $19.229 following the earnings announcement.

Amprius Technologies, Inc., AMPX

Quarterly revenue was $28.5 million — a surge of 153% compared to the year-ago period and a 13% sequential increase from Q4 2025. This outperformed analyst forecasts of $25.32 million by approximately 12.7%.

The issue emerged with profitability. AMPX posted a loss of $0.04 per share, exceeding the -$0.0278 loss analysts had forecast. This 43.88% shortfall is what alarmed investors.

$AMPX with a massive revenue beat in Q1, they just missed the EPS estimates.

The stock is down 7% in aftermarket but on the first sight there is a lot to like about these earnings.

1. Huge Backlog: $500 Million in Defense Orders
This is a big win. While the company’s current… pic.twitter.com/7u9mlQOYod

— KaizenInvestor (@Kaizen_Investor) May 6, 2026

Gross margin also declined, dropping to 20% from 24% in the previous quarter. CFO Ricardo Rodriguez attributed this to elevated overhead costs associated with the company’s SiMaxx platform — about $3 million in fixed costs compared to only $618,000 in SiMaxx-related revenue.

The SiCore battery product line is now the primary revenue driver, representing 97% of product revenue for the quarter. The legacy SiMaxx line is in the process of being discontinued.

Defense and New Customers Driving Growth

CEO Thomas Stepien highlighted positive developments regarding demand. Three defense and UAS (Unmanned Aerial Systems) customers utilizing SiCore batteries recently secured multimillion-dollar contracts, which the company states improves foresight into future orders.

The Defense Innovation Unit (DIU) contract was also enlarged — expanded for a third time to a total value of $18.1 million. The most recent expansion covers the delivery of three variants of silicon anode cylindrical cells and four standard-sized pouch cells.

In the commercial sector, AMPX secured a new light electric vehicle client in China. This customer issued a $21 million, multi-quarter purchase order for batteries intended for two- and three-wheeled vehicles. This represents a significant achievement for a firm seeking to broaden its business beyond the defense industry.

The Q1 revenue geographic mix was 58% from EMEA, with North America and Asia Pacific each contributing 21%. North America’s portion increased “meaningfully” compared to the prior quarter.

Guidance Raised, Balance Sheet Cleaned Up

In spite of the after-hours downturn, company leadership raised its full-year 2026 revenue forecast to a minimum of $130 million — a $5 million increase from the earlier guidance of $125 million. The outlook for Adjusted EBITDA remains unchanged at a minimum of $4 million, with an anticipated net loss not exceeding $8 million, or less than $0.06 per share.

Capital expenditures for the year are projected to remain under $10 million, primarily financed by the DIU contract.

The balance sheet underwent a major improvement in Q1. Amprius spent approximately $20 million to resolve its Colorado facility lease obligation — which represented future commitments exceeding $110 million — resulting in a financial position of $62.4 million in cash and zero debt.

The firm also revealed an intention to swap its public warrants for common stock, a step management described as alleviating warrant overhang and streamlining the capital structure.

Research and development expenditures totaled $3.8 million for the quarter, while selling, general and administrative expenses were $8.6 million. The GAAP net loss was $5 million.

The sharp after-hours stock decline occurred after the share price had rallied roughly 840% over the preceding year, reaching a 52-week peak of $22.80.