Amprius Technologies Inc (AMPX) Q2 2026 Earnings Report

Overall the call conveyed a positive operational and financial momentum: sizable sequential and year-over-year revenue growth, meaningful gross margin expansion, improved adjusted EBITDA trending toward breakeven, a stronger cash position, multiple large commercial and defense wins, and raised full-year guidance. The company still faces near-term challenges — GAAP losses remain, adjusted EBITDA is slightly negative, concentration in product and region creates exposure, and NDAA-driven supply-chain and domestic capacity build-out carry execution and timing risks. Management highlighted progress on NDAA compliance, pilot line installation, and strategic partnerships, but noted potential lumpy margins and multi‑quarter lead times as production and qualification scale.

Amprius raised 2026 guidance again, now targeting at least $140.0M of revenue (up from >$130M in May and >$125M in March), gross margins of at least 28%, and adjusted EBITDA of more than $4.0M, while reiterating a GAAP net loss of $10.0M or less (≤ $0.08 loss per diluted share, assuming 143.5M weighted average shares); Q2 results that underpin the update included $34.0M revenue (up 19% sequentially and 2.3x YoY), H1 revenue of $62.6M (up 137% YoY) and an annualized run rate of $136M, Q2 gross margin 27% (H1 24%), Q2 adjusted EBITDA of -$1.0M (trailing 12‑month adjusted EBITDA -$0.8M, -1% margin), Q2 GAAP net loss $5.1M (-$0.04/share) and Q2 non‑GAAP adjusted net loss excluding a $1.9M warrant fair‑value adjustment of $3.2M (-$0.02/share); balance sheet and operating metrics include $74.5M cash and no debt, accounts receivable $40.7M, inventory $11.5M, YTD CapEx $2.8M (vs. < $10M planned for the year), plus program/order metrics such as a $24M European order to be shipped over the next ~2.5–3 quarters and a Stark contract expected to generate at least $100M through 2029, and longer‑term targets of >$600M contracted capacity, >30% gross margin and ≥20% adjusted EBITDA margins by decade‑end.