AMPX-WT · Kensington Capital Acquisition Corp. IV

Amprius Technologies delivered a standout Q1 2026 with record revenue of $28.5 million, a 2.5x increase from $11.3 million in Q1 2025, driven by deepening relationships with existing drone customers and expansion into new markets like light electric vehicles. Sequential growth of 13% from the prior quarter underscores execution momentum. Gross profit swung to $5.7 million from a $2.4 million loss YoY, achieving 20% GAAP gross margin (22% adjusted excluding non-recurring Colorado expenses), reflecting improved manufacturing efficiency and scale in its contract manufacturing model. Net loss narrowed to $5.0 million (-46% YoY), with non-GAAP Adjusted EBITDA improving to ($1.8) million from ($5.2) million. CEO Tom Stepien highlighted repeat business and new wins, including a $21 million purchase order for SiCore cylindrical cells from a premier China electric mobility customer for scooters, three-wheelers, and motorcycles. Defense sector strength shone through with ~$500 million in new U.S. military orders and a $3.3 million addition to the DIU contract, totaling $18.1 million for NDAA-compliant drone batteries. The company added Nanotech Energy as a U.S. production partner to support its capital-light strategy. Management raised 2026 revenue guidance to at least $130 million (from $125 million), reiterating net loss under $8 million, EPS under $0.06, positive Adjusted EBITDA of at least $4 million, and capex below $10 million, signaling confidence in demand from U.S. customers and efficient scaling. CFO Ricardo C. Rodriguez emphasized the business model's potential for growth and profitability with low capital intensity. Investors should note forward-looking risks including supply chain issues and capacity expansion.