0001899287-26-000045
SEC filingAmprius Technologies delivered a strong Q1 2026 with revenue up 153% to $28.5M and gross margin turning positive at 20%, while still posting a net loss of $5.0M.
Amprius Technologies reported striking top-line acceleration in Q1 2026. Revenue reached $28.5 million, up 153% from $11.3 million in Q1 2025. Cost of revenue increased at a slower pace, up 67% to $22.8 million, driving gross profit to $5.7 million from a gross loss of $2.4 million. Gross margin swung from -21% to +20%, a 41-percentage-point improvement. The gross margin recovery reflects higher SiCore volume and favourable product mix.
Operating expenses expanded 70% to $12.4 million. R&D expense rose 90% to $3.8 million, largely on higher headcount-related costs and professional services. SG&A climbed 63% to $8.6 million, driven by additional personnel and professional fees. As a result, loss from operations improved to $6.7 million from $9.7 million. Net loss narrowed 46% to $5.0 million, and basic/diluted EPS improved to $(0.04) from $(0.08). Other income jumped to $1.6 million from $0.3 million, supported by $0.8 million in government grant income and a $0.4 million gain on disposal of equipment.
The quarter demonstrates that the company's outsourced contract manufacturing model can scale revenue without proportional cost growth. However, operating expenses remain elevated as the company invests in R&D and SG&A capacity.
The balance sheet was significantly reshaped by the Brighton, Colorado lease termination. Cash and cash equivalents fell from $90.5 million at year-end to $62.4 million at March 31, 2026. Total assets declined from $156.9 million to $130.8 million, primarily due to a $13.5 million drop in operating lease right-of-use assets to $6.0 million. Total liabilities decreased from $53.1 million to $21.4 million as operating lease liabilities fell from $35.2 million noncurrent plus $4.7 million current to $5.4 million noncurrent plus $1.2 million current. Stockholders' equity rose from $103.8 million to $109.4 million, helped by $6.7 million from option exercises and RSU vesting, $2.1 million stock-based compensation, and $1.9 million warrant exercises, partially offset by the $5.0 million net loss.
Current assets still cover current liabilities comfortably (current ratio ~7x), but the cash decline of $28.1 million during the quarter highlights the need for continued revenue scaling or additional capital. Management states that existing cash is sufficient for at least twelve months.
Operating cash flow used $37.3 million in Q1 2026, compared with $14.1 million in Q1 2025. The single largest non-recurring item was the $20.0 million payment to terminate the Brighton lease. Excluding that payment, operating cash burn was approximately $17.3 million, still above prior year's level. The increase reflects timing of customer collections (accounts receivable rose $11.5 million), higher inventory ($1.5 million), and prepaid expenses ($2.6 million). The company also recorded $2.1 million of stock-based compensation, $761k depreciation, a $0.2 million lease termination loss, and a $0.1 million write-down of PP&E.
Investing activities used $0.6 million, consisting of $1.0 million of capex less $0.4 million disposal proceeds. Financing activities provided $8.6 million, with $6.7 million from stock option exercises and $1.9 million from warrant exercises. Net cash decreased $29.3 million, including the effect of exchange rate changes.
The high receivables growth (48% of revenue) warrants monitoring, though the company's bill-and-hold arrangements and Ukraine shipments may explain the timing. The company has no debt.
Management attributes the revenue surge to SiCore battery sales, new customers, and higher volumes from existing customers. The gross margin improvement is attributed to higher volume and product mix. Costs increased in R&D and SG&A due to headcount and professional fees. Other income increased due to government grant income and a one-time disposal gain.
Looking forward, the company is expanding its Fremont pilot line to 10 MWh and using a DIU contract that was increased to $18.1 million. It maintains access to over 2.0 GWh of annual SiCore production through Berzelius, global contract manufacturers, and the Amprius Korea Battery Alliance. The company terminated its Brighton, Colorado lease and now relies on outsourced manufacturing to scale capacity with minimal capital investment.
No quantitative revenue or EPS guidance was provided. Management expects additional losses as it scales, and may need to raise capital. The company believes its cash balance is sufficient for at least twelve months.
Key risks include geopolitical conflicts (defense applications, freight costs), tariff/trade policy changes, supply chain concentration with Berzelius, competition, and potential dilution. Opportunities include the DIU contract, expanding contract manufacturing network, and APAC/China growth.
Geographically, revenue was concentrated in EMEA at $16.5 million, with North America at $6.1 million and APAC at $6.0 million. EMEA was boosted by $10.0 million of Ukraine shipments. APAC is supported by a new China subsidiary formed in January 2025. Three customers accounted for 49% of total revenue in Q1 2026, down from 66% in Q1 2025. Accounts receivable concentration remains high: two customers represented ~64% of receivables.
Deferred revenue was de minimis, and remaining performance obligations stood at $46.1 million, expected to be recognized within one year. Bill-and-hold revenue was $5.8 million in the quarter; undelivered bill-and-hold amounted to $17.1 million. Inventories increased to $8.2 million from $6.7 million, with finished goods the largest component. PP&E net was $10.7 million. Stock-based compensation of $2.1 million was charged to cost of revenue, R&D, and SG&A.
Subsequent to quarter end, on May 6, 2026, the company entered into warrant exchange agreements to exchange 7,128,458 public warrants for common stock, expected to close May 18, 2026. This will reduce warrant dilution.