Amprius Technologies (NYSE:AMPX) raised its 2026 revenue target for the third consecutive quarter after reporting record third-quarter sales, but lowered its adjusted EBITDA outlook as it invests in product development, U.S. manufacturing and customer acquisition.
The silicon-anode battery maker reported revenue of $39.1 million, up 83% from a year earlier and 15% from the second quarter. Chief Executive Officer Tom Stepien said demand came from a growing group of aviation, defense and advanced mobility customers.
Revenue growth and margin outlook
North American revenue more than doubled year over year to $12.2 million in the third quarter, while European revenue was $23.3 million. Europe remained the company’s largest market, accounting for nearly 60% of sales. Revenue for the first nine months of 2026 reached $101.7 million, up 113% from the same period a year earlier.
Gross margin was 26.9%, compared with 27.3% in the second quarter and 15% a year earlier. Chief Financial Officer Ricardo Rodriguez said a greater mix of cylindrical cells and North American shipments reduced margin, as did the use of air freight to meet demand. Lower expenses in Fremont, California, and pricing helped offset those pressures, he said.
Amprius reported a third-quarter net loss of $3.5 million, or 2 cents per share, compared with a loss 10% wider a year earlier. Adjusted EBITDA was negative $1 million.
The company maintained its full-year gross margin forecast of at least 28%, which Rodriguez said implies a fourth-quarter margin of almost 35%. He pointed to an expected increase in higher-margin pouch cell sales, greater sales volume, pricing and a shift toward ocean freight as potential improvements. He said the freight benefit would mostly arrive in 2027.
The revenue forecast implies fourth-quarter sales of about $43.3 million, roughly 11% above the third quarter. Rodriguez said the company was prioritizing margins and its path to profitability over pursuing additional near-term revenue.
Amprius also reiterated its forecast for a 2026 net loss of $10 million or less and capital expenditures below $10 million. Rodriguez said the adjusted EBITDA outlook includes approximately $6 million of work expected to be completed in the fourth quarter under the company’s $18.1 million Defense Innovation Unit agreement. That work is recorded as other income rather than revenue.
Manufacturing expansion and defense demand
Stepien said Amprius is expanding its contract manufacturing network to meet demand while limiting capital spending. The company recently reached an agreement with CAMINUS to produce pouch cells in Indianapolis, with volume production targeted for the first quarter of 2027.
Separately, Amprius received a $75 million competitive contract through the U.S. Department of War’s Industrial Base Analysis and Sustainment Program to retrofit an existing domestic battery production line operated by a South Korean partner. Of the contract total, $22.3 million has been obligated, Stepien said.
The conversion is expected to cost approximately $100 million, including in-kind investments from Amprius, and to be completed in early 2028. The company expects the line to have annual capacity of 12 million pouch cells. Stepien said the project is underway and that equipment delivery and factory work will likely become visible in the summer or fall of 2027.
Amprius is already shipping cells compliant with National Defense Authorization Act sourcing requirements and remains on track for domestically produced compliant cells in 2027, Stepien said. He also said the company is discussing potential manufacturing arrangements in Europe, where some customers have expressed sourcing preferences.
During the question-and-answer session, Oppenheimer analyst Colin Rusch noted that the company had raised its 2030 revenue target to $800 million from $600 million. Rodriguez said the additional $200 million was tied to expected capacity from the South Korean partner and CAMINUS, which together could add 270 to 300 megawatt-hours annually, depending on product mix.
New products and markets
Amprius introduced its SiCore 500 cell in September for long-endurance aviation applications. Stepien said the cell, rated at 500 watt-hours per kilogram, is designed for standard lithium-ion manufacturing equipment and cell formats. The company plans to ship cells to high-altitude platform customers in the fourth quarter.
Amprius also began shipping SiCore cells to a European manufacturer of autonomous deep-sea vehicles used in commercial, scientific and defense applications. Stepien said the vehicles operate at depths greater than 3,000 meters and called the subsea market a new growth opportunity.
Looking ahead, Stepien said drones would still account for the dominant share of revenue in 2027, but he expects the business to become more balanced by 2030 as Amprius pursues applications including robotics and electric vertical takeoff and landing aircraft.
Amprius ended the third quarter with $60.7 million in cash and no debt. Cash declined by $13.8 million during the quarter as the company funded capital spending and working capital, including advances to manufacturing partners to secure supply for late 2026 and 2027.
About Amprius Technologies (NYSE:AMPX)
Amprius Technologies, Inc. develops and manufactures lithium-ion batteries designed to provide high energy density and power. Its battery technology uses silicon-based anodes, an alternative to the graphite anodes commonly used in conventional lithium-ion cells. The company’s products are designed for applications where low weight and high performance are important, including electric aviation, drones, aerospace, defense and other mobility markets. Amprius offers silicon-anode cells for customers developing these systems.
