0001899287-26-000045
SEC filingAmprius Technologies reported a strong Q1 2026 with revenue surging 153% YoY to $28.5 million, driven by SiCore battery sales, and achieving a positive gross margin of 20%.
Amprius Technologies reported a transformative first quarter for fiscal 2026, with revenue surging 153% to $28.5 million from $11.3 million in the same period last year. This growth was almost entirely driven by a $17.4 million increase in sales of SiCore batteries, reflecting strong demand from new and existing customers. The company achieved a gross profit of $5.7 million, a dramatic improvement from a gross loss of $(2.4) million in Q1 2025, resulting in a gross margin of 20% compared to (21)% in the prior year. The improvement was attributed to higher sales volume and a favorable product mix.
Operating expenses increased 70% to $12.4 million, driven by a 90% rise in research and development (R&D) expenses to $3.8 million and a 63% increase in selling, general and administrative (SG&A) expenses to $8.6 million. The R&D increase was primarily due to higher personnel costs and professional services, while SG&A growth was driven by additional personnel and professional fees. Despite the higher operating expenses, the company's operating loss improved 31% to $(6.7) million from $(9.7) million. Net loss improved 46% to $(5.0) million from $(9.4) million, with basic and diluted loss per share improving to $(0.04) from $(0.08).
As of March 31, 2026, Amprius held $62.4 million in cash and cash equivalents, a decrease from $90.5 million at December 31, 2025. Total assets stood at $130.8 million, down from $156.9 million at year-end 2025. The most significant change was a sharp reduction in operating lease right-of-use assets, which fell from $19.5 million to $6.0 million, and a corresponding decrease in total liabilities from $53.1 million to $21.4 million. This was primarily due to the termination of the Brighton, Colorado facility lease on January 30, 2026, which involved a $20.0 million cash payment and the derecognition of $33.2 million in lease liabilities and $13.4 million in right-of-use assets.
Accounts receivable increased to $35.3 million from $23.7 million, reflecting the strong revenue growth. Inventories also grew to $8.2 million from $6.7 million. Stockholders' equity increased to $109.4 million from $103.8 million, driven by proceeds from stock option and warrant exercises and stock-based compensation, partially offset by the net loss.
Net cash used in operating activities was $(37.3) million for the three months ended March 31, 2026, compared to $(14.1) million in the prior year period. The increase was primarily due to the $20.0 million lease termination payment for the Brighton, Colorado facility. Excluding this one-time payment, operating cash flow would have been approximately $(17.3) million, still higher than the prior year due to increased working capital requirements, including higher accounts receivable and inventory.
Capital expenditures were $1.0 million, in line with the prior year, reflecting investments in the Fremont facility expansion. Free cash flow (operating cash flow minus capex) was $(38.3) million. Financing activities provided $8.6 million, primarily from stock option exercises ($6.7 million) and warrant exercises ($1.9 million). The company did not raise any new equity under its At Market Issuance Sales Agreement, which was fully utilized and terminated as of December 31, 2025.
Management attributed the strong revenue growth to the successful commercial launch and scaling of SiCore batteries, which are produced through a global network of contract manufacturing partners, including Berzelius and the Amprius Korea Battery Alliance. The company's strategy of outsourcing manufacturing allows for rapid capacity expansion with minimal capital investment, providing access to over 2.0 GWh of annual production capacity.
The company terminated its lease for the Brighton, Colorado facility in January 2026, reflecting a strategic shift away from building its own GWh-scale facility in favor of the contract manufacturing model. The termination cost $20.0 million but eliminated significant future lease obligations. Management believes the company's cash and cash equivalents of $62.4 million will be sufficient to fund obligations for at least twelve months from the issuance date of the financial statements.
Key risks highlighted include geopolitical conflicts (Ukraine-Russia, Middle East) that could impact defense-related demand, and U.S. trade policy changes, including tariffs on Chinese imports, which could affect supply chains. The company also noted its dependence on Berzelius and other contract manufacturers for SiCore battery production.
Revenue by geography showed strong performance across all regions: North America ($6.1 million, up from $1.9 million), EMEA ($16.5 million, up from $6.3 million), and APAC ($6.0 million, up from $3.1 million). Revenue in the EMEA region included $10.0 million from customers in Ukraine, up from $4.6 million in the prior year. Three customers represented 49% of total revenue in Q1 2026.
Stock-based compensation totaled $2.1 million, up from $1.8 million in the prior year, with the largest portion ($1.6 million) in SG&A. The company had $23.4 million in unrecognized compensation cost related to unvested RSUs, expected to be recognized over a weighted-average period of 3.2 years.
As of March 31, 2026, the company had 18.6 million outstanding stock warrants, including 16.5 million public warrants (exercise price $11.50), 0.2 million private warrants ($11.50), and 1.9 million PIPE warrants ($12.50). On May 6, 2026, the company entered into agreements to exchange 7.1 million public warrants for shares of common stock, expected to close on May 18, 2026.
Remaining performance obligations (including deferred revenue and government grants) were approximately $46.1 million, all expected to be recognized as revenue within one year. The company also recorded $0.8 million in government grant income from a U.S. Defense Innovation Unit contract, which was amended to $18.1 million.