AMPX-WT earnings call summary

Prepared Highlights

• Q1 2026 revenue $28.5M, up 2.5x YoY and 13% sequentially (CEO, CFO)
• SiCore cells represented 97% of product revenue in Q1 (CFO)
• Revenue by region: EMEA 58%, North America 21%, Asia Pacific 21% (CFO)
• Q1 gross profit $5.7M, gross margin 20% (vs 24% in Q4); without 1 month Colorado expenses, margin would have been 22% (CFO)
• Q1 R&D $3.8M, SG&A $8.6M, total OpEx $12.4M (CFO)
• Q1 operating loss $6.7M; adjusted EBITDA negative $1.8M (vs negative $5.2M in Q1 2025) (CFO)
• Q1 GAAP net loss $5M, negative $0.04 per share on ~136.9M weighted avg shares (CFO)
• Cash $62.4M at quarter end, no debt; down from $90.5M at year-end due to $37.3M cash consumption (CFO)
• Q1 CapEx $980k, largely funded by DIU contract (CFO)
• Total shareholders’ equity $109.4M at quarter end (CFO)
• Official guidance: FY2026 revenue raised to at least $130M (from $125M); FY2026 adjusted EBITDA at least $4M; FY2026 net loss no more than $8M (<$0.06/share); FY2026 CapEx below $10M, funded by DIU contract (CEO, CFO)
• $21M multi-quarter purchase order from a China-based light electric vehicle customer (CEO)
• DIU contract increased for third time to $18.1M (CEO)
• Kraus Hamdani Aerospace received a sole-source award from U.S. Department of War and a separate contract up to $270M from U.S. Air Force Central Command (CEO)
• AeroVironment won $117M U.S. Army contract for P550 UASs (CEO)
• Agreement to convert over 7M public warrants held by institutional investors into common stock (CFO)

Mgmt Quotes

• "Our batteries contain the same energy as standard cells in a much smaller package." (CEO)
• "The strong results give us the confidence to increase our revenue guidance for the full year to at least $130 million, $5 million above our previous forecast." (CEO)
• "Our Q1 gross profit was $5.7 million, producing a gross margin of 20%. For context, Q4 gross margin was 24%. So we did step back quarter-over-quarter, and I want to be transparent about why." (CFO)
• "We continue to see healthy demand indicators, a growing backlog, higher production volumes at all of our manufacturing partners and increasing urgency from defense-related customers around NDAA-compliant supply." (CFO)
• "Competition in the lithium-ion battery space is fierce, and we embrace it." (CEO)

Prepared Metrics

Q&A Batch (1-5 of 11)

Q1 — Colin Rusch

• Topic: Customer volume visibility and production planning
• Key points:
  • Company is in early days; bill signed 10 months ago; 3 customers starting to receive contracts; suppliers (including Amprius) are next.
  • Light electric vehicle wins: previously smaller purchase orders, now larger ones coming in.
  • Robotics: no meaningful revenue in Q1; discussions in U.S. and Asia; revenue expected toward end of this year or early next.
• Mgmt stance: Bullish — going on offense, adding team members, signing new group in South Korea, attending new robotics conferences.

Q2 — Mark Shooter

• Topic: Defense urgency and warrant transaction
• Key points:
  • U.S. military/drone programs: Gauntlet 2 starts in August; qualifiers in June; 11 winners in Gauntlet 1; more entering Gauntlet 2.
  • Warrant transaction: ~16.5 million public warrants issued in Sept 2022 at $11.50 strike; $7.1 million warrants converted to stock at exchange ratio to be determined next week.
  • Saving shareholders at least $70 million of dilution vs. if warrants exercised; stock trading above $18 (callable level) for 20 out of 30 days; should relieve short interest by ~7.1 million shares.
• Mgmt stance: Bullish — U.S. getting serious; defense flow-down starting; warrant deal reduces dilution and short interest.

Q3 — Derek Soderberg

• Topic: Defense orders attach rate and gross margin guidance
• Key points:
  • $500 million in defense orders awarded to long-standing customers; batteries typically 5%–15% of UAV bill of materials.
  • Timing: fulfillment expected in second half of this year spilling into next year.
  • Gross margin guide for 2026: 25% full year; Q1 came in ~22% ex-Colorado; 3–4 percentage points of margin on table from logistics coordination.
  • U.S. mix accelerating; China/Asia Pacific sales also accelerating; team managing demand-supply Tetris daily.
• Mgmt stance: Bullish — 25% gross margin target still in sight; catching up mainly in second half of this year.

Q4 — Austin Bohlig

• Topic: Customer count and OpEx progression
• Key points:
  • More than 50% of Q1 shipments were for new customers; customer count metric being moved away from due to scalability via pack partners.
  • OpEx expected to top out at $50 million for the year; main change: reallocation of ~$1.4 million from COGS to OpEx; Q1 hires already reflected; incremental hires managed below $50 million.
• Mgmt stance: Neutral — customer count metric losing relevance; OpEx capped at $50 million with reallocation.

Q5 — Thomas Stepien

• Topic: Customer interest and manufacturing updates
• Key points:
  • Customer counts robust; more than 50% of Q1 shipments to new customers.
  • Increased interest due to mandates for U.S. batteries (NDAA approved); Korea coming online with 3 CMs; work underway at 1 cylindrical CM in U.S.; more CMs to be announced.
  • Attending Xponential drone conference in Detroit starting Monday.
• Mgmt stance: Bullish — robust interest, scalability via pack partners, and manufacturing expansion underway.

Q&A Batch (6-10 of 11)

Q6 — Ryan Pfingst

• Topic: Nanotech production progress and defense budget opportunities
• Key points:
  • Nanotech (cylindrical provider in Chico, CA) validated cell with AMPX silicon anode; performance is about 10% better than Asian CMs.
  • Cell is 6.8 amp hour (21700 format), handles up to 20 amps; competing cells handle less.
  • Defense budget request ~$1 trillion, with $500 billion addition; DAWG proposed budget ~$58 billion, heavily weighted to drones/counter-drones.
  • Ricardo Rodriguez: 5%–15% of drone bill of materials is battery; current market analysis does not capture budget request effect.
• Mgmt stance: Bullish — product market fit strong; discussions with DoD ongoing; market expanding in AMPX’s sweet spot.

Q7 — Eric Stine

• Topic: NDAA compliance for 11 key components and light electric vehicle (LEV) growth outlook
• Key points:
  • All 11 internal components (anode, cathode, separator, electrolyte, etc.) reached NDAA compliance last quarter; several major components under contract, with primary and secondary suppliers.
  • Landed cost understood for Japanese anode powder to Korea and Korean anode powder to U.S.; arm wrestling on “should cost” for remaining suppliers.
  • Full NDAA cells shipped; one CM in South Korea delivering to customers (Slide 3); Nanotech needs to improve delivery cadence.
  • LEV is currently #2 end market; Thomas Stepien expects it to stay #2 for next year or so, possibly third if robotics/space traction increases.
• Mgmt stance: Neutral — progression on track; DIU pleased with incremental funding; LEV growth solid but not dominant near term.

Q8 — Alfred Moore

• Topic: Standardized pouch cells for government and mobility applications
• Key points:
  • DIU funded AMPX as only company under program to standardize pouch cells (T-bag to iPhone size); incremental $3 million grant in Q1 solidified this.
  • Goal: make standard pouch cells in U.S. at Fremont prototype line; increase capability/capacity with funding.
  • Standardization enables interchangeability (like cylindrical cells); military moving to Amazon-like sourcing websites for components.
  • Mobility applications: LEVs, robotics, space (higher energy density and volumetric energy density); not for large EVs today.
• Mgmt stance: Bullish — first mover in standardized pouch cells; aligns with DoD interest; high-end market focus resonates with customers.

Q9 — Edward Jackson

• Topic: (No Q&A content provided in input; skipped per instructions)
• Key points: N/A
• Mgmt stance: N/A

Q10 — Ricardo Rodriguez (answering Edward Jackson)

• Topic: SiMaxx asset impairment, SiCore transition, and battery pack partner strategy
• Key points:
  • Asset impairment occurred in Q4 last year; D&A dropped from >$1 million to ~$800,000; Fremont cost allocated by square foot.
  • Last $600,000 of SiMaxx revenue delivered in Q1; all customers converted from SiMaxx to SiCore; out of SiMaxx by Q1.
  • ~40 pack companies worked with per quarter; 6–10 are major volume providers; 3–4 on website; formalizing gold/silver/bronze partner program.
  • Pack partners act as force multiplier; Ricardo Rodriguez expects their portion of sales to increase on specific cell sizes.
• Mgmt stance: Bullish — SiMaxx exit clean; pack partner program formalizing; partners drive reach to customers AMPX cannot access alone.

Q&A Batch (11-11 of 11)

Q11 — Amit Dayal

• Topic: Pouch cell performance vs. cylindrical format and defense pipeline timing
• Key points:
  • Pouch cells have higher gravimetric energy density (450 Wh/kg) vs. cylindricals (330–350 Wh/kg) due to less overhead (no metal can).
  • Pouch cells are preferred for high-end drones to maximize weight savings; pack housing choices (e.g., carbon fiber vs. metal) made with pack partners.
  • Standardized cells and packs (e.g., 12V, 24V, 800V standards) can enable participation in drone ecosystem, using off-the-shelf premium products.
• Mgmt stance: Neutral — confirms pouch performance advantage and standardization path, but no specific timeline for aggressive U.S. non-drone defense pipeline build-out beyond “when design is cemented.”