Advanced Batteries · Defense Aviation · Uncrewed Systems
Amprius Technologies 
Silicon-anode lithium-ion cells for weight-sensitive aviation, defense, robotics and electric-mobility applications.
AMPX
NYSE
Amprius Technologies common stock trades as AMPX on the New York Stock Exchange. Defense Briefing uses NYSE:AMPX as the authoritative market identity. The figures above are editorial snapshots tied only to the primary common stock, quoted in U.S. dollars and dated 21-AUG-2026. They do not mix the common stock with AMPX warrants or any derivative security.
Q2 2026 ordinary net loss was $3.2 million. A $1.9 million non-cash warrant-modification deemed dividend increased net loss attributable to common stockholders to $5.1 million and loss per share to $0.04. The $36.5 million remaining-performance-obligation balance is companywide, includes deferred revenue and government grants and is not a funded defense backlog.
Amprius is a commercially active high-performance battery supplier whose strategic value lies in converting battery weight into aircraft endurance or payload. Revenue and gross margin are scaling quickly, but the investment case still rests on outsourced manufacturing, secure sourcing, customer concentration and the ability to qualify domestic production without surrendering the performance edge.
Amprius develops, manufactures and sells silicon-anode lithium-ion battery cells for mobility applications across air, land and sea. Its most strategically relevant markets are uncrewed aircraft, high-altitude pseudo-satellites, electric vertical-takeoff-and-landing aircraft, autonomous delivery drones, defense electronics, robotics and light electric vehicles.
The operating advantage is specific energy, measured in watt-hours per kilogram. A higher figure can let an aircraft carry the same energy with less battery mass, extend endurance at constant weight or free capacity for sensors, communications equipment and payload. Power density, charge rate, cycle life, operating temperature and safety still determine whether the energy-density advantage survives a real mission profile.
Amprius sells two principal platforms. SiMaxx uses the company's silicon-nanowire anode architecture for the highest-energy missions and custom formats. SiCore uses a silicon-based material system developed with Berzelius and is produced through a broader contract-manufacturing network in pouch, cylindrical and prismatic formats. Fremont remains the research, engineering, pilot-production and qualification center.
Amprius is not a weapons prime. National-security exposure comes through a direct Defense Innovation Unit contract, Army research and manufacturing programs and cell sales to drone and aerospace manufacturers. The company does not separately disclose defense revenue, funded defense backlog or a program-by-program military customer mix.
SiMaxx is the premium platform for missions where battery mass dominates the design. Commercial cells reach up to 450 Wh/kg and 1,150 Wh/L. Amprius has reported third-party validation above 500 Wh/kg and 1,300 Wh/L for a larger development-stage cell. The 500 Wh/kg configuration is a development and qualification milestone, not evidence of general high-volume availability.
SiCore is the scalable family produced through contract manufacturers. Public specifications reach up to 450 Wh/kg across the family, but individual designs differ. Representative power, energy and balanced cells trade energy density against discharge rate and cycle performance. Family maximums should not be applied to every form factor or mission.
The Defense Innovation Unit contract funds advanced drone-battery work, National Defense Authorization Act compliant sourcing and expansion of Fremont prototype capacity. The Army xTechPrime effort pairs Amprius with AeroVironment to develop a large-format SiMaxx prototype targeting 500 Wh/kg. Earlier Army Manufacturing Technology work supported volume delivery of silicon-anode cells for conformal wearable battery packs with Inventus Power.
Amprius reported access to more than 2 GWh of annual SiCore capacity through Berzelius and contract manufacturers in South Korea and other markets. Fremont is being expanded toward a 10 MWh SiCore pilot line for prototypes, rapid customer turns and domestic defense qualification. About 40% of the planned production tools had entered installation activity by the Q2 2026 update. Nanotech Energy is the first publicly named U.S. contract-manufacturing partner.
Named customers and validation partners include AALTO HAPS, AeroVironment, BAE Systems, Matternet, Nokia Drone Networks, Nordic Wing, Redwire, Teledyne FLIR and the U.S. Army. Amprius cells are deployed in Matternet's Federal Aviation Administration type-certified M2 delivery aircraft and supplied for Redwire's Stalker Block 30 long-range intelligence, surveillance and reconnaissance drone.
| Date | Counterparty | Type / Program / Scope | Disclosed Value | Status |
|---|---|---|---|---|
| Q2 2026 | Undisclosed European drone developer | Commercial purchase order. SiCore cylindrical cells for a new European drone customer. | $24.0M | Booked |
| Q2 2026 | Stark Future SL | Multi-year commercial supply agreement. Battery supply for electric motorcycles beginning in 2027. Management describes the amount as expected opportunity, not current backlog. | Expected to exceed $100M | Starts 2027 |
| Q2 2026 | Redwire | Customer deployment. SiCore cells supplied for the Stalker Block 30 long-range ISR drone. Purchase-order value and volume were not disclosed. | Undisclosed | Deployed |
| Through Q2 2026 | Defense Innovation Unit | U.S. government contract. Advanced drone batteries, compliant sourcing and Fremont pilot capacity. The $18.1 million total is disclosed in the 10-Q; contract vehicle, obligated amount and period of performance are not itemized publicly. | $18.1M amended total | Active |
| 25-MAR-2026 | Undisclosed Chinese mobility customer | Commercial purchase order. 30 Ah SiCore cylindrical cells for electric scooters, three-wheelers and motorcycles. | $21.0M | Booked |
| 15-SEP-2025 | Undisclosed uncrewed-aircraft manufacturer | Commercial purchase order. Repeat SiCore order following a $15 million order in February 2025. | Over $35.0M | Booked |
| 30-JUL-2024 | U.S. Army xTechPrime | Research award. Large-format SiMaxx prototype targeting 500 Wh/kg with AeroVironment as technology integrator. | Up to $1.9M | Research |
| 03-JAN-2024 | U.S. Army Manufacturing Technology program | Development program. Scale-up and volume shipment of cells for conformal wearable battery packs with Inventus Power. | $3.0M program | Completed |
Commercial purchase orders and forecast supply opportunities are not government contracts. The roughly $500 million of military orders announced by Amprius customers in Q1 2026 belonged to those customers, not Amprius. The $36.5 million remaining-performance-obligation balance is companywide and excludes arrangements where customers are not committed.
Revenue rose to $73.0 million in 2025 from $24.2 million in 2024. Q2 2026 revenue reached $34.0 million, up 126% from $15.1 million a year earlier and up 19% sequentially. Gross margin expanded to 27.3% from 8.9% in Q2 2025. First-half revenue was $62.6 million, up 137%, while first-half gross margin reached 24% from negative 4%.
Repeat uncrewed-aircraft orders remain the clearest evidence that customers are moving from evaluation to production. The $24 million European drone order, Redwire Stalker deployment, Matternet collaboration and existing large UAS purchase orders broaden the aviation base across defense and commercial applications.
The $21 million Chinese light-mobility order and Stark Future supply agreement extend demand beyond premium aircraft. They expand volume potential but introduce more price-sensitive applications, longer conversion schedules and geographic exposure.
The contract-manufacturing model can add capacity with less direct capital than a company-owned gigafactory. It also moves execution risk into supplier yield, quality, pricing, trade policy and component compliance. Fremont provides a domestic path for prototypes and qualification while larger SiCore volumes move through partners.
The raised revenue floor of $140 million requires at least $77.4 million in second-half revenue after the first-half result. Management also targets at least 28% full-year gross margin, creating a demanding second-half mix and execution test because first-half gross margin was approximately 24%.
The presentation incorporated Q2 results, the higher 2026 outlook and the expanded order pipeline.
The filing reported $34.0 million of quarterly revenue, $74.5 million of cash, no debt, $36.5 million of remaining performance obligations and 146.08 million shares outstanding.
Management raised its 2026 revenue floor to $140 million and gross-margin target to at least 28%, while disclosing the European drone order, Stark Future agreement and Redwire deployment.
BlackRock reported 10,700,817 shares beneficially owned as of 30-JUN-2026. The filing is an ownership disclosure, not evidence of operating control.
The plan had covered potential sales of up to 7,217,869 shares and had been scheduled to expire at year-end.
Shareholders reelected Kathleen Bayless and Tom Stepien. The post-meeting board has six directors.
The deployment moves beyond evaluation cells into an operating commercial delivery platform and extends development to Matternet's next aircraft.
Amprius issued 2,726,631 common shares for 7,128,458 public warrants, simplifying part of the capital structure while increasing issued shares.
Defense Briefing analysis. The scenarios below are editorial assessments based on the cited filings and company disclosures. They are not company guidance or investment recommendations.
Amprius has moved beyond laboratory promise into material revenue, repeat production orders and deployed aircraft. The unresolved question is industrial: whether a distributed manufacturing network can preserve premium performance while delivering stable yields, defensible margins, reliable schedules and defense-compliant sourcing.
Second-half revenue reaches at least $77.4 million, SiCore product mix keeps gross margin moving toward the 28% target and customer commitments convert without a major financing need. Fremont installation and compliant-component qualification continue, but broad domestic volume remains limited.
The European drone order converts on schedule, existing UAS customers place additional production orders and the Stark Future program advances toward its 2027 start. Successful domestic qualification creates access to more defense programs and reduces the discount attached to Asian supplier exposure.
Customer schedules slip, outsourced yields or component pricing weaken gross margin or trade and sourcing rules constrain SiCore supply. Receivables and inventory already increased during the first half. A slower conversion cycle could keep operating cash flow negative and lead to additional dilution.
Watch Q3 revenue and gross margin, the second-half pace needed to reach guidance, delivery against the $24 million drone order, Stark Future program milestones, DIU milestone income, Fremont tool installation, qualification of National Defense Authorization Act compliant cells and any disclosure separating defense demand from broader commercial obligations.
Defense Briefing analysis. Peer groupings reflect product architecture, target missions and disclosed commercialization status. They do not imply identical qualifications or direct competition in every program.
The relevant procurement comparison is not every battery company. It is the subset able to deliver aviation-grade energy density, power, safety, form factor, qualification evidence and secure production at the required volume and price.
Defense Briefing analysis. The moat assessment below is an editorial judgment derived from the cited technical, commercial and manufacturing evidence.
Amprius' strongest technical asset is more than 15 years of silicon-anode intellectual property, manufacturing knowledge and application data. At 31-DEC-2025 the company reported more than 80 issued or pending patents, trade secrets and licensed Stanford intellectual property.
The commercial evidence is stronger than that of a typical pre-revenue battery developer. Amprius reported more than 550 customers by year-end 2025 and more than 4.2 million cells shipped since inception. Repeat UAS orders, Matternet deployment and the Redwire Stalker application show movement from testing into production and fielded platforms.
The two-platform model is strategically useful. SiMaxx protects the highest-energy edge while SiCore provides more formats, power profiles and outsourced capacity. That lets Amprius tailor cells to different missions rather than force one architecture into every market.
The moat remains conditional. SiCore depends on Berzelius technology and outside factories. Large incumbents have deeper capital, procurement leverage and mature quality systems. Amprius must preserve a measurable flight-performance advantage while proving repeatable yields, acceptable cost, reliable delivery and compliant sourcing.
Defense Briefing analysis. This section prioritizes disclosed risks and audit watch items. It is not a reproduction of the company's complete risk-factor language.
The asset-light model reduces direct capital requirements but makes Amprius dependent on Berzelius and contract manufacturers for yield, quality, schedule and unit cost. Future Berzelius purchases still require mutually acceptable terms. Kang Sun's Berzelius board role creates a disclosed related-party governance exposure.
Defense demand increasingly requires components and materials outside restricted supply chains. Amprius is qualifying compliant components and domestic production under the DIU program. An announced sourcing route is not the same as a qualified production line operating at target cost and volume.
Two customers produced 25% of Q2 2026 revenue and three produced 39% of first-half revenue. Ukraine-based customers accounted for $10.4 million of Q2 revenue and $20.5 million in the first half. Two customers represented 54% of accounts receivable at quarter-end.
Accounts receivable rose to $40.7 million and inventory to $11.5 million at 30-JUN-2026. First-half operating cash use was $40.1 million, including the $20 million Colorado lease payment and higher working-capital needs. Revenue growth does not automatically translate into operating cash.
Remaining performance obligations were $36.5 million and undelivered bill-and-hold amounts were $3.0 million. Delivery timing can move with customer schedules, scope changes and contract modifications. The Stark Future value is an expected opportunity rather than current committed backlog.
Graphite cells continue to improve while silicon-composite, lithium-metal and solid-state developers pursue similar performance gains. Amprius must improve cycle life, larger formats, production quantity and cost without weakening safety or energy density. A field failure could damage customer aircraft and the company's qualification record.
Shares outstanding rose to 146.08 million by quarter-end. Another 10.47 million warrants, 6.54 million stock options and 4.88 million restricted stock units were potentially dilutive at 30-JUN-2026. The public-warrant exchange simplified part of the structure but issued additional common shares.
Top two customers: 25% of Q2 revenue. Top three: 39% of first-half revenue. Ukraine-based customers: $20.5 million of first-half revenue. Two customers: 54% of quarter-end receivables. Defense-only revenue and backlog: not publicly disclosed. Berzelius: core SiCore collaborator, supplier and related-party exposure.
Independent registered public accounting firm for fiscal 2026: Deloitte & Touche LLP. Audit Committee: Kathleen Bayless, chair; Donald Dixon and Tony Satterthwaite. Compensation Committee: Donald Dixon, chair; Tony Satterthwaite. Nominating and Corporate Governance Committee: Steven Chu, chair; Tony Satterthwaite.
| Filed | Form | Description | Link |
|---|---|---|---|
| 06-AUG-2026 | 10-Q | Quarter ended 30-JUN-2026, including Q2 financials, risks, warrants and Rule 10b5-1 disclosures. | View → |
| 27-JUL-2026 | 13G/A | BlackRock reported 10,700,817 shares, or 7.4%, as of 30-JUN-2026. | View → |
| 17-JUN-2026 | 8-K | Annual-meeting vote results and director elections. | View → |
| 19-MAY-2026 | 8-K/A | Completion of the public-warrant exchange and issuance of 2,726,631 common shares. | View → |
| 07-MAY-2026 | 10-Q | Quarter ended 31-MAR-2026. | View → |
| 29-APR-2026 | DEF 14A | 2026 proxy statement, governance, compensation and beneficial ownership. | View → |
| 06-MAR-2026 | 10-K | Fiscal year ended 31-DEC-2025. | View → |
| Date | Insider / Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 15-JUN-2026 | Donald Dixon · Board chair | Sale | 85,000 | $17.1672 | $1.46M |
| 12-JUN-2026 | Kathleen Bayless · Director | RSU grant | 10,423 | $0 | Non-cash |
| 12-JUN-2026 | Tony Satterthwaite · Director | RSU grant | 10,423 | $0 | Non-cash |
| 09-JUN-2026 | Donald Dixon · Board chair | Sale | 40,000 | $19.13 | $765,200 |
| 04-JUN-2026 | Thomas Stepien · CEO and director | Sale | 2,000 | $20.97 | $41,940 |
| 27-MAY-2026 | Dr. Kang Sun · Director and adviser | Tax withholding sale | 356 | $17.1935 | $6,121 |
Restricted-stock-unit grants are compensation awards, not open-market purchases. The Kang Sun transaction was a tax-withholding sale. The latest Section 16 filing listed by Amprius at the 23-AUG-2026 cutoff was filed 16-JUN-2026.
| Date | Person | Action | Maximum Potential Shares | Disclosure |
|---|---|---|---|---|
| 29-JUN-2026 | Dr. Kang Sun | Terminated plan adopted 18-AUG-2025 | 7,217,869 | Plan had been scheduled to expire 31-DEC-2026. |
| 10-JUN-2026 | Dr. Steven Chu | Adopted Rule 10b5-1 plan | 388,057 | Plan expires 13-MAR-2027. |
| Holder | Shares | Reported Stake | As Of | Source / Limitation |
|---|---|---|---|---|
| BlackRock, Inc. | 10,700,817 | 7.4% | 30-JUN-2026 | Schedule 13G/A filed 27-JUL-2026. Most recent greater-than-5% filing identified at cutoff. |
| The Vanguard Group, Inc. | 6,512,620 | 5.2% | Proxy disclosure | Company proxy based on external filings and a 139,274,686-share denominator; Vanguard later disclosed an internal reporting realignment. |
| Dr. Kang Sun | 4,507,015 | 3.1% | 31-MAR-2026 | Proxy beneficial ownership, including qualifying equity awards. Later transactions and the larger share count can change the percentage. |
| All directors and officers as a group | 7,326,375 | 5.1% | 31-MAR-2026 | Proxy disclosure for ten persons using the proxy's denominator and beneficial-ownership rules. |
Ownership percentages from different filings are not directly additive. Each uses its own record date, share-count denominator and SEC beneficial-ownership rules. BlackRock's 7.4% filing is an institutional ownership disclosure, not evidence of a strategic partnership or operational influence.
Amprius traces its silicon-nanowire work to Stanford University research in 2008. The operating company spent the next decade developing anodes, electrolytes, cell designs and manufacturing methods, then entered commercial battery production in 2018. Early demand centered on high-altitude and uncrewed aircraft where additional endurance could justify premium cell cost.
On 14-SEP-2022, Legacy Amprius completed a business combination with Kensington Capital Acquisition Corp. IV. Legacy Amprius became a wholly owned operating subsidiary, Kensington changed its name to Amprius Technologies, Inc. and the common stock began trading on the New York Stock Exchange as AMPX on 15-SEP-2022.
The public-company strategy initially included a 774,000-square-foot factory in Brighton, Colorado. SiCore's January 2024 commercial launch and access to global contract manufacturing changed the capital plan. Amprius recorded Colorado-related impairment and retirement charges in 2025, then paid $20 million in January 2026 to terminate the lease and eliminate more than $110 million of future lease obligations.
Thomas Stepien became chief executive on 01-JAN-2026 after joining as president in May 2025. Former chief executive Kang Sun remains a director and executive adviser. The present strategy combines SiMaxx research and pilot production in Fremont with outsourced SiCore volume, a growing Korean partner network and an emerging U.S. manufacturing path supported by DIU-funded qualification work.