Amprius Q3 Revenue Jumps 83% to $39.1M, Raises 2026 Outlook

Amprius Technologies, Inc. (NYSE: AMPX) reported third-quarter 2026 revenue of $39.1 million on November 10, 2026, an 83% increase from $21.4 million a year earlier, alongside a net loss attributable to common stockholders of $3.5 million, or $0.02 per share. The Fremont, California-based silicon anode battery maker also raised its full-year 2026 revenue outlook to $145 million from at least $140 million, and said U.S. revenue more than doubled quarter over quarter to $12.2 million.

Context — why the Amprius Q3 2026 print matters now

The company's prior-year quarter provides the cleanest comparison. Q3 2025 revenue was $21.4 million with a gross margin of 15% and a net loss of $3.9 million, or $0.03 per share. Twelve months later, revenue is 83% higher, gross margin has nearly doubled to 27%, and the per-share loss has narrowed by a cent.

The sequential picture matters too. Q3 2026 revenue of $39.1 million was 15% above the prior quarter, and U.S. revenue of $12.2 million represented a 2.3x quarter-over-quarter increase — a shift in geographic mix that the company ties to its domestic production strategy.

The catalyst chain is visible in the business highlights. Amprius said it secured a $75 million U.S. Department of War competitive contract to produce cells domestically, with $22.3 million obligated. The award supports converting an existing battery production line, with planned output of up to 12 million NDAA-compliant cells annually in 2028.

That contract frames the outlook revision. Management now expects full-year 2026 revenue of $145 million, gross margin of at least 28%, a net loss under $10 million, and Adjusted EBITDA of at least $2.5 million.

Data — what the Amprius numbers show

The gap between GAAP and non-GAAP results is the most important detail in the release. GAAP gross profit was $10.5 million in Q3 2026, up $7.2 million and 217% from $3.3 million a year earlier. Gross margin reached 27%, versus 15% in Q3 2025.

Metric	Q3 2026	Q3 2025	Change
Revenue	$39.1M	$21.4M	+83%
Gross profit	$10.5M	$3.3M	+217%
Gross margin	27%	15%	+12 pts
GAAP net loss	$(3.5)M	$(3.9)M	+10%
Adjusted EBITDA	$(1.0)M	$0.2M	NM

The non-GAAP line moved the other way. Adjusted EBITDA was negative $1.0 million in Q3 2026, compared with positive $0.2 million in Q3 2025. Nine-month Adjusted EBITDA improved to negative $3.1 million from negative $7.1 million a year earlier.

Balance sheet data shows the scale-up cost. Inventories rose to $15.9 million from $6.7 million at December 31, 2025, and accounts receivable climbed to $45.9 million from $23.7 million. Cash and cash equivalents fell to $60.7 million from $90.5 million over the same period, while nine-month operating cash use was $48.0 million.

Analysis — what the Amprius Q3 beat means for battery and defense markets

Amprius operates a fabless model, contracting out cell manufacturing while owning the silicon anode process. Management credits that structure for the margin improvement, with CFO Ricardo C. Rodriguez saying the quarter "once again proved the scalability" of the approach. Gross margin expansion from 15% to 27% is consistent with that claim, though it also reflects a mix shift toward higher-value U.S. contracts.

The second-order read-through runs through defense and aerospace supply chains. The company named Quantum Systems, a German developer of autonomous unmanned systems, as an expanded customer across its Vector and Twister ISR platforms. It also disclosed a design win with a global maritime and defense technology company for an autonomous deep-sea underwater vehicle, and said it began supplying SiCore cells to a U.S. aerospace company building a solar-powered stratospheric platform.

Each of those applications is weight-sensitive, which is where silicon anode chemistry commands a premium. The company introduced SiCore 500, a second-generation cell delivering 500 Wh/kg on conventional lithium-ion manufacturing equipment — a specification the company says enables a scalable path to commercial production for aviation customers.

The limitation sits in the Adjusted EBITDA line. Q3 Adjusted EBITDA turned negative year over year even as revenue surged, and the nine-month figure remains negative. Rising receivables and inventory absorb cash before revenue converts, and the company's own outlook assumes $9.5 million of stock-based compensation and $3.0 million of depreciation for the year.

Positioning reflects that tension. The stock trades on the defense contract pipeline and the 2028 production target, while the cash burn and the negative quarterly Adjusted EBITDA give short sellers a near-term argument. The company did not disclose the terms of the maritime design win or the stratospheric platform supply agreement.

Outlook — what to watch next for AMPX

Amprius holds its earnings call on Wednesday, November 11, 2026, at 8:30 a.m. ET, with management taking questions on financial performance and business conditions. The webcast is hosted on the company's investor relations site.

The 2026 guidance embeds several assumptions worth tracking: government grant income of $8.0 million, interest income of $1.7 million, and weighted average shares outstanding of 143.4 million for the full year.

The 2028 production milestone is the key operational catalyst. The company plans up to 12 million NDAA-compliant cells annually from the converted line, funded in part by the obligated $22.3 million portion of the $75 million Department of War award.

On the cost side, capital expenditure is guided under $10 million, which keeps the fabless model intact but leaves contract manufacturing partners as the pacing item for volume. The company did not provide a reconciliation of its 2026 Adjusted EBITDA outlook to GAAP, citing the unreasonable efforts exception under Regulation S-K.

Frequently Asked Questions

Why did Amprius revenue grow 83% in Q3 2026?

The company attributes the increase to deeper customer relationships across drone, aviation, defense, and advanced mobility markets, plus a 2.3x quarter-over-quarter rise in U.S. revenue to $12.2 million. Record revenue of $39.1 million compares with $21.4 million in Q3 2025. Management also cited an expanding pipeline and increased manufacturing scale entering the fourth quarter.

What does the $75 million Department of War contract cover?

Amprius said the competitive award supports converting an existing battery production line to produce cells in the U.S., with planned output of up to 12 million NDAA-compliant cells annually in 2028. Of the $75 million total, $22.3 million is obligated. The company did not disclose the payment schedule or the remaining milestones tied to the balance.

How does Amprius make money without owning factories?

Amprius runs a fabless model, owning the silicon anode process technology while contracting manufacturing to partners. Management says this enables rapid capacity expansion with minimal capital investment. Full-year 2026 capital expenditure is guided under $10 million. The trade-off is dependence on contract manufacturers for volume timing, which the company does not control directly.

Bottom Line

Amprius grew revenue 83% and lifted guidance to $145 million, but negative quarterly Adjusted EBITDA shows the cash cost of scaling.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.