Amprius Technologies Signals Electrifying Growth in 2026
Amprius Technologies' (NYSE: AMPX) Q3 results were everything the market could have hoped for and more. Demand for the company’s silicon-anode lithium-ion batteries is surging, driving hypergrowth and outperformance, along with a rapidly improving outlook that includes the potential for triple-digit growth over the next several years.
Among the key takeaways is that Amprius Technologies' contract manufacturing model is proving effective. The company has contracted capacity in the U.S. and internationally, sufficient to support its growth outlook, and is working to secure more.
The takeaway is that, with improving demand in current markets, expanding SKUs, new markets, and new verticals entering the picture, Amprius Technologies has numerous tailwinds to drive business in 2026, and profitability is within reach.
CFO Ricardo Rodriguez indicated that a mere $10 million in quarterly revenue growth would be enough, and it appears to be close to that. The company’s customer base increased by more than 100% over the last year, with larger follow-on orders from existing clients suggesting penetration and market share gains lie ahead. Regarding existing orders, the backlog increased by 83% sequentially in Q3 to $53.3 million, equal to 250% of Q3 revenue.
Amprius Technologies Blows Past Consensus: Affirms Robust Outlook
Amprius Technologies had a stunning quarter with revenue growing by 42% sequentially and 172% year-over-year to $21.43 million. This is a small figure, but it is still very early in the production ramp. The critical detail is that revenue outperformed MarketBeat’s reported consensus by 3,000 basis points and is expected to remain strong in the upcoming quarters.
75% of the revenue comes from the aviation segment, but client wins in key markets, including light electric vehicles, were noted.
Margin is another area of strength. The company improved its gross margin by 600 basis points and significantly narrowed the quarterly loss. The GAAP EPS came in at a three-cent loss, three cents better than expected, with improving revenue leverage and capital anticipated needs in the current and upcoming quarters.
Regarding guidance, the company didn’t issue specific targets, but all comments were positive. The company is working to improve supply chain diversity, broaden its portfolio, and expand into new end markets and verticals.
The balance sheet highlights provide no red flags, except for a 14% increase in the share count. Proceeds from the share sales provided sufficient capital to build the cash while maintaining zero debt levels. Highlights include more than $70 million in cash, sufficient to sustain operations for years at the Q3 burn rate; increased assets; steady liabilities; and an equity gain that is sufficient to offset dilution.
Analysts Sentiment Firms After Amprius Technologies Q3 Earnings Release
Bullish analyst sentiment trends firmed in the wake of Amprius' Q3 release. MarketBeat tracked two updates within the first 12 hours of the release, including two reaffirmed Buy-equivalent ratings and two increased price targets. The new targets are pegged at $16, compared with the $13.25 consensus, suggesting this market will move into the high end of the range, potentially setting a fresh high before year-end.
Institutions own only 5% of this tech stock, yet their activity also aligns with a rising share price. The balance of activity has been bullish for four consecutive quarters, sustaining a steady pace as they accumulate shares.
Assuming this trend continues (and it will likely gain momentum due to the Q3 results and outlook), the market will have no choice but to move higher, and there could be a swift updraft in November or December, driven by the short interest. The short sellers have been piling into this stock in recent quarters, but may begin to cover if they don’t get squeezed.
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