Amprius Technologies, Inc. (AMPX) | Investment Case

1. Company Snapshot

1.a. Company Description

Amprius Technologies, Inc.manufactures and distributes lithium-ion batteries.Its products include silicon nanowire anode lithium-ion batteries.

The company serves the aerospace, defense, and electric vehicle industries.Amprius Technologies, Inc.was incorporated in 2008 and is headquartered in Fremont, California.

Show Full description

1.b. Last Insights on AMPX

Amprius Technologies' recent performance was driven by strong commercial momentum, with revenue surging 380% YoY in Q1, supported by major orders, a growing backlog, and new manufacturing contracts. The company's shift from costly nanowire tech to Si-Core enables drop-in battery replacements with superior energy density, driving commercial traction. Additionally, Amprius secured a $15 million UAS contract and is poised to capture eVTOL and mission-critical markets with its high-energy density and cost-advantaged SiCore battery.

1.c. Company Highlights

Last Price	12.22
Change Percentage	0.03%
Open	12.14
Previous Close	12.22
Market Cap ( Millions)	1595
Volume	1796903
Year High	16.03
Year Low	1.63
M A 50	12.0
M A 200	6.52

FCF Yield	-2.20%
Dividend Yield	0.00%
ROE	-38.85%
Debt / Equity	36.54%
Net Debt / EBIDTA	116.62%
Price To Book	15.0
Price Earnings Ratio	-49.85
Price To FCF	-45.41
Price To sales	27.31
EV / EBITDA	-51.2

2. Amprius Technologies' Q3 2025 Earnings: A Strong Performance

Amprius Technologies reported a record revenue of $21.4 million in Q3 2025, representing a 42% increase from the previous quarter and a 173% increase from Q3 2024. The company's gross margin improved to 15%, driven by a favorable product mix and higher volumes. The earnings per share (EPS) was -$0.03, beating the estimated -$0.06. The company's strong revenue growth and improving margins are expected to drive increased demand for its products, leading to improved gross margins and potentially positive EBITDA in the near term.

Publication Date: Nov -26

                                    📋 Highlights
                                    Revenue Surge::
                                                Q3 revenue hit $21.4M, up 42% QoQ and 173% YoY, driven by new customers and larger orders.
Energy Density Leadership::
                                                Batteries achieved 450 Wh/kg and 1,150 Wh/L energy density, outperforming commercial rivals.
Customer Expansion::
                                                Secured $35M order from a leading UAS manufacturer and deepened ties with AeroVironment, Nordic Wing.
Margin Improvement::
                                                Gross margin rose to 15% in Q3 from 9% in Q2, aided by higher SiCore product sales and favorable mix.
Manufacturing & Capacity::
                                                Backlog reached $53.3M (83% QoQ), with 1.8 GWh capacity via partners and a $12M DIU contract for U.S. electrode production.

                                

Revenue Growth and Customer Expansion

The revenue growth was driven by the addition of new customers and larger orders from existing customers. The company's second-generation SiCore batteries led the revenue charge, with a greater than 4x increase in shipments compared to Q3 2024. Amprius has attracted new customers, including a leading UAS manufacturer, which placed a $35 million purchase order in September. The company's backlog at the end of Q3 was $53.3 million, 83% higher quarter-over-quarter.

Manufacturing Capacity and Supply Chain

Amprius has a capital-efficient contract manufacturing model, providing production-grade cells for qualification today and supporting ramp to volume while allowing configuration control and aerospace-aligned quality systems. The company has tremendous headroom on its manufacturing capacity, with over 1.8 gigawatt hours available through its partners. The company is prioritizing the establishment of contract manufacturing capacity in the United States for certain customers, including those in the defense and national security sectors.

Valuation and Growth Prospects

Analysts estimate next year's revenue growth at 70.5%. The current P/S Ratio of 23.97 suggests that the market is pricing in significant growth expectations. The EV/EBITDA ratio of -44.8 also indicates that the company's valuation is heavily dependent on its future growth prospects. With a strong customer base and a proven track record of delivering high-performance batteries, Amprius is well-positioned to benefit from the growing electric aerospace market, estimated to reach $80 billion by the end of the decade.

Financial Position and Cash Flow

The company ended the quarter with $73.2 million in cash and no debt. The main drivers of cash flow included $9.2 million used on operating cash flow, $400,000 invested in CapEx, and $28.7 million from financing activities. The company has approximately $20.1 million left available on the at-the-market offering facility as of September 30, 2025, providing sufficient liquidity to support its growth plans.

3. NewsRoom

Amprius Technologies: Positive Q3 Results, But Valuation And Technical Concerns Appear (Rating Downgrade)

Nov -20

Source: seekingalpha.com

Amprius Technologies Signals Electrifying Growth in 2026

Nov -07

Source: marketbeat.com

Amprius Technologies, Inc. (AMPX) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

Amprius Technologies (AMPX) Reports Q3 Loss, Beats Revenue Estimates

Nov -07

Source: zacks.com

Amprius Technologies Set to Report Q3 Earnings: What's in the Offing?

Nov -05

Source: zacks.com

Lithium Stocks Worth Watching – November 3rd

Nov -05

Source: defenseworld.net

Top 3 Stocks Powering the 6-Month 100% Gain in Clean Energy

Nov -04

Source: fool.com

5 Stocks to Stuff Your Portfolio This November

Oct -31

Source: marketbeat.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.77%)

6. Segments

Ultra-high Energy Density Lithium-ion Battery

Expected Growth: 12.77%

Amprius Technologies' Ultra-high Energy Density Lithium-ion Battery growth is driven by increasing demand for electric vehicles, renewable energy systems, and portable electronics. Advancements in nanotechnology and silicon anode design enable higher energy density, longer cycle life, and faster charging. Government incentives, declining production costs, and strategic partnerships also contribute to the 12.77% growth.

7. Detailed Products

High Energy Density Batteries

Amprius Technologies, Inc. offers high energy density batteries that provide high power and energy density for electric vehicles, renewable energy systems, and aerospace applications.

High Power Batteries

Amprius Technologies, Inc. offers high power batteries that provide high power density and rapid charging capabilities for electric vehicles, renewable energy systems, and industrial applications.

Lithium-Ion Batteries

Amprius Technologies, Inc. offers lithium-ion batteries that provide high energy density and long cycle life for consumer electronics, electric vehicles, and renewable energy systems.

Custom Battery Solutions

Amprius Technologies, Inc. offers custom battery solutions that are designed to meet the specific needs of customers in various industries, including aerospace, defense, and industrial applications.

8. Amprius Technologies, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Amprius Technologies, Inc. has a moderate threat of substitutes due to the presence of alternative energy storage solutions, but the company's advanced lithium-ion battery technology provides a competitive edge.

Bargaining Power Of Customers

Amprius Technologies, Inc. has a low bargaining power of customers due to the specialized nature of its products and the lack of alternative suppliers.

Bargaining Power Of Suppliers

Amprius Technologies, Inc. has a moderate bargaining power of suppliers due to the availability of raw materials and the company's established relationships with suppliers.

Threat Of New Entrants

Amprius Technologies, Inc. has a high threat of new entrants due to the growing demand for energy storage solutions and the relatively low barriers to entry in the industry.

Intensity Of Rivalry

Amprius Technologies, Inc. operates in a highly competitive industry with several established players, leading to a high intensity of rivalry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	37.29%
Debt Cost	3.95%
Equity Weight	62.71%
Equity Cost	18.43%
WACC	13.03%
Leverage	59.48%

11. Quality Control: Amprius Technologies, Inc. passed 3 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Amprius Technologies

A-Score: 3.8/10

Value: 6.0

Growth: 3.2

Quality: 3.3

Yield: 0.0

Momentum: 10.0

Volatility: 0.3

1-Year Total Return ->

Plug Power

A-Score: 3.4/10

Value: 7.4

Growth: 1.2

Quality: 3.4

Yield: 0.0

Momentum: 8.0

Volatility: 0.3

1-Year Total Return ->

ESS Tech

A-Score: 2.8/10

Value: 6.0

Growth: 7.2

Quality: 3.3

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

GrafTech

A-Score: 2.7/10

Value: 6.2

Growth: 1.1

Quality: 4.2

Yield: 0.0

Momentum: 3.5

Volatility: 1.0

1-Year Total Return ->

Ideal Power

A-Score: 2.7/10

Value: 6.4

Growth: 4.1

Quality: 3.4

Yield: 0.0

Momentum: 1.0

Volatility: 1.0

1-Year Total Return ->

Expion360

A-Score: 2.5/10

Value: 8.6

Growth: 3.3

Quality: 3.3

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

51.04%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

13.03%

Amprius Technologies, Inc. - US03214Q1085

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on AMPX

1.c. Company Highlights

More Volatile

Weak Momentum

Lower Quality

Lower Growth

Earnings Miss

Revenues Miss

Earnings Beats

Revenues Beats

Strong Momentum

2. Amprius Technologies' Q3 2025 Earnings: A Strong Performance

Revenue Growth and Customer Expansion

Manufacturing Capacity and Supply Chain

Valuation and Growth Prospects

Financial Position and Cash Flow

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.77%)

6. Segments

Ultra-high Energy Density Lithium-ion Battery

Expected Growth: 12.77%

7. Detailed Products

High Energy Density Batteries

High Power Batteries

Lithium-Ion Batteries

Custom Battery Solutions

8. Amprius Technologies, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Amprius Technologies, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

12.22$

Current Price

12.22$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA