Shares of Amprius Technologies surged after the silicon-anode battery specialist posted a blowout second quarter and lifted its full-year forecast for the second time this year, forcing investors to weigh explosive top-line growth against persistent losses.
Revenue More Than Doubled, and the Beat Wasn't Close. Revenue for Q2 2026 was $34.0 million, up 126% from $15.1 million a year earlier.
That topped analyst estimates of $29.29 million — a beat of roughly 16%. This wasn't a one-off surprise: the company has now topped consensus revenue estimates four straight quarters. Consistent beats signal that Wall Street's models are still underestimating the pace of customer orders.
Guidance Keeps Climbing — And the CFO Hints at More Upside. Amprius raised 2026 revenue guidance to at least $140 million, from at least $130 million previously.
Gross margin guidance also rose to at least 28%. On the earnings call, CFO Ricardo Rodriguez was even more blunt: "The revenue raise was pretty easy given the demand profile," noting tighter relationships with pack houses and OEMs are giving the company visibility "not just" into the second half "but even starting to get into next year." That kind of forward confidence matters — it suggests the raise may still be conservative.
Losses Are Shrinking, but the Company Isn't Profitable Yet. Net loss was $5.1 million, but $1.9 million of that came from a non-cash warrant adjustment; stripping that out, the real operating loss was $3.2 million.
GAAP gross margin improved to 27%, up from 20% in Q1.
Management reiterated targets for a full-year net loss below $10 million and positive adjusted EBITDA of at least $4 million. That would mark Amprius's first year of positive cash-flow profitability on an adjusted basis — a critical milestone for a growth-stage manufacturer.
Drones, Defense, and a $100 Million EV Deal Are Driving the Ramp. Q2 was powered by a $24 million European drone order and a multi-year light electric vehicle deal management expects to exceed $100 million.
The company also began supplying cells for a long-range intelligence drone and is expanding its Fremont pilot line with Defense Innovation Unit funding. Analysts have lifted their average price target to the low $20s , but at $11.95, the stock still trades at a premium to revenue for a company that isn't yet in the black — making execution in H2 the real test.