This article first appeared on GuruFocus .
Release Date: August 05, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Record Q2 2026 revenue of $34 million, up 19% sequentially and 2.3 times year-over-year, marking the sixth consecutive quarter of growth.
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Raised full-year 2026 revenue guidance to at least $140 million and gross margin guidance to at least 28%, reflecting strong demand and improved cost management.
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Secured a $24 million order from a new European drone manufacturer and a three-year contract with Stark Future expected to generate at least $100 million through 2029.
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Gross margin improved significantly to 27% in Q2, up from 20% in Q1 and 9% in the same quarter last year, with adjusted EBITDA nearing breakeven on a trailing twelve-month basis.
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Expanded NDAA-compliant manufacturing capacity through new South Korean partners (JR Energy, Top Material) and U.S. partner Nanotech Energy, positioning for full domestic compliance by 2027.
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Ended the quarter with $74.5 million in cash and no debt, with operations generating cash before working capital movements for the first time.
Negative Points
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GAAP net loss of $5.1 million in Q2, though narrower year-over-year, still reflects ongoing unprofitability.
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Accounts receivable grew to $40.7 million, a significant increase that could strain working capital if collection slows.
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Dependence on a few large customers and regions, with EMEA accounting for 68% of Q2 revenue, creating concentration risk.
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Operating expenses rose to $13.6 million in Q2, up $5.4 million year-over-year, with further increases expected in Q3.
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The company faces potential margin pressure from the transition to full NDAA compliance, which may introduce higher costs and lumpiness in financial results.
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Revenue visibility beyond Q4 2026 remains limited, with management noting a 'grainy' outlook for 2027.
Q & A Highlights
Q: Can you provide color on what gives you the confidence to raise both revenue and margin guidance for 2026? A: Ricardo Rodriguez (CFO): The revenue raise was driven by strong demand and tighter relationships with pack houses and OEMs, providing better visibility into order flow for the second half and into next year. The margin raise to at least 28% was based on stripping out one-time costs (e.g., $1.8 million in tariffs and $0.5 million in Colorado expenses) that won't recur, and a better understanding of fixed costs at contract manufacturing partners, which we won't let scale up at higher volumes. We expect a favorable mix with at least 60% of revenue from Europe and 60% from accretive power cells.
Q: How much dexterity does the technology platform have in using alternate inputs for NDAA compliance, and are you moving toward solid-state electrolytes? A: Tom Stepien (CEO): We have five chemistry platforms (power, energy, balanced) and have qualified two sets of 11 new suppliers for anode, cathode, separator, and binders as part of NDAA compliance. We have primary and secondary suppliers, and we are folding them into cells made in South Korea and the US. The Fremont pilot line helps with quick validation. We are on track to be fully US NDAA compliant in 2027.
Q: As stricter domestic requirements from the DOW kick in around 2027-2028, do you see an inflection point for domestic drone manufacturing, and will you need to ramp up US manufacturing? A: Tom Stepien (CEO): We have good visibility through 2027 and 2028. We are happy with our three South Korean partners for NDAA-compliant supply today, and Nanotech Energy provides US capacity. We are actively working with other US manufacturers and expect to announce additional partners soon. We are pleased with demand and our technical leadership, but we always want to move faster.
Q: Can you provide an update on getting NDAA-compliant suppliers under contract? A: Tom Stepien (CEO): We make progress weekly and met with several suppliers in Korea recently. We expect to have all contracts buttoned up this quarter. These new suppliers are large international companies, so we are comfortable with their delivery ability. The complexity is in planning and aligning schedules across different manufacturers and countries, but it's not technically hard.
Q: With the Drone Dominance Program, half of the 19 finalists are using Amprius cells. Can you walk through the content per drone opportunity and the competitive environment? A: Tom Stepien (CEO): Slides 10 and 11 in the deck detail typical battery sizes and cell content for different drone groups (Group 1, 2, 3). Group 3 drones use more content than Group 1. The competitive environment is intense, but we win on energy density, which is critical in scoring these "gauntlets." Customers tend to be sticky once they trust us, as we can offer up to 50-80% better flight time. We are in about half of the 19 finalists and have had initial conversations with the rest.
Q: Can you talk about the robotics opportunity and how Amprius is positioning itself as that market scales? A: Tom Stepien (CEO): We attended Automate in Chicago and learned our cells perform well in unstructured environments (e.g., dog-like robots, humanoids). High energy density and the right power/energy mix are prized when robots can't predict charging times. We've analyzed current requirements, and our cells can handle current spikes for lifting. We made executive changes (Ronnie Tao as Chief Business Officer) to focus on planting seeds in robotics that will turn into revenue as the market expands.
Q: You mentioned a team looking at data centers. Can you elaborate on where Amprius could fit in that ecosystem? A: Ricardo Rodriguez (CFO): It's an initial look, but power requirements for CPUs are increasing. While supercapacitors flatten high power draws, there may be a need for a high-power cell immediately behind them to provide 1-60 seconds of runtime and recharge. We see an opportunity for a high-power cylindrical cell placed close to the rack. We are having initial discussions with integrators and will report back when we have customer traction.
Q: Regarding your 2030 target of above 30% gross margin, could that be pulled ahead to 2029 given current tailwinds? A: Ricardo Rodriguez (CFO): We will always try to do it sooner, and the elements are there. However, we are managing full NDAA compliance over the next 12-24 months, which comes with a different cost structure that we need to get paid for. The main driver is revenue mixmore customized pouch cells will help us get there sooner. We caution that margins won't be totally straight up and to the right; there could be a quarter or two of slight step-backs as we manage mix or North America revenue increases before we get paid for NDAA compliance expenses.
Q: Are you close to purchasing an existing US facility to retool for pouch cell manufacturing? A: Ricardo Rodriguez (CFO) & Tom Stepien (CEO): We are out there looking for a partner to do that, and there's plenty of capacity from EV players who overbuilt. It likely won't be Amprius purchasing the facilityour model is to work with partners. The equipment investment can be about a third of what it takes to build a new building, and the payback can be within two to three years if we fill the capacity. We are getting strong demand signals from the DOW, so stay tuned.
Q: What is the current production capacity in China, South Korea, and the US, and how does it break down between cylindrical and pouch? A: Tom Stepien (CEO): Total capacity is greater than 2 GWh per year, working out to roughly 12-15 million cells per quarter. We don't break it out by CM. China is balanced between cylindrical and pouch. Korea is coming into balance. The US is currently unbalanced with cylindrical identified, but we haven't shared pouch partners yet. The goal is to always have supply ahead of demand so we never leave a nickel on the table.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
