Amprius Technologies, Inc. (AMPX) Cash Flow Statement

The OCF/NI ratio of 7.39 in 2026Q1 is an outlier driven by a massive working capital outflow, not by operational earnings quality. This suggests that reported net losses understate the near-term cash consumption, as the company appears to be funding growth through inventory and receivables. Investors should monitor whether this working capital investment translates into revenue in subsequent quarters, as the 2026Q2 recovery to a more normal OCF/NI of 0.56 hints at some normalization.

The FCF margin improved from -134.1% in 2026Q1 to -13.7% in 2026Q2, but the absolute burn continues, reflecting the heavy investment phase. The gap between net income and FCF is widening in some quarters due to working capital swings, but the underlying trend is a company that is still far from cash flow breakeven. The trajectory suggests that external funding will be required to sustain operations until scale efficiencies materialize.

The sharp decline in CapEx/Rev suggests that the company is transitioning from initial facility construction to operational scaling, with CapEx now more aligned with maintenance and incremental capacity. However, the planned Colorado expansion, as noted in the business context, may require a step-up in capital spending, which could reverse this trend. The low absolute CapEx relative to revenue implies that the company is still in early commercialization, and investors should watch for any acceleration in capital commitments.

The massive working capital outflow in 2026Q1 likely reflects inventory build-up for a large order, which then converted to revenue in 2026Q2, as evidenced by the revenue surge. This pattern indicates that cash flow is heavily influenced by the timing of a few large contracts, making quarter-to-quarter comparisons unreliable. The company's ability to manage working capital efficiently will be critical as it scales, but the current volatility suggests a lack of predictability.

The absence of shareholder returns is consistent with a pre-profit company conserving cash for growth. The $90M cash position, as noted in the business context, provides a runway, but the high burn rate implies that the company will need to raise additional capital, likely through equity issuance, which could dilute existing shareholders. Management's capital allocation is focused on scaling production, but the return on that investment remains unproven.

The small cumulative divergence between net income and operating cash flow suggests that non-cash charges like SBC and D&A are roughly offset by working capital outflows. This implies that the company's losses are largely cash-based, with limited accrual distortions. The consistency of the gap indicates that the business is burning cash at a rate closely aligned with its reported losses, which may be a concern for investors expecting a near-term inflection.