Revenue surged 125.9% year-over-year to $34.0M in 2026Q2, with gross margin expanding to 27.3% from 8.9% a year earlier, though net income remained negative at -$5.1M.
Amprius Technologies, Inc. (AMPX) annual income statement — 6-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Sales/Revenue | 109.23M | 73.01M | 24.17M | 8.79M | 4.41M | 2.77M | 4.68M |
| Revenue Growth % | 143.61% | 202.11% | 174.91% | 99.39% | 59.05% | -40.76% | - |
| Cost of Goods Sold | 84.92M | 64.75M | 42.5M | 23.73M | 9.85M | 7.1M | 6.7M |
| COGS % of Revenue | - | 88.68% | 175.85% | 269.92% | 223.36% | 256.17% | 143.09% |
| Gross Profit | 24.3M | 8.26M | -18.33M | -14.94M | -5.44M | -4.33M | -2.02M |
| Gross Margin % | 22.25% | 11.32% | -75.85% | -169.92% | -123.36% | -156.17% | -43.09% |
| Gross Profit Growth % | - | 145.08% | -22.71% | -174.65% | -25.64% | -114.73% | - |
| Operating Expenses | 42.93M | 54.91M | 26.07M | 23.77M | 12.6M | 6.29M | 5.43M |
| OpEx % of Revenue | - | 75.21% | 107.87% | 270.4% | 285.82% | 227.06% | 116.11% |
| Selling, General & Admin | 29.77M | 22.96M | 18.73M | 20.36M | 10.57M | 4.84M | 4.1M |
| SG&A % of Revenue | - | 31.44% | 77.49% | 231.56% | 239.78% | 174.75% | 87.69% |
| Research & Development | 13.16M | 9.43M | 7.34M | 3.68M | 2.03M | 1.45M | 1.33M |
| R&D % of Revenue | - | 12.92% | 30.39% | 41.83% | 46.04% | 52.31% | 28.42% |
| Other Operating Expenses | 0 | 22.52M | 0 | -262K | 0 | 0 | 0 |
| Operating Income | -18.62M | -46.65M | -44.4M | -38.71M | -18.04M | -10.62M | -7.45M |
| Operating Margin % | -17.05% | -63.89% | -183.72% | -440.33% | -409.19% | -383.23% | -159.2% |
| Operating Income Growth % | - | -5.06% | -14.7% | -114.56% | -69.83% | -42.61% | - |
| EBITDA | -14.71M | -42.28M | -40.59M | -36.9M | -16.5M | -9.18M | -6.21M |
| EBITDA Margin % | -13.46% | -57.91% | -167.96% | -419.78% | -374.28% | -331.24% | -132.78% |
| EBITDA Growth % | 56.64% | -4.16% | -10% | -123.63% | -79.72% | -47.79% | - |
| D&A (Non-Cash Add-back) | 3.92M | 4.37M | 3.81M | 1.81M | 1.54M | 1.44M | 1.24M |
| EBIT | -38.77M | -44.02M | -44.67M | -36.78M | -17.33M | -9.9M | -7.41M |
| Net Interest Income | 0 | 2.62M | 1.59M | 2.51M | 709K | -16K | -5K |
| Interest Income | 0 | 2.62M | 1.59M | 2.51M | 709K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 16K | 5K |
| Other Income/Expense | -17.86M | 2.62M | -271K | 1.93M | 709K | 727K | 31K |
| Pretax Income | -36.48M | -44.02M | -44.67M | -36.78M | -17.33M | -9.9M | -7.42M |
| Pretax Margin % | -33.4% | -60.3% | -184.84% | -418.34% | -393.11% | -357% | -158.54% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -38.4M | -44.02M | -44.67M | -36.78M | -17.33M | -9.9M | -7.42M |
| Net Margin % | -35.16% | -60.3% | -184.84% | -418.34% | -393.11% | -357% | -158.54% |
| Net Income Growth % | -1.04% | 1.45% | -21.47% | -112.19% | -75.14% | -33.41% | - |
| Net Income (Continuing) | -36.48M | -44.02M | -44.67M | -36.78M | -17.33M | -9.9M | -7.42M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.27 | -0.35 | -0.45 | -0.43 | -0.20 | -0.10 | -0.07 |
| EPS Growth % | 11.26% | 22.22% | -4.65% | -115% | -104.5% | -32.34% | - |
| EPS (Basic) | - | -0.35 | -0.45 | -0.43 | -0.20 | -0.10 | -0.07 |
| Diluted Shares Outstanding | 143.47M | 124.64M | 101.87M | 86.2M | 84.61M | 100.99M | 100.99M |
| Basic Shares Outstanding | 143.47M | 124.64M | 101.87M | 86.2M | 84.61M | 100.99M | 100.99M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AMPX stock.
For fiscal year 2025, Amprius Technologies, Inc. (AMPX) reported total revenue of $73.0M. This represents a 1460.4% increase compared to $4.7M in 2020.
Amprius Technologies, Inc. (AMPX) reported a net loss of $44.0M for the fiscal year ending 2025.
Amprius Technologies, Inc. (AMPX) reported an operating income of $-46.6M, resulting in an operating profit margin of -63.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Amprius Technologies, Inc. (AMPX) generated $8.3M in gross profit for the year, representing a gross profit margin of 11.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Lumpy aerospace order concentration
Metrics are mathematically derived from official filings.
Revenue Inflection from Niche Orders
Amprius's revenue surged 125.9% year-over-year to $34.0M in 2026Q2, according to the latest quarterly report, marking a clear acceleration from the 3.5% growth seen a year earlier, driven by aerospace and defense orders.
The sequential progression from $2.3M in 2024Q1 to $34.0M in 2026Q2 indicates a step-change in commercial traction, likely tied to specific HAPS and UAV programs. However, the lumpy nature of these orders suggests that growth may not be linear, and investors should monitor the sustainability of this trajectory as the company scales.
Gross Margin Step-Change
Gross margin expanded to 27.3% in 2026Q2 from 8.9% in 2025Q2, as reported in the income statement, suggesting improved manufacturing yields or a favorable product mix shift toward higher-margin aerospace volumes.
The transition from negative gross margins in 2024 to positive territory in 2025 and now 27% in 2026Q2 indicates that the CVD process is becoming more efficient. However, the sustainability of this margin level is uncertain, as it may reflect a specific high-margin order rather than a structural improvement. If the company can maintain this margin while scaling, it would signal a significant competitive advantage.
Operating Leverage Emerging
Operating margin improved to -12.6% in 2026Q2 from -45.2% in 2025Q2, based on reported figures, as revenue growth outpaced fixed cost increases, indicating early signs of operating leverage.
While still deeply negative, the narrowing operating loss suggests that the company's fixed cost base is being spread over a larger revenue base. R&D and SG&A expenses have grown but at a slower pace than revenue, which is a positive sign. However, the absolute level of operating losses remains high, and the company will need to sustain this revenue growth to achieve profitability.
EPS Miss Clouds Revenue Beat
Despite a revenue beat, EPS of -$0.04 missed consensus by $0.03 in 2026Q2, as per the latest earnings release, suggesting that bottom-line losses are tracking wider than expected, possibly due to one-time costs or higher operating expenses.
The divergence between the strong top-line performance and the EPS miss warrants scrutiny. Stock-based compensation of $2.5M in 2026Q2 is a recurring non-cash expense that adds to the loss, but the miss may also reflect other non-operating items. Investors should monitor whether this is a one-off or a trend, as it could indicate that the company is spending more to secure growth.
R&D and SG&A Scaling
R&D and SG&A expenses totaled $13.6M in 2026Q2, up from $8.2M in 2025Q2, as reported in the financial statements, reflecting increased investment in scaling operations and product development.
The increase in R&D is consistent with the company's focus on improving its nanowire technology and manufacturing processes. SG&A growth is also expected as the company expands its commercial team. However, the pace of expense growth relative to revenue will be critical; if revenue growth decelerates, these costs could become a burden.
Lumpy Orders and Margin Sustainability
The 2026Q2 revenue surge may be concentrated in a few large aerospace contracts, as suggested by the 125.9% year-over-year growth, raising concerns about the durability of this growth and the 27% gross margin.
Short-sellers might argue that the company's revenue is highly dependent on a small number of customers, and the recent margin expansion could be a mix effect that reverses. Additionally, the EPS miss despite the revenue beat indicates that the company is not yet generating the operating leverage needed to justify its valuation. If the aerospace market saturates or a key order is delayed, the stock could face significant downside.