Amprius Technologies, Inc. AMPX raised full-year expectations again as stronger drone demand, European sales and improving manufacturing economics increased management's visibility.
The call also emphasized NDAA-compliant supply, U.S. manufacturing partnerships and new end markets, while keeping a capital-light contract manufacturing model at the center of the growth plan.
Second-quarter revenues of $34.0 million exceeded the $28.9 million consensus mark. The company incurred a loss of 3 cents per share, in line with the Zacks Consensus Estimate.
AMPX Raises 2026 Revenue and Margin Targets
CFO Ricardo Rodriguez raised 2026 revenue guidance to at least $140 million from at least $130 million and gross margin guidance to at least 28% from at least 25%. Amprius reiterated adjusted EBITDA of at least $4 million and net loss below $10 million.
In Q&A, Rodriguez said demand visibility supported the raise and that additional upside remained. He kept the outlook measured because the supply chain still must scale to support fourth-quarter and 2027 deliveries.
Amprius Highlights Expanding Drone Demand
CEO Tom Stepien highlighted a $24 million order from a new European drone manufacturer using SiCore cylindrical cells. Shipments began in the second quarter and should be completed over roughly the next two and a half quarters.
Stepien also said about half of the 19 manufacturers invited to the Department of War's upcoming drone dominance demonstration use Amprius cells, with the company having at least initial discussions with the rest.
Management also cited Redwire's more than $40 million of U.S. Marine Corps orders for its Stalker Block 30 drone. Amprius supplies SiCore cells for that platform.
AMPX Builds NDAA-Compliant Supply
Stepien said three South Korean contract manufacturers can produce NDAA-compliant batteries, while Nanotech Energy provides U.S. cylindrical capacity. Amprius still targets fully U.S.-produced NDAA-compliant cells in 2027, while Fremont pilot-line production is expected to begin in December 2026.
In Q&A, Stepien said Amprius had qualified primary and secondary sets of 11 new suppliers covering battery inputs and expected remaining supplier contracts to be completed this quarter.
Rodriguez and Stepien also clarified that domestic pouch-cell expansion would come through a partner rather than an Amprius-owned plant, consistent with the company's contract manufacturing strategy.
Amprius Sees Mix Driving Margins
Rodriguez said second-quarter gross margin reached 27%, up from 20% in the first quarter. He attributed the improvement to regional and product mix and said Amprius is working to keep contract manufacturers' fixed costs from rising with higher volumes.
During Q&A, Rodriguez put gross margins in a low-20% to high-30% range depending on form factor and geography. More customized pouch cells sit at the more attractive end of that range.
Operating spending will still rise near term. Rodriguez expects about $1 million of additional operating expense in the third quarter, then plans to hold spending roughly flat in the fourth quarter.
AMPX Broadens Beyond Defense Drones
Stepien said the three-year Stark Future agreement should generate at least $100 million of revenue through 2029, with shipments expected to start early in 2027. The deal expands Amprius' e-mobility exposure.
Management is also developing commercial drone, robotics, satellite, eVTOL and data-center opportunities. Stepien said robotics does not contribute meaningful revenues today, keeping that market in an early development phase.
In Q&A, Stepien focused robotics efforts on machines operating in unstructured environments, where energy density and power balance matter. Rodriguez described data-center discussions as preliminary and centered on short-duration high-power cells near computing racks.
Amprius Keeps a Capital-Light Posture
Management's closing posture centered on scaling demand without building a heavy fixed-cost base. Contract manufacturing, the Fremont pilot line and supplier diversification remain the main tools for preserving speed and flexibility.
The priorities are converting drone demand into shipments, completing the domestic compliance path, improving margins through mix and scale, and developing adjacent markets without changing the partner-led manufacturing strategy.
AMPX Zacks Rank and Style Score Signals
AMPX carries a Zacks Rank #2 (Buy), a favorable rating in the Zacks framework. Its Value, Growth, Momentum and VGM Scores are all F, the weakest grade in the Style Score system, so they do not reinforce the Rank. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Style Scores are designed to complement the Zacks Rank, with A or B scores considered more favorable. The Zacks Rank can change as analyst estimates are revised after the just-reported results, so the current reading should not be viewed as static.
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Amprius Technologies, Inc. (AMPX): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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