Amprius Technologies

Refresh delta (since 2026-06-18)

1. Q2 2026: revenue $34,032K, +126% YoY (Q2 2025: $15,067K) and +19% on Q1; six-month revenue $62,568K (2025: $26,351K) [10-QForm 10-QThe quarterly version of the annual report. Lighter, and not audited.; 8-KForm 8-KA filing for something that happened between reports and matters enough to tell shareholders now. Q2]. Gross profit $9.3M, a 27% margin against 20% in Q1 2026 and 9% in Q2 2025 [8-K Q2]. Net loss before the warrant charge $3,154K (Q2 2025: $6,370K); a $1,921K non-cash increase in fair value from a warrant modification brings the net loss attributable to common stockholders to $5,075K, $0.04 per share on 143.5M weighted shares [10-Q, statement of operations]. Six-month net loss $8,200K, $10,121K attributable [10-Q]. Non-GAAP adjusted EBITDA was −$1.0M against −$2.1M [8-K Q2, non-GAAP measure].

2. Guidance raised for the second consecutive quarter [8-K Q2, updated 2026 outlook]: revenue at least $140M (was at least $130M); gross margin at least 28% (was at least 25%); net loss below $10M, now including the $1.9M charge; adjusted EBITDA at least $4M. The first half gave revenue of $62.6M, so the second half needs at least $77.4M. The prior dossier priced the stock at "~17x guided 2026 sales" on the earlier guide.

3. Cash conversion: the dossier's stated decisive data point. Net cash used in operating activities was $40,126K for the six months (2025: $18,391K), against a net loss of $8,200K [10-Q, cash-flow statement]. Included in that figure is a $20,898K reduction in operating lease liabilities (2025: $1,707K) alongside a $13,362K derecognition of right-of-use assets on a lease termination and a $166K loss on termination; excluding that one line, operating cash use was $19.2M. Accounts receivable, net, rose to $40,650K from $23,737K at 2025-12-31 (+71%), a $16,843K use of cash; inventories to $11,510K from $6,735K [10-Q balance sheet and cash-flow statement; estimate: $40,650K / $23,737K − 1]. Receivables were about 109 days of Q2 revenue. Bill-and-hold revenue was nil in Q2 and $5.8M for the half (2025: $6.2M and $11.5M), with $3.0M of undelivered bill-and-hold amounts at 2026-06-30 [10-Q, revenue note].

4. Liquidity. Cash and equivalents $74,517K at 2026-06-30 against $90,465K at 2025-12-31; investing used $2,444K; financing provided $25,403K, from stock-option and warrant exercises and exchanges, with no ATM proceeds in 2026 against about $18.1M net in the first half of 2025 [10-Q, liquidity and cash-flow statement]. Total assets $149.2M [10-Q]. The prior dossier flagged chronic dilutionDilutionIssuing new shares, so each existing share owns a smaller slice of the same company. from 18.6M warrants, RSUs and an ATM; weighted shares were 143.5M in Q2 2026 against 121.8M a year earlier.

5. Berzelius: the filing's own description. The 10-Q calls Berzelius (Nanjing) "a former affiliated company," says Dr. Kang Sun, the former CEO and a current director, serves on the board of Berzelius and its holding company, and states that at 2026-06-30 and 2025-12-31 neither Dr. Sun nor Amprius had a controlling interest in Berzelius, nor Berzelius in Amprius. Amprius holds exclusive rights to buy Berzelius's silicon anode materials in the US, Canada and Mexico under a November 2023 agreement and had no purchase commitments with Berzelius at 2026-06-30 [10-Q, supply risk and related-party sections]. The prior dossier recorded Berzelius as ~36% of COGS and tied to the founder; this 10-Q's passages searched give no COGS percentage. The 10-Q text was searched for "Manatee", "short report", "Leviton", "subpoena" and "investigation" and none appears.

6. New contracts and customers [8-K Q2, business highlights; company statements]: a multi-year supply agreement with Stark Future starting in 2027 that the company says could exceed $100 million; a $24.0M order from a European drone developer for SiCore cylindrical cells; supply of SiCore cells to Redwire for the Stalker Block 30 drone; installation started on about 40% of the tools for the Fremont pilot line expansion, partly funded by the Defense Innovation Unit; more contract-manufacturing partners in South Korea.

7. Other Transaction Agreement with the US Government, signed 2026-09-23 ("Project acCELLerate"). Up to $75M, fixed-price and paid on accepted milestones, the whole amount being the US Government share with no company cost share; base period from 2026-09-23 through 2028-09-22; about $22M obligated from fiscal 2025 RDT&E funding; the aim is domestic production of silicon-anode pouch cells for small unmanned aircraft compliant with NDAA Section 842. Terms include US Government licence rights in technical data, restrictions on foreign participation and on foreign acquisitions and mergers, cybersecurity obligations, and termination for convenience by either party on 30 days' notice [8-K OTA]. The prior seed lists "NDAA-compliant second-source qualification, 2026-2027" and an NDAA and export-control collision as risks.

8. Fremont lease extended. On 2026-08-07 the company amended the lease for its Fremont facility, extending the term from 2027-06-30 to 2034-06-30 (84 months), with two five-year extension options; total future lease payments after the amendment are about $10.5M [8-K lease].

What held

• The prior dossier's question, whether operating cash flow converges with earnings, is answered in the negative on the half's numbers: operating cash use of $40.1M against a net loss of $8.2M, and receivables up 71% (fact 3), though $20.9M of the cash use is a lease-liability line.
• Revenue quality flags the dossier raised remain visible: bill-and-hold revenue of $5.8M in the half, though none in Q2 (fact 3), and receivables running well ahead of revenue growth.
• The Berzelius dependence remains: exclusive purchase rights and purchases continue, though the 10-Q states no controlling interest either way and no purchase commitments at 2026-06-30 (fact 5).
• Guidance moved up, and the first half implies a lower bar for the second half than the first-half growth rate (facts 1 and 2). The position seed is carried unchanged below.