Amprius Technologies just printed the quarter that its silicon-anode thesis has been pointing toward for nearly a decade. Revenue more than doubled year over year for the second consecutive quarter, gross margin crossed 27%, and the company raised its 2026 outlook for the second time this year. The most recent print is a $34.0 million quarter, up 126% from a year ago and 19% sequentially, with the company signing a multi-year supply deal with electric-motorcycle maker Stark Future that it sizes as a more than $100 million revenue opportunity beginning in 2027.
The mechanism behind the inflection is straightforward in concept and hard to replicate in practice. Amprius has spent years building a 100% silicon-anode lithium-ion cell that delivers roughly twice the energy density of conventional graphite cells, and it has assembled more than 2.0 GWh of annual production capacity through a network of contract manufacturers in South Korea and a long-running exclusive supply agreement with Berzelius in Nanjing. Demand from unmanned aerial systems and light electric mobility has finally scaled to a level where the company can talk about $140 million of revenue and positive adjusted EBITDA in the same year. The market is being asked to price a transition from development-stage cash burn to a commercial-stage operating company, and that transition is the dominant re-rating question for the equity.
The risk that anchors the next twelve months is execution, not science. Customer concentration in EMEA - and specifically in Ukraine, where shipments reached $10.4 million in the most recent quarter - is high; production depends on partners the company does not directly control; and a non-cash warrant fair-value adjustment drove a $1.9 million charge that widened the headline net loss even as the underlying business improved. Cash stood at $74.5 million at quarter-end against a $40.1 million first-half operating cash outflow, and management is now guiding to positive non-GAAP adjusted EBITDA of at least $4 million for the full year. The falsifiable clock is the Q3 print in early November, where management needs to demonstrate that gross margin can hold above 25% as mix shifts toward higher-volume programs and that the 2.0 GWh of access can be converted into recognized revenue at the cadence implied by the raised outlook.