Amprius Raises Revenue Floor as Quarterly Sales Set Record
The battery maker lifted its 2026 revenue floor to $140 million, its second increase this year.
Amprius Technologies (AMPX), the high-energy lithium-ion battery maker, reported record second-quarter revenue as sales growth accelerated and gross margin widened.
Revenue reached $34.0 million, up 126% from a year earlier and 19% from the first quarter. Sequential growth accelerated from 13% in the prior quarter, extending a run of double-digit gains.
Gross margin expanded to 27% from 20% in the first quarter and 9% a year earlier, reversing the sequential contraction recorded at the start of 2024. Gross profit rose to $9.3 million from $5.7 million in the prior quarter and $1.3 million a year earlier.
The stronger gross profit narrowed the operating loss to $4.3 million from $6.8 million a year earlier, even as operating expenses increased to $13.6 million from $8.2 million. Adjusted EBITDA improved to a loss of $1.0 million from a loss of $1.8 million in the first quarter, though it remained below the positive $1.8 million reported in the fourth quarter of 2023.
Amprius posted a net loss attributable to common stockholders of $5.1 million, compared with $5.0 million in the first quarter and $6.4 million a year earlier. Excluding a $1.9 million warrant-modification charge, the quarterly loss was $3.2 million.
Commercial commitments included a $24 million order from a new European drone manufacturer and a multiyear contract with electric-motorcycle maker Stark Future beginning in 2027. The Stark Future agreement represents a revenue opportunity exceeding $100 million, following a $21 million light-electric-vehicle order highlighted in the first quarter.
The company now expects 2024 revenue of at least $140 million, up from its previous floor of $130 million, and gross margin of at least 28%, compared with at least 25% previously. It continues to target adjusted EBITDA of at least $4.0 million and capital spending below $10.0 million, while its GAAP net-loss ceiling is now less than $10 million to account for the warrant charge.
Cash and cash equivalents declined to $74.5 million at June 30 from $90.5 million at year-end as accounts receivable rose to $40.7 million and inventory increased to $11.5 million. The higher working-capital balances accompanied first-half revenue that more than doubled to $62.6 million.