Shares dropped 24.7% after Amprius’s Q1 report, driven by cautious commentary and implied deceleration despite an upward revision in full-year revenue guidance. Investors appear concerned about the implied growth sustainability and margin outlook.

• Q1 revenue was $28.5 million, a 2.5x increase year-over-year and 13% higher sequentially.
• Full-year revenue guidance was raised modestly to at least $130 million, $5 million above prior forecast, but implied a reacceleration in growth that management did not explicitly confirm for the near term.
• Strong customer wins and multi-million-dollar contracts in defense and electric vehicle markets highlight ongoing adoption of silicon anode battery technology.
• Management emphasized non-GAAP adjusted EBITDA without disclosing margins or profitability trends for the quarter.
• Increased government contracts and new customer wins contrast with investor skepticism on near-term margin sustainability and growth cadence, explaining the severe stock reaction.