Amprius Technologies, Inc. Q3 2026 Earnings Recap

Amprius shares fell 6.8% after earnings, despite higher revenue and a raised full-year target; the likely concern is that the increase was modest relative to the reported growth, while much of the capacity expansion remains prospective, with the new U.S. line not expected to be complete until early 2028. The transcript does not provide enough information to identify a specific financial miss.

Key Takeaways

• Q3 revenue was $39.1 million, up 83% year over year and 15% sequentially.
• Management raised its 2026 revenue target to $145 million from at least $140 million, citing a growing order book and expanded contract manufacturing relationships.
• North America revenue was 2.3 times last year’s level and 31% of Q3 revenue, versus 19% in Q2; Europe remained the largest market at nearly 60%.
• A $75 million U.S. government contract includes $22.3 million obligated; the production-line conversion is expected to cost about $100 million and be completed in early 2028, with capacity for 12 million pouch cells annually.
• Amprius plans to ship its new SiCore 500 cells to HAPS companies in Q4 and began shipping SiCore cells to a European maker of deep-sea autonomous vehicles.