Amprius Technologies Inc.

Amprius Technologies shares rose 11% Monday after the company secured a grant of up to $75 million from the U.S. Department of War to retrofit an existing domestic production line for high-energy density battery cells. The grant, awarded through the DoW's Industrial Base Analysis and Sustainment program, will fund the conversion of a U.S.-based electric vehicle battery production line operated by a major South Korean manufacturer to produce batteries for unmanned aerial systems. The retrofitted line is expected to have the capacity to produce 12 million Amprius cells annually when completed in early 2028, with the cells intended to meet domestic sourcing requirements of the National Defense Authorization Act. The total conversion project is expected to cost approximately $100 million, including in-kind investments from Amprius and its South Korean partner. CEO Tom Stepien said the DoW grant is intended to establish a primary source of domestic, NDAA-compliant battery production, adding that the company's technology combined with its South Korean partner's U.S. manufacturing prowess positions Amprius to accelerate adoption of standardized, high-performance pouch cells in a fast-growing market.

Amprius Technologies raised its full-year 2026 revenue guidance to at least $140 million, up from a prior forecast of at least $130 million, after reporting record second-quarter revenue of $34.0 million, up 19% from the first quarter and 2.3x year-over-year. Gross margin improved to 27% from 20% in the first quarter and 9% a year ago, driven by a favorable product mix, and the company now expects full-year gross margins of at least 28%, raised from a previous target of 25%. SiCore batteries accounted for 98% of second-quarter sales, with EMEA contributing 68% of total revenue, fueled by demand from European drone manufacturers. The company also announced a three-year supply agreement with Stark Future for electric motorcycles, expected to generate at least $100 million in revenue through 2029, and a $24 million order from a new European drone customer for SiCore cylindrical cells. Amprius ended the quarter with $74.5 million in cash and no debt, and it reiterated its target of positive adjusted EBITDA of at least $4 million for the full year.

Retail investors on Reddit are favoring Amprius Technologies over SpaceX, citing significant upside potential for the battery maker. Amprius, which produces silicon-anode batteries for drones, satellites, aerospace, and robots, has seen its stock rise 55% this year. The company's batteries offer higher energy density, enabling longer drone flights and lighter, cheaper satellite launches. First-quarter revenue surged 150% year-over-year, while trailing 12-month revenue tripled, and 2026 revenue guidance indicates 78% growth.

Amprius Technologies reported first-quarter revenue of $28.5 million, a roughly 2.5-fold increase year over year, and management raised its 2026 revenue guidance to at least $130 million. The company develops silicon-anode lithium-ion batteries for drones, aviation, defense, and high-altitude platforms, offering higher energy density than conventional batteries. Strategic partnerships, including a manufacturing collaboration with Nanotech Energy and a relationship with Matternet, support domestic production scale and demand visibility in drone logistics. Amprius remains unprofitable and faces execution risks as a small-cap company, but recent revenue growth and deal flow suggest it is beginning to de-risk its commercial trajectory.