Amprius: drone batteries doubled sales, but the cash still runs out the door

Revenue up 126%, gross margin from 9% to 27%, a $75M Pentagon award. But receivables are piling up, the stock sits near its 52-week low, and Q3 is days away.

By A (Akash Chaudhari), 2026-11-06

The call

Watchlist. The product is real and the drone demand is real, but the cash is not there yet. Wait for Q3 (expected around Nov 10). We want operating cash flow near break-even and receivables falling. The view breaks on a close below $6.90.

Amprius makes silicon-anode lithium-ion cells that hold up to twice the energy of normal cells. That is flight time, and drone makers pay for it. Q2 revenue was $34.0M, up 126%. Gross margin rose to 27%, and the 2026 guide went up to at least $140M. On Sept 23 the Pentagon awarded up to $75M to build US cells for small drones. The problem is cash: Amprius used $40.1M in operations in the first half, more than it lost on paper. Receivables nearly doubled. The stock is down about 66% from its June high, and at ~8x sales it already prices in a lot of growth.

Value~$8.60 weighted

vs price+5% vs $8.16

Horizon12–18 months

Score52 / 100

Price is the Nov 6, 2026 close. Q3 results are due next week. Research only, not advice.

Price$8.16Nov 6 close; 52-wk $7.02–24.23

Revenue, Q2$34.0M+126% y/y

Gross margin, Q227%was 9%

Operating cash, H1−$40.1Mworse than the loss

Cash$74.5Mdebt $6.4M

EV / 2026 sales~8xat the $140M guide

What Amprius sells and who buys it

Amprius makes lithium-ion cells with a silicon anode instead of graphite. Silicon stores far more lithium, so a cell of the same weight holds more energy. For a drone, that means longer flights or bigger payloads. For a defense customer, it means a longer mission. The SiCore line was 98% of revenue in Q2.

This is not an AI stock. It is a drone stock, and drones are the theme. As CEO Tom Stepien put it on the Q2 call: "low-cost drones are playing an asymmetric role in military conflicts around the world, changing the nature of modern warfare." The customer list shows it:

A $24.0M order from a new European drone maker for SiCore cylindrical cells.
Cells for Redwire's Stalker Block 30, a long-range surveillance drone.
A multi-year deal with Stark Future, a Barcelona electric-motorcycle maker, starting in 2027 and worth more than $100M in total.
An earlier $21M order from a Chinese electric-mobility customer for scooters, three-wheelers and motorcycles.

Amprius does not build most of its cells itself. It designs them and pays contract manufacturers to produce them: Berzelius (a former affiliate), four partners in China, and a group of South Korean partners (the "Amprius Korea Battery Alliance"). Together they give access to more than 2.0GWh a year. That is why revenue could double without big capex: capex is guided under $10M for 2026.

Quarterly revenue$M

Q1 25

Q2 25

Q3 25

Q4 25

Q1 26

$34M

Q2 26▲ 19%

The 2026 guide of at least $140M implies about $39M a quarter in the second half

Sources

Q2 2026 results, guidance, balance sheet, cash flow (8-K, Aug 4, 2026): sec.gov
Q2 2026 10-Q (Aug 6, 2026): customers, receivables, warrants, contract manufacturers, China export controls, liquidity: sec.gov
2025 10-K (Mar 6, 2026): 2025 revenue $73.0M, cash flow: sec.gov
Project acCELLerate award (8-K, Sept 28, 2026): sec.gov
Fremont lease extension (8-K, Aug 13, 2026): sec.gov
Automatic shelf registration (S-3ASR, Oct 9, 2026): sec.gov
Insider sales (Form 4s, Aug 25, 2026): EDGAR filings index
Q2 2026 call transcript (Aug 5, 2026): The Motley Fool; Q1 2026: The Motley Fool
Price, 52-week range (Nov 6, 2026): StockScan; short interest, moving averages, Q3 date (Oct 27, 2026): stockanalysis
Enovix forensic pack: 10-K filed Feb 25, 2026, sec.gov