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National Bank set a price target of $18 for the battery maker on Tuesday. This target suggests the stock could nearly double from its current price of about $9.50. Even with this optimistic outlook, the firm is slightly more conservative than other analysts, who have an average price target of $20 for the company. While price targets are just estimates of where a stock might trade in the future, this move reflects continued confidence in the company's growth. The business is currently trying to move from small-scale prototypes to high-volume manufacturing of its high-energy battery cells for the aerospace and defense industries.
Source: National Bank
On September 23, 2026, Amprius entered into a $75 million agreement with the U.S. government for a project called acCELLerate. The goal is to build a secure, high-volume domestic supply of high-energy density batteries specifically for small unmanned aerial systems, which are drones used in defense and aerospace. The government has already committed about $22 million to start the project, with the rest paid out as the company hits specific development milestones.
This is a significant win because the government is covering the entire cost without requiring Amprius to put up its own cash. For a company in a hypergrowth phase, this provides a non-dilutive way to scale its manufacturing, meaning it can grow without having to sell more shares and shrink the ownership of current investors. It also reinforces the company's position as a critical supplier for the U.S. defense industry, which is a key part of its long-term growth plan.
Source: 8-K filing
Amprius launched its new SiCore 500 battery cell, which reaches a high level of energy density at 500 watt-hours per kilogram. Energy density measures how much power a battery can hold for its weight, which is the most important factor for drones and aircraft that need to stay in the air for long periods.
This launch is a step forward because these high-energy cells can be made on standard battery manufacturing equipment. Usually, reaching this level of power requires expensive, specialized setups. If the company can produce these at scale using common machines, it has a better chance of lowering its costs and reaching its goal of 25 percent gross margins.
Source: Business Wire
Amprius reported in a regulatory filing that it has entered a new material agreement to take on debt. While the specific dollar amount was not disclosed in the initial summary, this move provides the company with more cash to fund its operations as it tries to scale up manufacturing.
For a high-growth battery company, managing cash is a constant balancing act. Amprius is currently spending heavily to build out automated production lines for its silicon nanowire batteries. Taking on debt can help the company avoid selling more shares, which would dilute existing owners, but it also adds regular interest payments that must be covered as the business works toward becoming profitable.
Source: 8-K filing
Amprius delivered a strong second quarter, with revenue jumping 126 percent to $34 million compared to the same period last year. While the company still lost about $5 million, this was a significant improvement from the prior year. More importantly, management raised its full-year revenue forecast to at least $140 million and expects to reach positive adjusted EBITDA, a measure of core operational profit that excludes certain non-cash costs.
This performance supports the view that Amprius is successfully moving from testing its battery technology to selling it at scale. By hitting its revenue targets and narrowing its losses, the company is proving it can manage the high costs of building advanced silicon-anode batteries while finding enough demand in the aerospace and defense sectors to fuel its growth.
See the full quarter, and how our tracked metrics did
Source: 8-K filing
Management consistently set a low bar and cleared it for nearly two years, but two straight misses suggest the business is becoming harder to forecast as it scales.
| Expectation | |
|---|---|
| EPS | $-0.01 |
| Revenue | $36M |
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