# Amprius Technologies, Inc. (AMPX)

> Source: Nexqual · https://nexqual.com/AMPX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Amprius Technologies, Inc. (AMPX), nexqual.com/AMPX" · informational, not investment advice.

**Price:** USD 7.91 (-4.81% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 8.31 · day 7.66–8.24 · 52w 7.26–24.23 · market cap $1.16B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $109M, net income -$36.5M (-33.4% margin), free cash flow -$58.4M (SEC filings).
- 1 of 80 tracked superinvestors hold AMPX (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 13 Form 4 filings, $6.3M; 13 not under a Rule 10b5-1 plan ($6.3M); 3 by opportunistic insiders (3 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -32.2% vs S&P 500 +14.9%; 5Y -4.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-10, EPS estimate USD -0.01, revenue estimate $35.7M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.8M | $4.4M | $9.1M | $24.2M | $73.0M | $109M |
| Gross profit | -$4.3M | -$5.7M | -$14.7M | -$18.3M | $8.3M | — |
| Operating income | -$10.6M | -$18.0M | -$38.7M | -$46.3M | -$46.6M | -$41.1M |
| Net income | -$9.9M | -$17.3M | -$36.8M | -$44.7M | -$44.0M | -$36.5M |
| EPS (diluted) | -$0.15 | -$0.24 | -$0.43 | -$0.45 | -$0.35 | — |
| Free cash flow | -$8.6M | -$15.4M | -$43.1M | -$36.6M | -$35.5M | -$58.4M |
| Gross margin | -156.2% | -128.2% | -162.1% | -75.8% | 11.3% | — |
| Operating margin | -383.2% | -409.2% | -427.6% | -191.4% | -63.9% | -37.7% |
| Net margin | -357.0% | -393.1% | -406.2% | -184.8% | -60.3% | -33.4% |
| Revenue growth | — | +59.1% | +105.3% | +167.0% | +202.1% | — |
| Cash + short-term investments | $11.5M | $69.7M | $45.8M | $55.2M | $90.5M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 10.6x · P/B 9.2x · FCF yield -5.06% · Earnings yield -3.16%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold AMPX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.06% | $6.5M | Added +10.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 13 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-21…2026-08-24 | Stepien Thomas M | Chief Executive Officer | 31,529 | $324K | 4.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-21 | Sun Kang | Director | 62,101 | $642K | 4.6% | No | Too little history (no open-market trades in 2023) |
| 2026-08-21 | Stefan Constantin Ionel | Chief Technology Officer | 29,681 | $307K | 3.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-15 | Dixon Donald R | Director | 85,000 | $1.5M | 11.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-09 | Dixon Donald R | Director | 40,000 | $765K | 5.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-04 | Stepien Thomas M | Chief Executive Officer | 2,000 | $42K | 0.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-27 | Sun Kang | Director | 356 | $6K | 0% | No | Too little history (no open-market trades in 2023) |
| 2026-05-27 | Stepien Thomas M | Chief Executive Officer | 4,375 | $75K | 0.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-27 | Stefan Constantin Ionel | Chief Technology Officer | 3,208 | $55K | 0.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-26 | Dixon Donald R | Director | 17,895 | $320K | 2.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-21 | Sun Kang | Director | 67,796 | $1.0M | 4.8% | No | Too little history (no open-market trades in 2023) |
| 2026-05-21 | Stefan Constantin Ionel | Chief Technology Officer | 28,812 | $426K | 3.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-21 | Stepien Thomas M | Chief Executive Officer | 60,702 | $898K | 8% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Canaccord Genuity | Initiated | Buy | $14 |
| 2026-09-29 | HC Wainwright & Co. | Reiterated | Buy | $18 |
| 2026-07-10 | Jones Trading | Initiated | Buy | $30 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2022-09-12) |
|---|---|---|
| Total return | -32.2% | -4.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -32.3% | -1.2% |
| Volatility (annualized) | 100.0% | 109.0% |
| Max drawdown | -66.9% (Jun 2026→Oct 2026) | -94.5% (Sep 2022→Sep 2024) |

## Peers (Electrical Equipment & Parts)
FOIL (Londian Wason New Energy Tech I) USD 17.32 -0.17% · FCEL (FuelCell Energy, Inc.) USD 11.58 -12.27% · ENR (Energizer Holdings, Inc.) USD 23.43 +2.94% · PLPC (Preformed Line Products Company) USD 331.72 -8.23% · PLUG (Plug Power, Inc.) USD 1.38 -2.13% · ADSE (ADS-TEC ENERGY PLC) USD 9.55 +0.53%

## More
Full page: https://nexqual.com/AMPX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in AMPX's own 10-K filed 2026-03-06 (https://www.sec.gov/Archives/edgar/data/1899287/000189928726000015/ampx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Airbus | "Our batteries and their performance specifications have been tested and validated for application by various customers, including AALTO Airbus, AeroVironment, BAE Systems, Kraus Hamdani Aerospace, Nokia Drone Networks, N…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Sale Of Battery Products | $34.0M | 100.0% | +134.0% |
| Total revenue | $34.0M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| EMEA | $23.3M | 68.5% | +96.7% |
| UKRAINE | $10.4M | 30.6% | +26.8% |
| North America | $5.6M | 16.5% | +171.4% |
| APAC | $5.1M | 15.1% | +344.0% |
| Total revenue | $34.0M | 100% | — |
The lines above cover 130.6% of total revenue.

## Company outlook (8-K filed 2026-08-04)

- "Amprius has not provided a reconciliation of the 2026 outlook for non-GAAP Adjusted EBITDA in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K due to the uncertainty regarding, and the potential variability of, reconciling items such as, the amount and timing of potential non-recurring items."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.01 | $-0.01 | -1.6% | $35.7M | 8 |
| Next quarter (ends 2026-12-31) | $0.00 | $0.00 | +0.0% | $42.3M | 7 |
| Current fiscal year (ends 2026-12-31) | $-0.07 | $-0.07 | +10.9% | $140.6M | 7 |
| Next fiscal year (ends 2027-12-31) | $0.10 | $0.06 | +66.7% | $212.2M | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-13 (includes earnings 2026-11-10): ±18.7%; earnings reaction alone ±8.9%; last 8 reports averaged ±16.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 76.5% | ±9.2% |
| 2026-11-06 | 14 | 85.3% | ±14.0% |
| 2026-11-13 | 21 | 94.8% | ±18.7% |
| 2026-11-20 | 28 | 89.5% | ±20.3% |
| 2026-11-27 | 35 | 86.9% | ±21.9% |
| 2026-12-04 | 42 | 86.4% | ±23.8% |
| 2026-12-18 | 56 | 84.2% | ±26.7% |
| 2027-01-15 | 84 | 79.9% | ±30.8% |