Amprius Technologies wins price target raise at Roth

In a note published August 5, Roth Capital Markets analyst Chip Moore maintained a “Buy” rating and raised his price target to $10.00 from $6.00, based on a 6.0x multiple of estimated 2026 sales for Amprius Technologies (Amprius Technologies Stock Quote, Chart, News, Analysts, Financials NYSE:AMPX).

“We like management’s prudent approach to scale up, while we expect demand for the company’s leading energy-density solutions to grow significantly in the coming years (with capital-light capacity already in place),” Moore said. “We continue to see potential for catalysts, including achievement of milestones, production qualification of tolling capacity, and new product, customer and partnership announcements.”

Amprius Technologies develops advanced lithium-ion batteries and is headquartered in Fremont, California.

The company is set to report its second-quarter 2025 results after market close on August 7, with a conference call scheduled for 5 p.m. ET.

“We remain comfortable with our revenue/GAAP EPS projections of $11.1M/($0.09) vs. consensus expectations currently around $12.8M/$(0.09),” Moore said. “As a reminder, Amprius faces inherent potential for quarterly lumpiness given the still early stage of product commercialization and need for manufacturing scale-up. We continue to focus much more on achievement of key milestones and customer adoption vs. quarterly results currently.”

Moore pointed to several recent developments for Amprius, including the addition of a new SiCore contract manufacturing partner in South Korea. The new partner adds to the company’s approximately 1.8GWh of contracted production capacity and is expected to improve logistics and speed up delivery timelines. He views this as a key catalyst that reduces reliance on China-based manufacturing.

Amprius was also named one of 14 companies in the 2025 cohort of Amazon’s Devices Climate Tech Accelerator program. Moore said he sees room for additional high-profile customer announcements as the company expands its presence in the drone and robotics markets.

“Here we highlight the ‘Unleashing American Drone Dominance’ executive order in June, focused on accelerating the development of domestic capabilities around drones and related technologies,” he said. “Notably, Amprius announced on 7/22 the delivery of high-energy density SiCore cells to multiple advanced drone and UAV customers (including Airbus AALTO) from its pilot line in Fremont (a key precursor to qualification and potential volume scale-up with manufacturing partners).

Amprius added around $34.5-million in new customer purchase orders to its backlog last quarter, bringing total backlog to approximately $37.8-million at the end of Q1. The increase reflects improving forward visibility.

“Amprius completed shipments to 102 customers in Q1 (3 >10%), including 46 that were new. Robust revenue growth of 383% (+6% sequentially) was again driven by volume shipment of products, with development and grant services contributing just $0.3M. Amprius also announced the appointment of industry veteran Tom Stepien as president to help drive future scaling. Cash balances stood at $48.4M exiting the prior quarter (no debt and ATM availability).

“Management anticipates steady state capital spend given completion of the Fremont line (Colorado on indefinite pause with no further expenses anticipated), while cash burn should stay at roughly $2.5–3.0M per month, excluding any transaction or one-time costs.”

Moore thinks that Amprius will generate an Adjusted EBITDA loss of $29.1-million on $59.0-million in revenue in fiscal 2025. He expects those numbers to improve to $8.8-million in Adjusted EBITDA on $194.2-million in revenue in fiscal 2026.

-30-