Is Amprius Technologies stock a buy?

Roth Capital Markets analyst Chip Moore raised his 12-month price target on Amprius Technologies (Amprius Technologies Stock Quote, Chart, News, Analysts, Financials NYSE:AMPX) to US$14 from US$10 while maintaining a “Buy” rating in an Oct. 22 report, citing continued commercial momentum, rising demand for its high-energy-density battery solutions, and prudent capacity expansion.

“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 sizable capital-light capacity already in place,” Moore said.

Amprius is expected to release its third-quarter results in early November, with Roth projecting revenue of US$15.9-million and Adjusted EBITDA of –US$4.6-million, reflecting sequential sales growth and a second straight quarter of positive gross margins driven by the SiCore platform. Moore cautioned that results may remain “lumpy” due to the early stage of commercialization but said key milestones and customer adoption are the more important indicators of progress.

He noted that SiCore batteries continue to gain traction, supported by a US$35-million purchase order from a repeat drone customer in mid-September, following an earlier US$15-million order this year. On Oct. 14, Amprius announced a new win with Empirical Systems Aerospace (ESAero) for use of its high-power SiCore SA08 cells in UAVs after successful qualification. European drone manufacturer Nordic Wing also chose the company’s SiCore cells to power its ASTERO ISR fixed-wing UAV.

Amprius also named Ricardo Rodriguez as chief financial officer on Oct. 6, completing a planned transition following the retirement of Sandra Wallach. Moore said he views the appointment positively as the company enters “the next phase of its evolution,” having achieved positive gross margins last quarter amid accelerating commercial momentum.

At the end of Q2 2025, Amprius had shipped to 93 customers (including 43 new ones) across 86% of sales outside the U.S., with remaining performance obligations of roughly US$29.1-million. Cash stood at US$54.2-million, with no debt and about US$47.6-million available under its at-the-market offering. The company is also investing in a 10 MWh pilot-scale electrode manufacturing line in Fremont, supported by a US$10.5-million U.S. Defense Innovation Unit contract, to further qualify its drone-grade technologies.

Moore said Amprius should generate US$64.3-million in revenue and –US$19.2-million in Adjusted EBITDA in fiscal 2025, improving to US$145.8-million in revenue and –US$2.2-million in fiscal 2026.

Roth’s new US$14 target is based on an 11.5× multiple of projected 2026 sales, up from 8× previously.

“While more volatile at the current scale, we continue to see strong potential for aggressive growth investors,” Moore said, adding that Amprius’s technology and positioning in defence and aerospace battery markets “remain compelling.”

-30-