Why Amprius Technologies Stock Is Back on Investors’ Radar

Amprius Technologies (AMPX) is drawing fresh attention after raising its 2026 revenue outlook to at least $140 million and guiding to a smaller full year net loss, alongside strong second quarter and first half results.

The upbeat guidance and stronger first half results have coincided with a clear rebound in Amprius Technologies' share price. A 43.13% year to date share price return and a 75.95% total shareholder return over the past year suggest momentum has been rebuilding after the 25.76% share price decline over the past three months.

If you are looking beyond Amprius Technologies and want to see what else is moving in advanced battery and electrification themes, take a look at our 38 power grid technology and infrastructure stocks

Amprius Technologies now appears to be a company with growing sales and a narrowing loss, and the share price has quickly reacted to that story. The next step is to assess whether that renewed optimism is already fully reflected in the price.

Most Popular Narrative: 43.5% Undervalued

The most widely followed narrative on Amprius Technologies sees fair value at $22.13 per share compared with the last close of $12.51. This frames the stock as heavily discounted and sets up a growth focused thesis.

The industry's increasing need for lightweight, high-energy-density battery solutions (for drones, electric aviation, and next-gen vehicles) enables Amprius to maintain premium pricing and outperform on gross and net margins due to its demonstrated product performance advantages, evidenced by record energy density and recent customer wins (e.g., AALTO/Airbus and U.S. Army).

Want to see what sits behind that premium battery story? The narrative leans heavily on aggressive revenue expansion, rising margins, and a rich future earnings multiple. The exact assumptions may surprise you.

The narrative model applies a 9.21% discount rate to bring those forecast cash flows back to today and arrives at a fair value of $22.13 per share. That implies a sizeable gap to the current market price, anchored in expectations for rapid top line growth, a move from losses to profitability, and a high future P/E multiple that is above the current US Electrical industry level. Result: Fair Value of $22.13 (UNDERVALUED)

However, you still need to weigh execution risks, such as production scale up and supply chain issues, along with potential dilution from future capital needs at Amprius Technologies.

Another View on Amprius Technologies’ Valuation

The first narrative paints Amprius Technologies as heavily undervalued, with a fair value of $22.13 per share. Yet on a simple sales lens, the picture looks very different. Amprius trades on a P/S of 16.7x, compared with a fair ratio of 5.5x, the US Electrical industry at 2.7x, and peers at 12.1x. That is a steep premium for a company that is still loss making, so the key question is whether future execution can live up to the optimistic growth story investors are paying for.

Next Steps

With such a mixed picture around Amprius Technologies, it makes sense to look closely at both the caution and the optimism and decide where you stand. To weigh those trade offs in more detail, take a closer look at the 3 key rewards and 3 important warning signs.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.