Amprius Technologies (AMPX) has just posted its Q1 2026 numbers, with revenue of US$28.5 million, a basic EPS loss of US$0.04, and trailing twelve month revenue of US$90.3 million alongside a trailing EPS loss of US$0.31. The company has seen quarterly revenue move from US$11.3 million in Q1 2025 to US$28.5 million in Q1 2026. Over that stretch, basic EPS has ranged between a loss of US$0.18 and a loss of US$0.03, setting the stage for a results season where the key question is how quickly those losses can narrow. Margins remain in loss territory, so the focus now is on how efficiently the business can convert that expanding top line into a path toward profitability.

See our full analysis for Amprius Technologies.

With the latest figures on the table, the next step is to set these results against the widely followed growth and risk narratives around Amprius Technologies to see which stories hold up and which start to look stretched.

US$90.3 million trailing revenue but US$39.7 million loss

• On a trailing twelve month basis, Amprius has booked US$90.3 million of revenue and a net loss of US$39.7 million, which lines up with a trailing basic EPS loss of US$0.31.
• What stands out for the bullish view that earnings can improve quickly is the mix of growing sales and current losses. Bulls point to the move from US$24.2 million of trailing revenue in Q4 2024 to US$90.3 million by Q1 2026, while bears focus on the trailing net loss of US$39.7 million and the history of losses growing by about 26.6% per year over five years as a sign that turning that revenue into profit is not yet visible in the reported numbers.
  • Supporters of the bullish case highlight forecasts that revenue could grow around 34.1% per year and earnings about 60.6% per year with a path to profitability within three years, but the current loss profile in the trailing figures is what skeptics use to question how quickly that shift can appear in future reports.
  • Critics also point to quarterly net income staying in loss territory at US$5.0 million in Q1 2026 and US$24.4 million in Q4 2025 as evidence that, even with higher revenue, the income statement still shows material cash going out the door today.

Q1 loss narrows to US$5.0 million

• Q1 2026 shows a net loss of US$5.0 million and basic EPS loss of US$0.04, compared with a net loss of US$9.4 million and basic EPS loss of US$0.08 in Q1 2025, while trailing twelve month net loss sits at US$39.7 million.
• Bears looking at profitability argue that multi year loss growth of about 26.6% per year and the current unprofitable status in the trailing data outweigh the single quarter move. They use the US$39.7 million trailing loss against US$90.3 million of trailing revenue as an example of how much of each revenue dollar is not yet reaching the bottom line.
  • That concern leans on the fact that net loss across the last few quarters has ranged from US$3.9 million in Q3 2025 to US$24.4 million in Q4 2025, showing that losses can still swing widely even as total revenue has sat between US$21.4 million and US$28.5 million in that same stretch.
  • For an investor weighing that bearish angle, the main tension is that forecasts expect a move into profit within three years, while the backward looking series in the data is entirely loss making and has yet to show a sustained period of smaller losses across multiple trailing periods.

Premium P/S of 24.5x with US$16.11 share price

• At a share price of US$16.11, the stock is on a P/S ratio of 24.5x compared with peers at 18.2x and the US electrical industry at 2.8x, while the same data set cites a DCF fair value of about US$27.29 and an analyst price target of US$21.25, which is above the current price.
• What is interesting for the bullish narrative is that growth forecasts and valuation signals push in different directions. One side points to revenue growth expectations of about 34.1% a year and earnings growth forecasts of roughly 60.6% a year, and the other side highlights that the stock trades at a richer P/S multiple than peers even though it is described as about 41% below the DCF fair value and below the analyst target of US$21.25.
  • Supporters of the bullish case tend to see the gap between the US$16.11 share price and the DCF fair value of US$27.29 plus the analyst target of US$21.25 as room for upside if the forecasted growth and path to profitability show up in future financials.
  • Skeptical investors focus on the same P/S premium of 24.5x versus 18.2x and 2.8x as evidence that, even at a discount to DCF fair value and analyst targets, the stock already embeds high expectations that could be hard to justify if losses remain sizable or revenue falls short of the 34.1% forecast growth rate.

To put these valuation tensions in context and see how other investors connect growth forecasts, losses, and multiples, it helps to read a broader community take on the stock 📊 Read the what the Community is saying about Amprius Technologies.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Amprius Technologies's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

With sentiment clearly split between the bullish growth story and concerns about ongoing losses, it makes sense to review the numbers yourself and move quickly to form your own judgement using the 3 key rewards and 2 important warning signs.

See What Else Is Out There

Amprius Technologies combines a US$39.7 million trailing loss with volatile quarterly results and a premium 24.5x P/S, which puts profitability and valuation risk in clear focus.

If you want ideas where the balance between price, quality and risk may look more comfortable right now, check out the 72 resilient stocks with low risk scores to quickly surface alternatives with more resilient profiles.

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.