Why the new EV order and upcoming earnings matter for Amprius Technologies

Amprius Technologies (AMPX) has drawn fresh attention after securing a US$21 million order for its SiCore cylindrical cells from a leading electric vehicle manufacturer in China, alongside an upcoming first quarter earnings report on May 7, 2026.

The recent US$21 million EV order and upcoming earnings call sit against a backdrop of strong momentum, with a 90 day share price return of 89.87% and a year to date share price return of 159.61%, while the 1 year total shareholder return is very large.

If this type of battery story has your attention, it can be useful to see what else is moving in related areas and compare across 38 AI infrastructure stocks.

With shares at US$22.69 after a sharp run and analyst targets and intrinsic estimates sitting lower, you have to ask: is Amprius still an underappreciated growth story, or are markets already pricing in the next leg?

Most Popular Narrative: 18% Overvalued

At a last close of $22.69 versus a narrative fair value of $19.25, the most followed storyline sees Amprius as priced above its modeled worth using a 9.26% discount rate.

Recent research notes cluster firmly on the optimistic side, with several firms moving price targets higher after Amprius Technologies reported Q4 results that came in ahead of expectations and delivered record quarterly revenue, triple digit year over year growth, and positive EBITDA for the first time.

Bullish analysts point to record Q4 revenue, 137% year over year growth, and the first quarter of positive EBITDA as signs that the business model is starting to scale. They see this as supportive of higher valuation multiples. Read the complete narrative.

Want to see why this narrative still lands above $19 per share? It leans on rapid revenue expansion, a sharp earnings swing, and a punchy future profit multiple. The exact mix of growth, margins, and required return is what makes the valuation so punchy.

Result: Fair Value of $19.25 (OVERVALUED)

However, this upbeat story can quickly change if aviation and drone demand softens, or if scaling silicon anode production keeps costs high and profitability elusive.

Next Steps

With sentiment split between strong recent momentum and clear execution risks, it helps to move fast and check the underlying data yourself, paying attention to the 1 key reward and 3 important warning signs highlighted in the 1 key reward 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.