Investment Thesis
Amprius is a heavily loss-making company with severe operational inefficiency, burning $35.5M in free cash flow annually despite generating $73M in revenue. While the company maintains a strong cash position of $90.5M, it lacks profitability pathway visibility with negative 60% net margins and operating losses that consume 64% of revenues. At current burn rates, the cash runway extends 2-3 years, making this a high-risk, pre-profitability stage company with unproven business model economics.
Strengths
- Strong liquidity position with $90.5M cash and 7.08x current ratio provides operational runway
- Zero long-term debt eliminates near-term refinancing risk and financial distress concerns
- Modest revenue growth at 1.5% YoY shows market engagement, albeit minimal expansion
Risks
- Severe cash burn of $35.5M annually with negative free cash flow and operating cash flow deterioration threatens long-term viability
- Profoundly negative margins (net: -60.3%, operating: -63.9%) indicate fundamental operational inefficiency and inability to scale profitably
- Gross margin of only 11.3% suggests poor unit economics or high production costs, limiting path to profitability without significant operational restructuring
Key Metrics to Watch
- Operating cash flow trend and monthly burn rate trajectory
- Gross margin expansion and cost per unit economics
- Path to positive operating income and timeline to cash flow breakeven
Financial Metrics
Revenue
73.0M
Net Income
-44.0M
EPS (Diluted)
$-0.35
Free Cash Flow
-35.5M
Total Assets
156.9M
Cash
90.5M
Profitability Ratios
Gross Margin
11.3%
Operating Margin
-63.9%
Net Margin
-60.3%
ROE
-42.4%
ROA
-28.1%
FCF Margin
-48.7%
Balance Sheet & Liquidity
Current Ratio
7.08x
Quick Ratio
6.70x
Debt/Equity
0.00x
Debt/Assets
33.8%
Interest Coverage
N/A
Long-term Debt
N/A
Disclaimer: This analysis is generated by AI based on publicly available SEC EDGAR filings.
It does not include stock price data and should not be considered financial advice.
All fundamental data is sourced from SEC public domain filings.
Always conduct your own research before making investment decisions.
Data Source: SEC EDGAR |
Analysis Date: 2026-03-19T21:30:11.616660 |
Data as of: 2025-12-31 |
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