Free cash flow burn has deteriorated to $38.3 million in 2026Q1, driven largely by a $35.5 million outflow related to volatile working capital requirements.
| Cash from Operations | -54.28M | -31.13M | -33.35M | -25.55M | -13.88M | -8.02M | -5.04M |
| Operating CF Margin % | - | -42.64% | -138.01% | -290.67% | -314.86% | -289.18% | -107.8% |
| Operating CF Growth % | -71.96% | 6.65% | -30.52% | -84.07% | -73.18% | -58.92% | - |
| Net Income | -39.7M | -44.02M | -44.67M | -36.78M | -17.33M | -9.9M | -7.42M |
| Depreciation & Amortization | 4.11M | 4.37M | 3.81M | 1.81M | 1.54M | 1.44M | 1.24M |
| Stock-Based Compensation | 4.54M | 0 | 7.34M | 3.88M | 2.71M | 2.47M | 82K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 30.8M | 35.53M | 8.25M | 4.79M | 2.14M | -37K | 58K |
| Working Capital Changes | -54.55M | -27.01M | -8.08M | 751K | -2.94M | -2M | 998K |
| Change in Receivables | -25.01M | -18.61M | -4.32M | -579K | -424K | 86K | -26K |
| Change in Inventory | -4.24M | -161K | -5.84M | -230K | 0 | 17K | -135K |
| Change in Payables | 184K | -998K | 5.88M | 616K | 517K | -1.8M | 1.84M |
| Cash from Investing | -4.11M | -4.4M | -3.21M | -17.55M | -1.48M | -609K | -527K |
| Capital Expenditures | -1.48M | -4.4M | -3.21M | -17.55M | -1.48M | -609K | -527K |
| CapEx % of Revenue | 1.64% | 6.03% | 13.27% | 199.64% | 33.59% | 21.97% | 11.26% |
| Acquisitions | 355K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -2.98M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 71.12M | 71.04M | 47.15M | 19.17M | 73.63M | 20.11M | 5.57M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 743K |
| Equity Issued (Net) | 41.41M | 71.04M | 33.42M | 19.46M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 29.71M | 0 | 13.74M | -290K | 73.63M | 20.11M | 4.83M |
| Net Change in Cash | 12.54M | 35.31M | 10.59M | -23.93M | 58.26M | 11.49M | 2K |
| Free Cash Flow | -58.75M | -35.53M | -36.56M | -43.1M | -15.36M | -8.63M | -5.57M |
| FCF Margin % | -65.09% | -48.67% | -151.28% | -490.31% | -348.45% | -311.15% | -119.06% |
| FCF Growth % | -54.92% | 2.8% | 15.18% | -180.56% | -78.12% | -54.82% | - |
| FCF per Share | -0.43 | -0.29 | -0.36 | -0.50 | -0.18 | -0.09 | -0.06 |
| FCF Conversion (FCF/Net Income) | 1.48x | 0.71x | 0.75x | 0.69x | 0.80x | 0.81x | 0.68x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Manufacturing scale and yield
As reported in recent financial statements, the relationship between net income and operating cash flow for Amprius remains volatile, with the 2026Q1 OCF/NI ratio of 7.39 suggesting that cash outflows are significantly decoupled from accounting losses, likely due to aggressive working capital requirements during this expansion phase.
The persistent gap between net income and operating cash flow indicates that the company's accounting losses do not fully capture the cash-intensive nature of its current manufacturing ramp-up. Investors should monitor this divergence, as it suggests that scaling the proprietary nanowire process requires substantial liquidity beyond what is reflected in standard profitability metrics.
Based on the provided quarterly data, Amprius's free cash flow trajectory remains deeply negative, with a 2026Q1 FCF burn of $38.3 million, marking a significant deterioration from the $2.5 million burn observed in 2024Q4 as the company aggressively funds its operational infrastructure.
The widening FCF deficit appears to be a direct consequence of the company's transition from R&D to commercial-scale production. This trend warrants caution, as it implies that revenue growth is currently insufficient to offset the capital requirements necessary to sustain the Fremont and Colorado manufacturing facilities.
According to the cash flow statements, working capital changes have become a primary driver of cash consumption, evidenced by a $35.5 million outflow in 2026Q1, which suggests that inventory build-up and receivables management are placing significant pressure on the company's available cash reserves.
The erratic nature of working capital swings indicates that the company is likely struggling to optimize its supply chain as it scales production. This volatility suggests that cash management will remain a critical challenge until the company achieves a more predictable cadence in its manufacturing throughput and customer collections.
As indicated by historical filings, Amprius's capital expenditure patterns have been inconsistent, with a notable spike in intensity during 2024Q1, suggesting that the company is heavily reliant on continuous investment in bespoke CVD equipment to maintain its specialized nanowire production capabilities.
The fluctuating CapEx/Revenue ratio implies that the company is still in the process of defining its long-term capital intensity requirements. Investors should investigate whether these expenditures are effectively increasing production yields or if they represent a recurring need to replace or upgrade equipment that fails to meet performance standards.
Quick answers to the most common questions about buying AMPX stock.
Amprius Technologies, Inc. (AMPX) generated $-31.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Amprius Technologies, Inc. (AMPX) reported negative free cash flow of $35.5M in 2025, indicating capital requirements exceeded cash from operations.
Amprius Technologies, Inc. (AMPX) spent $4.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.