Amprius (AMPX) Stock Soars 10% as Pentagon Bets on Drone Batteries

TLDR

• Amprius Technologies (NYSE: AMPX) stock jumped about 10% in Monday premarket trading.
• The U.S. Department of War awarded Amprius a grant of up to $75 million.
• The funds will convert an existing EV battery line into a plant making batteries for military drones.
• The upgraded facility is expected to be finished in early 2028 with capacity for 12 million cells a year.
• Amprius holds a Buy consensus rating with an average price target of $31.50.

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Amprius Technologies (NYSE: AMPX) stock rose about 10% in premarket trading Monday. The move came after the company landed a grant of up to $75 million from the U.S. Department of War.

Amprius Technologies, Inc., AMPX

The stock traded near $10.70 following the news. That’s a solid pop for a battery maker that’s been building out its defense credentials.

The grant flows through the DoW’s Industrial Base Analysis and Sustainment program. It’s designed to fund domestic manufacturing that matters for national security.

Amprius is honored to have been awarded a grant of up to $75 million from the United States @DeptofWar through the Industrial Base Analysis and Sustainment (IBAS) program.

🔋Read more below:https://t.co/mWS0fGU3Uu$AMPX #IBAS #defensetech pic.twitter.com/rS5ZDXymat

— Amprius Technologies (@AmpriusInc) September 28, 2026

Amprius will use the money to retrofit an existing U.S. electric vehicle battery line. The line is currently operated by a major South Korean manufacturer.

What The Money Builds

The converted facility will make high-energy density battery cells for unmanned aerial systems. That covers Group 1, 2 and 3 drones, ranging from small to mid-size unmanned aircraft.

Completion is targeted for early 2028. Once running, the line should crank out about 12 million Amprius cells per year.

The full conversion project carries a price tag of roughly $100 million. Amprius and its South Korean partner are chipping in in-kind contributions to cover the gap beyond the grant.

These cells are built to meet National Defense Authorization Act sourcing rules. That matters because NDAA compliance opens doors to defense contracts that foreign-made batteries can’t touch.

Amprius CEO Tom Stepien called the grant a way to establish “a primary source of domestic, NDAA-compliant battery production.” He pointed to the pairing of Amprius tech with South Korean manufacturing know-how as the edge here.

The Business Behind The Battery

Amprius makes silicon anode lithium-ion batteries built for high energy density. The pitch is simple: more power packed into less weight.

That makes the tech a fit for aviation, electric vehicles and light electric vehicles. Drones and high-altitude pseudo-satellites are also on the customer list, where every gram counts.

The company designs its silicon anodes to swap in for the graphite anodes used in typical lithium-ion batteries. It also builds its manufacturing to slot into existing battery supply chains rather than needing all-new infrastructure.

This latest grant adds to a manufacturing footprint that already spans China, South Korea and the United States. The domestic piece just got a lot bigger.

On the numbers side, Amprius posted a second-quarter adjusted loss of 2 cents per share in August. That matched analyst expectations.

Revenue for the quarter came in at $34.03 million, topping the $29.30 million estimate. For fiscal 2026, Amprius is guiding revenue above $140 million versus a $132.10 million Street estimate.

The company expects a GAAP loss of 8 cents per share for the year, a cent worse than the 7-cent estimate analysts had penciled in. Wall Street still likes the setup overall.

Amprius carries a Buy consensus rating with an average price forecast of $31.50. Jones Trading initiated coverage in July with a Buy rating and a $30 target.

Clear Street started coverage in June, also Buy, with a $33 target. Needham has kept its Buy rating and $20 target since March.

The Other Transaction Agreement behind the grant is called Project acCELLerate. It’s fixed-price and milestone-based, with about $22 million already obligated from FY2025 funds, and runs from September 2026 through September 2028.