Amprius Technologies (AMPX) Is Down 10.8% After New U.S. Defense-Focused Battery Manufacturing Partnership Announced – Has The Bull Case Changed?

Simply Wall St

Thu, February 19, 2026 at 11:15 AM GMT+9 4 min read

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In recent days, Nanotech Energy announced a manufacturing partnership with Amprius Technologies to create a U.S.-based production pathway for Amprius’ high-performance silicon battery cells, aimed at meeting stringent defense-sector requirements for quality, security, and performance.

At the same time, new analyst coverage framed Amprius as an important supplier to unmanned aerial systems, highlighting how defense and drone applications are shaping demand for its advanced batteries.

We’ll now examine how the new U.S. manufacturing partnership with Nanotech Energy could influence Amprius Technologies’ existing investment narrative and risk profile.

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Amprius Technologies Investment Narrative Recap

To own Amprius Technologies, you need to believe its high performance silicon batteries can become a critical enabler for defense and unmanned systems while the company scales from a capital light model toward more secure, higher quality production. The Nanotech Energy partnership directly touches the near term catalyst of proving reliable U.S. manufacturing for defense customers, while also reshaping a key risk by reducing dependence on overseas partners without fully eliminating supply chain and execution uncertainty.

Among recent developments, the expansion of the Amprius Korea Battery Alliance, which lifted global contract manufacturing capacity above 2 GWh, is most relevant here. Together with the new Nanotech agreement, it highlights how Amprius is trying to balance rapid volume growth for aviation and drone demand with diversification of its supply base, a combination that could be central to how quickly it can support large orders such as the over US$35,000,000 UAS contract win.

Yet while the story sounds promising, investors should also be aware that concentration in defense and drones still leaves Amprius exposed if…

Read the full narrative on Amprius Technologies (it’s free!)

Amprius Technologies’ narrative projects $306.6 million revenue and $13.4 million earnings by 2028. This requires 89.8% yearly revenue growth and a $52.1 million earnings increase from $-38.7 million today.

Uncover how Amprius Technologies’ forecasts yield a $17.57 fair value, a 77% upside to its current price.

Exploring Other Perspectives

AMPX 1-Year Stock Price Chart

Some of the lowest estimate analysts were already assuming about US$251,100,000 of revenue and thin or negative earnings by 2028, which paints a far more cautious picture around profitability and supply chain risks than the consensus, so if you are weighing the Nanotech partnership you may want to compare that pessimistic view on margins and external manufacturing dependence with your own expectations.

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Explore 10 other fair value estimates on Amprius Technologies - why the stock might be worth less than half the current price!

Decide For Yourself

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

A great starting point for your Amprius Technologies research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.

Our free Amprius Technologies research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Amprius Technologies' overall financial health at a glance.

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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._

Companies discussed in this article include AMPX.

Have feedback on this article? Concerned about the content? Get in touch with us directly._ Alternatively, email editorial-team@simplywallst.com_

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