Craig-Hallum has opened coverage of Amprius Technologies (NYSE: AMPX) with a Buy recommendation and a price target of $17.00, according to a report issued Monday. With the stock trading at approximately $10.10, the price objective implies nearly 70% upside to the analyst's target. The company has returned 217% over the last 12 months.
The brokerage firm structured its valuation using an 8x multiple on enterprise value to sales for fiscal 2028 estimates. Central to Craig-Hallum's view is Amprius' silicon lithium-ion battery technology, which the firm says offers materially different performance characteristics versus traditional lithium-ion cells - delivering twice the energy, half the weight, faster charging and a longer cycle life.
Craig-Hallum pointed to an existing customer base that includes aerospace and defense and technology firms such as Airbus, AeroVironment, BAE Systems, Teledyne Flir and Nordic Wing. The report noted these customers rely on the battery performance characteristics that Amprius promotes.
In its analysis, Craig-Hallum identified several end markets where the company could expand: drones and unmanned aerial systems (UAS), light electric vehicles, robotics and consumer electronics. The firm also referenced regulatory developments cited in the report - including an Executive Order on drone dominance and updated beyond-visual-line-of-sight (BVLOS) regulations - as tailwinds for demand in certain segments of the business.
On the top line, Amprius' trailing twelve-month revenue rose 234%. Despite that rapid sales growth, the company reported an extremely thin gross profit margin of just 0.08% for the last twelve months ending in the third quarter of 2025. The report referenced InvestingPro analysis indicating that analysts expect continued revenue gains in the current year, even as the company works through profitability challenges.
Craig-Hallum described Amprius as operating an asset-light model with contract manufacturers already in place, a structure the firm highlighted in its valuation assessment.
Recent corporate and financing moves were also included in the report. Amprius completed a $100 million at-the-market equity offering program, issuing 25.5 million shares and generating roughly $97.5 million in net proceeds. The company announced a U.S.-based manufacturing partnership with Nanotech Energy to produce silicon-anode battery cells, a collaboration the report said aligns with requirements of the National Defense Authorization Act.
Operationally, Amprius ended a lease for a property in Brighton, Colorado, paying a $20 million termination fee and securing the return of a $1.2 million security deposit, according to the report.
The analyst landscape around Amprius is evolving. Needham initiated coverage with a Buy rating and a $20.00 price target, emphasizing the company's importance in the unmanned aerial systems battery market. Oppenheimer maintained an Outperform rating and set a $17.00 price target while noting the company is undergoing a leadership transition; President Tom Stepien is stepping into the chief executive role.
Craig-Hallum's initiation, the completed equity program, the Nanotech Energy manufacturing partnership, the lease termination and the analyst activity from Needham and Oppenheimer together outline a period of strategic shifts and financial activity that are shaping Amprius' current operating picture.
Summary of key metrics cited in the report:
- Initiation: Buy; Craig-Hallum price target $17.00
- Valuation basis: 8x EV/S FY28E
- Current share price cited: $10.10
- 12-month return referenced: +217%
- Trailing twelve-month revenue change: +234%
- Trailing twelve-month gross profit margin through Q3 2025: 0.08%
- ATM offering: 25.5 million shares issued; approximately $97.5 million net proceeds
The report presents a company showing strong top-line expansion and differentiated battery chemistry, balanced against narrow margin metrics and an ongoing corporate transition. Market participants and sector observers will likely weigh the firm's stated technology advantages and addressable markets against the financial and operational metrics cited in Craig-Hallum's initiation.