Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 25, 2026
Amprius Technologies, Inc. (AMPX)
A forensic read on Amprius Technologies, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Safe
Financial health
10.6
Distress distance
Clean
Earnings quality
5
Forensic signals
-32.7
P / E (ttm)
-42.4%
ROE
$1.4B
Market cap
0.00%
Dividend yield
202.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Amprius Technologies, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 10.6, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
119d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 84 to 119 days FY2024→FY2025 (receivables +325% vs revenue +202%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Across FY2023–FY2025 the day count ran 52 → 84 → 119 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Deferred revenue was roughly flat (-94%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 7 consecutive quarters (Dec 2024 +19, Mar 2025 +27, Jun 2025 +18, Sep 2025 +40, Dec 2025 +38, Mar 2026 +28, Jun 2026 +44 days). In the latest of them the receivable balance grew +278% against sales +126%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
-75.9%
FY2025
Return on invested capital.Return on invested capital is -75.9% in the latest fiscal year and slipping across FY2023–FY2025 from -63.0%. After-tax operating profit was ($31M) in FY2023 and ($37M) in FY2025, with operating income at -427.6% of revenue in FY2023, -191.4% in FY2024 and -63.9% in FY2025. The capital base behind it barely moved across FY2023–FY2025 ($49M to $49M, 0%), so there has been little new capital for that return to be earned on. FY2025's operating profit carried a $19M asset write-down that alone took about 31.1 points off that year's return, so more than the whole 12.9-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less.
+20.2%/yr
Key fundamentals
Latest Revenue$73.0M
Revenue Growth YoY+202.1%
Revenue CAGR (2yr)+183.8%
Net Margin-60.3%
Free Cash Flow-$35.5M
Return on Equity-42.4%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Amprius Technologies, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
FY2023–FY2025
Share-count dilution.Diluted share count changed +45% over the last 2 years to FY2025 (+20.2%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~20.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~31%.
10% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 10% of revenue in FY2025 — about $0.06 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 20.3% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
38d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 31 to 38 FY2024→FY2025 (against cost of goods sold; inventory +2% vs +52% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
Amprius Technologies, Inc. (AMPX) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy