Manatee Research

0/ NEW FROM US: Amprius Technologies: Exaggerated Orders, Hollow Manufacturing Partners, and Major Related Party Transactions

Please see our report for our full disclaimer. We have taken a short position in shares of AMPX. manateeresearch.com

25/ $AMPX trades at an absurd ~15x forward revenue, having spent just $22.5M cumulative on R&D from 2022-2025 versus QuantumScape at ~$1.4B, Enovix at ~$381M, Solid Power at ~$239M, and Microvast at ~$164M over the same period.

0/ NEW FROM US: Amprius Technologies: Exaggerated Orders, Hollow Manufacturing Partners, and Major Related Party Transactions