Light-weight cellular solids, such as aluminium foams, are promising materials for use in ballistic impact mitigation applications for their high specific deformation energy absorption capabilities. In this study, three different types of aluminium alloy based in-house fabricated cellular materials were subjected to dynamic penetration testing using an in-house experimental setup to evaluate their deformation and microstructural response. A two-sided direct impact Hopkinson bar apparatus instrumented with two high-speed cameras observing the impact area and the penetrated surface of the specimens was used. An advanced wave separation technique was employed to process the strain-gauge signals recorded during the penetration. The images captured by one of the cameras were processed using an in-house Digital Image Correlation method with sub-pixel precision, that enabled the validation of the wave separation results of the strain-gauge signals. The second camera was used to observe the penetration into the tested specimens for the correct interpretation of the measured signals with respect to the derived mechanical and the microstructural properties at the different impact velocities. A differential X-ray computed tomography of the selected specimens was performed, which allowed for an advanced pre- and post-impact volumetric analysis. The results of the performed experiments and elaborate analysis of the measured experimental data are shown in this study.