Ambiq Reports Second Quarter 2025 Financial Results
Revenue Increases 13.6% Sequentially on Strong Demand for Edge AI
Second Quarter and Recent Highlights
-
Net sales increased 13.6% sequentially to
$17.9 million - Expanded its Apollo5 System-on-Chip (SoC) family with introduction of the Apollo510B wireless SoC for power-constrained edge AI applications
-
Received Frost & Sullivan’s 2025
Global Company of the Year Award for its leadership in Healthcare Semiconductor Solutions -
Successfully completed an upsized IPO of 4,600,000 shares of common stock at a price of
$24.00 per share, including the full exercise of the underwriters' option to purchase additional shares, generating net proceeds of$97.2 million
Management Commentary
“Our recently completed IPO represents the next chapter of Ambiq’s journey leading the edge AI revolution and bringing intelligence to edge devices,” commented
“One of our top priorities is the continued expansion of our technical innovation and product development roadmap. As evidence of our progress, we recently announced the expansion of our successful Apollo5 product family with the introduction of the Apollo510B wireless SoC. This solution integrates a low-power Bluetooth® radio, making it an ideal solution for always-on, connected edge devices."
Second Quarter 2025 Financial Results
Total net sales for the second quarter of 2025 was
Gross profit for the second quarter of 2025 was
Operating expenses for the second quarter of 2025 were
Net loss for the second quarter of 2025 was
Balance Sheet
Total cash and cash equivalents were
Third Quarter Business Outlook
Ambiq’s current expectations for the third quarter of 2025 ending
-
Net sales within a range of
$17.5 million to$18.0 million -
Non-GAAP loss per share within a range of (
$0.35 ) to ($0.28 ) based on unaudited pro forma common shares of approximately 18.2 million as disclosed in the Company's prospectus.
Ambiq's third quarter financial outlook is based on assumptions that it believes to be reasonable as of the date of this release, but may be materially affected by many factors, as discussed below in "Forward-Looking Statements." Actual results may vary from the guidance and the variations may be material. We undertake no intent or obligation to publicly update or revise this outlook, whether as a result of new information, future events or otherwise, except as required by law. The Company is unable to include a reconciliation of forward-looking non-GAAP net loss to net loss, the most directly comparable GAAP measure, without unreasonable effort due to the high variability with respect to the impact of items such as income taxes, depreciation and amortization, stock-based compensation expense, gain on nonmonetary transaction, severance costs, initial public offering (IPO) and other transaction costs, warrant valuation and other items that are excluded from this non-GAAP measure.
Conference Call
Ambiq will host a conference call for analysts and investors today at
A telephone replay of the conference call will be available approximately two hours after the call through
About
Headquartered in
Non-GAAP Financial Measures
Ambiq supplements its reporting of financial information determined under generally accepted accounting principles in
Ambiq believes these non-GAAP financial measures provide additional tools for investors to use in comparing core business and results of operations over multiple periods with other companies in the industry, many of which present similar non-GAAP financial measures. However, Ambiq’s presentation of non-GAAP net loss, non-GAAP gross profit may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures are calculated. Non-GAAP net loss, non-GAAP gross profit have limitations, and should not be considered as the sole measures of our performance and should not be considered in isolation from, or as a substitute for, net loss and gross profit calculated in accordance with GAAP.
Forward-Looking Statements
The statements contained in this press release that are not historical facts are forward-looking statements. You can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “plans,” “estimates,” or “anticipates,” or similar expressions which concern our strategy, plans, projections or intentions. These forward-looking statements may be included throughout this press release, and include, but are not limited to, statements relating to Ambiq’s expectations around its strategic initiatives and expected third quarter business outlook. By their nature, forward-looking statements are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify including those described in the section titled "Risk Factors" in Ambiq's prospectus filed with the
|
CONDENSED CONSOLIDATED BALANCE SHEETS
As of (Unaudited and in thousands, except share and per share amounts) |
||||||||
|
|
|
|
|
|
||||
|
|
|
|
2025 |
|
|
|
2024 |
|
|
Assets |
|
|
|
|
||||
|
Current assets: |
|
|
|
|
||||
|
Cash and cash equivalents |
|
$ |
47,505 |
|
|
$ |
60,981 |
|
|
Accounts receivable, net |
|
|
7,787 |
|
|
|
10,401 |
|
|
Inventories, net |
|
|
15,759 |
|
|
|
15,008 |
|
|
Prepaid expenses and other current assets |
|
|
3,836 |
|
|
|
2,566 |
|
|
Total current assets |
|
$ |
74,887 |
|
|
$ |
88,956 |
|
|
Property, equipment and software, net of accumulated depreciation and amortization of |
|
|
3,997 |
|
|
|
2,616 |
|
|
Right-of-use assets, net |
|
|
834 |
|
|
|
928 |
|
|
Intangible assets, net of accumulated amortization of |
|
|
9,394 |
|
|
|
11,729 |
|
|
Other assets |
|
|
51 |
|
|
|
49 |
|
|
Total assets |
|
$ |
89,163 |
|
|
$ |
104,278 |
|
|
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Deficit |
|
|
|
|
||||
|
Current liabilities: |
|
|
|
|
||||
|
Accounts payable |
|
$ |
4,573 |
|
|
$ |
2,933 |
|
|
Accrued and other current liabilities |
|
|
8,388 |
|
|
|
8,202 |
|
|
Short-term lease liabilities |
|
|
402 |
|
|
|
633 |
|
|
Total current liabilities |
|
$ |
13,363 |
|
|
$ |
11,768 |
|
|
Long-term lease liabilities |
|
|
471 |
|
|
|
333 |
|
|
Warrant liabilities |
|
|
173 |
|
|
|
112 |
|
|
Other long-term liabilities |
|
|
4,317 |
|
|
|
6,317 |
|
|
Total liabilities |
|
$ |
18,324 |
|
|
$ |
18,530 |
|
|
Commitments and contingencies (Note 6) |
|
|
|
|
||||
|
Redeemable convertible preferred stock, |
|
$ |
378,150 |
|
|
$ |
378,150 |
|
|
Stockholders’ deficit: |
|
|
|
|
||||
|
Common stock, |
|
|
— |
|
|
|
— |
|
|
Additional paid-in-capital |
|
|
30,159 |
|
|
|
28,368 |
|
|
Accumulated deficit |
|
|
(337,030 |
) |
|
|
(320,250 |
) |
|
Accumulated other comprehensive loss |
|
|
(440 |
) |
|
|
(520 |
) |
|
Total stockholders’ deficit |
|
|
(307,311 |
) |
|
|
(292,402 |
) |
|
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit |
|
$ |
89,163 |
|
|
$ |
104,278 |
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the three and six months ended (Unaudited and in thousands) |
||||||||||||||||
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
17,873 |
|
|
$ |
20,252 |
|
|
$ |
33,605 |
|
|
$ |
35,462 |
|
|
Cost of sales |
|
|
10,703 |
|
|
|
13,841 |
|
|
|
18,046 |
|
|
|
22,817 |
|
|
Gross profit |
|
|
7,170 |
|
|
|
6,411 |
|
|
|
15,559 |
|
|
|
12,645 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
|
Research and development |
|
|
8,898 |
|
|
|
9,391 |
|
|
|
17,585 |
|
|
|
18,827 |
|
|
Selling, general, and administrative |
|
|
7,069 |
|
|
|
7,983 |
|
|
|
15,512 |
|
|
|
13,971 |
|
|
Total operating expenses |
|
|
15,967 |
|
|
|
17,374 |
|
|
|
33,097 |
|
|
|
32,798 |
|
|
Loss from operations |
|
|
(8,797 |
) |
|
|
(10,963 |
) |
|
|
(17,538 |
) |
|
|
(20,153 |
) |
|
Other income |
|
|
315 |
|
|
|
337 |
|
|
|
776 |
|
|
|
133 |
|
|
Loss before income taxes |
|
|
(8,482 |
) |
|
|
(10,626 |
) |
|
|
(16,762 |
) |
|
|
(20,020 |
) |
|
Provision for income taxes |
|
|
14 |
|
|
|
7 |
|
|
|
18 |
|
|
|
12 |
|
|
Net loss |
|
$ |
(8,496 |
) |
|
$ |
(10,633 |
) |
|
$ |
(16,780 |
) |
|
$ |
(20,032 |
) |
|
Deemed dividends |
|
|
— |
|
|
|
(2,044 |
) |
|
|
— |
|
|
|
(2,419 |
) |
|
Net loss attributable to common stockholders |
|
$ |
(8,496 |
) |
|
$ |
(12,677 |
) |
|
$ |
(16,780 |
) |
|
$ |
(22,451 |
) |
|
Net loss per share attributable to common stockholders, basic and diluted |
|
$ |
(18.89 |
) |
|
$ |
(34.59 |
) |
|
$ |
(37.59 |
) |
|
$ |
(61.57 |
) |
|
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
|
449,785 |
|
|
|
366,509 |
|
|
|
446,390 |
|
|
|
364,662 |
|
|
Comprehensive loss: |
|
|
|
|
|
|
|
|
||||||||
|
Currency translation adjustment |
|
|
110 |
|
|
|
(99 |
) |
|
|
80 |
|
|
|
51 |
|
|
Comprehensive loss |
|
$ |
(8,386 |
) |
|
$ |
(10,732 |
) |
|
$ |
(16,700 |
) |
|
$ |
(19,981 |
) |
|
Deemed dividends |
|
|
— |
|
|
|
(2,044 |
) |
|
|
— |
|
|
|
(2,419 |
) |
|
Comprehensive loss attributable to common stockholders |
|
$ |
(8,386 |
) |
|
$ |
(12,776 |
) |
|
$ |
(16,700 |
) |
|
$ |
(22,400 |
) |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended (Unaudited and in thousands) |
||||||||
|
|
|
For the six months ended |
||||||
|
|
|
|
2025 |
|
|
|
2024 |
|
|
Cash flows from operating activities |
|
|
|
|
||||
|
Net loss |
|
$ |
(16,780 |
) |
|
$ |
(20,032 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
||||
|
Depreciation and amortization |
|
|
3,814 |
|
|
|
3,169 |
|
|
Stock-based compensation |
|
|
1,616 |
|
|
|
2,189 |
|
|
Gain on receipt of nonmonetary tangible assets |
|
|
(1,600 |
) |
|
|
(1,600 |
) |
|
Change in right-of-use assets |
|
|
510 |
|
|
|
520 |
|
|
Non-cash issuance of warrants |
|
|
— |
|
|
|
1,940 |
|
|
Change in warrant valuations and cancellations |
|
|
60 |
|
|
|
— |
|
|
Other |
|
|
(110 |
) |
|
|
— |
|
|
Changes in operating assets and liabilities |
|
|
|
|
||||
|
Accounts receivable |
|
|
2,705 |
|
|
|
1,979 |
|
|
Inventories |
|
|
(751 |
) |
|
|
11,027 |
|
|
Prepaid expenses and other assets |
|
|
(1,257 |
) |
|
|
(1,908 |
) |
|
Other long-term assets |
|
|
(1 |
) |
|
|
(176 |
) |
|
Accounts payable |
|
|
874 |
|
|
|
381 |
|
|
Accrued and other current liabilities |
|
|
446 |
|
|
|
(2,322 |
) |
|
Other long-term liabilities |
|
|
(75 |
) |
|
|
(261 |
) |
|
Net cash used in operating activities |
|
|
(10,549 |
) |
|
|
(5,094 |
) |
|
Cash flows from investing activities |
|
|
|
|
||||
|
Purchase of intangible assets |
|
|
(2,687 |
) |
|
|
(1,505 |
) |
|
Purchases of property, equipment and software |
|
|
(454 |
) |
|
|
(213 |
) |
|
Net cash used in investing activities |
|
|
(3,141 |
) |
|
|
(1,718 |
) |
|
Cash flows from financing activities |
|
|
|
|
||||
|
Proceeds from issuance of preferred stock, net of issuance costs |
|
|
— |
|
|
|
51,496 |
|
|
Proceeds from exercise of stock options |
|
|
175 |
|
|
|
293 |
|
|
Net cash provided by financing activities |
|
|
175 |
|
|
|
51,789 |
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
39 |
|
|
|
(25 |
) |
|
Net (decrease) increase in cash and cash equivalents |
|
|
(13,476 |
) |
|
|
44,952 |
|
|
Cash and cash equivalents at beginning of period |
|
|
60,981 |
|
|
|
27,321 |
|
|
Cash and cash equivalents at end of period |
|
$ |
47,505 |
|
|
$ |
72,273 |
|
|
Supplemental disclosure of non-cash investing and financing activities |
|
|
|
|
||||
|
Intangible assets in accounts payable, accrued and other long-term liabilities |
|
|
8,328 |
|
|
|
1,280 |
|
|
Gain on receipt of nonmonetary tangible asset |
|
|
1,600 |
|
|
|
1,600 |
|
|
Right-of-use assets obtained in exchange for new operating lease liabilities |
|
|
383 |
|
|
|
321 |
|
|
Deemed dividends |
|
|
— |
|
|
|
2,419 |
|
The following tables reconcile the most directly comparable GAAP financial measure to each of these non-GAAP financial measures.
|
Non-GAAP Net Loss: |
|||||||||||||||||||
|
|
Three months ended |
|
Six months ended |
|
Three months ended |
||||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
(in thousands) |
|
|
||||||||||||||||
|
Net loss |
$ |
(8,496 |
) |
|
$ |
(10,633 |
) |
|
$ |
(16,780 |
) |
|
$ |
(20,032 |
) |
|
$ |
(8,284 |
) |
|
Add: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Income taxes |
|
14 |
|
|
|
7 |
|
|
|
18 |
|
|
|
12 |
|
|
|
4 |
|
|
Depreciation and amortization |
|
1,853 |
|
|
|
1,612 |
|
|
|
3,814 |
|
|
|
3,169 |
|
|
|
1,961 |
|
|
Stock-based compensation |
|
765 |
|
|
|
1,637 |
|
|
|
1,616 |
|
|
|
2,189 |
|
|
|
851 |
|
|
Gain on nonmonetary transaction |
|
— |
|
|
|
— |
|
|
|
(1,600 |
) |
|
|
(1,600 |
) |
|
|
(1,600 |
) |
|
Severance costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
706 |
|
|
|
— |
|
|
IPO and other transaction costs |
|
— |
|
|
|
— |
|
|
|
1,793 |
|
|
|
— |
|
|
|
1,793 |
|
|
Warrant valuation |
|
2 |
|
|
|
— |
|
|
|
60 |
|
|
|
— |
|
|
|
58 |
|
|
Non-GAAP net loss |
$ |
(5,862 |
) |
|
$ |
(7,377 |
) |
|
$ |
(11,079 |
) |
|
$ |
(15,556 |
) |
|
$ |
(5,217 |
) |
|
Non-GAAP Gross Profit: |
|||||||||||||||||||
|
|
Three months ended |
|
Six months ended |
|
Three months ended |
||||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
(in thousands) |
|
|
||||||||||||||||
|
Gross profit |
$ |
7,170 |
|
$ |
6,411 |
|
$ |
15,559 |
|
|
$ |
12,645 |
|
|
$ |
8,389 |
|
||
|
Add: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Depreciation and amortization |
|
430 |
|
|
|
174 |
|
|
|
992 |
|
|
|
399 |
|
|
|
562 |
|
|
Stock-based compensation |
|
40 |
|
|
|
71 |
|
|
|
100 |
|
|
|
101 |
|
|
|
60 |
|
|
Gain on nonmonetary transaction |
|
— |
|
|
|
— |
|
|
|
(1,600 |
) |
|
|
(1,600 |
) |
|
|
(1,600 |
) |
|
Non-GAAP gross profit |
$ |
7,640 |
|
|
$ |
6,656 |
|
|
$ |
15,051 |
|
|
$ |
11,545 |
|
|
$ |
7,411 |
|
|
Non-GAAP Operating Expenses: |
|||||||||||||||||||
|
|
Three months ended |
|
Six months ended |
|
Three months ended |
||||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
(in thousands) |
|
|
||||||||||||||||
|
Operating expenses |
$ |
15,967 |
|
$ |
17,374 |
|
$ |
33,097 |
|
$ |
32,798 |
|
$ |
17,130 |
|||||
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Depreciation and amortization |
|
1,423 |
|
|
|
1,438 |
|
|
|
2,822 |
|
|
|
2,770 |
|
|
|
1,398 |
|
|
Stock-based compensation |
|
725 |
|
|
|
1,566 |
|
|
|
1,516 |
|
|
|
2,088 |
|
|
|
791 |
|
|
Severance |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
706 |
|
|
|
— |
|
|
Transaction costs |
|
— |
|
|
|
— |
|
|
|
1,793 |
|
|
|
— |
|
|
|
1,793 |
|
|
Non-GAAP operating expenses |
$ |
13,819 |
|
|
$ |
14,370 |
|
|
$ |
26,966 |
|
|
$ |
27,234 |
|
|
$ |
13,148 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250904027746/en/
Company Contact:
VP of Corporate Marketing and Investor Relations
E: cwan@ambiq.com
Investor Relations Contacts:
E: sheltonir@sheltongroup.com
Source:
