Research Reports

Q2 2025 revenue $17.9M, up from $15.7M Q1 2025, down from $20.3M Q2 2024 (CFO)
Sequential revenue increase driven by higher customer demand and favorable product mix (CFO)
Year-over-year revenue decline reflects strategic shift to diversify away from China end customers (CFO)
Non-GAAP gross profit $7.6M (42.7% of revenue) vs. $7.4M (47.1%) Q1 2025 and $6.7M (32.9%) Q2 2024 (CFO)
Non-GAAP operating expenses $13.8M: R&D $7.3M, SG&A $6.5M (CFO)
Non-GAAP net loss $5.9M ($0.43 per pro forma share) vs. $5.2M loss Q1 2025 and $7.4M loss Q2 2024 (CFO)
Cash and equivalents $47.5M at Q2 end; IPO net proceeds $97.2M from 4.6M shares at $24 (CFO)
China end-customer net sales dropped to 11.5% in Q2 2025 from 42% in Q2 2024 (CFO, CEO)
Cumulative devices enabled: >280M units since founding (CEO)
Announced Apollo510B wireless SoC with 250MHz Cortex-M55 coprocessor, 40MHz network processor, BLE 5.4 (CEO)
Atomic family in development: full NPU for high-performance AI acceleration targeting vision (CEO)
SPOT IP licensing plan under development over next 3–5 years (CEO)

Official Guidance (Q3 2025)

Mgmt Quotes

"Ambiq has solved this power problem with our SPOT platform." (CEO)
"We are excited about enabling the next billion devices as AI moves out of the cloud and on to the edge." (CEO)
"Whoop recently chose Apollo for their newest fitness tracker product line... Ambiq's Apollo delivers 10x better battery efficiency." (CEO)
"In Q2 2025, Ambiq grew revenue from the previous quarter and importantly, grew gross profit dollars, both sequentially and year-over-year." (CFO)
"Our third and long-term initiative is to build a variant of the SPOT platform that enables IP licensing to third parties." (CEO)

Metric	Value	Speaker/Context
Q2 2025 Revenue	$17.9M	CFO – sequential increase from $15.7M
Q2 2025 Non-GAAP Gross Margin	42.7%	CFO – vs. 47.1% Q1 2025, 32.9% Q2 2024
Q2 2025 Non-GAAP R&D Expense	$7.3M	CFO
Q2 2025 Non-GAAP SG&A Expense	$6.5M	CFO
Q2 2025 Non-GAAP Net Loss	$5.9M	CFO – ($0.43 per pro forma share)
Q2 2025 End Cash	$47.5M	CFO – before IPO proceeds
IPO Net Proceeds	$97.2M	CFO – 4.6M shares at $24
Q2 2025 China End-Customer Sales %	11.5%	CFO – down from 42% Q2 2024
Cumulative Devices Enabled	>280M	CEO
Q3 2025 Revenue Guidance	$17.5M–$18.0M	CFO
Q3 2025 Non-GAAP Loss Per Share Guidance	($0.35)–($0.28)	CFO – on ~18.2M shares

Topic: IP licensing opportunity for SPOT technology
Key points:
- SPOT technology can be used in data center, automotive, and mobile devices.
- Dedicated team focused on 12-nanometer SPOT platform; proven development on 12nm could accelerate the plan.
- More R&D resources and funding may accelerate IP development.
Mgmt stance: Neutral (cautiously optimistic, but acknowledges it may take "a few years to fully develop").

Topic: Non-wearable opportunities and Q2 pull-in impact
Key points:
- 17% of funnel already toward medical, industrial edge, smart home, and building; more than 20% working with customers to define Atomic edge AI in vision.
- Q2 revenue slightly higher than originally anticipated due to uncertainty around tariffs, causing some upside demand (pull-in activity).
- Business typically seasonal: Q2 higher than Q1, with growth throughout the year.
Mgmt stance: Neutral (acknowledges tariff-driven pull-ins, but sees overall progress in non-wearables).

Topic: Order trends, tariff impact, and gross margin
Key points:
- Customers typically place orders with a 16-week lead time; healthy growth observed; optimistic about continued customer growth.
- Q3 guidance reflects a small upside vs. financial model; tariff impact seen as less impactful than initially feared.
- Gross margin in Q2 was 43%; expected to be relatively indicative going forward, varying by 1–2 points due to product mix and manufacturing yields.
Mgmt stance: Cautiously optimistic (guided Q3 revenue up, tariff uncertainty easing, gross margin stable).

Topic: New application revenue and Atomic development update
Key points:
- No new application revenue expected in the coming quarter; AR glasses customers are working on products "very near term"; worker safety and machine health monitors already in market and growing.
- Atomic development: activity with early adopters is "more active than ever before" since the public offering; customers becoming more comfortable working with Ambiq.
Mgmt stance: Bullish (excited about Atomic progress, believes application segments are "growing really fast").