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About

Ambiq Micro, Inc. provides ultra-low-power semiconductor solutions in the United States, Europe, Asia, and internationally.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding AMBQ

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	42.6K	$1.1M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly expressed excitement about the potential of edge AI and their SPOT platform, calling it 'well-positioned to drive and benefit from the edge AI revolution'. They provided specific revenue ($17.9M) and non-GAAP gross margin (42.7%) figures for the quarter and gave explicit Q3 guidance ($17.5M-$18M revenue). The tone included cautious optimism around tariff impacts, but overall was forward-looking and positive.

Q3 2025

Confident Specific

Management repeatedly emphasizes exceeding expectations, strong gross margin expansion (44.8%), and a deliberate pivot to high-value edge AI markets. They provide specific figures: Q4 revenue guidance of $18.5-19.5M (versus $14.2M consensus), China revenue down to 6.7% of sales, and non-GAAP gross margin up >10ppts YoY. Language like 'decisive step forward' and 'meaningfully exceeds consensus' reinforces confidence.

Q4 2025

Confident Specific

Management consistently used phrases like 'strong year', 'strong momentum', 'demand inflection', and provided explicit numeric guidance for Q1 2026 ($21-22M revenue) and a path to over $100M for the full year, citing specific drivers like new customer ramp, Apollo5 migration, and product roadmap acceleration.

Q1 2026 latest

Confident Specific

Management used emphatic language such as 'exceptional momentum', 'strongest start to the year', and 'meaningful acceleration'. Specific figures were provided for growth (59.3% YoY revenue increase), guidance (75% YoY Q2 growth), and diversification (71% from top 3 customers vs 86% a year ago). The tone was direct and forward-leaning without hedging.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis has strengthened after this call. Management delivered a strong Q1 beat and guided Q2 above prior expectations, with a clear narrative of accelerating Edge AI adoption and successful diversification beyond wearables. The step-up in revenue baseline, combined with a growing pipeline and new product launches, provides multi-year visibility. However, profitability remains elusive—the company still guides for non-GAAP losses in Q2 and full-year OpEx growth, with gross margins under pressure from input costs. Watch for: Q3 and Q4 actual performance versus the 'similar growth' expectation, the pace at which Apollo5 and the new global customer contribute, and whether gross margins can hold above 45% as mix shifts. Any positive surprise on margins or pull-forward of breakeven would further lift the thesis.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Ambiq Q1 2026 net sales $25.1M (+59% YoY); Edge AI demand drives 75% Q2 growth outlook.

Revenue & Profitability

Q1 2026 net sales: $25.1M (+59.3% YoY). Non-GAAP gross profit: $11.6M (+56.2% YoY). Non-GAAP net loss: $5M ($0.25 loss per share). Cash and equivalents: $204.5M, no debt. Q2 2026 guidance: net sales $31M-$32M, non-GAAP gross margin 45%-46%, non-GAAP operating expense $21M-$22M (including $1.7M IP purchases), non-GAAP loss per share $0.29-$0.23.

Outlook

Management views the Edge AI market as growing rapidly, outpacing earlier expectations. Demand is driven by wearables evolving into health/wellness platforms and expansion into new form factors (bands, rings, eyewear). Non-wearable segments (medical, industrial, smart home) are gaining traction as customers deploy AI directly on devices. The company expects year-over-year second half net sales growth similar to the first half, though with Q4 seasonality.

Growth Drivers

Key growth drivers: (1) strong End-user demand for Edge AI in wearables and new form factors; (2) Apollo5 upgrade cycle enabling next-gen Edge AI capabilities; (3) broader deployment across customer portfolios with upcoming product launches; (4) a new scaled global customer entering mass production in 2026. Non-wearable revenue is expected to more than double in 2026, led by medical (ECG, glucose monitoring), industrial (bike computing, battery monitors), and smart home applications.

Balance Sheet & CapEx

Not explicitly discussed as capital expenditure. However, operating expense includes IP purchases: $1.7M in Q2 and $7M-$10M for full year 2026, necessary for product development. The company is investing in engineering headcount and utilizing contract engineering for flexibility.

Margins

Q1 2026 non-GAAP gross margin was 46.2%, down 90 bps YoY primarily due to a Q1 2025 non-recurring credit; excluding that, gross margin improved 210 bps YoY. For 2026, gross margins are expected to be roughly flat YoY as yield improvements (especially on Apollo5) are offset by industry-wide cost dynamics (substrate and piece part costs). Q2 2026 non-GAAP gross margin guided at 45%-46%. Full-year operating expense is expected to be approximately $85M.

Key Risks

Risks discussed: (1) seasonality in Q4 could impact second half revenue shape; (2) expedited customer requests sometimes cannot be met due to short lead times; (3) industry-wide input cost increases (substrate, piece parts) pressuring margins; (4) customer concentration – top three customers accounted for 71% of Q1 2026 sales; (5) increasing exposure to China (13.7% of sales, up from 6.2% a year ago).

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-11

Edge AI demand drove 90% year-over-year net sales growth and five straight quarters of sequential gains. Despite industry-wide supply constraints, guidance was raised to $135 million in full-year sales, with new products and markets fueling diversification. Gross margin improved to 47.2%.

Q1 2026 Q1 2026 2026-05-12

Q1 2026 saw 59% year-over-year sales growth, driven by strong Edge AI demand and diversification beyond wearables. Guidance calls for continued high growth, with profitability targeted as revenue scales and investments in new products and markets accelerate.

Q4 2025 Q4 2025 2026-03-05

Record Q4 and full-year results driven by Edge AI adoption, with strong growth expected in 2026 across wearables and expanding non-wearable markets. Gross margin reached 45.5% in Q4, and guidance points to over $100 million in 2026 revenue.

Q3 2025 Q3 2025 2025-11-06

Q3 2025 saw strong gross margin and improved net loss, driven by a strategic pivot to high-value edge AI markets and robust Apollo 5 adoption. Q4 guidance exceeds consensus, with continued revenue growth and margin expansion expected into 2026 and beyond.

Q2 2025 Q2 2025 2025-09-04

Q2 2025 saw sequential revenue and gross profit growth, driven by a strategic shift away from China and strong adoption in wearables and non-wearables. The company completed its IPO, raising $97.2M to fund expansion, R&D, and IP licensing, with a positive outlook for the second half of 2025.

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