Ambarella
ConvictionModerate
Fabless chip design: sells system-on-chip (SoC) processors + software toolchain, manufactured at external foundry (Samsung for advanced nodes; TSMC historically); revenue overwhelmingly via a Taiwan sales-rep/fulfillment partner (WT Microelectronics) serving Asian ODM/OEM customers. Design-win driven, multi-year automotive cycles.
Revenue
$390.7MFY2026, ended Jan 31 2026); $100.4M (Q1 FY2027, ended Apr 30 2026Rev growth
+37.2% YoYFY2026); +16.9% YoY, -0.5% QoQ (Q1 FY2027Gross margin
59.2% GAAP / 60.7% non-GAAPFY2026); 58.4% GAAP / 59.9% non-GAAP (Q1 FY2027Op margin
GAAP negativeFY2026 GAAP net loss $75.9M on $390.7M rev, weighed by stock-based comp + heavy R&D); non-GAAP modestly positive (non-GAAP net income $26.9M / $0.62 diluted EPS FY2026Capex intensity
Lowfabless; no fabs, foundry-outsourced to Samsung) - capex is lab/test/EDA tooling, typically a low-single-digit % of revenueMarket cap
~$3.75-3.8BNASDAQ: AMBA, $85.80/sh close 2026-06-30, ~43.8M sh); shares jumped ~28% on 2026-06-30 on a Rosenblatt physical-AI top-pick note ($120 PT) plus a KeyBanc non-deal roadshow - a sentiment/flow event, NOT M&A or a fundamental changePrimary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-03-23. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’22
$332M
FY’23
$338M+2%
FY’24
$226M-33%
FY’25
$285M+26%
FY’26
$391M+37%
Margins & balance sheet — FY’26
Gross margin59.2%
Operating margin-21.1%
Net margin-19.4%
Net cash$114M
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