Ambiq Micro, Inc. (AMBQ) Market Cap
Ambiq Micro, Inc. has a market capitalization of $739.1M.
Financials based on reported quarter end 2025-12-31
Price: $34.76
▲ 2.48 (7.68%)
Market Cap: 739.09M
NYSE · time unavailable
CEO: Fumihide Esaka
Sector: Technology
Industry: Semiconductors
IPO Date: 2025-07-30
Website: https://ambiq.com
Ambiq Micro, Inc. (AMBQ) - Company Information
Market Cap: 739.09M · Sector: Technology
Ambiq Micro, Inc. develops ultra-low-power integrated circuits for power-sensitive applications. It develops subthreshold power-optimized technology based on ultra-low-power real-time clock and microcontroller products for application in wearables, smart cards, wireless sensors, and Internet-of-Things (IoT) products. The company's flagship products include Apollo, a system on a chip for edge AI devices with host processors capable of software-based AI computations and Atomiq, targeting AI applications to provide AI acceleration along with new memory innovations. The company also offers technical support services. It offers products through sales representatives. Ambiq Micro, Inc. was formerly known as Cubiq Microchip, Inc. and changed its name to Ambiq Micro, Inc. in October 2012. The company was incorporated in 2010 and is based in Austin, Texas with additional offices in Shanghai and Shenzhen, China; Hsinchu, Taiwan; and Singapore.
Analyst Sentiment
Based on 4 ratings
Analyst 1Y Forecast: $40.00
Average target (based on 2 sources)
Consensus Price Target
Low
$32
Median
$34
High
$35
Average
$34
Downside: -3.6%
Price & Moving Averages
Related Companies in Technology
Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"AMBQ recorded revenue of $20.74M for the period ending December 31, 2025, with a net income loss of $10.68M, resulting in an EPS of -$0.58. The company's total assets stand at $184.68M, while total liabilities are $22.22M, yielding a total equity of $162.46M and a negative net debt of $139.60M. AMBQ shows a negative operating cash flow of $2.71M and a free cash flow of -$6.69M, indicating ongoing cash flow challenges. Over the past year, the stock price has decreased by 34.10%, reflecting negative market sentiment. Currently, there are no dividends paid, and the company has substantial potential for price recovery based on analyst price targets, which range from $32 to $35. The firm appears to have a robust equity position, but its profitability metrics and cash flow performance warrant scrutiny. Overall, the current market conditions present challenges for AMBQ, influencing its valuation and sentiment."
Revenue Growth
Minimal revenue growth; ongoing struggles.
Profitability
Significant net losses; profitability concerns persist.
Cash Flow Quality
Negative cash flows raise red flags for sustainability.
Leverage & Balance Sheet
Strong equity position with negative net debt indicates financial flexibility.
Shareholder Returns
Substantial price decline over the year; lack of dividends.
Analyst Sentiment & Valuation
Mixed sentiment; potential upside indicated by analyst targets.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.
Management is clearly leaning into upside momentum: Q4 beat guidance and delivered a step-change in margins (45.5% non-GAAP GM; +70 bps sequential) alongside a demand inflection tied to Apollo 5 upgrades and late-quarter expedited orders. They also guided 2026 net sales of $21M-$22M and gross margin of 44%-45%, but in Q&A stretched confidence materially—stating they see a path to more than $100M sales in 2026 and expect Q1-Q3 to be “extremely strong,” with Q4 seasonality “fixing.” The under-the-surface constraint is margin and cost structure timing: management flagged higher fabless capacity pricing likely in the back half that could pressure gross margin growth, and confirmed OpEx will be non-linear with heavy Q2/Q3 spend for contract engineering and IP purchases. Analyst pressure focused on revenue phasing and Apollo mix; answers stressed quantity growth over percentage disclosure and did not give Apollo 5 exit/revenue mix, underscoring remaining uncertainty.
Growth Catalysts
- Customers upgrading to Apollo 5 for more advanced edge AI functionalities
- Higher volumes from recent customer introductions and ramping of a scaled global customer
- Net sales inflection in Q4 driven by incremental expedited orders late in the quarter
- Strong demand across Apollo 3/4/5 families to enable edge AI
- Migration to Apollo 5 expected to continue throughout 2026
- Late-2025 product launches continuing to ramp in volume
Business Development
- Securing a large wearable customer (management said a large wearable customer was secured during 2025)
- Partnership with RONS via NavaSear brand to deploy always-on battery-powered sensors using SPOT hardware/software (industrial edge)
- Expect a 'new scaled global customer' to enter mass production in 2026
Financial Highlights
- Q4 net sales: $20.7M, +2% YoY (and +14.2% sequentially), exceeded guidance
- Q4 non-GAAP gross profit: $9.4M, +75.5% YoY
- Q4 non-GAAP gross margin: 45.5%, expanded almost 20 percentage points YoY
- Q4 non-GAAP gross margin expansion: +70 bps sequentially
- Full-year: non-GAAP gross profit increased 32.1% on 4.7% lower net sales; highest-ever annual gross profit; margin expansion across every quarter
- Q4 non-GAAP operating model: R&D $9.3M (+33% YoY, +34% sequentially); SG&A $7.3M (+19.7% YoY; +17.4% sequentially, largely public company costs + higher incentives)
- Q4 non-GAAP loss per share (attributable): $0.32
- 2026 outlook: net sales $21M-$22M; non-GAAP gross margin 44%-45% (includes expected yield/cost improvements from Apollo 5 ramp)
- 2026 outlook: non-GAAP operating expense $18.0M-$18.5M
- 2026 outlook: non-GAAP EPS loss $0.39 to $0.33; weighted avg shares 20.38M
- 2026 OpEx increase: management said OpEx will be ~+$30M vs 2025 (not linear), driven by headcount, contract engineering, and IP purchases
- Supply chain/capacity pricing headwind: higher pricing of fabless semiconductor capacity 'probably more in the back half of the year' could pressure margins
- No tariffs mentioned in transcript
Capital Funding
- Ended Q4 with no debt
- Cash and cash equivalents: $140.3M at quarter end (IPO proceeds)
- Follow-on offering in 2026 generated $76.8M (incremental cash; no buyback amount mentioned)
Strategy & Ops
- Strategic repositioning reduced Mainland China customer exposure to 8.6% of net sales in Q4 (from 50% in 2024)
- Customer demand inflection: incremental expedited orders late in Q4
- Q4 product mix improvement: more sales to customers deploying multiple edge AI capabilities on SPOT
- R&D ramp: additional investment beginning in Q4 to support Atomic and Apollo families
- Operating expense volatility callout: 2026 OpEx not linear; project-driven spending peaks in Q2/Q3 for contract engineering and IP acquisition
- OpEx 2026 drivers: (1) hire more engineering (somewhat linear), (2) contract engineering project-based with high periods in Q2/Q3, (3) IP acquisition project-driven with majority in Q2/Q3
Market Outlook
- 2026 net sales guidance: $21M-$22M
- 2026 non-GAAP gross margin guidance: 44%-45% (yield and cost structure improvement expected as Apollo 5 scales)
- Analyst direct question answered: management said they see a path to 'more than $100 million' sales in 2026
- Seasonality expectation: management indicated Q1-Q3 'extremely strong' and Q4 seasonality 'will fix in Q4' (no explicit Q2 peak, but Q1-Q3 strength emphasized)
- New customer ramp: starts Q1 2026 with 'very, very strong growth quarter after quarter'; 2027 expected to be even bigger
Risks & Headwinds
- Margin pressure risk: increasing cost of being a fabless semiconductor company exposes them to higher pricing of capacity 'probably more in the back half of the year' and 'could put pressure' on year-over-year margin growth
- OpEx seasonality risk: IP purchases and contract engineering are project-driven (non-linear OpEx; timing risk such as Q2/Q3 concentration)
- Design cycle risk acknowledged by management: longer design cycles in regulated/industrial environments
- No explicit competitive name mentioned
Sentiment: MIXED
Note: This summary was synthesized by AI from the AMBQ Q4 2025 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.