Ambiq Posts Record Sales, Signals Slower Growth
Second-quarter net sales reached $33.901 million, topping Ambiq’s previous guidance ceiling by $1.901 million.
Ambiq Micro (AMBQ), a maker of ultra-low-power semiconductors and edge-AI technology, reported record second-quarter sales as year-over-year growth accelerated to 89.7% from 59.3% in the prior quarter.
The quarter extended a sharp recovery from a 10.4% sales decline in the third quarter of 2023. Sequential growth accelerated to 35.3% from 20.8% in the first quarter, marking a fifth consecutive quarterly increase.
Gross profit grew faster than sales as the product mix and operating leverage improved. GAAP gross margin widened to 45.0%, up 1.5 percentage points sequentially and 4.9 points from a year earlier, while non-GAAP gross margin increased to 47.2%.
Expenses rose at a slower pace than revenue. GAAP operating expenses increased 6.3% sequentially and 50.3% from a year earlier, compared with sales growth of 35.3% and 89.7%, respectively. The GAAP net loss narrowed to $7.115 million from $10.171 million in the first quarter and $8.496 million a year earlier.
Ambiq broadened its edge-AI software lineup during the quarter, launching heliaCORE and compressionKIT and announcing the open-source heliaPROFILER. The additions expanded its HELIA toolset for deploying AI workloads on low-power devices.
For the third quarter, Ambiq expects net sales of $36 million to $37 million, implying sequential growth of about 6.2% to 9.1%. That would mark a sixth consecutive quarterly increase while slowing sharply from the second quarter’s 35.3% pace.
The company expects non-GAAP gross margin of 46.5% to 47.5% and non-GAAP operating expenses of $24 million to $25 million as it invests in product development and intellectual property. Industrywide supply constraints tied to accelerating AI demand will partly limit third-quarter sales, though second-half revenue is expected to more than double from a year earlier.