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SemiconductorsPublic

Ambarella

catalyst in 26dNo base rate yet — AMBA has 1 graded print on the record, and the bar is 3.Website
Ticker
AMBA
Beat
hardware
Size
Public Company
Revenue
$108M
as of Jul 2026
Cash
$102M
as of Jul 2026
Burn
$7.1M/qtr
as of Jul 2026
Runway
~3.6yr at this rate
as of Jul 2026
Researched · Fresh
10 days ago

A genuine edge-AI vision SoC franchise finally inflecting to growth and operating leverage — but it is still GAAP-unprofitable, ~70% revenue routes through one distributor, and the stock prices both a re-acceleration AND an unresolved M&A bid. Quality asset, demanding price, binary catalyst.

Orbit · who it trades with and competes with
5 on the rings · 5 trade · 0 rival
8 mentions across our dossiers
Focus · Hardware
Ambarella
AMBA · public
No published house view
Trades with
Next prints in its web
Links · 5 companies · 5 trade · 0 rival
“Chokepoints, ranked: (1) leading-edge foundry (Samsung/TSMC, no second source at 2nm), (2) WT distributor single-point-of-failure, (3) Asia-concentrated assembly/test with no long-term contracts, (4) China geopolitical exposure of the secu…”TSMC · TRADE · from Ambarella’s dossier
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Price

Weekly closes

AMBA · weekly close
63.12 USD−5.1%
Friday 30 Oct 2026 · last 52 Fridays 50.47–89.67
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 16,260 sh · 6 filings, Form 4 · 25 Sept 2026
  2. Short interest: 4,719,646 sh · 4.32 days to cover, FINRA · settled 15 Oct 2026
  3. Next print: in 26 days, Scheduled · 29 Nov 2026, scheduled
63.12USD-5.1%hardware -0.4%AMBA · 112 weekly closes to 2026-10-30

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 25 Sept 2026
6 filings · 16,260 shares
Shares sold shortFINRA · settled 15 Oct 2026
4,719,646 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
4.32
see the whole series
Financials

The reported figures

Revenue · quarterly
$108M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$108M USD
as of 31 Jul 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Ambarella, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2331 Oct 2023$50.6M USD-82.9% share of revenue$5.5M USD$2.4M USD$144M USD39.9M sharesFiled · primarysec.gov
Q4 ’2331 Jan 2024$51.6M USD-80.8% share of revenue-$6.0M USD$1.9M USD$145M USD40.2M sharesFiled · primarysec.gov
Q1 ’2430 Apr 2024$54.5M USD-72.4% share of revenue-$16.1M USD$1.1M USD$132M USD41.0M sharesFiled · primarysec.gov
Q2 ’2431 Jul 2024$63.7M USD-56.9% share of revenue$14.2M USD$2.6M USD$154M USD41.0M sharesFiled · primarysec.gov
Q3 ’2431 Oct 2024$82.7M USD-30.9% share of revenue$4.1M USD$2.5M USD$127M USD41.3M sharesFiled · primarysec.gov
Q4 ’2431 Jan 2025$84.0M USD-30.2% share of revenue$21.2M USD$4.2M USD$145M USD41.7M sharesFiled · primarysec.gov
Q1 ’2530 Apr 2025$85.9M USD-30.1% share of revenue$10.2M USD$4.6M USD$141M USD42.4M sharesFiled · primarysec.gov
Q2 ’2531 Jul 2025$95.5M USD-23.0% share of revenue$1.4M USD$4.1M USD$143M USD42.4M sharesFiled · primarysec.gov
Q3 ’2531 Oct 2025$108M USD-15.0% share of revenue$31.4M USD$2.9M USD$174M USD42.7M sharesFiled · primarysec.gov
Q4 ’2531 Jan 2026$101M USD-18.3% share of revenue$15.0M USD$3.9M USD$191M USD43.1M sharesFiled · primarysec.gov
Q1 ’2630 Apr 2026$100M USD-19.3% share of revenue-$29.6M USD$4.0M USD$114M USD43.8M sharesFiled · primarysec.gov
Q2 ’2631 Jul 2026$108M USD-7.5% share of revenue-$7.1M USD$6.8M USD$102M USD43.9M sharesFiled · primarysec.gov

Ambarella’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$108M+13% vs Q2 ’25

Q2 ’26 · as of Jul 2026

Revenue Q3 ’23: $50.6M, as of Oct 2023Revenue Q4 ’23: $51.6M, as of Jan 2024 (Q4 worked out from the annual total)Revenue Q1 ’24: $54.5M, as of Apr 2024Revenue Q2 ’24: $63.7M, as of Jul 2024Revenue Q3 ’24: $82.7M, as of Oct 2024Revenue Q4 ’24: $84.0M, as of Jan 2025 (Q4 worked out from the annual total)Revenue Q1 ’25: $85.9M, as of Apr 2025Revenue Q2 ’25: $95.5M, as of Jul 2025Revenue Q3 ’25: $108M, as of Oct 2025Revenue Q4 ’25: $101M, as of Jan 2026 (Q4 worked out from the annual total)Revenue Q1 ’26: $100M, as of Apr 2026Revenue Q2 ’26: $108M, as of Jul 2026

Lighter bars: Q4 worked out as the full-year total minus the three reported quarters.

Operating margin · quarterlyQ3 ’23 – Q2 ’26
-7.5%+15.5 pts vs Q2 ’25

Q2 ’26 · as of Jul 2026

Operating margin Q3 ’23: -82.9%, as of Oct 2023Operating margin Q4 ’23: -80.8%, as of Jan 2024 (Q4 worked out from the annual total)Operating margin Q1 ’24: -72.4%, as of Apr 2024Operating margin Q2 ’24: -56.9%, as of Jul 2024Operating margin Q3 ’24: -30.9%, as of Oct 2024Operating margin Q4 ’24: -30.2%, as of Jan 2025 (Q4 worked out from the annual total)Operating margin Q1 ’25: -30.1%, as of Apr 2025Operating margin Q2 ’25: -23.0%, as of Jul 2025Operating margin Q3 ’25: -15.0%, as of Oct 2025Operating margin Q4 ’25: -18.3%, as of Jan 2026 (Q4 worked out from the annual total)Operating margin Q1 ’26: -19.3%, as of Apr 2026Operating margin Q2 ’26: -7.5%, as of Jul 2026

Lighter bars: Q4 worked out as the full-year total minus the three reported quarters.

Free cash flow · quarterlyQ3 ’23 – Q2 ’26
-$7.1M

Q2 ’26 · as of Jul 2026

Free cash flow Q3 ’23: $5.5M, as of Oct 2023Free cash flow Q4 ’23: -$6.0M, as of Jan 2024 (Q4 worked out from the annual total)Free cash flow Q1 ’24: -$16.1M, as of Apr 2024Free cash flow Q2 ’24: $14.2M, as of Jul 2024Free cash flow Q3 ’24: $4.1M, as of Oct 2024Free cash flow Q4 ’24: $21.2M, as of Jan 2025 (Q4 worked out from the annual total)Free cash flow Q1 ’25: $10.2M, as of Apr 2025Free cash flow Q2 ’25: $1.4M, as of Jul 2025Free cash flow Q3 ’25: $31.4M, as of Oct 2025Free cash flow Q4 ’25: $15.0M, as of Jan 2026 (Q4 worked out from the annual total)Free cash flow Q1 ’26: -$29.6M, as of Apr 2026Free cash flow Q2 ’26: -$7.1M, as of Jul 2026

Lighter bars: Q4 worked out as the full-year total minus the three reported quarters.

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$102M

Q2 ’26 · as of Jul 2026

Cash Q3 ’23: $144M, as of Oct 2023Cash Q4 ’23: $145M, as of Jan 2024Cash Q1 ’24: $132M, as of Apr 2024Cash Q2 ’24: $154M, as of Jul 2024Cash Q3 ’24: $127M, as of Oct 2024Cash Q4 ’24: $145M, as of Jan 2025Cash Q1 ’25: $141M, as of Apr 2025Cash Q2 ’25: $143M, as of Jul 2025Cash Q3 ’25: $174M, as of Oct 2025Cash Q4 ’25: $191M, as of Jan 2026Cash Q1 ’26: $114M, as of Apr 2026Cash Q2 ’26: $102M, as of Jul 2026
Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
43.9M+10% since Q3 ’23

Q2 ’26 · as of Jul 2026

Shares outstanding Q3 ’23: 39.9M, as of Oct 2023Shares outstanding Q4 ’23: 40.2M, as of Jan 2024Shares outstanding Q1 ’24: 41.0M, as of Apr 2024Shares outstanding Q2 ’24: 41.0M, as of Jul 2024Shares outstanding Q3 ’24: 41.3M, as of Oct 2024Shares outstanding Q4 ’24: 41.7M, as of Jan 2025Shares outstanding Q1 ’25: 42.4M, as of Apr 2025Shares outstanding Q2 ’25: 42.4M, as of Jul 2025Shares outstanding Q3 ’25: 42.7M, as of Oct 2025Shares outstanding Q4 ’25: 43.1M, as of Jan 2026Shares outstanding Q1 ’26: 43.8M, as of Apr 2026Shares outstanding Q2 ’26: 43.9M, as of Jul 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-24editorial noteSources added: 0 → 3The dossier's cited-link count grew from 0 to 3 (deep-dive-2026-06-20.md → deep-dive-2026-10-24.md).dossier
2026-10-24editorial noteMargin figure revised: 62% → 57.7%Margin moved from 62% (deep-dive-2026-06-20.md) to 57.7% (deep-dive-2026-10-24.md).dossier
2026-10-24editorial noteRevenue figure revised: 63% → $108.1MRevenue moved from 63% (deep-dive-2026-06-20.md) to $108.1M (deep-dive-2026-10-24.md).dossier
dossier age
10 days
researched 24 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 15 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-20), 422 words, 11 filing mentions
  2. The dossier: What held, 89 words, 4 filing mentions
Research

The Ambarella dossier

The verdict

A genuine edge-AI vision SoC franchise finally inflecting to growth and operating leverage — but it is still GAAP-unprofitable, ~70% revenue routes through one distributor, and the stock prices both a re-acceleration AND an unresolved M&A bid. Quality asset, demanding price, binary catalyst.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-20)

  1. Q2 FY2027 results. Revenue $108.1M, up 13.2% from $95.5M; six-month revenue $208.5M, up 14.9% from $181.4M. GAAP gross margin 57.7% (58.9% a year earlier); six-month 58.0% (59.4%). GAAP net loss $6.7M, or $0.15 per diluted share, against $20.0M and $0.47; six-month GAAP net loss $24.8M, or $0.57, against $44.3M and $1.05. Non-GAAP net income $8.2M, or $0.18 per diluted share, against $6.4M and $0.15; non-GAAP gross margin 59.3% (60.5%). [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-09-03, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1280263/000119312526381923/d88952dex991.htm; quarter ended 2026-07-31]
  2. One-off credit. GAAP research and development expense includes a one-time $9.0M reduction from the release of a deposit liability after the termination of a development project; the company excluded it from non-GAAP results. [sec.gov: 8-K filed 2026-09-03, exhibit 99.1, same URL]
  3. Guidance for Q3 FY2027 (quarter ending 2026-10-31). Revenue $115.0M to $124.0M; non-GAAP gross margin 59.0% to 60.0%; non-GAAP operating expenses $56.5M to $59.5M. [sec.gov: 8-K filed 2026-09-03, exhibit 99.1, same URL]
  4. Cash. Cash, cash equivalents and marketable debt securities $272.3M at 2026-07-31, against $277.8M at the end of the prior quarter and $261.2M a year earlier. [sec.gov: 8-K filed 2026-09-03, exhibit 99.1, same URL]
  5. Customer concentration. WT Microelectronics and Hakuto each represented 10% or more of revenue: about 60.2% and 11.0% in the quarter, and about 60.5% and 10.1% for the six months. For FY2026 (year ended 2026-01-31) the Form 10-QThe quarterly version of the annual report. Lighter, and not audited.'s risk factor cites WT at about 70%. [sec.gov: 10-Q filed 2026-09-04, https://www.sec.gov/Archives/edgar/data/1280263/000119312526383365/amba-20260731.htm]
  6. Shares. 44,140,971 ordinary shares outstanding at 2026-08-31 (43,861,484 at the 2026-05-05 record date). [sec.gov: 10-Q filed 2026-09-04, same URL; 8-K filed 2026-07-01, https://www.sec.gov/Archives/edgar/data/1280263/000119312526292824/d139114d8k.htm]
  7. Strategy and channel. Management cited the first stand-alone AI accelerator, X7, and seven-year agreements with Macnica (distributor) and Capgemini (engineering and systems integration), and said these support a higher five-year serviceable-market forecast for edge AI and physical AI. [sec.gov: 8-K filed 2026-09-03, exhibit 99.1, same URL]
  8. Annual meeting. On 2026-06-26 shareholders approved the amended and restated 2021 Equity Incentive Plan and elected three Class II directors; 37,856,312 shares (about 86.31%) were represented. [sec.gov: 8-K filed 2026-07-01, same URL as item 6]
  9. Where the new filings meet the carried view (stated as fact, no line changed). The carried management question 1 says WT is "~70% of revenue and rising"; item 5 shows about 60.2% of Q2 revenue and 60.5% of the six months, against about 70% for FY2026. The carried seed's price figures rest on market data this delta does not refresh. Neither the 10-Q nor the earnings release, in the passages read, mentions the strategic-review or sale process.

What held

  • Revenue growth continued at double digits (up 13.2% in the quarter, 14.9% over six months) with GAAP gross margin in the high 50s. [sec.gov: 8-K filed 2026-09-03, exhibit 99.1]
  • Cash of $272.3M is little changed from the prior quarter ($277.8M). [sec.gov: 8-K filed 2026-09-03, exhibit 99.1]
  • Revenue still comes substantially through two distributors, WT and Hakuto. [sec.gov: 10-Q filed 2026-09-04]
  • GAAP losses persist at the net level (a $6.7M GAAP loss in Q2) even though non-GAAP income is positive. [sec.gov: 8-K filed 2026-09-03, exhibit 99.1]

How our view changed

2 dossiers

Every dossier we have written on Ambarella, newest first.

  1. current

    A genuine edge-AI vision SoC franchise finally inflecting to growth and operating leverage

  2. A genuine edge-AI vision SoC franchise finally inflecting to growth and operating leverage

Research trail

The research around Ambarella

Covered in the Knowledge Base

Hardware — Memory & Compute Architecture

Company details

IndustrySemiconductors
SizePublic Company
WebsiteVisit Ambarella

Others in hardware

5 names

Where Ambarella sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.