Q2 2026 Ambiq Micro, Inc. Earnings Call Transcript
Key Points
- Net sales grew approximately 90% year-over-year in Q2 2026, marking the fifth consecutive quarter of sequential growth and exceeding guidance.
- Non-GAAP gross margin improved 450 basis points year-over-year to 47.2%, driven by favorable product mix and manufacturing efficiencies.
- Revenue outside the three largest customers grew 143% year-over-year, indicating strong customer diversification and market expansion.
- The company raised approximately $168 million in net proceeds from a follow-on offering, strengthening its balance sheet with $366.8 million in cash and no debt.
- New product launches (Apollo 330+, Apollo 510 Light) and software tools (HelioCore, compression kit, Helia Profiler) are generating strong customer demand and expanding the addressable market.
- The company faces significant supply constraints across wafers, packaging, substrates, and testing, limiting second-half revenue potential despite strong demand.
- Non-GAAP net loss was $1.8 million in Q2, and the company expects a wider loss per share in Q3 due to increased operating expenses.
- Operating expenses are rising, with R&D up 55.5% year-over-year and Q3 OpEx expected to jump to $24-25 million, including IP purchases.
- The company is not yet profitable and management declined to provide a timeline for reaching profitability or cash flow breakeven.
- China sales exposure increased to 14% of total net sales, which may pose geopolitical and regulatory risks.
Good morning, and welcome to the Ambiq Micro second quarter 2026 earnings conference call.As a reminder, this conference call is being recorded.
(Operator Instructions)
I'd now like to turn the call over to Ms. Charlene Wan, Ambiq's Vice President of Corporate Marketing and Investor Relations. Charlene, please go ahead.
On today's call, AMBIC's CEO, Sumihide Asaka, will provide an overview of the company's performance and strategy. CFO Jeffrey Wintzler will then discuss the quarter's financial results and outlook. Following their remarks, Scott Hansen, Ambiq's founder and CTO, will join Humi and Jeff for Q&A. Our earnings release is available on the Investor Relations page of our website at www.ambiq.com. We have also posted our earnings presentation on the Investor Relations section of our website.
Before I turn the call over to Humey, I'd like to remind our listeners that during the
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