Ambiq Micro doubled sales to $38.1 million, beat a supply-capped guide, and guided margins flat
The edge-AI chipmaker beat a range it had called capped by wafer and packaging supply, then guided December to $43.5–44.5 million with gross margin flat and a wider guided loss. For a stock down 49% since late September, the December print decides whether flat margin is a one-quarter price or a structural squeeze.
Vincent Jiangtwo-minute read
A beat above the ceiling
Ambiq Micro−1.63% — Ambiq Micro, down 1.63 percent today, the Austin chipmaker whose ultra-low-power processors run AI on batteries in watches, rings and sensors, reported September-quarter net sales of $38.1 million on November 10, up 110% year over year and 12.5% from June 12. That beat the top of the $36–37 million range finance chief Jeff Winzeler set on August 11, when management said tight capacity "across wafers, packaging, substrates, and testing" constrained the second half 3.
The Street wanted $36.7 million in sales and, on the informal whisper, a loss of $0.10 a share; Ambiq printed a $0.05 non-GAAP loss per share 4. Chief executive Fumihide Esaka now credits supply-chain partnerships that "enabled us to secure capacity," and seven customers spent more than $1 million each, against three a year earlier 1.
December guidance puts Ambiq's sales above any quarter in its history
The quarter management called supply-capped is guided 14–17% above September
- Net sales
- Estimate
Data
| Net sales | |
|---|---|
| Q1 '24 | $15.21M |
| Q2 '24 | $20.25M |
| Q3 '24 | $20.27M |
| Q4 '24 | $20.34M |
| Q1 '25 | $15.73M |
| Q2 '25 | $17.87M |
| Q3 '25 | $18.17M |
| Q4 '25 | $20.74M |
| Q1 '26 | $25.06M |
| Q2 '26 | $33.9M |
| Q3 '26 | $38.14M |
| Q4 '26E (estimate) | $44M ($43.5–44.5M) |
The margin pays for the capacity
The December guide steps sales up 14–17% to $43.5–44.5 million, and the bill lands in the margin line 1. Non-GAAP gross margin is guided "approximately flat" to the third quarter because manufacturing efficiencies must offset what Ambiq calls "increased supply chain cost pressure" 1.
Operating expense rises to $25.5–26.5 million on Atomiq110 and Apollo340 tape-out costs, and the guided $0.03 to $0.09 loss a share on 24.6 million shares works out to $0.7 million to $2.2 million, against the $1.2 million non-GAAP loss just reported 1. Sales doubled, and the leverage went back to the suppliers. Winzeler called a profitability date "too early" to name in August 3.
The market voted before the print
Shares fell 49%, from $68.92 on September 24 to $35.22 on November 5, and UBS cut its target to $50 from $73 on November 2, keeping Neutral 56. Insiders filed about $6.5 million of sales between September 16 and October 16, sales The Inference reported on October 26 57.
Esaka answers with a multi-year edge-AI demand shift, $363.5 million of cash and no debt 13. At the guide's midpoint, 2026 lands near $141 million, above the roughly $135 million management sketched in August while calling supply the binding constraint 13. December's gross margin settles the argument: flat means the capacity was bought at a one-quarter price, lower means the squeeze is structural.
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