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- **Revenue Beat and Margin Expansion**: Q3 net sales $18.2M, gross margin 44.8% (10.8pts YoY). Q4 guidance $18.5M-$19.5M (+38% YoY) driven by Apollo 5 adoption and new customers.
- **New Product Momentum**: Apollo 510 Lite, Helio AI Runtime, and Atomic platform (2028 launch) driving edge AI innovation in wearables, industrial, and AR.
- **Strategic Shift Success**: China sales reduced to 6.7% of revenue, enabling higher-margin non-China business growth.
- **2026 Outlook**: Apollo 5 and derivative products to fuel growth, with Atomic platform contributing from 2028. Gross margin expansion and OpEx investments for long-term value.

**【CEO Summary Section】**
- **Revenue Growth and Margins**: Exceeded Q3 net sales expectations with $18.2M, down 10.4% YoY due to strategic shift away from China. Gross margin expanded to 44.8%, up 10.8pts YoY. Q4 guidance: $18.5M-$19.5M (vs. consensus $14.2M), driven by Apollo 5 adoption and new customers.
- **Product Launches**: Launched Apollo 510 Lite SOC, Helio AI Runtime, and advanced analytics tools. New customer wins in healthcare, industrial, and smart buildings. Major customer plans 2027 Apollo 5-based platform launch.
- **Strategic Priorities**: 
  1. Expand into high-growth edge AI markets (healthcare, industrial, smart homes)
  2. Innovate with Atomic platform (NPU, 12nm, built-in DRAM/GPU) targeting 2028
  3. Develop Spot into licensable IP within 3-5 years
- **Market Trends**: Convergence of consumer electronics and medical-grade products via HSA/FSA funding for wearables. Edge AI demand growing in wearables, industrial, and smart devices.

**【CFO Financial Commentary】**
- **Q3 Financials**: 
  - Non-GAAP gross profit: $8.1M (16.8% YoY growth)
  - Non-GAAP gross margin: 44.8% (207bps sequential expansion)
  - China sales: 6.7% of net sales (50% YoY decline)
  - Sequential net sales growth: 1.6% to $18.2M
- **Expense Breakdown**: 
  - R&D: $6.9M (7.3% YoY decline)
  - SG&A: $6.2M (12.3% YoY increase)
  - Other income: $1M (40% YoY growth)
- **Q4 Guidance**: 
  - Revenue: $18.5M-$19.5M
  - Non-GAAP loss per share: $0.44-$0.34
  - Includes $1M-$1.5M OpEx increase from IP licensing reclassification
- **2026 Outlook**: 
  - Apollo 5 and derivative products to drive growth
  - Atomic platform expected to contribute meaningfully in 2028
  - Gross margin expansion and revenue growth trajectory

**【Q&A Highlights】**
- **Revenue Drivers**: Strong demand from existing customers (Apollo 5 adoption) and new customers in healthcare, industrial, and smart devices. Apollo 5 ASPs higher than legacy products.
- **Gross Margin Expectations**: Mid-40% range for 2025, with potential for slight improvement in Q4. Sequential gross profit growth due to product mix.
- **Atomic Platform**: Deep in development with customer collaboration. No specific timeline, but engineering team focused on energy efficiency and use case prototyping.
- **2026 Pipeline**: Cautiously optimistic with growing pipeline for Apollo 5, 330 Plus, and 510 Lite. Edge AI use cases expanding into AR glasses, predictive maintenance, and smart grids.
- **Seasonality**: Core wearable business has seasonality, but new customer wins and product adoption offsetting seasonal trends.


Ambiq Micro Inc (AMBQ) Q3 2025 Earnings Call Transcript

- **Revenue diversification success**: China sales reduced to 11.5% of Q2 2025 revenue (from 66% in 2023), driving gross margin to 42.7%.
- **New customer wins**: Whoop's fitness tracker uses Apollo510B for 10x battery efficiency improvement; AR/medical pipeline at 17%+.
- **Strategic growth**: $97.2M IPO proceeds fuel expansion into medical, AR, and SPOT IP licensing for data centers.
- **Q3 guidance**: Revenue $17.5-18M, with stable gross margin and cautious optimism on macro trends.
- **Innovation momentum**: Atomic family in development for high-performance edge AI; SPOT IP for automotive and data centers in 3-5 years.

**【CEO Summary Section】**
- Ambiq's mission is to enable AI at the edge with ultra-low power semiconductors. The SPOT platform reduces system power consumption, enabling AI on battery-powered devices.
- Revenue diversification: China sales dropped from 66% in 2023 to 11.5% in Q2 2025, reflecting strategic focus on higher-value global markets.
- Key wins include Whoop's fitness tracker (Apollo510B) and expansion into AR/VR, medical monitoring, and industrial IoT.
- Strategic initiatives: 1) Market expansion (wearables, medical, AR), 2) New product lines (Atomic family for high-performance edge AI), 3) SPOT IP licensing for data centers and automotive over 3-5 years.

**【CFO Financial Commentary】**
- Q2 2025 revenue: $17.9 million (sequential +13%, YoY -11%), driven by product mix shift away from China.
- Non-GAAP gross margin: 42.7% (vs. 47.1% Q1, 32.9% Q2 2024), reflecting higher-margin sales outside China.
- Operating expenses: $13.8 million (stable vs. Q1), with R&D investment for product pipeline.
- IPO proceeds: $97.2 million, supporting growth initiatives.
- Q3 2025 guidance: Revenue $17.5-18 million, non-GAAP loss per share $0.35-$0.28.

**【Q&A Key Highlights】**
- **Edge AI adoption**: >50% of current sales involve on-device AI processing; medical/industrial funnel at 17%+.
- **Tariff impact**: Q2 saw pull-ahead demand; Q3 outlook cautious but optimistic due to reduced tariff uncertainty.
- **Order lead times**: 16-week average; Q3 order book suggests healthy second-half trends.
- **Atomic progress**: Early adopters engaged; targeting vision-based edge AI applications.
- **SPOT IP licensing**: Data center and automotive customers expressing interest in 12nm SPOT platform development.

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