Financial Data and Key Metrics Changes - For fiscal year 2024, revenue decreased by 32.9% year-over-year to $226.5 million, with IoT revenue accounting for about two-thirds of total revenue and declining approximately 40% for the year [21] - Fiscal Q4 revenue was $51.6 million, up 2% sequentially but down 38% year-over-year, with a non-GAAP gross margin of 62.5% [22][21] - Non-GAAP operating expenses for fiscal year 2024 increased by 3.9%, while cash and marketable securities totaled $219.9 million, up from $206.9 million at the end of the prior year [21][24] Business Line Data and Key Metrics Changes - The AI inference business represented approximately 60% of total fiscal 2024 revenue, contributing to an increase in blended average selling price (ASP) [6] - IoT revenue was significantly impacted by a decline in human viewing video processor SoCs, while automotive revenue decreased by about 14% for the year [21] - The CV2 family is expected to continue driving revenue growth, with a cumulative install base of over 20 million AI inference SoCs [6] Market Data and Key Metrics Changes - The automotive market is seeing a shift towards higher autonomy levels, with the CV3 SoC family entering production and multiple design wins in progress [9][12] - The company is focusing on the Chinese market, anticipating faster monetization of CV3 technology due to the rapid development of EVs and autonomous driving in the region [35] Company Strategy and Development Direction - The company aims to restore revenue growth and profitability while focusing on AI inference opportunities at the edge [17] - A new generative AI strategy has been introduced, targeting applications from IoT devices to edge servers, with significant partnerships and product developments underway [14][10] - The Cooper development platform is expected to enhance customer engagement and streamline software development across different silicon platforms [56] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in fiscal 2024 but expressed optimism about recovery as inventory issues stabilize [5][18] - The company expects growth in both automotive and IoT segments for fiscal year 2025, driven by new product introductions and design wins [54][55] - The management highlighted the importance of AI performance demand in security cameras and the ongoing development of new platforms for this market [44] Other Important Information - The company received a CES Innovation Award for its centralized radar processing architecture, showcasing its commitment to innovation [10] - The CV3 family of processors now covers a full range of advanced driver-assistance systems (ADAS) solutions, with significant endorsements from partners [12] Q&A Session Summary Question: Inventory improvement and project delays - Management indicated that inventory improvement is consistent with previous statements, with no new developments regarding project delays [32][34] Question: Revenue from CV3 design wins in China - The first revenue from CV3 design wins is expected in calendar year 2026, with a focus on the growing EV market in China [34] Question: N1 product potential and competitive landscape - The N1 product is expected to meet significant demand, with discussions ongoing about combining multiple chips for high-end solutions [38][40] Question: Growth expectations for IoT and automotive segments - Management expects IoT growth driven by the CV2 family and automotive growth through new design wins, despite a weak overall market [54][55] Question: ASP changes and future pricing - ASP for CV2 is expected to range from high single digits to around $30, while CV5 is anticipated to be between low $30s to high $40s [60] Question: N1 product and edge processing - The competitive landscape includes low-end GPUs, but the company believes its SoC offers superior performance at lower power consumption [66] Question: Future process technology - The company plans to explore next-generation process technologies beyond 5-nanometer as market demands evolve [69] Question: Applications for CV5 - CV5 is expected to address applications in the EV truck space, with details to be announced as the customer prepares for product launch [72]

Ambarella (AMBA) came out with a quarterly loss of $0.24 per share versus the Zacks Consensus Estimate of a loss of $0.33. This compares to earnings of $0.23 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 27.27%. A quarter ago, it was expected that this video-compression chipmaker would post a loss of $0.39 per share when it actually produced a loss of $0.28, delivering a surprise of 28.21%.Over the last four quarters, the co ...

Revenue Performance - Q4 FY2024 revenue was $51.6 million, down 38.1% YoY from $83.3 million in Q4 FY2023[1] - Full-year FY2024 revenue was $226.5 million, down 32.9% YoY from $337.6 million in FY2023[1] - Revenue for the three months ended January 31, 2024 was $51.6 million, compared to $83.3 million for the same period in 2023[17] Net Loss and Earnings Per Share - Q4 FY2024 GAAP net loss was $60.6 million, or $1.50 per diluted share, compared to a net loss of $11.1 million, or $0.29 per diluted share, in Q4 FY2023[1] - Full-year FY2024 GAAP net loss was $169.4 million, or $4.25 per diluted share, compared to a net loss of $65.4 million, or $1.70 per diluted share, in FY2023[1] - Net loss for the three months ended January 31, 2024 was $60.6 million, compared to a net loss of $11.1 million for the same period in 2023[17] - GAAP diluted net loss per share for the three months ended January 31, 2024 was $1.50, compared to $0.29 for the same period in 2023[21] - Non-GAAP diluted net loss per share for the three months ended January 31, 2024 was $0.24, compared to non-GAAP diluted net income per share of $0.23 for the same period in 2023[21] Non-GAAP Financial Metrics - Q1 FY2025 non-GAAP gross margin guidance is between 61.5% and 63.0%[3] - Non-GAAP net loss for the three months ended January 31, 2024 was $9.8 million, compared to non-GAAP net income of $8.9 million for the same period in 2023[21] - The difference between GAAP and non-GAAP gross margin was 2.7% for the three months ended January 31, 2024, compared to 3.9% for the same period in 2023[19] Operating Expenses and Costs - Q1 FY2025 non-GAAP operating expenses guidance is between $46.0 million and $49.0 million[3] - Total stock-based compensation for the three months ended January 31, 2024 was $28.5 million, compared to $29.1 million for the same period in 2023[18] - Total acquisition-related costs for the three months ended January 31, 2024 were $1.3 million, compared to $1.2 million for the same period in 2023[18] - Total restructuring expense for the three months ended January 31, 2024 was $104,000, compared to $0 for the same period in 2023[19] Cash and Financial Position - Total cash, cash equivalents, and marketable debt securities at the end of Q4 FY2024 was $219.9 million[4] - Cash and cash equivalents increased to $144,914 thousand from $113,541 thousand, a 27.6% increase[22] - Marketable debt securities decreased to $75,013 thousand from $93,322 thousand, a 19.6% decrease[22] - Accounts receivable, net decreased to $24,950 thousand from $51,987 thousand, a 52% decrease[22] - Inventories decreased to $29,043 thousand from $40,486 thousand, a 28.3% decrease[22] - Total current assets decreased to $280,157 thousand from $304,632 thousand, an 8% decrease[22] - Property and equipment, net decreased to $10,439 thousand from $11,814 thousand, an 11.6% decrease[22] - Deferred tax assets, non-current decreased to $234 thousand from $19,276 thousand, a 98.8% decrease[22] - Intangible assets, net decreased to $55,136 thousand from $58,497 thousand, a 5.7% decrease[22] - Total liabilities decreased to $97,784 thousand from $104,107 thousand, a 6.1% decrease[22] - Total shareholders' equity decreased to $559,871 thousand from $606,088 thousand, a 7.6% decrease[22] Future Outlook and Guidance - Q1 FY2025 revenue guidance is between $52.0 million and $56.0 million[3] - The company expects to return to revenue growth in FY2025 due to the strength of its AI products and early actions to help customers navigate excess inventory[5] Product and Operational Achievements - Key achievements in FY2024 included the ramp of the 5nm AI processor CV5 and sampling of three new 5nm AI processors: N1, CV72AQ, and CV3-AD685[5] Tax and Valuation Allowance - The company recorded a valuation allowance of $22.7 million on certain deferred tax assets for the three months ended January 31, 2024[21]

SANTA CLARA, Calif., Feb. 12, 2024 (GLOBE NEWSWIRE) -- Ambarella, Inc. (NASDAQ:AMBA), an edge AI semiconductor company, today announced it will hold its fourth quarter and fiscal year 2024 earnings conference call on Tuesday, February 27th at 1:30 p.m. (Pacific Time). The company will issue its earnings release after the market closes that same day. Those interested in asking a question on the call are required to register online in advance. Once registered, the dial-in numbers will be provided with a per ...

SANTA CLARA, Calif., Feb. 12, 2024 (GLOBE NEWSWIRE) -- Ambarella, Inc. (NASDAQ: AMBA), an edge AI semiconductor company, today announced it will hold its fourth quarter and fiscal year 2024 earnings conference call on Tuesday, February 27th at 1:30 p.m. (Pacific Time). The company will issue its earnings release after the market closes that same day. Those interested in asking a question on the call are required to register online in advance. Once registered, the dial-in numbers will be provided with a pe ...

Ambarella (AMBA) recently collaborated with e-con Systems to help the latter launch its own Robotics Computing Platform (RCP). The e-con RCP is an autonomous robot with advanced features like sensors, RGB cameras, Light Detection and Ranging, Inertial Measurement Unit, Ultrasonic, Time of Flight depth camera and motor control interfaces.Together, the two companies have designed the e-con RCP platform for the robotics industry to benefit from the fast prototyping and high performance that the solution can of ...

Ambarella (AMBA) has entered into a collaboration with the Taiwanese electronics manufacturer, Quanta Computer. This collaboration will leverage Ambarella’s CV3-AD, CV7 and N1 series artificial intelligence (AI) systems-on-chip (SoCs) and Quanta’s AI Box and PCIe add-in cards to introduce next-generation AI-based products.Ambarella's newly launched N1 series AI SOCs aim to bring generative AI into edge endpoint devices and on-premise hardware. These SOCs operate on multi-modal large language models (LLMs) a ...

CHENNAI, India and SANTA CLARA, Calif., Jan. 12, 2024 (GLOBE NEWSWIRE) -- e-con Systems, a leading global provider of embedded vision solutions, and Ambarella, Inc. (NASDAQ:AMBA), an edge AI semiconductor company, today announced their partnership and the launch of the e-con Robotics Computing Platform (eRCP). Based on Ambarella's flagship CV72S edge AI system on chip (SoC), this new platform is specifically designed to meet the requirements of the robotics industry. In the fast-evolving robotics market, b ...

TAOYUAN CITY, Taiwan and SANTA CLARA, Calif., Jan. 11, 2024 (GLOBE NEWSWIRE) -- Quanta Computer Inc., a trailblazer in advanced technology solutions, and Ambarella, Inc. (NASDAQ:AMBA), an edge AI semiconductor company, today announced during CES the expansion of their strategic partnership. This collaboration is being broadened to include development with Ambarella's CV3-AD, CV7 and new N1 series AI systems-on-chip (SoCs), marking a significant capabilities advancement for cutting-edge AI products. These of ...

SANTA CLARA, Calif., Jan. 10, 2024 (GLOBE NEWSWIRE) -- Ambarella, Inc. (NASDAQ:AMBA), an edge AI semiconductor company, today announced during CES the leading-edge Cooper™ Developer Platform. Cooper offers seamless integration of software, hardware, state-of-the-art fine-tuned AI models, and services that provide universal support for Ambarella's entire portfolio of AI systems-on-chip (SoCs). This platform makes it easier than ever for customers by providing a flexible, modular and prepackaged suite of hard ...