Ambarella, Inc. Announces Second Quarter Fiscal Year 2023 Financial Results

Ambarella assumes no obligation and does not intend to update the forward-looking statements made in this press release, except as required by law.

Non-GAAP Financial Measures

The company has provided in this release non-GAAP financial information, including non-GAAP gross margin, net income (loss), and earnings (losses) per share, as a supplement to the condensed consolidated financial statements, which are prepared in accordance with generally accepted accounting principles ("GAAP"). Management uses these non-GAAP financial measures internally in analyzing the company’s financial results to assess operational performance and liquidity. The company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting and analyzing future periods. Further, the company believes these non-GAAP financial measures are useful to investors because they allow for greater transparency with respect to key financial metrics that the company uses in making operating decisions and because the company believes that investors and analysts use them to help assess the health of its business and for comparison to other companies. Non-GAAP results are presented for supplemental informational purposes only for understanding the company’s operating results. The non-GAAP information should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from non-GAAP measures used by other companies.

With respect to its financial results for the second quarter of fiscal year 2023, the company has provided below reconciliations of its non-GAAP financial measures to its most directly comparable GAAP financial measures. With respect to the company’s expectations for the third quarter of fiscal year 2023, a reconciliation of non-GAAP gross margin and non-GAAP operating expenses guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability and low visibility with respect to the charges excluded from these non-GAAP measures. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results.

 
AMBARELLA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
        
  Three Months Ended July 31,  Six Months Ended July 31,
  2022  2021  2022  2021
    
Revenue$80,884  $79,327  $171,189  $149,460 
        
Cost of revenue 29,820   29,908   63,578   56,276 
Gross profit  51,064       49,419       107,611       93,184  
               
Operating expenses:              
Research and development   52,338       39,558       99,028       77,432  
Selling, general and administrative   18,914       15,821       39,269       31,848  
               
Total operating expenses   71,252       55,379       138,297       109,280  
               
Loss from operations   (20,188 )     (5,960 )     (30,686 )     (16,096 )
               
Other income (expense), net   (26 )     218       60       811  
               
Loss before income taxes   (20,214 )     (5,742 )     (30,626 )     (15,285 )
               
Provision for income taxes   3,436       1,414       3,846       2,689  
               
Net loss $ (23,650 )   $ (7,156 )   $ (34,472 )   $ (17,974 )
               
Net loss per share attributable to ordinary shareholders:              
Basic $ (0.62 )   $ (0.20 )   $ (0.91 )   $ (0.50 )
Diluted $ (0.62 )   $ (0.20 )   $ (0.91 )   $ (0.50 )
Weighted-average shares used to compute net loss per share              
attributable to ordinary shareholders:              
Basic   38,258,341       36,442,536       37,986,839       36,191,420  
Diluted   38,258,341       36,442,536       37,986,839       36,191,420  
               

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