Ambarella, Inc. Announces First Quarter Fiscal Year 2024 Financial Results

With respect to its financial results for the first quarter of fiscal year 2024, 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 second quarter of fiscal year 2024, 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 April 30,
    2023    2022 
   
Revenue $62,142  $90,305 
     
Cost of revenue  24,623   33,758 
Gross profit  37,519   56,547 
     
Operating expenses:    
Research and development  54,441   46,690 
Selling, general and administrative  18,620   20,355 
     
Total operating expenses  73,061   67,045 
     
Loss from operations     (35,542 )     (10,498 )
         
Other income, net     1,286       86  
         
Loss before income taxes     (34,256 )     (10,412 )
         
Provision for income taxes     1,646       410  
         
Net loss   $ (35,902 )   $ (10,822 )
         
Net loss per share attributable to ordinary shareholders:      
Basic   $ (0.91 )   $ (0.29 )
Diluted   $ (0.91 )   $ (0.29 )
       
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders:        
Basic     39,340,791       37,715,338  
Diluted     39,340,791       37,715,338  
         

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