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

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 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 third 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 July 31,  Six Months Ended July 31,
    2023    2022    2023    2022 
     
Revenue $62,121  $80,884  $124,263  $171,189 
         
Cost of revenue  23,659   29,820   48,282       63,578  
Gross profit     38,462       51,064       75,981       107,611  
                 
Operating expenses:                
Research and development     54,917       52,338       109,358       99,028  
Selling, general and administrative     18,884       18,914       37,504       39,269  
                 
Total operating expenses     73,801       71,252       146,862       138,297  
                 
Loss from operations     (35,339 )     (20,188 )     (70,881 )     (30,686 )
                 
Other income (expense), net     737       (26 )     2,023       60  
                 
Loss before income taxes     (34,602 )     (20,214 )     (68,858 )     (30,626 )
                 
Provision (benefit) for income taxes     (3,404 )     3,436       (1,758 )     3,846  
                 
Net loss   $ (31,198 )   $ (23,650 )   $ (67,100 )   $ (34,472 )
                 
Net loss per share attributable to ordinary shareholders:              
Basic   $ (0.79 )   $ (0.62 )   $ (1.70 )   $ (0.91 )
Diluted   $ (0.79 )   $ (0.62 )   $ (1.70 )   $ (0.91 )
Weighted-average shares used to compute net loss per share              
attributable to ordinary shareholders:                
Basic     39,736,704       38,258,341       39,538,748       37,986,839  
Diluted     39,736,704       38,258,341       39,538,748       37,986,839  



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