Ambiq Micro

AMBQ · NYSE · Information Technology · Financials, fiscal 2024 to 2025

AMBQ · Last close · November 6, 2026

$38.56

Ambiq Micro's revenue fell 4.7% to $72 million in fiscal 2025. Its operating margin was −54.5%, down from −53.4% a year earlier. The diluted share count rose 2036.2%.

Ambiq Micro, Inc. Latest fiscal year ended December 31, 2025 10-K filed March 5, 2026 · 0001193125-26-094004 Updated November 6, 2026

Revenue

$72M

4.7%

Operating margin

−54.5%

1.1 pts

Net income

−$36M

Free cash flow

—

Return on equity

—

Market cap

$837M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Ambiq Micro does

Ambiq Micro, based in Austin, Texas, designs chips that use very little electricity, so that small battery-powered devices can run artificial intelligence features for weeks. Its approach rests on a chip design platform it calls SPOT, which it says cuts power use to between a half and a fifth of conventional designs, depending on the application. It sells systems-on-a-chip with the software to run AI, sensing, security and wireless connections.

The chips go into smartwatches and fitness trackers, smart rings, augmented and virtual reality glasses, digital health monitors, security and access systems, and farm and factory equipment. Body-worn devices drive a significant portion of its revenue today.

Ambiq has no factories. It is a fabless company, which means it designs chips and relies on a single outside supplier to make them. It sells through its own sales force and a network of distributors and sales representatives, and it focuses on the United States, Europe and Asia outside mainland China. It reports a history of net losses.

Its biggest risks, as it describes them

A history of net losses, with no assurance it will reach or keep profitability.
Depending on a few end customers for most of its revenue, who can stop buying at any time.
Spending on chip designs for customers without any guarantee that they will lead to revenue.
Relying on a single outside supplier to make its chips.
Falling selling prices and rising input costs that could squeeze its margins.

From Ambiq Micro's annual report on Form 10-K, filed March 5, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Ambiq Micro lost money in fiscal 2025: a net loss of $36 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY24	FY25
Cash and short-term investments	61	140
Debt incl. finance leases	—	—
Net debt (negative means net cash)	—	—
Net debt to EBITDA	—	—
Debt to equity	—	—
Interest coverage	—	—
Current ratio	7.6x	8.8x
Quick ratio	6.3x	7.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Ambiq Micro's filings doesn't give both for any year, so free cash flow is left out.

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Ambiq Micro's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Ambiq Micro's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Ambiq Micro shares on the open market, and 8 insiders sold $34.5 million, $13.7 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 15, 2026	Fumihide EsakaChief Executive Officer, Director	Sold plan	13,500	$60.28	$813,723	Form 4
Sep 15, 2026	Scott McLean HansonChief Technology Officer, Director	Sold plan	7,000	$60.28	$421,952	Form 4
Sep 14, 2026	Sean Chihhsiang ChenPresident and COO	Sold plan	15,000	$60.14	$902,138	Form 4
Sep 11, 2026	Fumihide EsakaChief Executive Officer, Director	Sold plan	50,000	$63.36	$3.2 million	Form 4
Sep 11, 2026	Ker ZhangDirector	Sold	10,000	$63.44	$634,404	Form 4
Sep 4, 2026	Sean Chihhsiang ChenPresident and COO	Sold plan	15,000	$57.17	$857,604	Form 4
Sep 4, 2026	Ker ZhangDirector	Sold	185	$56.92	$10,530	Form 4
Sep 2, 2026	Fumihide EsakaChief Executive Officer, Director	Sold plan	11,027	$56.69	$625,103	Form 4
Sep 1, 2026	Fumihide EsakaChief Executive Officer, Director	Sold plan	48,973	$56.39	$2.8 million	Form 4
Aug 31, 2026	Fumihide EsakaChief Executive Officer, Director	Sold plan	48,500	$57.44	$2.8 million	Form 4
Aug 27, 2026	Scott McLean HansonChief Technology Officer, Director	Sold	27,500	$59.80	$1.6 million	Form 4
Aug 26, 2026	Scott McLean HansonChief Technology Officer, Director	Sold	27,500	$59.58	$1.6 million	Form 4

The latest 12 of 22 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY25
Piotroski F-score	—
Rule of 40	—
Altman Z''	5.22
Accruals ratio	−11.6%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY25
Net income is positive	Fail
Cash from operations is positive	Fail
Return on assets rose	—
Cash from operations exceeds net income	Pass
Debt fell relative to assets	—
Current ratio rose	Pass
Share count didn't rise	Fail
Gross margin rose	Pass
Revenue rose relative to assets	—
F-score	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Ambiq Micro side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Ambiq Micro	FY25	−4.7%	−54.5%	—	—	—	—
Arteris	FY25	22.3%	−47.0%	7.6%	—	—	—	Compare
Everspin Technologies	FY25	9.5%	−11.8%	5.7%	−20.4%	—	3	Compare
CEVA	FY25	2.5%	−10.3%	−5.7%	—	—	—	Compare
Navitas Semiconductor	FY25	−44.9%	−234.7%	−96.6%	−36.3%	—	1	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

2 years of figures

Fiscal year	FY24	FY25
Income statement
Revenue	76	72
Revenue growth	—	−4.7%
Gross profit	24	32
Research and development	37	38
Operating income	−41	−40
Net income	−40	−36
Diluted EPS (US$)	−113.50	−4.57
Diluted shares (millions)	0	8
Cash flow
Cash from operations	−21	−20
Capital expenditure	—	—
Free cash flow	—	—
Dividends paid	0	0
Share buybacks	0	0
Acquisitions	0	0
Stock-based compensation	5	7
Balance sheet at fiscal year end
Cash and short-term investments	61	140
Debt incl. finance leases	—	—
Total assets	104	185
Total liabilities	18	22
Shareholders' equity	−292	162
Margins and ratios
Gross margin	31.9%	44.3%
Operating margin	−53.4%	−54.5%
Net margin	−52.1%	−50.3%
Free cash flow margin	—	—
Rule of 40 (growth + FCF margin)	—	—
Return on capital	—	—
Return on equity	—	—
Return on assets	—	−25.2%
Net debt to EBITDA	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Ambiq Micro's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Ambiq Micro.