Ambiq Micro, Inc. (AMBQ)

Price$57.45Cached quoteAs of 2026-09-06 00:11 UTC

AI: Overvalued

Price checkThe shares assume exceptional growth before the company has proved lasting profits.

At the observed quote, multiplying by 24.15 million June shares gives an equity value near $1.53 billion. Subtracting $362.2 million of net cash leaves about $1.17 billion assigned to the operating business. That equals roughly 12 times the trailing 12 months’ $97.9 million sales, or 8.6 times annualized second-quarter sales, despite continued losses. The cash cushion is real, but this valuation requires unusually fast growth, better margins, and eventual profits; that supports an Overvalued verdict.

Big pictureSales are accelerating sharply, but cash losses show the turnaround remains unfinished.

Annual sales slipped 4.7% to $72.5 million in 2025, while the net loss narrowed only to $36.5 million. Momentum then changed: first-half 2026 sales rose 75% to $59.0 million, and second-quarter sales grew 90% from a year earlier. The share of sales left after production costs improved to 45.0%. However, first-half operations consumed $20.7 million, and total investing consumed another $5.9 million. Free cash flow—cash left after running and investing in the business—therefore remained deeply negative.

Business strengthA large cash reserve protects the company, while customer dependence and dilution weaken shareholders.

June net cash was $362.2 million, with $416.6 million of current assets against $26.1 million of current liabilities. That provides roughly seven years of funding at the first half’s annualized cash-use rate, although spending can change. The protection came largely from shareholders: two 2026 offerings raised $243.2 million net, while outstanding shares increased 31.8% from December. Stock compensation added $6.9 million in six months, and no dividends or buybacks offset dilution. Meanwhile, three end customers supplied 78% of second-quarter sales.

What could change the storyHigher sales must produce steady cash before the optimistic valuation becomes easier to defend.

Management guided third-quarter sales to $36 million–$37 million. At its midpoint assumptions of a 47% adjusted production margin and $24.5 million of adjusted operating costs, quarterly sales would need to reach roughly $52 million for operating break-even—about 43% above guidance. Sustaining that level, diversifying beyond three dominant customers, and generating cash would strengthen the bull case. A guidance miss, rising inventory, or weaker orders against $32.2 million of manufacturing commitments would strengthen the bear case. The valuation assumes growth persists and further dilution slows.

AI: News

Record sales and outlookQuarterly sales surged and management expected another increase, but the company still lost money.

On August 11, Ambiq reported second-quarter sales of $33.9 million, up 89.7% from a year earlier. Gross profit rose 112.9%, while the share of sales remaining after production costs improved from 40.1% to 45.0%. The reported net loss was still $7.1 million, although the adjusted loss narrowed to $1.8 million. Management projected third-quarter sales of $36 million–$37 million. Shares gained about 0.5% the next session, but timing alone cannot establish that results caused the move.

Upsized share saleA large share sale funded expansion and losses, while reducing each existing owner’s stake.

Ambiq closed an upsized offering on June 25, selling 2.3 million shares and receiving $167.9 million after fees from $179.4 million of gross proceeds. The new shares expanded the pre-offering count by roughly 11%, but created a substantial buffer for product development, manufacturing commitments, and continuing cash losses. The later observed market quote was approximately 19% below the offering price. That comparison reflects changed market expectations, but does not prove the offering caused the decline.

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Revenue

2021

2023

2024

2025

Net income

2021

2023

2024

2025

Free cash flow

2021

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2023

2024

2025

Financial statements

	2025	2024	2023	2021
Revenue	$72.5M	$76.1M	$65.5M	$91.0M
Gross profit	$32.1M	$24.3M	$19.4M	$30.8M
Gross margin	44.26%	31.93%	29.66%	33.81%
Research & development	$38.5M	$37.2M	$44.0M	$36.1M
Operating expenses	$71.6M	$64.9M	$70.8M	$55.2M
Operating income	−$39.5M	−$40.6M	−$51.3M	−$24.5M
Operating margin	−54.53%	−53.39%	−78.31%	−26.88%
EBITDA	−$32.3M	−$34.4M	−$43.6M	−$21.9M
EBITDA margin	−44.58%	−45.18%	−66.54%	−24.01%
Net income	−$36.5M	−$39.7M	−$50.3M	−$25.3M
Net profit margin	−50.28%	−52.14%	−76.80%	−27.85%
Basic EPSper basic share	-$4.57	-$113.50	-$5.00	-$0.10
Diluted EPSper diluted share	-$4.57	-$113.50	-$5.00	-$0.10

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

42.67%of listed shares

MANUFACTURERS LIFE INSURANCE COMPANY, THE10.3M shares · Jun 30, 2026

View holders

Top 20 reported holders of AMBQ
Holder	% owned
MANUFACTURERS LIFE INSURANCE COMPANY, THE	42.67%10.3M shares
Kleiner Perkins Caufield & Byers XVI, LLC / KPCB XVI Associates, LLC	≈11.02%2.66M shares
BlackRock, Inc.	5.72%1.38M shares
T. Rowe Price Investment Management, Inc.	4.17%1.01M shares
D. E. Shaw & Co., Inc.	4.07%983.92K shares
Atreides Management, LP	3.63%877.12K shares
STATE STREET CORP	3.57%861.98K shares
VANGUARD CAPITAL MANAGEMENT LLC	3.18%768.54K shares
TWO SIGMA INVESTMENTS, LP	2.70%651.79K shares
HSIEH Wen Hsuan	≈2.65%638.88K shares
ALLIANCEBERNSTEIN L.P.	2.52%609.61K shares
First Eagle Investment Management, LLC	2.02%488.79K shares
GOLDMAN SACHS GROUP INC	1.85%446.95K shares
GEODE CAPITAL MANAGEMENT, LLC	1.41%339.33K shares
NEEDHAM INVESTMENT MANAGEMENT LLC	1.34%323.7K shares
Schonfeld Strategic Advisors LLC	1.31%315.46K shares
SILVERCREST ASSET MANAGEMENT GROUP LLC	1.28%309.1K shares
JANE STREET GROUP, LLC	1.22%294.8K shares
MILLENNIUM MANAGEMENT LLC	1.20%289.21K shares
Driehaus Capital Management LLC	1.20%288.98K shares

Percentages use 24.15M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)16$16.88M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 27, 2026Form 4	Chen TimothyDirector	SellCommon Stock · indirect	3.3K	$81.57	$266.2K	0
May 27, 2026Form 4	Chen TimothyDirector	SellCommon Stock · indirect	20.7K	$80.61	$1.67M	3.3K
May 27, 2026Form 4	Chen TimothyDirector	SellCommon Stock · indirect	24.2K	$79.72	$1.93M	23.9K
May 27, 2026Form 4	Chen TimothyDirector	SellCommon Stock · indirect	22.4K	$78.85	$1.77M	48.2K
May 15, 2026Form 4	Chen Sean ChihhsiangPresident and COO	SellCommon Stock	23.3K	$71.37	$1.67M	120.3K

Review ownership filings at SEC.gov ↗

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Ambiq Micro, Inc. (AMBQ)

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