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Ambarella, Inc. Announces First Quarter Fiscal Year 2024 Financial Results
SANTA CLARA, Calif., May 30, 2023 (GLOBE NEWSWIRE) -- Ambarella, Inc. (NASDAQ: AMBA), an edge AI semiconductor company, today announced financial results for
About this update from Ambarella, Inc.
[{"type":"text","content":"SANTA CLARA, Calif., May 30, 2023 (GLOBE NEWSWIRE) -- Ambarella, Inc. (NASDAQ: AMBA), an edge AI semiconductor company, today announced financial results for its first quarter of fiscal year 2024 ended April 30, 2023. Revenue for the first quarter of fiscal 2024 was $62.1 million, down 31% from $90.3 million in the same period in fiscal 2023.Gross margin under U.S. generally accepted accounting principles (GAAP) for the first quarter of fiscal 2024 was 60.4%, compared with 62.6% for the same period in fiscal 2023.GAAP net loss for the first quarter of fiscal 2024 was $35.9 million, or loss per diluted ordinary share of $0.91, compared with GAAP net loss of $10.8 million, or loss per diluted ordinary share of $0.29, for the same period in fiscal 2023. Financial results on a non-GAAP basis for the first quarter of fiscal 2024 are as follows: Gross margin on a non-GAAP basis for the first quarter of fiscal 2024 was 63.1%, compared with 63.8% for the same period in fiscal 2023.Non-GAAP net loss for the first quarter of fiscal 2024 was $6.0 million, or loss per diluted ordinary share of $0.15. This compares with non-GAAP net income of $17.1 million, or earnings per diluted ordinary share of $0.44, for the same period in fiscal 2023. Based on information available as of today, Ambarella is offering the following guidance for the second quarter of fiscal year 2024, ending July 31, 2023: Revenue is expected to be between $60.0 million to $64.0 million.Gross margin on a non-GAAP basis is expected to be between 62.5% and 64.5%.Operating expenses on a non-GAAP basis are expected to be between $48.0 million and $50.0 million. Ambarella reports gross margin, net income (loss) and earnings (losses) per share in accordance with GAAP and, additionally, on a non-GAAP basis. Non-GAAP financial information excludes the impact of stock-based compensation and acquisition-related costs adjusted for the associated tax impact, which includes the effect of any benefits or shortfalls recognized. A reconciliation of the GAAP to non-GAAP gross margin, net income (loss) and earnings (losses) per share for the periods presented, as well as a description of the items excluded from the non-GAAP calculations, is included in the financial statements portion of this press release. Total cash, cash equivalents and marketable debt securities on hand at the end of t...