Ambarella · Robotics Bottleneck Research

What it doesLow-power vision and AI systems-on-chip for drones, robots, cameras and vehicles.

在干什么面向无人机、机器人、摄像头与车辆的低功耗视觉与 AI 片上系统。

Name sheetAmbarella

Why it mattersRobots cannot run safety-critical or high-frequency loops on cloud-only inference: on-device compute is a durable picks-and-shovels layer, and P04 rose to second on the whole board after the re-rank.

为何重要机器人无法依赖纯云端推理运行安全关键或高频回路；端侧算力是耐久的卖铲人层，而 P04 在重排之后升至全表第二。

Caveat

Still GAAP loss-making, and robotics revenue is still not separately disclosed. Q1 FY2027, the quarter ended 2026-04-30: revenue $100.4m (+16.9%), GAAP net loss $18.1m ($0.41 a share) against $24.3m a year earlier, non-GAAP net income $5.0m ($0.11), and GAAP gross margin 58.4% against 60.0%.

FY2026, ended 2026-01-31, carried a GAAP net loss of $75.9m against $117.1m in FY2025, with non-GAAP net profit of $26.9m. The GAAP-to-non-GAAP gap is $23.1m, roughly 23% of quarterly revenue.

The loss is narrowing but has not crossed over, and gross margin fell 160bp year over year while revenue grew 17%: margin, not the loss, is the number that tests the P04 pricing-power thesis. Return +4.04%.

风险提示

仍是 GAAP 亏损，机器人收入仍不单独披露。FY2027 Q1（截至 2026-04-30）：收入 1.004 亿美元（+16.9%），GAAP 净亏损 1,810 万美元（每股 0.41 美元），上年同期为 2,430 万美元；非 GAAP 净利 500 万美元（每股 0.11 美元）；GAAP 毛利率 58.4%，上年为 60.0%。

FY2026（截至 2026-01-31）GAAP 净亏损 7,590 万美元，FY2025 为 1.171 亿美元；非 GAAP 净利 2,690 万美元。GAAP 与非 GAAP 之间的差额为 2,310 万美元，约占单季收入的 23%。

亏损在收窄，但尚未转正；收入增长 17% 的同时毛利率同比下降 160bp——真正检验 P04 定价权论点的是毛利率，而非亏损。回报 +4.04%。

ProductLow-power vision and AI system-on-chips for drones, robots, cameras, and vehicles

Value accrualSemiconductor content plus software toolchain at the endpoint

Key riskQ1 FY2027 revenue $100.4m (+16.9%) but GAAP net loss $18.1m; robotics revenue is not separately disclosed within 46m+ AI SoC installed base.

Bottlenecks瓶颈 P04 Edge inference边缘推理

Class: public
Country: US
HQ: Santa Clara, United States
Layer: Compute / Edge AI
Systems: brain
Caveat stance: watch
Ticker: AMBA
Exchange: Nasdaq
Purity: Medium / edge AI across endpoints
Valuation tier: 2
Last verified: 2026-08-12
Confidence note: High facts / Moderate exposure
Sleeve: A
Sources: S-PUB-004
Translated fields: what_it_does_en · why_it_matters_en · caveat_en
Chain position: upstream

COMPANY RESEARCH公司研究 Commercial evidence商业证据 Expand +展开 + Collapse −收起 −

Commercial evidence shows how far a company has moved from a product claim to repeatable customer value. We look for a defined customer task, paid deployment, operating results, the human help required, and economics that can support repeat use. Missing information stays unassessed; it does not count as evidence against the company.商业证据用于判断一家公司从产品宣称走到了可重复客户价值的哪一步。我们关注明确的客户任务、付费部署、运行结果、所需人工协助，以及能否支持重复采用的经济性。缺失信息保持未评估，不会被当作对公司的负面证据。 Each item below applies only to the cited document and period. It should be read with its evidence class, review date, and stated limits.以下每项内容仅适用于所引文件与期间，阅读时应同时考虑证据类别、核查日期与已说明的局限。

Customer and task
客户与任务: Not yet assessed in this structured record.本结构化记录尚未评估。
Deployment and payment
部署与付款: Not yet assessed in this structured record.本结构化记录尚未评估。
Task results and human assistance
任务结果与人工协助: Not yet assessed in this structured record.本结构化记录尚未评估。
Cost and repeat purchases
成本与复购: Not yet assessed in this structured record.本结构化记录尚未评估。
What the evidence cannot establish
证据的局限: Not yet assessed in this structured record.本结构化记录尚未评估。

How to evaluate commercial evidence如何评估商业证据