Ambarella (AMBA) ☆

Ambarella designs video-processing and AI vision chips that camera and car makers build into their products at the design stage. It sells to ODMs and OEMs, largely through WT Microelectronics, which the 10-Q says accounted for 'approximately 70% of total revenue' in fiscal 2026. The filing ties future growth to expanding 'within the Internet of Things, or IoT, and automotive markets with our new artificial intelligence, or AI, SoC solutions' and to penetrating robotics and industrial markets. Revenue rose to $390,702 thousand in fiscal 2026 from $284,865 thousand in fiscal 2025, but losses continued. The site's filing reader could not extract the business section of the FY2026 10-K, so this profile rests on the latest 10-Q's risk factors and filed financial data.

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Ambarella earns a solid gross margin on its vision chips but has not turned it into GAAP operating profit, and its own filing describes larger rivals and falling prices. The 10-K and 10-Q financial data (as carried in TradingPilot fundamentals) report gross profit of $231,266 thousand on revenue of $390,702 thousand in fiscal 2026 (year ended 2026-01-31), against an operating loss of $82,527 thousand. GAAP operating income was negative in every fiscal year from fiscal 2019 (a loss of $40,420 thousand) through fiscal 2026, including a loss of $154,560 thousand in fiscal 2024. The quarter ended 2026-07-31 still shows an operating loss of $8,143 thousand on revenue of $108,125 thousand (10-Q filed 2026-09-04). The 10-Q's risk factors say 'Many of our competitors are substantially larger'. They say third parties 'have licensed their technology, including image signal processing and computer vision IP, which potentially enables a greater number of competitors to offer competitive solutions', and that average selling prices 'have typically decreased over time and will likely do so in the future'. None rather than narrow, because in no fiscal year since 2019 has the design-win position produced a GAAP operating profit.

类型: 无

The one durable mechanism the 10-Q (2026-09-04) describes is the design socket, and it cuts both ways. 'Once an OEM designs a competitor's device into its product, it becomes significantly more difficult for us to sell our SoC solutions to that OEM because changing suppliers involves significant cost, time, effort and risk for the OEM.' In OEM automotive and robotics, the filing says Ambarella faces 'certain competitive disadvantages in these markets relative to larger competitors that have significantly more resources and a longer history working with OEMs and ODMs'. The risk factors present socket stickiness as protecting whichever supplier wins, say rivals can license image-signal-processing and computer-vision IP, and name no lock specific to Ambarella.

领先地位: 势均力敌

No independent ranking was found. The 10-Q (2026-09-04) names HiSilicon, Novatek, NVIDIA, Qualcomm and SigmaStar as primary IoT competitors. In the automotive camera market it names Horizon Robotics, Mobileye, Novatek, NVIDIA, Qualcomm, Renesas and Texas Instruments. It says many competitors have 'significantly better brand recognition and broader product offerings than us'. It does win sockets at named customers: its largest end customer in fiscal 2027 to date was Insta360 (Arashi Vision), and its top 10 end customers were 'approximately 67%' of fiscal 2026 revenue. It is one supplier among several, conceding scale and, in automotive and robotics, 'competitive disadvantages', so the band is at parity, not leading.

定价权: 中等

Gross profit has held at a steady share of revenue. The filed financial data (as carried in TradingPilot fundamentals) show $231,266 thousand on $390,702 thousand in fiscal 2026, $172,330 thousand on $284,865 thousand in fiscal 2025, and $62,416 thousand on $108,125 thousand in the quarter ended 2026-07-31. The 10-Q expects that average selling prices 'will likely' keep decreasing, 'which could harm our revenue and gross margins'.

基于所引来源做出的人工整理护城河判断。 来源：sec.gov

与其他公司对比…

产业链位置

层级: chips (GPU/ASIC/CPU)

• 上游（供应商）： —
• 下游（客户）： —
• 竞争对手： NVIDIA, Qualcomm

Edge-device silicon: vision and AI SoCs designed into cameras and vehicles by ODMs and OEMs, sold mostly through the distributor WT Microelectronics.

由这家公司已映射的供应链关系及其所属产业层级推导而来。

信号贡献 编辑先验

护城河先验在长周期（约 6 个月）上投出 +0.01 票，权重为 0.20——该周期上的群体判断是 neutral（得分 -0.08，信念度 0）。

编辑先验——主观、未经回测。它有界（±0.6）、低置信度，且从不对短周期与中周期投票。 查看它究竟如何投票 →

产品线

产品与服务，附编辑判定的市场份额区间与技术壁垒区间——这些是与所引依据绑定的定性判断，绝非杜撰的数字。

你正在看的是什么

这些图表绘制的是 Ambarella 在其 SEC 申报文件中已申报的利润表、现金流量表与资产负债表（截至 2026-09-04）。每一个数字都是申报原值 XBRL——没有任何一项是预估。

在已申报的区间内，FY2026 净亏损 $75.9M。

我们的模型在中周期上对这只股票偏向 Low-confidence · Neutral——这是对市场方向的判断，不是对盈利的预测。查看“信号”标签。

申报文件

• 2025Q1 · 申报于 2026-09-04 来源：sec.gov
• 2025Q3 · 申报于 2026-09-04 来源：sec.gov
• 2026Q1 · 申报于 2026-09-04 来源：sec.gov
• 2026Q3 · 申报于 2026-09-04 来源：sec.gov
• 2025Q2 · 申报于 2026-09-04 来源：sec.gov

关键比率与同业对比

正在与同业比较…

机构持有人（13F, 2026Q2）

TradingPilot 计算的列（占 13F 比例、占流通股比例）由申报原值推导而来；只有名称、股数与金额是申报原值。