A maker of ultra-low-power microchips that keep battery-powered gadgets alive far longer, Ambiq designs the Apollo system-on-chip family found inside wearable health trackers like the Fitbit Charge 6, plus software for on-device artificial intelligence. Born in 2010 from University of Michigan research into "subthreshold" computing, it was first incorporated as Cubiq Microchip before being renamed Ambiq in 2012. Its SPOT technology lets chips run at voltages so low that conventional designs fail, a trick the founders turned into a business after watching the industry wrestle with battery life anxiety.
Ambiq revenue rose 90% to $33.9M on new product ramps, and gross margin reached 45% as the China pivot's mix benefit continued.
nearly doubled as new products scaled across a concentrated customer base. Net sales rose 89.7% to $33.9 million and widened 4.9 points to 45.0%, driven by new product launch ramps and higher average selling prices, while the narrowed to $7.1 million. The company holds $366.8 million in cash after two follow-on offerings, but 78% of sales came from just three end customers.
Key takeaways
rose 89.7% to $33.9 million, driven by broad-based new product launch ramps and a new major customer product launch, with higher average selling prices contributing to the increase.
widened 4.9 percentage points to 45.0%, which management attributed to the higher average selling prices on the new products.
The narrowed to $7.1 million from $10.6 million a year ago, as the $14.0 million increase in more than offset a $5.2 million rise in R&D expense and a $2.8 million rise in SG&A expense.
R&D expense rose 58.9% to $14.1 million, reflecting higher IP development, contractor, and compensation costs, including 15 new hires during the quarter, as the company invested in its product roadmap.
Cash and equivalents reached $366.8 million at quarter-end after two follow-on offerings raised $243.2 million in net proceeds; was a $9.5 million deficit, partly driven by an build to support the ramp.
Customer concentration remained extreme: the top three end customers represented 78% of in the quarter, and Mainland China end-customer sales rose to 13.7% of net sales from 11.5% a year ago.
What changed
The growth rate accelerated sharply: the 89.7% increase in Q2 2026 followed a 59.3% increase in Q1 2026, confirming that the new product ramps flagged last quarter are scaling rather than representing a one-time spike.
, which fell 9.9 points in Q1 2026 solely because the prior-year quarter included a non-recurring $1.6 million nonmonetary gain, rebounded to 45.0% in Q2 2026 as that item fully washed out of the comparison, revealing the underlying margin profile management had pointed toward.
What to watch
Whether the $33.9 million quarterly run rate can be sustained or grown beyond the current product cycle at the three customers that represent 78% of sales.
The trajectory of as the new product mix matures and the company targets automotive and AI markets, which may carry different margin profiles.
The pace of R&D spending relative to growth, and whether the Atomiq development plan begins to generate design wins that diversify the customer base.
Section summaries
Management's Discussion and Analysis
Q2 FY2026 net sales rose 89.7% to $33.9M on new product ramps, while net loss narrowed to $7.1M.
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increased 89.7% to $33.9M in Q2 and 75.5% to $59.0M in H1 2026, driven by broad-based new product launch ramps and a new major customer product launch.
rose 490 to 45.0% in Q2 on higher average selling prices, but fell 190 bps to 44.4% in H1 due to a $1.6M non-monetary gain in Q1 2025 that did not repeat.
The China pivot flagged in earlier filings has largely run its course: Mainland China end-customer sales rose to 13.7% of in Q2 2026 from 11.5% a year ago, a modest increase that suggests the deliberate decline in China exposure has stabilized at a low level.
R&D spending continued to accelerate, rising 58.9% in Q2 2026 after a 47.7% increase in Q1 2026, as the Atomiq development plan scaled with additional headcount and IP investment.
The cash balance swelled to $366.8 million from $140.3 million at fiscal year-end 2025, following a second follow-on offering, giving the company substantial resources to fund its R&D buildout and operating losses.
Any progress on reducing customer concentration, particularly whether the company can add enough new customers to lower the 78% share held by the top three end customers.
R&D expense grew 58.9% to $14.1M in Q2 and 53.4% to $27.0M in H1 on higher IP development, contractor, and compensation costs, including 15 and 23 new hires in the respective periods.
SG&A expense rose 39.4% to $9.9M in Q2 on higher , variable compensation, sales commissions, and public-company costs; H1 increase was partially offset by absent 2025 IPO costs.
Cash and equivalents totaled $366.8M at June 30, 2026 after two follow-on offerings raised $243.2M net; deficit was $20.7M in H1, driven partly by a $12.4M build.
Top three end customers represented 78% of Q2 , and Mainland China end-customer sales were 13.7% in both Q2 and H1 2026, up from 11.5% and 9.0% in the prior-year periods.
Quantitative and Qualitative Disclosures About Market Risk
We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act, and are not required to provide the information specified under this item. 24 Table of Contents
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We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act, and are not required to provide the information specified under this item.
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As of the date of this Quarterly Report on Form 10-Q, to our knowledge, we are not party to and our property is not subject to any material pending legal proceedings. However, from time to time, we may become involved in legal proceedings or subject to claims that arise in the o…
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As of the date of this Quarterly Report on Form 10-Q, to our knowledge, we are not party to and our property is not subject to any material pending legal proceedings. However, from time to time, we may become involved in legal proceedings or subject to claims that arise in the ordinary course of our business activities. Regardless of the outcome, such legal proceedings or claims could have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.
Newly disclosed risks center on the company's dual listing on NYSE and SGX-ST and cross-border share transfer mechanics.
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Substantial transfers of common stock between the SGX-ST and NYSE could adversely affect liquidity and trading price on either exchange.
Cross-border transfers rely on CDP and DTC procedures and may be delayed by time differences, market circumstances, or broker procedures, preventing investors from settling or selling during transfer periods.
CDP, DTC participants, and brokers may charge fees for cross-border transfers, potentially reducing the economic return stockholders anticipate.
Different trading hours, liquidity, rules, and investor bases between the Singapore and U.S. capital markets may cause the company's stock to trade at different prices on each exchange.
CDP Depositors may be diluted if the company conducts a U.S.-only or , as Singapore regulatory costs could prevent their participation.