Full Year 2025 net sales of $72.5 million, with sequential growth in net sales in every quarter of the year
Fourth quarter net sales of $20.7 million exceeded guidance and marked the highest quarterly net sales of 2025 driven by accelerated customer demand and strong operational execution
Fourth quarter GAAP gross margin of 42.7%; non-GAAP gross margin of 45.5%, reflecting successful scaling across higher-value customers and broader market diversification
Expect strong first quarter net sales of $21.0 million to $22.0 million, reflecting growing momentum in advanced edge AI adoption
Ambiq Micro, Inc. ("Ambiq") (NYSE:AMBQ), a technology leader in ultra-low-power semiconductor solutions for edge AI, today announced financial results for the fourth quarter and full year 2025.
Full Year 2025 and Recent Highlights
- Strong performance on accelerating demand for edge AI solutions: Fourth quarter net sales were ahead of guidance with sequential net sales growth in every quarter of 2025.
- Continued AI-driven margin expansion: Delivered year-over-year margin expansion in the fourth quarter and full year 2025, driven by a shift toward higher-value revenue streams and greater geographic diversification. Full year 2025 gross profit was the highest in Company history.
- Advanced ultra-low-power AI silicon innovation: Unveiled Atomiq®, the world's first ultra-low-power NPU SoC built on Ambiq's SPOT® architecture. Launched three new Apollo variants, expanding our portfolio and enabling edge AI capabilities across a broader range of devices and end-markets.
- Expanded industrial edge AI presence: Announced partnership with RONDS to enable large-scale deployment of always-on, battery-powered AI sensors for heavy industrial applications.
- Recognized as an award-winning edge AI platform: neuralSPOT® software development kit (SDK) was honored as EDN's 2025 Product of the Year, highlighting Ambiq's differentiated approach to accelerating ultra-low-power edge AI development and deployment across key end markets.
- Received strong market interest in Ambiq's strategy and growth opportunity: Ambiq completed an upsized initial public offering and a follow-on offering, generating $102.7 million and $76.8 million in net proceeds, respectively.
- Strengthened leadership and governance: Ambiq welcomed Dr. Bernard (Bernie) Banks to its Board of Directors and Michele Connors as its General Counsel.
Management Commentary
"Our fourth quarter results represented the highest quarterly net sales of 2025, and full year 2025 gross profit was the highest in Company history, reflecting robust end customer demand and continued adoption of our higher-value Apollo platforms. Throughout the year, we expanded and diversified our customer base, introduced products to enhance more complex edge AI capabilities and completed a successful IPO and follow-on offering in early 2026," said Fumihide Esaka, CEO of Ambiq. "We are entering 2026 with meaningful momentum and expect a year of strong growth as our differentiated ultra-low power SPOT platform powers the next wave of edge AI adoption and helps make intelligent, always-on devices a reality across markets."
Summary of Fourth Quarter 2025 Results
GAAP
|
Three months ended December 31, |
Three months ended September 30, |
Three months ended December 31, |
Quarter over quarter change |
Year over year change |
|||||||||||||||
|
2025 |
2025 |
2024 |
|
|
|||||||||||||||
Net sales |
$ |
20,744 |
|
$ |
18,165 |
|
$ |
20,339 |
|
|
14.2 |
% |
|
2.0 |
% |
|||||
Gross profit |
$ |
8,859 |
|
$ |
7,677 |
|
$ |
5,048 |
|
|
15.4 |
% |
|
75.5 |
% |
|||||
Gross margin |
|
42.7 |
% |
|
42.3 |
% |
|
24.8 |
% |
0.5 pts |
|
17.9 pts |
|
|||||||
Operating expense |
$ |
20,821 |
|
$ |
17,720 |
|
$ |
15,419 |
|
|
17.5 |
% |
|
35.0 |
% |
|||||
Net loss attributable to common stockholders |
$ |
(10,679 |
) |
$ |
(9,002 |
) |
$ |
(10,191 |
) |
$ |
(1,677 |
) |
$ |
(488 |
) |
|||||
Net loss per share attributable to common stockholders |
$ |
(0.58 |
) |
$ |
(0.72 |
) |
$ |
(26.41 |
) |
$ |
0.14 |
|
$ |
25.82 |
|
|||||
NON-GAAP FINANCIAL MEASURES*
|
|
Three months ended December 31, |
|
Three months ended September 30, |
|
Three months ended December 31, |
|
Quarter over quarter change |
|
Year over year change |
||||||||||
|
|
2025 |
|
2025 |
|
2024 |
|
|
|
|
||||||||||
Non-GAAP Gross profit |
$ |
9,436 |
|
$ |
8,141 |
|
$ |
5,376 |
|
|
15.9 |
% |
|
75.5 |
% |
|||||
Non-GAAP Gross margin |
|
45.5 |
% |
|
44.8 |
% |
|
26.4 |
% |
0.7 pts |
|
19.1 pts |
|
|||||||
Non-GAAP Operating expense |
$ |
16,599 |
|
$ |
13,162 |
|
$ |
13,092 |
|
|
26.1 |
% |
|
26.8 |
% |
|||||
Non-GAAP Net loss attributable to common stockholders |
$ |
(5,861 |
) |
$ |
(3,977 |
) |
$ |
(7,533 |
) |
$ |
(1,884 |
) |
$ |
1,672 |
|
|||||
Non-GAAP Net loss per share attributable to common stockholders |
$ |
(0.32 |
) |
$ |
(0.32 |
) |
$ |
(19.52 |
) |
$ |
(0.00 |
) |
$ |
19.20 |
|
|||||
Summary of Full Year 2025 Results
GAAP
|
Year Ended
|
Year Ended
|
Year over year change |
||||||||
|
2025 |
2024 |
|
||||||||
Net sales |
$ |
72,514 |
|
$ |
76,067 |
|
(4.7 |
%) |
|||
Gross profit |
$ |
32,095 |
|
$ |
24,291 |
|
32.1 |
% |
|||
Gross margin |
|
44.3 |
% |
|
31.9 |
% |
12.3 pts |
|
|||
Operating expense |
$ |
71,638 |
|
$ |
64,904 |
|
10.4 |
% |
|||
Net loss attributable to common stockholders |
$ |
(36,461 |
) |
$ |
(42,385 |
) |
14.0 |
% |
|||
Net loss per share attributable to common stockholders |
$ |
(4.57 |
) |
$ |
(113.50 |
) |
96.0 |
% |
|||
NON-GAAP FINANCIAL MEASURES*
|
Year Ended
|
|
Year Ended
|
|
Year over year change |
||||||
|
2025 |
|
2024 |
|
|
||||||
Non-GAAP Gross profit |
$ |
32,628 |
|
$ |
23,942 |
|
36.3 |
% |
|||
Non-GAAP Gross margin |
|
45.0 |
% |
|
31.5 |
% |
13.5 pts |
|
|||
Non-GAAP Operating expense |
$ |
56,728 |
|
$ |
53,478 |
|
6.1 |
% |
|||
Non-GAAP Net loss attributable to common stockholders |
$ |
(20,918 |
) |
$ |
(31,331 |
) |
33.2 |
% |
|||
Non-GAAP Net loss per share attributable to common stockholders |
$ |
(2.62 |
) |
$ |
(83.90 |
) |
96.9 |
% |
|||
*Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expense and non-GAAP net loss attributable to common stockholders are non-GAAP financial measures. See "Non-GAAP Financial Measures" below for definitions of each of these measures, and the tables accompanying this press release for reconciliations of these measures to their most comparable GAAP measure. |
|||||||||||
First Quarter Business Outlook1
Ambiq's current expectations for the quarter ending March 31, 2026, include the following:
- Net sales within a range of $21.0 million to $22.0 million
- Non-GAAP gross margin between 44.0% and 45.0%
- Non-GAAP operating expense of 18.0 million to $18.5 million
- Non-GAAP net loss per share within a range of ($0.39) to ($0.33) based on a weighted average share count of 20.38 million shares outstanding
1 |
Ambiq's financial outlook is based on assumptions that it believes to be reasonable as of the date of this release, but may be materially affected by many factors, as discussed below in "Forward-Looking Statements." Actual results may vary from the guidance and the variations may be material. We undertake no intent or obligation to publicly update or revise this outlook, whether as a result of new information, future events or otherwise, except as required by law. The Company is unable to include a reconciliation of forward-looking non-GAAP net loss per share, non-GAAP gross margin and non-GAAP operating expense to the most directly comparable GAAP measure without unreasonable effort due to the high variability with respect to the impact of items such as depreciation and amortization, stock-based compensation expense and other items that are excluded from these non-GAAP measures. |
Conference Call
Ambiq will host a conference call for analysts and investors today at 8:30 a.m. Eastern Time. Interested participants can access the call by dialing 1-800-715-9871 and providing conference ID 3633496. International callers may join the call by dialing +1-646-307-1963, using the same code. The call will also be available as a live and archived webcast on the Events & Presentations section of Ambiq's Investor Relations website.
A telephone replay of the conference call will be available approximately two hours after the call through Thursday, March 12th, 2026, at 11:59 PM EST. The replay can be accessed by dialing +1-800-770-2030 and using the playback ID 3633496. International callers should dial +1-609-800-9909 and enter the same ID at the prompt.
About Ambiq Micro
Headquartered in Austin, Texas, Ambiq's mission is to enable intelligence (artificial intelligence (AI) and beyond) everywhere by delivering the lowest power semiconductor solutions. Ambiq enables its customers to deliver AI compute at the edge where power consumption challenges are the most severe. Ambiq's technology innovations, built on the patented and proprietary subthreshold power optimized technology (SPOT®), fundamentally deliver a multi-fold improvement in power consumption over traditional semiconductor designs. Ambiq has powered over 290 million devices to date. For more information, visit www.ambiq.com.
Non-GAAP Financial Measures
Ambiq supplements its reporting of financial information determined under generally accepted accounting principles in the United States of America (GAAP), including the use of non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP R&D expenses, non-GAAP SG&A expenses and non-GAAP net loss attributable to common stockholders. These non-GAAP financial measures help management make strategic decisions, establish budgets and operational goals for managing the business, analyze financial results, and evaluate business performance. Ambiq defines non-GAAP gross profit as gross profit adjusted to exclude expenses not directly attributable to gross profit, such as depreciation and amortization, stock-based compensation and gain on nonmonetary transaction. Ambiq defines non-GAAP gross margin as non-GAAP gross profit as a percentage of net sales. Ambiq defines non-GAAP operating expenses, non-GAAP R&D expenses and non-GAAP SG&A expenses as operating expenses, R&D expenses and SG&A expenses, as applicable, adjusted to exclude expenses not directly attributable to operating expenses, R&D expenses and SG&A expenses, as applicable, such as depreciation and amortization, stock-based compensation, severance costs, IPO-related bonus and IPO and other transaction costs, as applicable. Ambiq defines non-GAAP net loss attributable to common stockholders as net loss attributable to common stockholders adjusted to exclude expenses not directly attributable to the performance of operations, such as income taxes, depreciation and amortization, stock-based compensation, gain on nonmonetary transaction, severance costs, IPO-related bonus, IPO and other transaction costs and warrant valuation.
Ambiq believes these non-GAAP financial measures provide additional tools for investors to use in comparing core business and results of operations over multiple periods with other companies in the industry, many of which present similar non-GAAP financial measures. However, Ambiq's presentation of non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP R&D expenses, non-GAAP SG&A expenses, and non-GAAP net loss attributable to common stockholders may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures are calculated. These non-GAAP measures have limitations, and should not be considered as the sole measures of our performance and should not be considered in isolation from, or as a substitute for, the most comparable measure calculated in accordance with GAAP.
Forward-Looking Statements
The statements contained in this press release that are not historical facts are forward-looking statements. You can identify forward-looking statements because they contain words such as "believes," "expects," "may," "will," "should," "seeks," "intends," "plans," "estimates," or "anticipates," or similar expressions which concern our strategy, plans, projections or intentions. These forward-looking statements may be included throughout this press release, and include, but are not limited to, statements relating to Ambiq's expectations around its strategic initiatives, growth trajectory and expected first quarter and full year business outlook. By their nature, forward-looking statements are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify including those described in the section titled "Risk Factors" in Ambiq's Quarterly Report on 10-Q for the quarter ended September 30, 2025, as well as in other filings Ambiq may make with the SEC in the future. Ambiq's expectations, beliefs and projections are expressed in good faith and Ambiq believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. Any forward-looking statement in this press release speaks only as of the date of this release. Ambiq undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
AMBIQ MICRO, INC. |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(Unaudited and in thousands, except share and per share amounts) |
||||||||
|
|
|
|
|
||||
|
December 31, |
December 31, |
||||||
|
2025 |
2024 |
||||||
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
$ |
140,275 |
|
$ |
60,981 |
|
||
Accounts receivable, net |
|
7,286 |
|
|
10,401 |
|
||
Inventories, net |
|
16,937 |
|
|
15,008 |
|
||
Prepaid expenses and other current assets |
|
3,421 |
|
|
2,566 |
|
||
Total current assets |
$ |
167,919 |
|
$ |
88,956 |
|
||
Property, equipment and software, net of accumulated depreciation and amortization of $14,632 and $13,158, respectively |
|
4,137 |
|
|
2,616 |
|
||
Right-of-use assets, net |
|
638 |
|
|
928 |
|
||
Intangible assets, net of accumulated amortization of $10,752 and $5,082, respectively |
|
11,593 |
|
|
11,729 |
|
||
Other assets |
|
393 |
|
|
49 |
|
||
Total assets |
$ |
184,680 |
|
$ |
104,278 |
|
||
Liabilities, Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
$ |
8,577 |
|
$ |
2,933 |
|
||
Accrued and other current liabilities |
|
10,201 |
|
|
8,202 |
|
||
Short-term lease liabilities |
|
400 |
|
|
633 |
|
||
Total current liabilities |
$ |
19,178 |
|
$ |
11,768 |
|
||
Long-term lease liabilities |
|
278 |
|
|
333 |
|
||
Warrant liabilities |
|
— |
|
|
112 |
|
||
Other long-term liabilities |
|
2,765 |
|
|
6,317 |
|
||
Total liabilities |
$ |
22,221 |
|
$ |
18,530 |
|
||
Commitments and contingencies (Note 9) |
|
|
|
|
||||
Redeemable convertible preferred stock, $0.000001 par value; 10,000,000 shares authorized; 0 and 341,496,158 shares issued and outstanding at December 31, 2025 and December 31, 2024 |
$ |
— |
|
$ |
378,150 |
|
||
Stockholders' equity (deficit): |
|
|
|
|
||||
Common stock, $0.000001 par value; 500,000,000 shares authorized; 18,316,928 shares and 434,720 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively |
|
— |
|
|
— |
|
||
Additional paid-in-capital |
|
519,610 |
|
|
28,368 |
|
||
Accumulated deficit |
|
(356,711 |
) |
|
(320,250 |
) |
||
Accumulated other comprehensive loss |
|
(440 |
) |
|
(520 |
) |
||
Total stockholders' equity (deficit) |
|
162,459 |
|
|
(292,402 |
) |
||
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) |
$ |
184,680 |
|
$ |
104,278 |
|
||
AMBIQ MICRO, INC. |
||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
||||||||
(Unaudited and in thousands, except share and per share amounts) |
||||||||
|
|
|
|
|
||||
|
|
2025 |
|
2024 |
||||
Net sales |
$ |
72,514 |
|
$ |
76,067 |
|
||
Cost of sales |
|
40,419 |
|
|
51,776 |
|
||
Gross profit |
|
32,095 |
|
|
24,291 |
|
||
Operating expenses: |
|
|
|
|
||||
Research and development |
|
38,486 |
|
|
37,168 |
|
||
Selling, general, and administrative |
|
33,152 |
|
|
27,736 |
|
||
Total operating expenses |
|
71,638 |
|
|
64,904 |
|
||
Loss from operations |
|
(39,543 |
) |
|
(40,613 |
) |
||
Other income, net |
|
3,122 |
|
|
980 |
|
||
Loss before income taxes |
|
(36,421 |
) |
|
(39,633 |
) |
||
Provision for income taxes |
|
40 |
|
|
28 |
|
||
Net loss |
$ |
(36,461 |
) |
$ |
(39,661 |
) |
||
Deemed dividends |
|
— |
|
|
(2,724 |
) |
||
Net loss attributable to common stockholders |
$ |
(36,461 |
) |
$ |
(42,385 |
) |
||
Net loss per share attributable to common stockholders, basic and diluted |
$ |
(4.57 |
) |
$ |
(113.50 |
) |
||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
7,977,360 |
|
|
373,446 |
|
||
Comprehensive loss: |
|
|
|
|
||||
Currency translation adjustment |
|
80 |
|
|
319 |
|
||
Comprehensive loss |
$ |
(36,381 |
) |
$ |
(39,342 |
) |
||
Deemed dividends |
|
— |
|
|
(2,724 |
) |
||
Comprehensive loss attributable to common stockholders |
$ |
(36,381 |
) |
$ |
(42,066 |
) |
||
AMBIQ MICRO, INC. |
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Unaudited and in thousands) |
||||||||
|
|
|
|
|
||||
|
|
2025 |
|
2024 |
||||
Cash flows from operating activities |
|
|
|
|
||||
Net loss |
$ |
(36,461 |
) |
$ |
(39,661 |
) |
||
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
7,215 |
|
|
6,246 |
|
||
Stock-based compensation |
|
6,835 |
|
|
5,174 |
|
||
Gain on receipt of nonmonetary tangible assets |
|
(1,600 |
) |
|
(1,600 |
) |
||
Change in right-of-use assets |
|
698 |
|
|
987 |
|
||
Non-cash issuance of warrants |
|
— |
|
|
1,940 |
|
||
Change in warrant valuations and cancellations |
|
60 |
|
|
(51 |
) |
||
Inventory valuation adjustment |
|
199 |
|
|
428 |
|
||
Other |
|
(110 |
) |
|
— |
|
||
Changes in operating assets and liabilities |
|
|
|
|
||||
Accounts receivable |
|
3,226 |
|
|
1,754 |
|
||
Inventories |
|
(2,128 |
) |
|
6,041 |
|
||
Prepaid expenses and other assets |
|
(1,188 |
) |
|
521 |
|
||
Accounts payable and accrued liabilities |
|
4,197 |
|
|
(2,744 |
) |
||
Current and long-term liabilities |
|
(633 |
) |
|
(463 |
) |
||
Net cash used in operating activities |
|
(19,690 |
) |
|
(21,428 |
) |
||
Cash flows from investing activities |
|
|
|
|
||||
Purchase of intangible assets |
|
(6,099 |
) |
|
(3,073 |
) |
||
Purchases of property, equipment and software |
|
(1,344 |
) |
|
(658 |
) |
||
Net cash used in investing activities |
|
(7,443 |
) |
|
(3,731 |
) |
||
Cash flows from financing activities |
|
|
|
|
||||
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions |
|
102,672 |
|
|
— |
|
||
Payment of deferred offering costs |
|
(2,829 |
) |
|
— |
|
||
Proceeds from issuance of preferred stock, net of issuance costs |
|
— |
|
|
57,989 |
|
||
Proceeds from exercise of stock options |
|
839 |
|
|
854 |
|
||
Proceeds from exercise of warrants |
|
5,702 |
|
|
— |
|
||
Net cash provided by financing activities |
|
106,384 |
|
|
58,843 |
|
||
Effect of exchange rate changes on cash and cash equivalents |
|
43 |
|
|
(24 |
) |
||
Net increase in cash and cash equivalents |
|
79,294 |
|
|
33,660 |
|
||
Cash and cash equivalents at beginning of period |
|
60,981 |
|
|
27,321 |
|
||
Cash and cash equivalents at end of period |
$ |
140,275 |
|
$ |
60,981 |
|
||
Supplemental disclosure of non-cash investing and financing activities |
|
|
|
|
||||
Intangible assets in accounts payable, accrued and other long-term liabilities |
|
9,764 |
|
|
10,328 |
|
||
Gain on receipt of nonmonetary tangible asset |
|
1,600 |
|
|
1,600 |
|
||
Right-of-use assets obtained in exchange for new operating lease liabilities |
|
— |
|
|
1,207 |
|
||
Non-cash deferred offering costs |
|
(300 |
) |
|
— |
|
||
Deemed dividends |
— |
|
|
2,724 |
|
|||
The following tables reconcile the most directly comparable GAAP financial measure to each of these non-GAAP financial measures.
Non-GAAP Net Loss: |
||||||||||||||||||||
|
Three months ended
|
Year Ended
|
Three months ended
|
|||||||||||||||||
|
2025 |
2024 |
2025 |
2024 |
2025 |
|||||||||||||||
|
(in thousands) |
|||||||||||||||||||
Net loss attributable to common stockholders |
$ |
(10,679 |
) |
$ |
(10,191 |
) |
$ |
(36,461 |
) |
$ |
(42,385 |
) |
$ |
(9,002 |
) |
|||||
Add: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Income taxes |
|
19 |
|
|
3 |
|
|
40 |
|
|
28 |
|
|
3 |
|
|||||
Depreciation and amortization |
|
1,648 |
|
|
1,695 |
|
|
7,215 |
|
|
6,246 |
|
|
1,754 |
|
|||||
Stock-based compensation |
|
3,151 |
|
|
863 |
|
|
6,835 |
|
|
5,174 |
|
|
2,068 |
|
|||||
Gain on nonmonetary transaction |
|
— |
|
|
— |
|
|
(1,600 |
) |
|
(1,600 |
) |
|
— |
|
|||||
Severance costs |
|
— |
|
|
— |
|
|
— |
|
|
706 |
|
|
— |
|
|||||
IPO-related bonus |
|
— |
|
|
— |
|
|
1,200 |
|
|
— |
|
|
1,200 |
|
|||||
IPO and other transaction costs |
|
— |
|
|
97 |
|
|
1,793 |
|
|
551 |
|
|
— |
|
|||||
Warrant valuation |
|
— |
|
|
— |
|
|
60 |
|
|
(51 |
) |
|
— |
|
|||||
Non-GAAP net loss attributable to common stockholders |
$ |
(5,861 |
) |
$ |
(7,533 |
) |
$ |
(20,918 |
) |
$ |
(31,331 |
) |
$ |
(3,977 |
) |
|||||
Non-GAAP Gross Profit and Non-GAAP Gross Margin: |
||||||||||||||||||||
|
Three months ended
|
|
Year Ended
|
|
Three months ended
|
|||||||||||||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|||||||||||
|
(in thousands) |
|||||||||||||||||||
Gross profit |
$ |
8,859 |
|
$ |
5,048 |
|
$ |
32,095 |
|
$ |
24,291 |
|
$ |
7,677 |
|
|||||
Add: |
|
|
|
|
|
|
|
|||||||||||||
Depreciation and amortization |
|
475 |
|
|
252 |
|
|
1,906 |
|
|
895 |
|
|
439 |
|
|||||
Stock-based compensation |
|
102 |
|
|
76 |
|
|
227 |
|
|
356 |
|
|
25 |
|
|||||
Gain on nonmonetary transaction |
|
— |
|
|
— |
|
|
(1,600 |
) |
|
(1,600 |
) |
|
— |
|
|||||
Non-GAAP gross profit |
$ |
9,436 |
|
$ |
5,376 |
|
$ |
32,628 |
|
$ |
23,942 |
|
$ |
8,141 |
|
|||||
Non-GAAP Operating Expenses: |
||||||||||||||||||||
|
Three months ended
|
Year Ended
|
Three months ended
|
|||||||||||||||||
|
2025 |
2024 |
2025 |
2024 |
2025 |
|||||||||||||||
|
(in thousands) |
|||||||||||||||||||
Operating expenses |
$ |
20,821 |
|
$ |
15,419 |
|
$ |
71,638 |
|
$ |
64,904 |
|
$ |
17,720 |
|
|||||
Less: |
|
|
|
|
|
|||||||||||||||
Depreciation and amortization |
|
1,173 |
|
|
1,443 |
|
|
5,309 |
|
|
5,351 |
|
|
1,315 |
|
|||||
Stock-based compensation |
|
3,049 |
|
|
787 |
|
|
6,608 |
|
|
4,818 |
|
|
2,043 |
|
|||||
Severance |
|
— |
|
|
— |
|
|
— |
|
|
706 |
|
|
— |
|
|||||
IPO-related bonus |
|
— |
|
|
— |
|
|
1,200 |
|
|
— |
|
|
1,200 |
|
|||||
IPO and other transaction costs |
|
— |
|
|
97 |
|
|
1,793 |
|
|
551 |
|
|
— |
|
|||||
Non-GAAP operating expenses |
$ |
16,599 |
|
$ |
13,092 |
|
$ |
56,728 |
|
$ |
53,478 |
|
$ |
13,162 |
|
|||||
|
Three months ended
|
|
Year Ended
|
|
Three months ended
|
|||||||||||||||
Research and development |
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|||||||||||
|
(in thousands) |
|||||||||||||||||||
Operating expenses |
$ |
12,012 |
|
$ |
8,773 |
|
$ |
38,486 |
|
$ |
37,168 |
|
$ |
8,889 |
|
|||||
Less: |
|
|
|
|
|
|||||||||||||||
Depreciation and amortization |
|
1,136 |
|
|
1,410 |
|
|
5,061 |
|
|
5,116 |
|
|
1,279 |
|
|||||
Stock-based compensation |
|
1,609 |
|
|
396 |
|
|
2,589 |
|
|
2,416 |
|
|
263 |
|
|||||
Severance |
|
— |
|
|
— |
|
|
— |
|
|
439 |
|
|
— |
|
|||||
IPO-related bonus |
|
— |
|
|
— |
|
|
433 |
|
|
— |
|
|
433 |
|
|||||
Non-GAAP operating expenses |
$ |
9,268 |
|
$ |
6,967 |
|
$ |
30,403 |
|
$ |
29,196 |
|
$ |
6,915 |
|
|||||
|
Three months ended
|
|
Year Ended
|
|
Three months ended
|
|||||||||||||||
Selling, general, and administrative |
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|||||||||||
|
(in thousands) |
|||||||||||||||||||
Operating expenses |
$ |
8,809 |
|
$ |
6,646 |
|
$ |
33,152 |
|
$ |
27,736 |
|
$ |
8,831 |
|
|||||
Less: |
|
|
|
|
|
|||||||||||||||
Depreciation and amortization |
|
37 |
|
|
33 |
|
|
248 |
|
|
235 |
|
|
36 |
|
|||||
Stock-based compensation |
|
1,440 |
|
|
392 |
|
|
4,019 |
|
|
2,402 |
|
|
1,781 |
|
|||||
Severance |
|
— |
|
|
— |
|
|
— |
|
|
267 |
|
|
— |
|
|||||
IPO-related bonus |
|
— |
|
|
— |
|
|
767 |
|
|
— |
|
|
767 |
|
|||||
IPO and other transaction costs |
|
— |
|
|
97 |
|
|
1,793 |
|
|
551 |
|
|
— |
|
|||||
Non-GAAP operating expenses |
$ |
7,331 |
|
$ |
6,124 |
|
$ |
26,324 |
|
$ |
24,282 |
|
$ |
6,247 |
|
|||||
Non-GAAP Net Loss Attributable to Common Stockholders: |
||||||||||||||||
|
Three months ended
|
|
Year Ended
|
|||||||||||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||||||
GAAP net loss attributable to common stockholder |
$ |
(10,679 |
) |
$ |
(10,191 |
) |
$ |
(36,461 |
) |
$ |
(42,385 |
) |
||||
Weighted-average shares used in computing GAAP net loss per share |
|
18,309,394 |
|
|
385,938 |
|
|
7,977,360 |
|
|
373,446 |
|
||||
GAAP net loss per share attributable to common stockholder |
$ |
(0.58 |
) |
$ |
(26.41 |
) |
$ |
(4.57 |
) |
$ |
(113.50 |
) |
||||
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP net loss attributable to common stockholder |
$ |
(5,861 |
) |
$ |
(7,533 |
) |
$ |
(20,918 |
) |
$ |
(31,331 |
) |
||||
Weighted-average shares used in computing non-GAAP net loss per share |
|
18,309,394 |
|
|
385,938 |
|
|
7,977,360 |
|
|
373,446 |
|
||||
Non-GAAP net loss per share attributable to common stockholder |
$ |
(0.32 |
) |
$ |
(19.52 |
) |
$ |
(2.62 |
) |
$ |
(83.90 |
) |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20260304873649/en/
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Charlene Wan
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Investor Relations Contact
Teneo
Christina Coronios
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