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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number: 001-42766

Ambiq Micro, Inc.

(Exact Name of Registrant as Specified in its Charter)


Delaware	27-1911389
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
6500 River Place Blvd., Building 7 Austin, Texas	78730
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (512) 879-2850

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class

     Trading
Symbol(s)

     Name of each exchange on which registered

     Common Stock, par value $0.000001 per share

     AMBQ

     New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 29, 2025, the registrant had 18,235,262 shares of common stock, $0.000001 par value per share, outstanding.

Table of Contents


		Page

PART I.	FINANCIAL INFORMATION	2

Item 1.	Financial Statements (Unaudited)	2
	Condensed Consolidated Balance Sheets	2
	Condensed Consolidated Statements of Comprehensive Income (Loss)	3
	Consolidated statements of changes in redeemable convertible preferred stock and stockholders’ deficit	4
	Condensed Consolidated Statements of Cash Flows	5
	Notes to Unaudited Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.	Controls and Procedures	28

PART II.	OTHER INFORMATION	29

Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	29
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	60
Item 3.	Defaults Upon Senior Securities	61
Item 4.	Mine Safety Disclosures	61
Item 5.	Other Information	61
Item 6.	Exhibits	62
Signatures		63

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

AMBIQ MICRO, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

As of June 30, 2025 and December 31, 2024

(Unaudited and in thousands, except share and per share amounts)


	June 30,			December 31,
	2025			2024
Assets
Current assets:
Cash and cash equivalents	$	47,505		$	60,981
Accounts receivable, net		7,787			10,401
Inventories, net		15,759			15,008
Prepaid expenses and other current assets		3,836			2,566
Total current assets	$	74,887		$	88,956
Property, equipment and software, net of accumulated depreciation and amortization of $13,927 and $13,158, respectively		3,997			2,616
Right-of-use assets, net		834			928
Intangible assets, net of accumulated amortization of $8,104 and $5,082, respectively		9,394			11,729
Other assets		51			49
Total assets	$	89,163		$	104,278
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Deficit
Current liabilities:
Accounts payable	$	4,573		$	2,933
Accrued and other current liabilities		8,388			8,202
Short-term lease liabilities		402			633
Total current liabilities	$	13,363		$	11,768
Long-term lease liabilities		471			333
Warrant liabilities		173			112
Other long-term liabilities		4,317			6,317
Total liabilities	$	18,324		$	18,530
Commitments and contingencies (Note 6)
Redeemable convertible preferred stock, $0.000001 par value; 347,983,712 shares authorized; 341,496,158 shares issued and outstanding at June 30, 2025 and December 31, 2024	$	378,150		$	378,150
Stockholders’ deficit:
Common stock, $0.000001 par value; 500,000,000 shares authorized; 450,682 shares and 434,720 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively		—			—
Additional paid-in-capital		30,159			28,368
Accumulated deficit		(337,030	)		(320,250	)
Accumulated other comprehensive loss		(440	)		(520	)
Total stockholders’ deficit		(307,311	)		(292,402	)
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit	$	89,163		$	104,278

The accompanying notes are an integral part of these condensed consolidated financial statements.

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AMBIQ MICRO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

For the three and six months ended June 30, 2025 and 2024

(Unaudited and in thousands)


	Three Months Ended						Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net sales	$	17,873		$	20,252		$	33,605		$	35,462
Cost of sales		10,703			13,841			18,046			22,817
Gross profit		7,170			6,411			15,559			12,645
Operating expenses:
Research and development		8,898			9,391			17,585			18,827
Selling, general, and administrative		7,069			7,983			15,512			13,971
Total operating expenses		15,967			17,374			33,097			32,798
Loss from operations		(8,797	)		(10,963	)		(17,538	)		(20,153	)
Other income		315			337			776			133
Loss before income taxes		(8,482	)		(10,626	)		(16,762	)		(20,020	)
Provision for income taxes		14			7			18			12
Net loss	$	(8,496	)	$	(10,633	)	$	(16,780	)	$	(20,032	)
Deemed dividends		—			(2,044	)		—			(2,419	)
Net loss attributable to common stockholders	$	(8,496	)	$	(12,677	)	$	(16,780	)	$	(22,451	)
Net loss per share attributable to common stockholders, basic and diluted	$	(18.89	)	$	(34.59	)	$	(37.59	)	$	(61.57	)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted		449,785			366,509			446,390			364,662
Comprehensive loss:
Currency translation adjustment		110			(99	)		80			51
Comprehensive loss	$	(8,386	)	$	(10,732	)	$	(16,700	)	$	(19,981	)
Deemed dividends		—			(2,044	)		—			(2,419	)
Comprehensive loss attributable to common stockholders	$	(8,386	)	$	(12,776	)	$	(16,700	)	$	(22,400	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

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AMBIQ MICRO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

For the three and six months ended June 30, 2025 and 2024

(Unaudited and in thousands, except share amounts)


	Redeemable Convertible Preferred Stock				Common Stock				Additional Paid-		Accumulated			Accumulated Other Comprehensive			Total Stockholders’
	Shares		Amount		Shares		Amount		In-Capital		Deficit			Income (Loss)			Deficit
Balance March 31, 2024		286,086,784		328,110		365,714		—		18,804		(287,639	)		(689	)	$	(269,524	)
Issuance of Series G preferred shares, net of offering costs of $47		48,220,533		43,547		—		—		—		—			—			—
Issuance of warrants		—		—		—		—		1,940		—			—			1,940
Exercise of stock options		—		—		6,972		—		91		—			—			91
Stock-based compensation		—		—		—		—		1,638		—			—			1,638
Deemed dividend		—		—		—		—		2,044		(2,044	)		—			—
Currency translation adjustment		—		—		—		—		—		—			(99	)		(99	)
Net loss		—		—		—		—		—		(10,633	)		—			(10,633	)
Balance June 30, 2024		334,307,317	$	371,657		372,686	$	—	$	24,517	$	(300,316	)	$	(788	)	$	(276,587	)

Balance March 31, 2025		341,496,158		378,150		448,541		—		29,367		(328,534	)		(550	)	$	(299,717	)
Exercise of stock options		—		—		2,141		—		27		—			—			27
Stock-based compensation		—		—		—		—		765		—			—			765
Currency translation adjustment		—		—		—		—		—		—			110			110
Net loss		—		—		—		—		—		(8,496	)		—			(8,496	)
Balance June 30, 2025		341,496,158	$	378,150		450,682	$	—	$	30,159	$	(337,030	)	$	(440	)	$	(307,311	)


	Redeemable Convertible Preferred Stock				Common Stock				Additional Paid-		Accumulated			Accumulated Other Comprehensive			Total Stockholders’
	Shares		Amount		Shares		Amount		In-Capital		Deficit			Income (Loss)			Deficit
Balance January 1, 2024		277,238,979	$	320,161		356,356	$	—	$	17,676	$	(277,865	)	$	(839	)	$	(261,028	)
Issuance of Series G preferred shares, net of offering costs of $48		57,068,338		51,496		—		—		—		—			—			—
Issuance of warrants		—		—		—		—		1,940		—			—			1,940
Exercise of stock options		—		—		16,330		—		293		—			—			293
Stock-based compensation		—		—		—		—		2,189		—			—			2,189
Deemed dividend		—		—		—		—		2,419		(2,419	)		—			—
Currency translation adjustment		—		—		—		—		—		—			51			51
Net loss		—		—		—		—		—		(20,032	)		—			(20,032	)
Balance June 30, 2024		334,307,317	$	371,657		372,686	$	—	$	24,517	$	(300,316	)	$	(788	)	$	(276,587	)

Balance January 1, 2025		341,496,158	$	378,150		434,720	$	—	$	28,368	$	(320,250	)	$	(520	)	$	(292,402	)
Exercise of stock options		—		—		15,962		—		175		—			—			175
Stock-based compensation		—		—		—		—		1,616		—			—			1,616
Currency translation adjustment		—		—		—		—		—		—			80			80
Net loss		—		—		—		—		—		(16,780	)		—			(16,780	)
Balance June 30, 2025		341,496,158	$	378,150		450,682	$	—	$	30,159	$	(337,030	)	$	(440	)	$	(307,311	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

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AMBIQ MICRO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the six months ended June 30, 2025 and 2024

(Unaudited and in thousands)


	For the six months ended June 30,
	2025			2024
Cash flows from operating activities
Net loss	$	(16,780	)	$	(20,032	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		3,814			3,169
Stock-based compensation		1,616			2,189
Gain on receipt of nonmonetary tangible assets		(1,600	)		(1,600	)
Change in right-of-use assets		510			520
Non-cash issuance of warrants		—			1,940
Change in warrant valuations and cancellations		60			—
Other		(110	)		—
Changes in operating assets and liabilities
Accounts receivable		2,705			1,979
Inventories		(751	)		11,027
Prepaid expenses and other assets		(1,257	)		(1,908	)
Other long-term assets		(1	)		(176	)
Accounts payable		874			381
Accrued and other current liabilities		446			(2,322	)
Other long-term liabilities		(75	)		(261	)
Net cash used in operating activities		(10,549	)		(5,094	)
Cash flows from investing activities
Purchase of intangible assets		(2,687	)		(1,505	)
Purchases of property, equipment and software		(454	)		(213	)
Net cash used in investing activities		(3,141	)		(1,718	)
Cash flows from financing activities
Proceeds from issuance of preferred stock, net of issuance costs		—			51,496
Proceeds from exercise of stock options		175			293
Net cash provided by financing activities		175			51,789
Effect of exchange rate changes on cash and cash equivalents		39			(25	)
Net (decrease) increase in cash and cash equivalents		(13,476	)		44,952
Cash and cash equivalents at beginning of period		60,981			27,321
Cash and cash equivalents at end of period	$	47,505		$	72,273
Supplemental disclosure of non-cash investing and financing activities
Intangible assets in accounts payable, accrued and other long-term liabilities		8,328			1,280
Gain on receipt of nonmonetary tangible asset		1,600			1,600
Right-of-use assets obtained in exchange for new operating lease liabilities		383			321
Deemed dividends	—				2,419

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Ambiq Micro, Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

1. Description of Business

Ambiq Micro, Inc. (the Company) is a fabless semiconductor company that has developed technology based on a patented Sub-threshold Power Optimized Technology (SPOT™) platform that significantly reduces the amount of power consumed by integrated circuits. The following subsidiaries were formed by the Company and are wholly owned:

Ambiq Micro Singapore Private Ltd.

Shenzhen DeKean Electronics Co.

Ambiq Micro Asia Ltd.

Ambiq Micro Asia Ltd. Taiwan

Ambiq (Shenzhen) Electronics Co., Ltd.

Global Economic Considerations

The global macroeconomic environment is uncertain, and could be negatively affected by, among other things, increased U.S. disputes with countries that are existing trade partners, instability in the global capital and credit markets, supply chain weaknesses, instability in the geopolitical environment in Asia, Europe and the Middle East, and other tensions. Deterioration in economic factors arising from trade disputes between the United States and China, in particular, could have an adverse impact on the Company's financial results given its customer concentrations in both countries. Such challenges have caused, and may continue to cause, recession fears, fluctuations in interest rates, foreign exchange volatility and inflationary pressures through the imposition of tariffs on sensitive technologies, including semiconductors.

Despite the uncertainty of these challenges, the Company believes it has considered all appropriate factors when making financial estimates and will continue to evaluate the impact of any significant changes resulting from these and other factors affecting the Company’s business performance.

Liquidity and Capital Resources

During the three months ended June 30, 2025, the Company reported a net loss of $8.5 million. During the six months ended June 30, 2025, the Company reported a net loss of $16.8 million and had an operating cash flow deficit of $10.5 million. As of June 30, 2025, the Company had cash and cash equivalents totaling $47.5 million. Since inception, the Company has had negative cash flows and losses from operations which it has funded primarily through the issuances of common and preferred stock. Refer to Note 12 - Subsequent Events for more details. The Company anticipates incurring additional losses and negative cash flows from operations until such time, if ever, that it can generate significant sales of its products currently in development and is highly dependent on its ability to find additional sources of funding in the form of debt and equity financing. The Company’s ability to fund its planned operations, research and development, and commercialization of its products significantly depends on the amount and timing of cash receipts from these funding sources. Adequate additional funding may not be available to the Company on acceptable terms or at all. The failure to raise funds as and when needed and generate adequate sales could have a negative impact on the Company’s financial condition and ability to satisfy its obligations over the next twelve months.

2. Summary of Significant Accounting Policies

Basis of Accounting and Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared by the Company and reflect all adjustments, consisting only of normal recurring adjustments, that are, in the opinion of management, necessary for the fair presentation of its financial position, results of operations, cash flows and stockholders' equity for the interim periods presented. The statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and the applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information and include the accounts of the Company and its wholly owned subsidiaries. Accordingly, these statements do not include all information and footnotes required by U.S. GAAP for annual consolidated financial statements, and should be read in conjunction with the Company's audited consolidated financial statements as of and for the fiscal year ended December 31, 2024 included in the Company's final prospectus, dated July 29, 2025, filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (Securities Act), on July 31, 2025 (the Prospectus) in connection with the Company's initial public offering (IPO). The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the operating results expected for the full fiscal year or future operating periods.

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Ambiq Micro, Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

The condensed consolidated balance sheet as of December 31, 2024 has been derived from the Company’s audited consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation.

There have been no material changes to the Company’s significant accounting policies described in Note 2 - Summary of Significant Accounting Policies, of the notes to the Company’s audited consolidated financial statements.

Deferred Offering Costs

Deferred offering costs consist primarily of accounting, legal and other fees related to the IPO. As of June 30, 2025, $1.1 million of deferred offering costs were included within prepaid and other current assets in the condensed consolidated balance sheets.

Concentration of Risks

Financial Instruments

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. The Company maintains its cash and cash equivalent balances in highly rated financial institutions, which at times may exceed federally insured limits or be held in foreign jurisdictions. The Company has not experienced any loss relating to cash and cash equivalents in these accounts and believes no significant concentration risk exists with respect to cash. The Company performs periodic credit evaluations of its customers’ financial conditions and generally does not require collateral.

Demand

The Company had three customers representing 41%, 40% and 15%, respectively, of total accounts receivable as of June 30, 2025. The Company had three customers representing 30%, 29% and 19%, respectively, of total accounts receivable as of June 30, 2024, one of which was the same customer as of June 30, 2025.

There were three end customers representing 38%, 33% and 12%, respectively, of total net sales for the three months ended June 30, 2025. These same three end customers represented 38%, 29%, and 17%, respectively, of total net sales for the six months ended June 30, 2025.

There were three end customers representing 36%, 33%, and 18%, respectively, of total net sales for the three months ended June 30, 2024. These same three end customers represented 31%, 27%, and 22%, respectively, of total net sales for the six months ended June 30, 2024, two of which were the same customers as of the three and six months ended June 30, 2025.

The loss of one or more of these customers could have a material adverse impact on the Company’s results of operations and financial position.

Supply

The Company's products depend on a sole supplier of wafers and a limited number of third-party manufacturers. The continued and timely supply of input materials and the availability of manufacturing capacity and packaging and testing services impact the Company's ability to meet customer demand. Supply chain disruptions, shortages of raw materials, and manufacturing limitations could limit the Company's ability to meet customer demand and result in delayed, reduced, or canceled orders. The Company has established relationships with leading suppliers and partners, and believe these relationships increase the resiliency of the Company's supply chain for its customers. From time to time, subject to inventory disruptions, the Company's customers may buy and hold excess inventories. Consequently, the Company may be subject to resulting fluctuations in the demand for its products.

End Customer Concentration

Although the Company recognizes revenue and directly invoices distributors for sales of its products, the timing and uncertainty of its revenue and cash flows are most impacted by the ultimate end customer. The following is a summary of net sales for the three

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Ambiq Micro, Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

and six months ended June 30, 2025 and 2024, based on the country of the corporate headquarters of the ultimate end customer (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
United States	$	14,893	$	11,408	$	28,645	$	18,622
China		2,048		8,496		3,016		16,132
Rest of the World*		932		348		1,944		708
Total	$	17,873	$	20,252	$	33,605	$	35,462
*Other countries individually less than 10%

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require the Company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The update will also require the Company to disaggregate its income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. The Company will adopt this amendment effective with its annual financial statements for the year ending December 31, 2025. The Company is currently evaluating the potential impact of adopting this guidance on the notes to the consolidated financial statements.

3. Net Loss Per Share

The table below sets forth the computation of basic and diluted loss per share for the periods presented (in thousands, except share and per share amounts):


	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Numerator:
Net loss	$	(8,496	)	$	(10,633	)	$	(16,780	)	$	(20,032	)
Deemed dividends		—			(2,044	)		—			(2,419	)
Net loss attributable to common stockholder	$	(8,496	)	$	(12,677	)	$	(16,780	)	$	(22,451	)
Denominator:
Weighted average shares outstanding		449,785			366,509			446,390			364,662
Effect of dilutive shares		—			—			—			—
Basic and diluted loss per share	$	(18.89	)	$	(34.59	)	$	(37.59	)	$	(61.57	)

Since the Company incurred a net loss for the three and six months ended June 30, 2025 and 2024, the diluted net loss per share calculation excludes potentially dilutive securities. The following table summarizes the number of shares of common stock issuable

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Ambiq Micro, Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

under various securities that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive:


	Three and six months ended June 30,
	2025		2024
Redeemable convertible preferred stock		12,729,240		12,811,473
Common warrants		672,632		672,632
Preferred warrants		4,883		10,377
Restricted stock units		185,243		66,200
Stock options		2,360,530		1,805,387
Total shares		15,952,528		15,366,069

The Company recorded deemed dividends of $2.0 million and $2.4 million for the three and six months ended June 30, 2024, respectively, as a result of a down-round feature in the Company’s Series E, F, and F-1 preferred stock triggered during the issuance by the Company of Series G preferred stock (see Note 7). No deemed dividends were recorded for the three and six months ended June 30, 2025.

4. Inventories

The following table represents the components of inventories as of June 30, 2025 and December 31, 2024 (in thousands):


	June 30, 2025		December 31, 2024
Raw materials	$	77	$	45
Work in progress		9,656		9,547
Finished goods		6,026		5,416
Total inventories	$	15,759	$	15,008

5. Property, Equipment and Software

Property, equipment and software consisted of the following as of June 30, 2025, and December 31, 2024 (in thousands):


	June 30, 2025			December 31, 2024
Probe cards and photomasks	$	11,858		$	10,083
Equipment		4,569			4,386
Software		330			298
Leasehold improvements		893			728
Furniture and fixtures		274			279
Total		17,924			15,774
Less: Accumulated depreciation and amortization		(13,927	)		(13,158	)
Property, equipment and software, net	$	3,997		$	2,616

Depreciation expense relating to the Company's property, equipment and software was approximately $0.4 million and $0.4 million for the three months ended June 30, 2025 and 2024, respectively. Depreciation and amortization expense relating to the Company’s property, equipment and software was approximately $0.8 million and $0.8 million for the six months ended June 30, 2025 and 2024, respectively, and is allocated to cost of sales, selling, general and administrative, and research and development costs in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.

During the six months ended June 30, 2025 and 2024, the Company received mask sets in exchange for no consideration from a vendor in lieu of reimbursement. The mask sets were capitalized and a $1.6 million gain was recorded within cost of sales in accordance with ASC 845: Nonmonetary Transactions.

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Ambiq Micro, Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

6. Commitments and Contingencies

Contract Manufacturer Commitments

The Company relies on a third-party foundry and contract manufacturer for the manufacturing of its products. Generally, its foundry agreements do not have volume purchase commitments and primarily provide for purchase commitments based on purchase orders. Purchase orders are placed in advance with consideration of estimates of future demand. These purchase orders can be canceled and rescheduled upon agreement of the Company and the contract manufacturer. As of June 30, 2025, the Company had total manufacturing purchase commitments of $7.7 million.

Litigation

From time to time, the Company may become involved in various legal actions arising in the ordinary course of business. As of June 30, 2025, management was not aware of any existing, pending, or threatened legal actions that would have a material impact on the financial position, results of operations, or cash flows of the Company.

7. Warrants, Redeemable Convertible Preferred Stock and Stockholders’ Deficit

Common Stock

The Company has one class of authorized common stock and has authorized for issuance up to 500,000,000 shares of common stock with a par value of $0.000001 per share.

The holders of common stock are entitled to receive dividends at the discretion of the board of directors, subject to preferences that may apply to shares of preferred stock outstanding at the time.

All holders of common stock are entitled to one vote per share on all matters to be voted on by the Company’s stockholders. Upon liquidation, dissolution or winding up, the holders of common stock are entitled to share equally in all the Company’s assets remaining after payment of all liabilities and the liquidation preferences of any outstanding preferred stock.

At June 30, 2025, the Company has reserved an aggregate of 16,131,116 shares of common stock for the conversion, exercise or issuance, as applicable, of certain securities. This amount includes 178,588 shares reserved for issuance upon the exercise of options not issued as of June 30, 2025 and 15,952,528 shares underlying the following outstanding securities:


Redeemable convertible preferred stock			12,729,240
Preferred warrants			4,883
Common warrants			672,632
Restricted stock units			185,243
Stock options			2,360,530
Total shares			15,952,528

Redeemable Convertible Preferred Stock

During the six months ended June 30, 2025, the Company did not issue any additional shares of Series G preferred stock.

During the three and six months ended June 30, 2024, the Company issued 57,068,338 shares of Series G preferred stock with an original issuance price of $0.90 per share for cash proceeds of $51.5 million. The Company incurred costs of approximately $0.1 million associated with this transaction.

All classes of preferred stock have a par value of $0.000001 per share. The Company’s preferred stock is recorded in the temporary equity section of the Company’s consolidated balance sheets.

A general summary of the rights with respect to the preferred stock is provided below. All of the Company's preferred stock converted into common stock in connection with the IPO. See Note 12 - Subsequent Events for more detail.

Dividends

The holders of preferred stock, in preference to the holders of common stock, shall be entitled to receive on a pari passu basis, out of funds that are legally available, cash dividends at the rate of 8% of the applicable original issue price per annum on each

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Ambiq Micro, Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

outstanding share of preferred stock. All original issue prices are subject to adjustment for any stock dividends, combinations, splits, recapitalizations and similar events.

Dividends are non-cumulative, and the Company has no obligation to pay dividends until declared by the Company’s board of directors. Through June 30, 2025, no dividends have been declared by the Company’s board of directors.

Liquidation Preference

Upon any liquidation, dissolution, or winding up of the Company, whether voluntary or involuntary, before any distribution or payment shall be made to the holders of any common stock, the holders of preferred stock shall be entitled to be paid on a pari passu basis out of the assets of the Company legally available for distribution (or the consideration received by the Company or its stockholders in an acquisition) for each share of preferred stock held by them, an amount per share of preferred stock equal to the original issue price for such share of preferred stock plus all declared and unpaid dividends on such share of preferred stock.

If upon liquidation, the assets of the Company are insufficient to make payment in full to all holders of preferred stock, then such assets shall be distributed among the holders of preferred stock at the time outstanding, ratably in proportion to the full amounts to which they would otherwise be respectively entitled.

Conversion

Each share of preferred stock shall be convertible at the option of the holder, at any time, into fully paid and nonassessable shares of common stock. The number of shares of common stock to which a holder of preferred stock shall be entitled upon conversion shall be the product obtained by multiplying the applicable “Series Preferred Conversion Rate”, by the number of shares of such preferred stock being converted, as defined in the Company’s latest amended and restated certificate of incorporation. The Series Preferred Conversion Rate is the quotient obtained by dividing the Original Issue Price of such series of Series Preferred by the applicable “Series Preferred Conversion Price”. The Series Preferred Conversion Price is generally the Original Issuance Price for all series of Series Seed, A, B, C, D and G preferred stock, subject to certain adjustments.

Voting

The holders of preferred stock shall vote together with the holders of common stock and not as a separate class and may act by written consent in the same manner as the holders of common stock. Each holder of preferred stock shall be entitled to the number of votes equal to the number of shares of common stock into which such shares of preferred stock could be converted immediately after the close of business on the record date fixed for such meeting or the effective date of such written consent and shall have voting rights and powers equal to the voting rights and powers of the holders of common stock and shall be entitled to notice of any stockholders’ meeting in accordance with the bylaws of the Company.

Redemption

The Company’s preferred stock is not generally redeemable except in situations set forth in the certificate of incorporation, including when more than fifty percent of the Company’s voting power is transferred, a triggering event is created that is outside the control of the Company, and a change in control of Company ownership.

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Ambiq Micro, Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

See the table below for a roll forward of the total preferred stock from January 1, 2024 to June 30, 2024 and January 1, 2025 to June 30, 2025, which details the total redeemable convertible preferred stock presented in the unaudited condensed consolidated statements of changes in redeemable convertible preferred stock and stockholders’ deficit (in thousands, except share amounts):


	Series Seed Redeemable convertible preferred stock		Series A Redeemable convertible preferred stock		Series B Redeemable convertible preferred stock		Series C Redeemable convertible preferred stock		Series D Redeemable convertible preferred stock		Series E Redeemable convertible preferred stock		Series F Redeemable convertible preferred stock		Series F-1 Redeemable convertible preferred stock		Series G Redeemable convertible preferred stock
	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount
Balance at March 31, 2024	5,045,368	$2,473	8,255,614	$5,179	18,894,315	$10,827	42,890,840	$24,908	39,656,811	$33,411	29,019,153	$29,738	74,840,147	$132,975	23,664,027	$49,392	43,820,509	$39,207
Issuance of Series G preferred stock, net	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	48,220,533	43,547
Balance at June 30, 2024	5,045,368	$2,473	8,255,614	$5,179	18,894,315	$10,827	42,890,840	$24,908	39,656,811	$33,411	29,019,153	$29,738	74,840,147	$132,975	23,664,027	$49,392	92,041,042	$82,754

Balance at March 31, 2025	5,045,368	$2,473	8,255,614	$5,179	18,894,315	$10,827	42,890,840	$24,908	39,656,811	$33,411	29,019,153	$29,738	74,840,147	$132,975	23,664,027	$49,392	99,229,883	$89,247
Balance at June 30, 2025	5,045,368	$2,473	8,255,614	$5,179	18,894,315	$10,827	42,890,840	$24,908	39,656,811	$33,411	29,019,153	$29,738	74,840,147	$132,975	23,664,027	$49,392	99,229,883	$89,247


	Series Seed Redeemable convertible preferred stock		Series A Redeemable convertible preferred stock		Series B Redeemable convertible preferred stock		Series C Redeemable convertible preferred stock		Series D Redeemable convertible preferred stock		Series E Redeemable convertible preferred stock		Series F Redeemable convertible preferred stock		Series F-1 Redeemable convertible preferred stock		Series G Redeemable convertible preferred stock
	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount
Balance at January 1, 2024	5,045,368	$2,473	8,255,614	$5,179	18,894,315	$10,827	42,890,840	$24,908	39,656,811	$33,411	29,019,153	$29,738	74,840,147	$132,975	23,664,027	$49,392	34,972,704	$31,258
Issuance of Series G preferred stock, net	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	57,068,338	51,496
Balance at June 30, 2024	5,045,368	$2,473	8,255,614	$5,179	18,894,315	$10,827	42,890,840	$24,908	39,656,811	$33,411	29,019,153	$29,738	74,840,147	$132,975	23,664,027	$49,392	92,041,042	$82,754

Balance at January 1, 2025	5,045,368	$2,473	8,255,614	$5,179	18,894,315	$10,827	42,890,840	$24,908	39,656,811	$33,411	29,019,153	$29,738	74,840,147	$132,975	23,664,027	$49,392	99,229,883	$89,247
Balance at June 30, 2025	5,045,368	$2,473	8,255,614	$5,179	18,894,315	$10,827	42,890,840	$24,908	39,656,811	$33,411	29,019,153	$29,738	74,840,147	$132,975	23,664,027	$49,392	99,229,883	$89,247

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Ambiq Micro, Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

8. Stock Option Plan and Stock-Based Compensation

The following table summarizes the activity in total shares of common stock available for issuance under the 2020 Plan:


	Shares Available for Grant
Balance, January 1, 2025		397,654
Shares added		—
Granted		(236,785	)
Forfeited		17,695
Balance, June 30, 2025		178,564

The following table summarizes the effects of stock-based compensation on cost of sales, research and development, and sales, general and administrative expenses granted under the 2010 Equity Incentive Plan and 2020 Equity Incentive Plan (collectively, the Plans) (in thousands) for the three and six months ended June 30, 2025 and 2024:


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Cost of sales	$	40	$	71	$	100	$	101
Research and development	$	330		873		719		1,148
Sales, general and administrative	$	395		694		797		940
Total	$	765	$	1,638	$	1,616	$	2,189

The total unrecognized stock-based compensation expense related to unvested stock options and subject to recognition in future periods was approximately $4.2 million at June 30, 2025. As of June 30, 2025, the Company anticipates this expense to be recognized over a weighted-average period of approximately 2.4 years.

During the three months ended June 30, 2025, the Company granted 330,706 stock options, presented on a post-reverse stock split basis, under the 2020 Equity Incentive Plan. Refer to Note 12 - Subsequent Events for additional information. No restricted stock units (RSUs) were granted during the three months ended June 30, 2025. During the six months ended June 30, 2025, the Company received $0.2 million from the exercise of stock options granted under the Plans and granted 71,427 RSUs to several non-employee directors, which RSUs vest upon satisfaction of a service-based condition and performance condition based on a liquidity event. The Company granted 47,618 RSUs in total during the three and six months ended June 30, 2024.

9. Income Taxes

Effective Tax Rate

The following table presents the provision for income taxes and the effective tax rates for the three and six months ended June 30, 2025 and 2024 (in thousands):


	Three months ended June 30,						Six months Ended June 30,
	2025			2024			2025			2024
Loss before income taxes	$	(8,482	)	$	(10,626	)	$	(16,762	)	$	(20,020	)
Income tax expense		(14	)		(7	)		(18	)		(12	)
Effective tax rate		0.2	%		0.1	%		0.1	%		0.1	%

The income tax amount for each of the three and six months ended June 30, 2025 and 2024 differs from the amount that would be expected after applying the statutory U.S. federal income tax rate primarily due to an increase in the valuation allowance. The effective tax rate was less than 1% for both the three and six months ended June 30, 2025 and 2024. The provision for income taxes is primarily related to the foreign subsidiaries’ local country obligations. There is no federal provision for income taxes as the Company

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Ambiq Micro, Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

has sufficient carryforward of net operating losses to offset any operating income earned since inception and has projected an operating loss in the current year.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Due to the uncertainty of the Company’s ability to realize the benefit of the deferred tax assets, the net deferred tax assets are fully offset by a valuation balance at June 30, 2025 and December 31, 2024.

10. Related Party Transactions

The Company defines related parties as any party that controls or can significantly influence the management or operating policies of the Company to the extent that the Company may be prevented from fully pursuing its own interests, such as directors, executive officers, and stockholders, including a greater than 10% beneficial owner of the Company’s capital and their affiliates or immediate family members. For the three and six months ended June 30, 2025 and 2024, the Company did not have any related party transactions.

11. Segment and Geographic Information

The Company’s chief operating decision maker (CODM) is the Company’s chief executive officer (CEO) and reviews the financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The CODM uses revenue, gross margin, operating expenses and net loss by its single operating and reportable segment to make strategic business decisions.

The following table sets forth the Company’s disaggregation of operating expenses which were reviewed by the CODM for the three and six months ended June 30, 2025 and 2024 (in thousands):


	Three months ended June 30,				Six months Ended June 30,
	2025		2024		2025		2024
Research and development	$	8,898	$	9,391	$	17,585	$	18,827
Sales and marketing		2,399		2,542		4,948		5,267
General and administrative		4,670		5,441		10,564		8,704
Total operating expenses	$	15,967	$	17,374	$	33,097	$	32,798

The following is a summary of net sales for the three and six months ended June 30, 2025 and 2024, based on the country to which the Company's products were shipped, which may be different from the geographic locations of the ultimate end customers (in thousands):


	Three months ended June 30,				Six months Ended June 30,
	2025		2024		2025		2024

Taiwan	$	6,813	$	7,219	$	12,845	$	9,868
China		8,667		12,477		14,257		24,300
Singapore		2,056		—		5,655		—
Rest of the World*		337		556		848		1,294
Total	$	17,873	$	20,252	$	33,605	$	35,462
*Other countries individually less than 10%

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Ambiq Micro, Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

The following illustrates property, equipment and software, net, and right-of-use assets, net by geographic locations based on physical location (in thousands):


	June 30, 2025		December 31, 2024
Taiwan	$	3,455	$	2,139
China		794		593
North America		560		786
Rest of the World*		22		26
Total	$	4,831	$	3,544
*Other countries individually less than 10%

12. Subsequent Events

Reverse Stock Split

On July 18, 2025, the Company effected a 1-for-28 reverse stock split (the Stock Split) of the Company’s issued and outstanding shares of common stock and options to purchase common stock. The Stock Split reduced the number of shares of the Company’s issued and outstanding common stock, as well as the numbers of shares underlying the RSUs and the numbers of shares reserved and available for future issuance and underlying outstanding options to purchase common stock. No fractional shares were distributed as a result of the Stock Split, and stockholders were entitled to a cash payment in lieu of fractional shares. The Stock Split did not affect the par values per share or total authorized common stock. Accordingly, all share and per share amounts for all periods presented in the condensed consolidated financial statements have been adjusted retroactively, where applicable, to reflect the Stock Split.

Initial Public Offering

On July 31, 2025, the Company completed its IPO, in which 4.6 million shares of common stock were issued and sold, inclusive of the exercise in full of the underwriters' option to purchase 0.6 million additional shares. The Company received net proceeds of $97.2 million after deducting underwriting discounts and commissions of $7.7 million, but before offering expenses. In connection with the IPO, all shares of redeemable convertible preferred stock then outstanding automatically converted into an aggregate of 12,729,240 shares of common stock, and the Company issued 424,032 shares of common stock upon exercise of warrants and will, at the expiration of the applicable lock-up period, issue 34,254 shares of common stock upon settlement of RSUs outstanding for which the performance-based vesting condition was satisfied in connection with the IPO.

Prior to the IPO, deferred offering costs, consisting primarily of accounting, legal and other fees related to the IPO, were capitalized within other current assets in the condensed consolidated balance sheets. As of June 30, 2025, $1.1 million of deferred offering costs were included within prepaid and other current assets in the condensed consolidated balance sheets.

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. We may, in some cases, use words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

•

the timing and success of new features, integrations, capabilities, and enhancements by us, or by our competitors to their products, including the successful integration of AI;

•

our end customer relationships and our ability to retain and expand our end customer relationships and to achieve design wins;

•

the success, cost, and timing of new products;

•

our ability to compensate for decreases in average selling prices of our products;

•

our ability to address market and end customer demands and to timely develop new or enhanced products to meet those demands;

•

anticipated trends, challenges and growth in our business and the markets in which we operate, including pricing expectations;

•

our expectations regarding our revenue, gross margin and expenses;

•

the size and growth potential of the markets for our products, and our ability to serve those markets;

•

plans to expand sales and marketing efforts through increased collaboration with our distributors, resellers, and contracted sales representatives;

•

the loss of one or more significant end customers;

•

our expectations regarding competition in our existing and new markets, including our expectations concerning our mix of revenue by geography;

•

regulatory developments in the United States and foreign countries, the deterioration in economic factors arising from trade disputes and the imposition of trade sanctions or increased tariffs;

•

our dependence on international end customers and operations;

•

the performance of our third-party suppliers and manufacturers;

•

our and our end customers’ ability to respond successfully to technological or industry developments;

•

the cyclical nature of the semiconductor industry;

•

our ability to attract and retain key management personnel;

•

intellectual property and related litigation;

•

the accuracy of our estimates regarding capital requirements and needs for additional financing;

•

our expectations regarding the period during which we qualify as an emerging growth company under the JOBS Act;

•

our expectations regarding our ability to obtain, maintain, protect, and enforce intellectual property protection for our technology;

•

our use of the net proceeds from the IPO;

•

our ability to remediate the material weakness in our internal control over financial reporting and design and maintain effective internal control over financial reporting; and

•

the potential impact of macroeconomic conditions and geopolitical conflicts, including the conflicts between Russia and Ukraine or in the Middle East, recession fears, fluctuations in global interest rates, foreign exchange volatility and inflationary pressures, on our business and the businesses of our suppliers and end customers.

These forward-looking statements reflect our management’s beliefs and views with respect to future events and are based on estimates and assumptions as of the date of this Quarterly Report on Form 10-Q and are subject to risks and uncertainties. We discuss many of these risks in greater detail under “Risk Factors.” Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Given these uncertainties, you should not place undue reliance on these forward-looking statements.

You should read this Quarterly Report on Form 10-Q and the documents that we reference and have filed as exhibits to this Quarterly Report on Form 10-Q, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of the forward-looking statements in this Quarterly Report on Form 10-Q by these cautionary statements.

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You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q to conform these statements to actual results or to changes in our expectations, except as required by law.

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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with our historical condensed consolidated financial statements and related notes thereto included in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and the related notes and the discussion under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" for the year ended December 31, 2024 included in the final prospectus (the Final Prospectus), for our initial public offering (the IPO), dated as of July 29, 2025 and filed with the Securities and Exchange Commission, or the SEC, pursuant to Rule 424(b)(4) on July 31, 2025. This discussion and analysis contains forward-looking statements based upon current beliefs, plans and expectations that involve risks, uncertainties and assumptions, such as statements regarding our plans, objectives, expectations, intentions and projections. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those described under “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. You should carefully read the “Risk Factors” section of this Quarterly Report on Form 10-Q to gain an understanding of the important factors that could cause actual results to differ materially from forward-looking statements. Please also see the section titled “Special Note Regarding Forward-Looking Statements.”

Overview

We are a pioneer and leading provider of ultra-low power semiconductor solutions designed to address the significant power consumption challenges of general purpose and Artificial Intelligence (AI) compute – especially at the edge.

Our customers rely on Ambiq to deliver AI compute closer to end users (edge environments) where power consumption challenges are the most severe. We seek to drive growth in AI adoption at the edge in the personal devices, medical/healthcare, industrial edge, and smart home and building markets and continue to set new standards in edge AI performance and power efficiency. Over time, we expect to integrate our ultra-low power technology into additional chip products that benefit from greater power efficiency, including high-performance compute applications such as AI data centers and automotive.

To date, a majority of AI compute has been deployed in data centers due to its large physical scale and the need for wall plug energy, as AI compute requires enormous and steady energy resources. At the edge, however, power limitations have been especially acute due to small device size and limited battery life. We believe this greatly constrains the potential of AI to improve our daily on-the-go lives. Enabling AI at the edge, where the action takes place, with vastly improved power efficiency will allow faster real-time decision-making due to data proximity, greater data privacy, higher energy efficiency from reduced network usage, and less dependence on constant costly connections to the cloud. We believe new AI use cases will only be possible if edge devices are much more power efficient.

Our proprietary Sub-threshold Power Optimized Technology (SPOT®) platform is designed to fundamentally and cost-effectively reduce power consumption of battery- and wireline-powered devices alike. Depending on the application, devices incorporating SPOT demonstrate a two to five times reduction in power consumption compared to conventional integrated circuit designs. SPOT is a ground-breaking approach at the chip design level that incorporates sub- and near-threshold hardware, without using expensive manufacturing processes.

We provide a full stack solution encompassing tightly integrated hardware and software. Our solutions include a diverse family of systems-on-chip (SoCs) and the software required to enable on-chip AI processing, general compute, sensing, security, storage, wireless connectivity, and advanced graphics. Our SoC solutions deliver compute at a very small fraction of the power consumed by our competitors' products.

Our ultra-low power SoCs serve a wide range of markets requiring on-device and real-time AI, including smartwatches and fitness trackers, augmented and virtual reality (AR/VR) glasses, smart rings, digital health monitors, security systems and access control, livestock tracking, crop monitoring, and factory automation. These devices increasingly offer on-chip AI-powered features such as speech recognition, domain-specific language models, image and video processing, and sensing, further straining power consumption, which our solutions are positioned to address.

As global demand for our SoC solutions accelerates, our sales and marketing efforts are increasingly focused on our end customers in target geographies such as the United States, Europe and Asia (ex-Mainland China).

For the three months ended June 30, 2025 and 2024 , we generated net sales of $17.9 million and $20.3 million, respectively, and a net loss of $8.5 million and $10.6 million, respectively.

For the six months ended June 30, 2025 and 2024, we generated net sales of $33.6 million and $35.5 million, respectively, and a net loss of $16.8 million and $20.0 million, respectively. As of June 30, 2025, we had an accumulated deficit of $337.0 million.

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Key Factors Affecting Our Business

We believe that the growth of our business and our future success are dependent upon many factors including those described under “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q and the following key factors. While these factors present significant opportunities for us, they also pose challenges that we must successfully address in order to sustain the growth of our business and enhance our results of operations.

Geographical Concentration

As we focus on creating meaningful benefits to our end customers for their edge AI capabilities, we are shifting our geographic concentration. Historically, our sales were significantly concentrated with end customers in Mainland China. Given geopolitical concerns, subsidized competitors creating a price sensitive environment in Mainland China and our desire to service new markets in medical/healthcare, industrial edge, and smart home and buildings, we continue to prioritize our management and sales efforts toward other meaningful geographies. As a result, we expect to continue to experience a substantial shift over the next year in our underlying geographical concentration. For example, in 2023, 66% of our net sales were to end customers in Mainland China, as compared to 50% in 2024. During the second quarter of 2025, 12% of our net sales were to end customers in Mainland China, as compared to 42% during the second quarter of 2024. We currently anticipate this trend will continue in 2025 and beyond. We believe this shift will result in a significant margin improvement opportunity given the benefits of other markets outside of Mainland China.

End Customer Concentration

We believe that our operating results for the foreseeable future will continue to depend to a significant extent on sales attributable to certain end customers. Our largest end customer historically has accounted for a large portion of our sales, representing approximately 38% of our net sales for the six months ended June 30, 2025. A different end customer accounted for approximately 31% of our net sales for the three months ended June 30, 2024. In addition, our top ten end customers for the six months ended June 30, 2025 and 2024, accounted for 98% and 96% of our net sales, respectively.

We have demonstrated strong end customer growth with technology leaders validating our technology platform and our robust product offerings. We work with our end customers at the front end of their design cycles, helping them develop next-generation products. The collaborative nature of these relationships provides us with enhanced visibility into our end customers’ future requirements, allowing us to expand our business and increase our content in future products.

Ambiq Micro, Inc. 10-Q