false0001500412--12-31Q3http://fasb.org/srt/2025#ChiefExecutiveOfficerMember10001500412us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300001500412ambq:SeriesDRedeemableConvertiblePreferredStockMember2025-09-300001500412us-gaap:EmployeeStockOptionMember2025-01-012025-09-300001500412ambq:SeriesERedeemableConvertiblePreferredStockMember2024-07-012024-09-300001500412us-gaap:ResearchAndDevelopmentExpenseMember2025-01-012025-09-300001500412us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001500412country:CN2025-07-012025-09-300001500412us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-09-300001500412ambq:SeriesERedeemableConvertiblePreferredStockMember2024-12-3100015004122025-07-310001500412us-gaap:RetainedEarningsMember2025-09-300001500412ambq:SeriesFRedeemableConvertiblePreferredStockMember2024-06-300001500412us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2025-09-300001500412ambq:SeriesDRedeemableConvertiblePreferredStockMember2024-06-300001500412us-gaap:RestrictedStockUnitsRSUMemberus-gaap:SubsequentEventMember2025-10-022025-10-020001500412ambq:SeriesARedeemableConvertiblePreferredStockMember2024-12-310001500412us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-09-300001500412ambq:SeriesGRedeemableConvertiblePreferredStockMember2024-07-012024-09-300001500412us-gaap:OperatingSegmentsMember2024-07-012024-09-300001500412country:CN2024-07-012024-09-300001500412ambq:SeriesDRedeemableConvertiblePreferredStockMember2023-12-310001500412us-gaap:AdditionalPaidInCapitalMember2025-06-300001500412ambq:OtherCountriesMemberus-gaap:CustomerConcentrationRiskMember2024-07-012024-09-300001500412us-gaap:ResearchAndDevelopmentExpenseMember2024-07-012024-09-300001500412ambq:CustomerTwoMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-09-300001500412us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001500412us-gaap:CommonStockMember2025-06-3000015004122023-12-310001500412us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-300001500412us-gaap:RetainedEarningsMember2024-06-300001500412ambq:SeriesF1RedeemableConvertiblePreferredStockMember2024-06-300001500412ambq:EquipmentAndSoftwareMember2024-01-012024-09-300001500412ambq:OtherCountriesMember2025-01-012025-09-300001500412ambq:SeriesARedeemableConvertiblePreferredStockMember2024-01-012024-09-300001500412ambq:PreferredWarrantsMember2024-07-012024-09-300001500412us-gaap:RedeemableConvertiblePreferredStockMember2024-01-012024-09-300001500412country:CN2024-12-310001500412ambq:SeriesBRedeemableConvertiblePreferredStockMember2023-12-310001500412srt:MaximumMember2024-01-012024-09-300001500412us-gaap:LeaseholdImprovementsMember2025-09-300001500412us-gaap:CommonStockMember2024-06-300001500412ambq:SeriesBRedeemableConvertiblePreferredStockMember2025-09-300001500412us-gaap:EmployeeStockOptionMember2025-07-012025-09-300001500412us-gaap:RetainedEarningsMember2024-12-310001500412us-gaap:CommonStockMember2024-09-300001500412us-gaap:SellingGeneralAndAdministrativeExpensesMember2025-07-012025-09-300001500412ambq:SeriesCRedeemableConvertiblePreferredStockMember2025-01-012025-09-3000015004122025-07-012025-09-300001500412us-gaap:AdditionalPaidInCapitalMember2024-06-300001500412ambq:SeriesFRedeemableConvertiblePreferredStockMember2024-01-012024-09-300001500412us-gaap:CostOfSalesMember2025-01-012025-09-300001500412country:SG2024-01-012024-09-300001500412srt:MaximumMember2025-01-012025-09-300001500412ambq:ProbeCardsAndPhotomasksMember2025-09-300001500412ambq:SeriesERedeemableConvertiblePreferredStockMember2024-06-300001500412country:TW2024-07-012024-09-300001500412us-gaap:ResearchAndDevelopmentExpenseMember2024-01-012024-09-300001500412us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2024-09-300001500412ambq:SeriesDRedeemableConvertiblePreferredStockMember2024-12-310001500412us-gaap:EquipmentMember2024-12-310001500412us-gaap:CommonStockMember2024-12-310001500412ambq:CustomerThreeMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-09-300001500412ambq:CustomerThreeMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2024-07-012024-09-300001500412ambq:SeriesDRedeemableConvertiblePreferredStockMember2024-01-012024-09-300001500412ambq:OtherCountriesMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-09-300001500412ambq:CustomerThreeMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-09-300001500412ambq:SeriesGRedeemableConvertiblePreferredStockMember2025-07-012025-09-300001500412us-gaap:EmployeeStockOptionMember2024-01-012024-09-300001500412us-gaap:ComputerSoftwareIntangibleAssetMember2025-09-300001500412ambq:CommonWarrantsMember2024-01-012024-09-300001500412us-gaap:OperatingSegmentsMember2024-01-012024-09-300001500412us-gaap:ComputerSoftwareIntangibleAssetMember2024-12-310001500412country:TW2024-12-3100015004122024-06-300001500412us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-09-300001500412ambq:SeriesARedeemableConvertiblePreferredStockMember2023-12-310001500412us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300001500412us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001500412us-gaap:RedeemableConvertiblePreferredStockMember2025-01-012025-09-300001500412ambq:SeriesF1RedeemableConvertiblePreferredStockMember2024-01-012024-09-300001500412us-gaap:CommonStockMember2023-12-3100015004122025-07-312025-07-310001500412ambq:SeriesCRedeemableConvertiblePreferredStockMember2024-07-012024-09-300001500412us-gaap:RedeemableConvertiblePreferredStockMember2024-12-3100015004122024-09-300001500412ambq:SeriesFRedeemableConvertiblePreferredStockMember2024-12-310001500412us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001500412us-gaap:SellingGeneralAndAdministrativeExpensesMember2024-07-012024-09-300001500412ambq:CustomerTwoMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-09-300001500412us-gaap:EmployeeStockOptionMember2025-09-300001500412us-gaap:RestrictedStockUnitsRSUMember2025-07-012025-09-300001500412country:SG2024-07-012024-09-300001500412country:CNus-gaap:CustomerConcentrationRiskMember2024-01-012024-09-300001500412ambq:SeriesSeedRedeemableConvertiblePreferredStockMember2023-12-310001500412ambq:SeriesBRedeemableConvertiblePreferredStockMember2025-01-012025-09-300001500412ambq:CustomerTwoMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2025-07-012025-09-300001500412ambq:SeriesCRedeemableConvertiblePreferredStockMember2025-07-012025-09-300001500412ambq:SeriesBRedeemableConvertiblePreferredStockMember2025-06-300001500412ambq:EquipmentAndSoftwareMember2025-07-012025-09-300001500412country:CNus-gaap:CustomerConcentrationRiskMember2024-07-012024-09-300001500412us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberambq:CustomerOneMember2025-07-012025-09-300001500412ambq:SeriesBRedeemableConvertiblePreferredStockMember2024-12-310001500412us-gaap:CommonStockMember2024-07-012024-09-300001500412us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001500412country:CN2024-01-012024-09-300001500412ambq:SeriesCRedeemableConvertiblePreferredStockMember2024-12-310001500412ambq:SeriesSeedRedeemableConvertiblePreferredStockMember2025-07-012025-09-300001500412us-gaap:RedeemableConvertiblePreferredStockMember2025-09-300001500412ambq:SeriesSeedRedeemableConvertiblePreferredStockMember2025-06-300001500412country:TW2025-09-300001500412us-gaap:CustomerConcentrationRiskMembercountry:US2025-07-012025-09-300001500412us-gaap:AdditionalPaidInCapitalMember2025-01-012025-09-300001500412us-gaap:CostOfSalesMember2025-07-012025-09-300001500412us-gaap:RetainedEarningsMember2025-01-012025-09-300001500412us-gaap:CommonStockMember2025-07-012025-09-300001500412us-gaap:EquipmentMember2025-09-300001500412ambq:OtherCountriesMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-09-3000015004122024-12-310001500412ambq:SeriesARedeemableConvertiblePreferredStockMember2025-07-012025-09-300001500412ambq:SeriesF1RedeemableConvertiblePreferredStockMember2025-01-012025-09-300001500412ambq:EquipmentAndSoftwareMember2024-07-012024-09-300001500412ambq:SeriesSeedRedeemableConvertiblePreferredStockMember2025-01-012025-09-300001500412us-gaap:FurnitureAndFixturesMember2025-09-300001500412us-gaap:RedeemableConvertiblePreferredStockMember2024-09-300001500412ambq:OtherCountriesMember2024-07-012024-09-300001500412us-gaap:RetainedEarningsMember2024-07-012024-09-300001500412us-gaap:CommonStockMember2025-09-300001500412srt:NorthAmericaMember2024-12-310001500412ambq:SeriesFRedeemableConvertiblePreferredStockMember2025-01-012025-09-300001500412ambq:SeriesSeedRedeemableConvertiblePreferredStockMember2024-07-012024-09-300001500412us-gaap:RetainedEarningsMember2025-07-012025-09-300001500412us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001500412us-gaap:FurnitureAndFixturesMember2024-12-310001500412ambq:SeriesF1RedeemableConvertiblePreferredStockMember2025-07-012025-09-300001500412ambq:SeriesCRedeemableConvertiblePreferredStockMember2025-06-300001500412ambq:SeriesGRedeemableConvertiblePreferredStockMember2024-06-300001500412us-gaap:RestrictedStockUnitsRSUMember2025-07-012025-09-300001500412us-gaap:OperatingSegmentsMember2025-01-012025-09-300001500412ambq:SeriesDRedeemableConvertiblePreferredStockMember2024-09-300001500412ambq:PreferredWarrantsMember2025-07-012025-09-300001500412ambq:SeriesGRedeemableConvertiblePreferredStockMember2025-09-300001500412ambq:TwoThousandTwentyFiveEquityIncentivePlanMember2025-07-012025-09-300001500412us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001500412us-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMemberambq:CustomerOneMember2024-01-012024-09-300001500412country:CN2025-09-300001500412ambq:CommonWarrantsMember2024-07-012024-09-300001500412ambq:CustomerTwoMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-09-300001500412us-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-09-300001500412ambq:EquipmentAndSoftwareMember2025-01-012025-09-300001500412ambq:OtherCountriesMember2025-07-012025-09-300001500412ambq:SeriesF1RedeemableConvertiblePreferredStockMember2023-12-310001500412ambq:SeriesFRedeemableConvertiblePreferredStockMember2025-06-300001500412ambq:SeriesERedeemableConvertiblePreferredStockMember2024-01-012024-09-300001500412ambq:SeriesERedeemableConvertiblePreferredStockMember2025-07-012025-09-300001500412srt:MaximumMember2024-07-012024-09-300001500412country:CNus-gaap:CustomerConcentrationRiskMember2025-07-012025-09-300001500412ambq:SeriesERedeemableConvertiblePreferredStockMember2023-12-310001500412ambq:SeriesFRedeemableConvertiblePreferredStockMember2023-12-310001500412ambq:CustomerTwoMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-09-300001500412us-gaap:RetainedEarningsMember2025-06-300001500412ambq:SeriesGRedeemableConvertiblePreferredStockMember2024-09-300001500412us-gaap:RestrictedStockUnitsRSUMember2024-07-012024-09-300001500412ambq:SeriesDRedeemableConvertiblePreferredStockMember2025-01-012025-09-300001500412ambq:SeriesBRedeemableConvertiblePreferredStockMember2024-01-012024-09-300001500412ambq:SeriesDRedeemableConvertiblePreferredStockMember2024-07-012024-09-300001500412us-gaap:RedeemableConvertiblePreferredStockMember2023-12-310001500412us-gaap:CommonStockMember2025-01-012025-09-300001500412ambq:SeriesF1RedeemableConvertiblePreferredStockMember2025-09-300001500412ambq:CommonWarrantsMember2025-09-300001500412us-gaap:AdditionalPaidInCapitalMember2024-12-310001500412ambq:SeriesFRedeemableConvertiblePreferredStockMember2024-07-012024-09-300001500412ambq:PreferredWarrantsMember2024-01-012024-09-300001500412ambq:SeriesARedeemableConvertiblePreferredStockMember2024-06-300001500412ambq:SeriesSeedRedeemableConvertiblePreferredStockMember2024-09-300001500412us-gaap:RestrictedStockUnitsRSUMember2025-09-300001500412ambq:CustomerThreeMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-09-300001500412us-gaap:CostOfSalesMember2024-07-012024-09-300001500412us-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMemberambq:CustomerOneMember2025-01-012025-09-300001500412ambq:CustomerTwoMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2024-07-012024-09-300001500412us-gaap:SeriesGPreferredStockMember2024-07-012024-09-300001500412ambq:OtherCountriesMember2024-12-310001500412ambq:SeriesCRedeemableConvertiblePreferredStockMember2024-06-300001500412us-gaap:RedeemableConvertiblePreferredStockMember2024-07-012024-09-300001500412ambq:SeriesGRedeemableConvertiblePreferredStockMember2024-01-012024-09-3000015004122025-06-300001500412ambq:SeriesCRedeemableConvertiblePreferredStockMember2023-12-310001500412ambq:PreferredWarrantsMember2025-01-012025-09-300001500412ambq:OtherCountriesMemberus-gaap:CustomerConcentrationRiskMember2025-07-012025-09-300001500412ambq:SeriesFRedeemableConvertiblePreferredStockMember2025-07-012025-09-300001500412ambq:CommonWarrantsMember2025-01-012025-09-300001500412us-gaap:RetainedEarningsMember2024-01-012024-09-300001500412us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-300001500412ambq:SeriesGRedeemableConvertiblePreferredStockMember2023-12-310001500412country:SG2025-01-012025-09-3000015004122024-01-012024-09-300001500412ambq:SeriesCRedeemableConvertiblePreferredStockMember2024-01-012024-09-300001500412us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberambq:CustomerOneMember2025-01-012025-09-300001500412ambq:SeriesGRedeemableConvertiblePreferredStockMember2025-06-300001500412srt:MaximumMember2025-07-012025-09-300001500412us-gaap:LeaseholdImprovementsMember2024-12-310001500412ambq:SeriesARedeemableConvertiblePreferredStockMember2025-01-012025-09-300001500412ambq:CommonWarrantsMember2025-07-012025-09-300001500412us-gaap:CommonStockMember2024-01-012024-09-300001500412us-gaap:CustomerConcentrationRiskMembercountry:US2024-01-012024-09-300001500412ambq:SeriesCRedeemableConvertiblePreferredStockMember2024-09-300001500412ambq:TwoThousandTwentyFiveEquityIncentivePlanMember2025-09-300001500412ambq:SeriesSeedRedeemableConvertiblePreferredStockMember2025-09-300001500412ambq:SeriesARedeemableConvertiblePreferredStockMember2025-06-300001500412ambq:SeriesERedeemableConvertiblePreferredStockMember2025-06-300001500412ambq:SeriesARedeemableConvertiblePreferredStockMember2024-07-012024-09-300001500412country:SG2025-07-012025-09-300001500412ambq:SeriesGRedeemableConvertiblePreferredStockMember2025-01-012025-09-300001500412us-gaap:SellingGeneralAndAdministrativeExpensesMember2025-01-012025-09-300001500412country:CN2025-01-012025-09-300001500412ambq:SeriesBRedeemableConvertiblePreferredStockMember2024-07-012024-09-300001500412us-gaap:OverAllotmentOptionMember2025-07-312025-07-310001500412ambq:SeriesDRedeemableConvertiblePreferredStockMember2025-07-012025-09-300001500412ambq:SeriesERedeemableConvertiblePreferredStockMember2025-01-012025-09-300001500412ambq:SeriesFRedeemableConvertiblePreferredStockMember2025-09-300001500412ambq:CustomerThreeMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2025-07-012025-09-300001500412ambq:SeriesARedeemableConvertiblePreferredStockMember2025-09-300001500412ambq:SeriesERedeemableConvertiblePreferredStockMember2024-09-300001500412us-gaap:RetainedEarningsMember2024-09-300001500412ambq:ProbeCardsAndPhotomasksMember2024-12-310001500412us-gaap:IPOMember2025-07-310001500412us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberambq:CustomerOneMember2024-07-012024-09-300001500412ambq:SeriesBRedeemableConvertiblePreferredStockMember2024-09-300001500412ambq:SeriesGRedeemableConvertiblePreferredStockMember2024-12-3100015004122025-11-030001500412us-gaap:RedeemableConvertiblePreferredStockMember2024-07-012024-09-300001500412us-gaap:RestrictedStockUnitsRSUMember2024-07-012024-09-300001500412ambq:OtherCountriesMember2025-09-300001500412us-gaap:RetainedEarningsMember2023-12-310001500412us-gaap:ResearchAndDevelopmentExpenseMember2025-07-012025-09-300001500412ambq:SeriesFRedeemableConvertiblePreferredStockMember2024-09-300001500412ambq:SeriesBRedeemableConvertiblePreferredStockMember2025-07-012025-09-300001500412ambq:SeriesF1RedeemableConvertiblePreferredStockMember2024-09-300001500412ambq:CustomerThreeMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-09-300001500412us-gaap:RedeemableConvertiblePreferredStockMember2024-06-300001500412us-gaap:CustomerConcentrationRiskMembercountry:US2024-07-012024-09-300001500412us-gaap:RedeemableConvertiblePreferredStockMember2025-06-3000015004122025-09-300001500412us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberambq:CustomerOneMember2024-01-012024-09-300001500412ambq:SeriesF1RedeemableConvertiblePreferredStockMember2025-06-300001500412country:TW2025-01-012025-09-300001500412ambq:OtherCountriesMember2024-01-012024-09-300001500412us-gaap:SeriesGPreferredStockMember2024-01-012024-09-300001500412srt:MinimumMember2025-09-300001500412ambq:SeriesSeedRedeemableConvertiblePreferredStockMember2024-01-012024-09-300001500412us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300001500412us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001500412us-gaap:EmployeeStockOptionMember2025-07-012025-09-300001500412us-gaap:AdditionalPaidInCapitalMember2024-09-300001500412us-gaap:IPOMember2025-07-312025-07-310001500412us-gaap:EmployeeStockOptionMember2024-07-012024-09-300001500412ambq:SeriesDRedeemableConvertiblePreferredStockMember2025-06-300001500412us-gaap:EmployeeStockOptionMember2025-01-012025-09-300001500412ambq:TwoThousandTwentyFiveEquityIncentivePlanMember2025-01-012025-09-300001500412ambq:SeriesERedeemableConvertiblePreferredStockMember2025-09-300001500412ambq:SeriesSeedRedeemableConvertiblePreferredStockMember2024-06-300001500412ambq:SeriesARedeemableConvertiblePreferredStockMember2024-09-300001500412ambq:SeriesF1RedeemableConvertiblePreferredStockMember2024-12-310001500412country:CNus-gaap:CustomerConcentrationRiskMember2025-01-012025-09-300001500412us-gaap:IPOMember2025-01-012025-09-300001500412us-gaap:AdditionalPaidInCapitalMember2025-09-300001500412us-gaap:RedeemableConvertiblePreferredStockMember2024-01-012024-09-300001500412us-gaap:RedeemableConvertiblePreferredStockMember2025-01-012025-09-300001500412us-gaap:OperatingSegmentsMember2025-07-012025-09-300001500412us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-3000015004122024-07-012024-09-300001500412us-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2025-09-300001500412ambq:SeriesF1RedeemableConvertiblePreferredStockMember2024-07-012024-09-300001500412us-gaap:CustomerConcentrationRiskMembercountry:US2025-01-012025-09-300001500412country:TW2024-01-012024-09-300001500412us-gaap:CostOfSalesMember2024-01-012024-09-3000015004122025-01-012025-09-300001500412us-gaap:RedeemableConvertiblePreferredStockMember2025-07-012025-09-300001500412srt:NorthAmericaMember2025-09-300001500412us-gaap:RedeemableConvertiblePreferredStockMember2025-07-012025-09-300001500412us-gaap:AdditionalPaidInCapitalMember2023-12-310001500412country:TW2025-07-012025-09-300001500412ambq:SeriesBRedeemableConvertiblePreferredStockMember2024-06-300001500412ambq:SeriesSeedRedeemableConvertiblePreferredStockMember2024-12-310001500412ambq:SeriesCRedeemableConvertiblePreferredStockMember2025-09-300001500412us-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2024-09-30xbrli:purexbrli:sharesiso4217:USDxbrli:sharesambq:Customerambq:Segmentiso4217:USD

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 September 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 November 3, 2025, the registrant had 18,313,186 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 Operations and Comprehensive Loss	3
	Consolidated Statements of Changes in Stockholders’ Equity (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	29

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	61
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 September 30, 2025 and December 31, 2024

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


	September 30,			December 31,
	2025			2024
Assets
Current assets:
Cash and cash equivalents	$	146,490		$	60,981
Accounts receivable, net		7,006			10,401
Inventories, net		16,126			15,008
Prepaid expenses and other current assets		3,401			2,566
Total current assets	$	173,023		$	88,956
Property, equipment and software, net of accumulated depreciation and amortization of $14,244 and $13,158, respectively		4,350			2,616
Right-of-use assets, net		732			928
Intangible assets, net of accumulated amortization of $9,502 and $5,082, respectively		8,572			11,729
Other assets		50			49
Total assets	$	186,727		$	104,278
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$	3,305		$	2,933
Accrued and other current liabilities		9,559			8,202
Short-term lease liabilities		402			633
Total current liabilities	$	13,266		$	11,768
Long-term lease liabilities		369			333
Warrant liabilities		—			112
Other long-term liabilities		3,305			6,317
Total liabilities	$	16,940		$	18,530
Commitments and contingencies (Note 6)
Redeemable convertible preferred stock, $0.000001 par value; 10,000,000 shares authorized; 0 and 341,496,158 shares issued and outstanding at September 30, 2025 and December 31, 2024	$	—		$	378,150
Stockholders’ equity (deficit):
Common stock, $0.000001 par value; 500,000,000 shares authorized; 18,238,462 shares and 434,720 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively		—			—
Additional paid-in-capital		516,273			28,368
Accumulated deficit		(346,032	)		(320,250	)
Accumulated other comprehensive loss		(454	)		(520	)
Total stockholders’ equity (deficit)		169,787			(292,402	)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)	$	186,727		$	104,278

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

Table of Contents

AMBIQ MICRO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

For the three and nine months ended September 30, 2025 and 2024

(Unaudited and in thousands)


	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Net sales	$	18,165		$	20,266		$	51,770		$	55,728
Cost of sales		10,488			13,668			28,534			36,485
Gross profit		7,677			6,598			23,236			19,243
Operating expenses:
Research and development		8,889			9,568			26,474			28,395
Selling, general, and administrative		8,831			7,119			24,343			21,090
Total operating expenses		17,720			16,687			50,817			49,485
Loss from operations		(10,043	)		(10,089	)		(27,581	)		(30,242	)
Other income, net		1,044			664			1,820			797
Loss before income taxes		(8,999	)		(9,425	)		(25,761	)		(29,445	)
Provision for income taxes		3			13			21			25
Net loss	$	(9,002	)	$	(9,438	)	$	(25,782	)	$	(29,470	)
Deemed dividends		—			(305	)		—			(2,724	)
Net loss attributable to common stockholders	$	(9,002	)	$	(9,743	)	$	(25,782	)	$	(32,194	)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.72	)	$	(26.03	)	$	(5.73	)	$	(87.51	)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted		12,464,236			374,270			4,495,701			367,888
Comprehensive loss:
Currency translation adjustment		(14	)		56			66			107
Comprehensive loss	$	(9,016	)	$	(9,382	)	$	(25,716	)	$	(29,363	)
Deemed dividends		—			(305	)		—			(2,724	)
Comprehensive loss attributable to common stockholders	$	(9,016	)	$	(9,687	)	$	(25,716	)	$	(32,087	)

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

Table of Contents

AMBIQ MICRO, INC.

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

For the three and nine months ended September 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)			Equity (Deficit)
Balance June 30, 2024		334,307,317			371,657			372,686		—		24,517		(300,316	)		(788	)	$	(276,587	)
Issuance of Series G preferred shares, net of offering costs of $14		7,188,841			6,487			—		—		—		—			—			—
Exercise of stock options		—			—			2,685		—		56		—			—			56
Stock-based compensation		—			—			—		—		2,122		—			—			2,122
Deemed dividend		—			—			—		—		305		(305	)		—			—
Currency translation adjustment		—			—			—		—		—		—			56		$	56
Net loss		—			—			—		—		—		(9,438	)		—			(9,438	)
Balance September 30, 2024		341,496,158		$	378,144			375,371	$	—	$	27,000	$	(310,059	)	$	(732	)	$	(283,791	)

Balance June 30, 2025		341,496,158			378,150			450,682		—		30,159		(337,030	)		(440	)	$	(307,311	)
Conversion of redeemable convertible preferred stock into commmon stock in connection with initial public offering		(341,496,158	)		(378,150	)		12,729,240		—		378,150		—			—			378,150
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions		—			—			4,600,000		—		99,843		—			—			99,843
Settlement of warrant liability		—			—			—		—		173		—			—			173
Exercise of warrants		—			—			435,013		—		5,702		—			—			5,702
Exercise of stock options		—			—			23,527		—		178		—			—			178
Stock-based compensation		—			—			—		—		2,068		—			—			2,068
Currency translation adjustment		—			—			—		—		—		—			(14	)		(14	)
Net loss		—			—			—		—		—		(9,002	)		—			(9,002	)
Balance September 30, 2025		—		$	—			18,238,462	$	—	$	516,273	$	(346,032	)	$	(454	)	$	169,787


	Redeemable Convertible Preferred Stock						Common Stock				Additional Paid-		Accumulated			Accumulated Other Comprehensive			Total Stockholders’
	Shares			Amount			Shares		Amount		In-Capital		Deficit			Income (Loss)			Equity (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 $51		64,257,179			57,983			—		—		—		—			—			—
Issuance of warrants		—			—			—		—		1,940		—			—			1,940
Exercise of stock options		—			—			19,015		—		349		—			—			349
Stock-based compensation		—			—			—		—		4,311		—			—			4,311
Deemed dividend		—			—			—		—		2,724		(2,724	)		—			—
Currency translation adjustment		—			—			—		—		—		—			107			107
Net loss		—			—			—		—		—		(29,470	)		—			(29,470	)
Balance September 30, 2024		341,496,158		$	378,144			375,371	$	—	$	27,000	$	(310,059	)	$	(732	)	$	(283,791	)

Balance January 1, 2025		341,496,158		$	378,150			434,720	$	—	$	28,368	$	(320,250	)	$	(520	)	$	(292,402	)
Conversion of redeemable convertible preferred stock into commmon stock in connection with initial public offering		(341,496,158	)		(378,150	)		12,729,240		—		378,150		—			—			378,150
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions		—			—			4,600,000		—		99,843		—			—			99,843
Settlement of warrant liability		—			—			—		—		173		—			—			173
Exercise of warrants		—			—			435,013		—		5,702		—			—			5,702
Exercise of stock options		—			—			39,489		—		353		—			—			353
Stock-based compensation		—			—			—		—		3,684		—			—			3,684
Currency translation adjustment		—			—			—		—		—		—			66			66
Net loss		—			—			—		—		—		(25,782	)		—			(25,782	)
Balance September 30, 2025		—		$	—			18,238,462	$	—	$	516,273	$	(346,032	)	$	(454	)	$	169,787

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

Table of Contents

AMBIQ MICRO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the nine months ended September 30, 2025 and 2024

(Unaudited and in thousands)


	For the nine months ended September 30,
	2025			2024
Cash flows from operating activities
Net loss	$	(25,782	)	$	(29,470	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		5,568			4,631
Stock-based compensation		3,684			4,311
Gain on receipt of nonmonetary tangible assets		(1,600	)		(1,600	)
Change in right-of-use assets		606			747
Non-cash issuance of warrants		—			1,940
Change in warrant valuations and cancellations		60			(51	)
Other		(110	)		—
Changes in operating assets and liabilities
Accounts receivable		3,484			(2,851	)
Inventories		(1,118	)		3,202
Prepaid expenses and other assets		(823	)		(1,444	)
Other long-term assets		—			361
Accounts payable		(956	)		1,932
Accrued and other current liabilities		1,584			(2,966	)
Other long-term liabilities		(174	)		(446	)
Net cash used in operating activities		(15,577	)		(21,704	)
Cash flows from investing activities
Purchase of intangible assets		(3,687	)		(2,145	)
Purchases of property, equipment and software		(1,162	)		(243	)
Net cash used in investing activities		(4,849	)		(2,388	)
Cash flows from financing activities
Proceeds from issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions		99,843			—
Proceeds from issuance of preferred stock, net of issuance costs		—			57,983
Proceeds from exercise of stock options		353			349
Proceeds from exercise of warrants		5,702			—
Net cash provided by financing activities		105,898			58,332
Effect of exchange rate changes on cash and cash equivalents		37			8
Net increase in cash and cash equivalents		85,509			34,248
Cash and cash equivalents at beginning of period		60,981			27,321
Cash and cash equivalents at end of period	$	146,490		$	61,569
Supplemental disclosure of non-cash investing and financing activities
Intangible assets in accounts payable, accrued and other long-term liabilities		7,904			3,456
Gain on receipt of nonmonetary tangible asset		1,600			1,600
Right-of-use assets obtained in exchange for new operating lease liabilities		383			1,124
Deemed dividends	—				2,724

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

Table of Contents

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 September 30, 2025, the Company reported a net loss of $9.0 million. During the nine months ended September 30, 2025, the Company reported a net loss of $25.8 million and had an operating cash flow deficit of $15.6 million. As of September 30, 2025, the Company had cash and cash equivalents totaling $146.5 million. Since inception, the Company has had negative cash flows and losses from operations which it has funded primarily through cash from operations and equity issuances. 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.

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 nine months ended September 30, 2025 are not necessarily indicative of the operating results expected for the full fiscal year or future operating periods.

Table of Contents

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.

Initial Public Offering

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. 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 consolidated financial statements have been adjusted retroactively, where applicable, to reflect the Stock Split.

On July 31, 2025, the Company completed its IPO, in which 4,600,000 shares of common stock, par value $0.000001 per share, were issued and sold, inclusive of the exercise in full of the underwriters' option to purchase 600,000 additional shares. The Company received net proceeds of $102.7 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 424,033 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 restricted stock units (RSUs) outstanding for which the performance-based vesting condition was satisfied in connection with the IPO.

Deferred Offering Costs

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. Upon consummation of the IPO, $2.8 million of such costs were recorded as a reduction of the proceeds generated from the offering, which was recognized in additional paid-in capital.

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 38%, 26% and 11%, respectively, of total accounts receivable as of September 30, 2025. The Company had three customers representing 61%, 17% and 10%, respectively, of total accounts receivable as of September 30, 2024, one of which was the same customer as of September 30, 2025.

There were three end customers representing 41%, 26% and 21%, respectively, of total net sales for the three months ended September 30, 2025. These same three end customers represented 39%, 28%, and 18%, respectively, of total net sales for the nine months ended September 30, 2025.

There were three end customers representing 47%, 26%, and 14%, respectively, of total net sales for the three months ended September 30, 2024. These same three end customers represented 37%, 23%, and 20%, respectively, of total net sales for the nine months ended September 30, 2024, two of which were the same customers as of the three and nine months ended September 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.

Table of Contents

Ambiq Micro, Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

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


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
United States	$	16,164	$	9,617	$	44,808	$	28,239
China		1,223		10,107		4,240		26,239
Rest of the World*		778		542		2,722		1,250
Total	$	18,165	$	20,266	$	51,770	$	55,728
*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.

Table of Contents

Ambiq Micro, Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

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 September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Numerator:
Net loss	$	(9,002	)	$	(9,438	)	$	(25,782	)	$	(29,470	)
Deemed dividends		—			(305	)		—			(2,724	)
Net loss attributable to common stockholder	$	(9,002	)	$	(9,743	)	$	(25,782	)	$	(32,194	)
Denominator:
Weighted average shares outstanding		12,464,236			374,270			4,495,701			367,888
Effect of dilutive shares		—			—			—			—
Basic and diluted loss per share	$	(0.72	)	$	(26.03	)	$	(5.73	)	$	(87.51	)

Since the Company incurred a net loss for the three and nine months ended September 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 under various securities that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive:


	Three and nine months ended September 30,
	2025		2024
Redeemable convertible preferred stock		—		12,196,291
Common warrants		244,425		672,632
Preferred warrants		—		10,377
Restricted stock units		185,247		90,009
Stock options and employee stock purchase plan		4,401,452		2,291,745
Total shares		4,831,124		15,261,054

The Company recorded deemed dividends of $0.3 million and $2.7 million for the three and nine months ended September 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 nine months ended September 30, 2025.

4. Inventories

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


	September 30, 2025		December 31, 2024
Raw materials	$	7	$	45
Work in progress		10,148		9,547
Finished goods		5,971		5,416
Total inventories	$	16,126	$	15,008

5. Property, Equipment and Software

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

Table of Contents

Ambiq Micro, Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)


	September 30, 2025			December 31, 2024
Probe cards and photomasks	$	12,435		$	10,083
Equipment		4,642			4,386
Software		331			298
Leasehold improvements		896			728
Furniture and fixtures		290			279
Total		18,594			15,774
Less: Accumulated depreciation and amortization		(14,244	)		(13,158	)
Property, equipment and software, net	$	4,350		$	2,616

Depreciation expense relating to the Company's property, equipment and software was approximately $0.3 million and $0.3 million for the three months ended September 30, 2025 and 2024, respectively. Depreciation and amortization expense relating to the Company’s property, equipment and software was approximately $1.1 million and $1.1 million for the nine months ended September 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 nine months ended September 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.

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 September 30, 2025, the Company had total manufacturing purchase commitments of $6.3 million.

Litigation

From time to time, the Company may become involved in various legal actions arising in the ordinary course of business. As of September 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’ Equity

Common Stock

In July 2025, the Company completed its IPO, in which the Company issued and sold 4,600,000 shares of its common stock, including the underwriters' overallotment option which was exercised in full, at a public offering price of $24.00 per share.

The Company's amended and restated certificate of incorporation authorizes for issuance up to 500,000,000 shares of common stock with a par value of $0.000001 per share. In connection with the IPO, all shares of the Company's outstanding redeemable convertible preferred stock automatically converted into approximately 12,729,240 shares of common stock.

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.

Table of Contents

Ambiq Micro, Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

At September 30, 2025, the Company has reserved an aggregate of 4,831,124 shares of common stock for the conversion, exercise or issuance, as applicable, of the following outstanding securities:


Common warrants			244,425
Restricted stock units			185,247
Stock options and employee stock purchase program			4,401,452
Total shares			4,831,124

Preferred Stock

The Company's amended and restated certificate of incorporation provides its board of directors with the authority to issue up to 10,000,000 shares of undesignated preferred stock with a par value of $0.000001 per share and to determine or alter the rights, preferences, privileges and restrictions granted to or imported upon these shares without further vote or action by the Company's stockholders. The Company does not have outstanding preferred stock issued as of September 30, 2025.

Warrants

The Company's preferred warrants were redeemed upon settlement of the IPO. As a result, the Company settled their warrant liability of $0.2 million.

Table of Contents

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 July 1, 2024 to September 30, 2024 and July 1, 2025 to September 30, 2025 and from January 1, 2024 to September 30, 2024 and January 1, 2025 to September 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’ equity (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 July 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	92,041,042	$82,754
Issuance of Series G preferred stock, net	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	7,188,841	6,487
Balance at September 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	99,229,883	$89,241

Balance at July 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
Conversion of preferred stock to common stock upon IPO	(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 September 30, 2025	—	$—	—	$—	—	$—	—	$—	—	$—	—	$—	—	$—	—	$—	—	$—


	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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	64,257,179	57,983
Balance at September 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	99,229,883	$89,241

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
Conversion of preferred stock to common stock upon IPO	(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 September 30, 2025	—	$—	—	$—	—	$—	—	$—	—	$—	—	$—	—	$—	—	$—	—	$—

Table of Contents

Ambiq Micro, Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

8. Stock Option Plan and Stock-Based Compensation

In July 2025, the Company's board of directors adopted, and the Company's stockholders approved the 2025 Equity Incentive Plan (the 2025 Plan). The 2025 Plan became effective on July 29, 2025, the date the final prospectus was filed in connection with the Company's IPO. The 2025 Plan came into existence upon its adoption by the Company's board of directors. No further awards will be granted under the 2010 Equity Incentive Plan (2010 Plan) or 2020 Equity Incentive Plan (2020 Plan, and collectively, along with the 2025 Plan and 2010 Plan, the Plans) .

At September 30, 2025, there were 1,703,600 shares of common stock reserved for future issuance under the 2025 Plan, with no grants and no forfeitures.

Awards outstanding under the Plans remain subject to the terms of the respective Plans, but shares reserved for issuance under each of the 2010 Plan and 2020 Plan that were not subject to outstanding awards at the time the 2025 Plan became effective are no longer available for issuance.

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 Plans (in thousands) for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Cost of sales	$	26	$	178	$	126	$	279
Research and development	$	261		873		980		2,021
Sales, general and administrative	$	1,781		1,071		2,578		2,011
Total	$	2,068	$	2,122	$	3,684	$	4,311

The total unrecognized stock-based compensation expense related to unvested stock options and subject to recognition in future periods was approximately $4.7 million at September 30, 2025. As of September 30, 2025, the Company anticipates this expense to be recognized over a weighted-average period of approximately 2.2 years. On September 29, 2025, the Company's board of directors approved the acceleration of one-third of previously issued options to the Company's chief financial officer, resulting in an additional $0.3 million of stock-based compensation expense for the three months ended September, 30, 2025.

The Company recognized approximately $1.0 million of share based compensation expense during the three months ended September 30, 2025, related to RSUs in which the time-based service and performance conditions were satisfied upon completion of the IPO. This expense was reflected in sales, general and administrative expense. During the three months ended September 30, 2025, the Company received $0.2 million from the exercise of stock options granted under the Plans. No RSUs were granted during the three months ended September 30, 2025, however grants were made subsequent to the balance sheet date, refer to Note 12 - Subsequent Events. During the nine months ended September 30, 2025, the Company received $0.4 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 23,809 and 71,427 RSUs in total during the three and nine months ended September 30, 2024, respectively.

9. Income Taxes

Effective Tax Rate

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


	Three months ended September 30,						Nine months Ended September 30,
	2025			2024			2025			2024
Loss before income taxes	$	(8,999	)	$	(9,425	)	$	(25,761	)	$	(29,445	)
Income tax expense		(3	)		(13	)		(21	)		(25	)
Effective tax rate		0.0	%		0.1	%		0.1	%		0.1	%

Table of Contents

Ambiq Micro, Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

In accordance with ASC 740, the Company has recognized the effects of the new tax law in the period of enactment. Most or all the tax benefits under the One Big Beautiful Bill Act (OBBBA) relate to accelerated timing of tax deductions or benefits and will apply to future tax periods. Accordingly, the net effect of OBBBA did not have a material impact on the Company’s effective tax rate for the period.

The Company continues to evaluate the impact of OBBBA on its consolidated financial statements and will update its estimates as additional guidance becomes available.

The income tax amount for each of the three and nine months ended September 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 nine months ended September 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 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 September 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 nine months ended September 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 nine months ended September 30, 2025 and 2024 (in thousands):


	Three months ended September 30,				Nine months Ended September 30,
	2025		2024		2025		2024
Research and development	$	8,889	$	9,568	$	26,474	$	28,395
Sales and marketing		2,479		2,758		7,427		8,025
General and administrative		6,352		4,361		16,916		13,065
Total operating expenses	$	17,720	$	16,687	$	50,817	$	49,485

The following is a summary of net sales for the three and nine months ended September 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):

Table of Contents

Ambiq Micro, Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)


Three months ended September 30,		Nine months Ended September 30,
2025	2024	2025	2024

Ambiq Micro, Inc. 10-Q