Ambarella (AMBA) Tops Q2 EPS by 8c, Slight Revenue Miss; Offers 3Q Revenue Guidance

Ambarella (NASDAQ: AMBA) reported Q2 EPS of $0.06, $0.08 better than the analyst estimate of ($0.02). Revenue for the quarter came in at $50.1 million versus the consensus estimate of $50.03 million.

• Revenue for the second quarter of fiscal 2021 was $50.1 million, down 11.2% from $56.4 million in the same period in fiscal 2020. For the six months ended July 31, 2020, revenue was $104.8 million, up 1.1% from $103.6 million for the six months ended July 31, 2019.
• Gross margin under U.S. generally accepted accounting principles (GAAP) for the second quarter of fiscal 2021 was 61.8%, compared with 57.5% for the same period in fiscal 2020. For the six months ended July 31, 2020, GAAP gross margin was 60.1%, compared with 58.2% for the six months ended July 31, 2019.
• GAAP net loss for the second quarter of fiscal 2021 was $14.8 million, or loss per diluted ordinary share of $0.43, compared with GAAP net loss of $10.2 million, or loss per diluted ordinary share of $0.31, for the same period in fiscal 2020. GAAP net loss for the six months ended July 31, 2020 was $30.2 million, or loss per diluted ordinary share of $0.88. This compares with GAAP net loss of $27.5 million, or loss per diluted ordinary share of $0.84, for the six months ended July 31, 2019.

Financial results on a non-GAAP basis for the second quarter of fiscal 2021 are as follows:

• Gross margin on a non-GAAP basis for the second quarter of fiscal 2021 was 62.4%, compared with 58.1% for the same period in fiscal 2020. For the six months ended July 31, 2020, non-GAAP gross margin was 60.7%, compared with 58.8% for the six months ended July 31, 2019.
• Non-GAAP net income for the second quarter of fiscal 2021 was $2.1 million, or earnings per diluted ordinary share of $0.06. This compares with adjusted non-GAAP net income of $7.6 million, or earnings per diluted ordinary share of $0.22, for the same period in fiscal 2020. Non-GAAP net income for the six months ended July 31, 2020 was $3.4 million, or earnings per diluted ordinary share of $0.10. This compares with adjusted non-GAAP net income of $7.5 million, or earnings per diluted ordinary share of $0.22, for the six months ended July 31, 2019.

“We are encouraged by the growing acceptance of our visual AI products, despite the economic consequences of the pandemic and the continuation of the geopolitical risks,” said Fermi Wang, President and CEO. “We remain confident 10% of our total revenue will be earned from CV products in fiscal year 2021. Moreover, our automotive sales funnel is beginning to build, with more than three dozen unique automotive customers assessing and/or developing CV-based products during Q2. Our automotive wins, year-to-date, represent lifetime revenue of approximately $200 million.”

GUIDANCE:

Ambarella sees Q3 2021 revenue of $52-56 million, versus the consensus of $55.12 million.

For earnings history and earnings-related data on Ambarella (AMBA) click here.

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