Ambarella Q1 FY2024 revenue $62.1M, down 31% YoY; GAAP EPS -$0.91, non-GAAP -$0.15

AMBARELLA INC

2024-Q1 EPS reported -$0.91 revenue$62,142,000

Revenue of $62.1M, down 31% from $90.3M YoY; GAAP gross margin 60.4% vs 62.6%.
GAAP net loss of $35.9M (-$0.91 per diluted share), compared to net loss of $10.8M (-$0.29) in Q1 FY2023.
Non-GAAP net loss of $6.0M (-$0.15), vs non-GAAP net income of $17.1M ($0.44) last year.
Q2 FY2024 guidance: revenue $60-64M, non-GAAP gross margin 62.5-64.5%, non-GAAP opex $48-50M.
Announced first CV3 platform win with Continental for L4 commercial vehicle; CV72 5nm derivative introduced.

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