Ambiq Micro, Inc. (AMBQ) 2025 Q4 法說會逐字稿

Good morning, and welcome to the Ambiq Micro fourth quarter and full year 2025 earnings conference call. As a reminder, this conference call is being recorded. (Operator Instructions)

早安，歡迎參加Ambiq Micro 2025年第四季及全年財報電話會議。請注意，本次電話會議正在錄音。 （操作說明）

I'd now like to turn the call over to Ms. Charlene Wan, Ambiq's Vice President of Corporate Marketing and Investor Relations. Charlene, please go ahead.

現在我將把電話交給安比克公司企業行銷和投資者關係副總裁查琳·萬女士。查琳，請開始吧。

On today's call, Ambiq's CEO, Fumihide Esaka, will provide an overview of the company's performance and strategy. CFO, Jeffrey Winzeler, will then discuss the quarter's financial results and 2026 outlook. Following their remarks, Scott Hanson, Ambiq's Founder and CTO; and Aaron Grassian, EVP of Global Sales and Marketing, will join Fumi and Jeff for Q&A.

在今天的電話會議上，Ambiq 執行長江坂文秀將概述公司的業績和策略。財務長傑弗瑞溫澤勒隨後將討論本季的財務表現和 2026 年的展望。在他們發言結束後，Ambiq 創始人兼首席技術官斯科特·漢森以及全球銷售和市場營銷執行副總裁亞倫·格拉西安將與江坂文秀和杰弗裡·溫澤勒一起參與問答環節。

Our earnings release is available on the Investor Relations page of our website at www.ambiq.com. We have also posted our earnings presentation on the Investor Relations section of our website.

我們的獲利報告已發佈在公司網站 www.ambiq.com 的投資者關係頁面上。我們也在公司網站的投資者關係部分發布了獲利簡報。

Before I turn the call over to Fumi, I'd like to remind our listeners that during the course of this conference call, management will discuss non-GAAP financial measures. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in our earnings release available on the company's Investor Relations website.

在將電話會議交給Fumi之前，我想提醒各位聽眾，在本次電話會議中，管理階層將討論非GAAP財務指標。這些非GAAP指標與其最直接可比較的GAAP指標的調節表已包含在公司投資者關係網站上發布的盈利報告中。

In addition, today's call will contain forward-looking statements representing management's beliefs and assumptions only as of the date made. Our most recent annual report on Form 10-Q and other filings with the SEC provide more information on specific risks that may cause the actual results to differ materially from current expectations.

此外，今天的電話會議將包含前瞻性陳述，這些陳述僅代表管理層截至發布之日的信念和假設。我們最新的10-Q表格年度報告以及向美國證券交易委員會提交的其他文件提供了更多關於可能導致實際結果與當前預期存在重大差異的具體風險的資訊。

And now, it's my pleasure to turn the call over to Ambiq's CEO, Fumi Esaka.

現在，我很榮幸將電話交給Ambiq的執行長江坂文美。

Good morning, everyone, and thank you for joining us. 2025 was a strong year for Ambiq defined by disciplined execution and accelerating demand for edge AI across our end markets. Our performance reflects both share gains and market expansion as we enable AI on more devices across more markets and in a growing number of use cases.

各位早安，感謝各位的參與。 2025年對Ambiq來說是強勁的一年，這得益於我們嚴謹的執行力以及終端市場對邊緣人工智慧日益增長的需求。隨著我們在更多市場、更多設備以及越來越多的應用場景中實現人工智慧，我們的業績既體現在市場份額的成長，也體現在市場擴張上。

We are entering 2026 with strong momentum. Based on current demand indicators, we expect outsized top-line growth. We remain confident in our long-term opportunity as we partner with customers to advance their edge AI road maps and deliver sustained growth.

我們以強勁的發展勢頭邁入2026年。基於目前的需求指標，我們預期營收將實現超預期成長。我們對自身的長期發展機會充滿信心，並將與客戶攜手推進其邊緣人工智慧路線圖，實現持續成長。

Starting with 4Q performance. We delivered our highest net sales quarter of 2025, exceeding guidance. End user demand outpaced our customers' expectations, resulting in incremental expedited orders late in the quarter.

首先來看第四季業績。我們實現了2025年以來最高的季度淨銷售額，超出預期。終端用戶需求超出客戶預期，導致季度末出現了更多加急訂單。

Three key factors behind the net sales increase from 3Q were: first, strong end demand for our customers' products; second, broader adoption of Ambiq solutions within customer portfolios; and third, customers upgrading to Apollo5 for more advanced edge AI functionalities.

第三季淨銷售額成長背後的三個關鍵因素是：第一，客戶產品終端需求強勁；第二，Ambiq 解決方案在客戶產品組合中的應用更加廣泛；第三，客戶升級到 Apollo5 以獲得更先進的邊緣 AI 功能。

Turning to the full year. 2025 was a milestone year for Ambiq. Edge AI adoption was a clear growth driver, and we estimate that more than 80% of the units we shipped were running AI algorithms. Net sales and non-GAAP gross profit increased in every quarter of the year, and we delivered our highest ever gross profit for the year.

展望全年。 2025 年是 Ambiq 的里程碑。邊緣 AI 的應用是顯著的成長驅動力，我們估計超過 80% 的出貨設備都運行了 AI 演算法。全年每季的淨銷售額和非 GAAP 毛利潤均實現成長，並創下了年度毛利潤新高。

We expanded our customer base across multiple end markets, including securing a large wearable customer. At the same time, we continue to strengthen and diversify our design funnel, particularly in medical, industrial, and smart home and building market.

我們拓展了客戶群，涵蓋多個終端市場，包括成功拿下一個大型穿戴式裝置客戶。同時，我們持續加強並豐富我們的設計管道，尤其是在醫療、工業以及智慧家庭和建築市場。

As these programs move into production over the next 18 to 24 months, we expect incremental growth and revenue diversification. We also expanded our product portfolio to support more advanced edge AI applications, launching Apollo510 Lite, Apollo510B, and Apollo330.

隨著這些項目在未來 18 至 24 個月內陸續投入生產，我們預計收入將逐步成長並實現多元化。此外，我們還擴展了產品組合，以支援更先進的邊緣人工智慧應用，推出了 Apollo510 Lite、Apollo510B 和 Apollo330。

On the software side, we introduced the HeliaAOT and HeliaRT AI run time, powered by our new Helia Core AI kernel library. Finally, we completed a successful IPO, demonstrating strong investor demand and confidence in our strategy and long-term opportunity.

在軟體方面，我們推出了 HeliaAOT 和 HeliaRT AI 執行階段環境，它們均由我們全新的 Helia Core AI 核心庫提供支援。最後，我們成功完成了首次公開發行 (IPO)，這充分體現了投資者對我們策略和長期發展機會的強勁需求和信心。

Our 2025 performance highlights the strengths of our SPOT platform in delivering ultra-low power solutions and enabling edge AI across an increasingly diverse set of applications and end markets. Based on our customer conversations, we see several trends accelerating edge AI adoption in 2026. With SPOT enabling powerful new AI capabilities across an expanding range of industries, we expect to further grow market share while broadening the overall opportunity.

我們2025年的業績報告凸顯了SPOT平台在提供超低功耗解決方案和支援邊緣AI方面的優勢，其應用範圍日益廣泛，涵蓋眾多終端市場。根據與客戶的交流，我們預計2026年將有若干趨勢加速邊緣AI的普及。 SPOT平台能夠為越來越多的產業提供強大的全新AI功能，我們有望進一步擴大市場份額，並擴大整體市場機會。

First, customers are adding more sophisticated edge AI capabilities into their devices to differentiate their products and drive demand. Second, wearables are evolving into true personal health platforms requiring more advanced on-device intelligence and ultra-low power performance. This includes real-time health insights across multiple wellness indicators. Third, wearables are expanding into new high-value form factors such as rings and eyewear. This broadens addressable market and increasing demand for low-power, high-performance edge AI solutions.

首先，客戶正在為其設備添加更先進的邊緣人工智慧功能，以實現產品差異化並推動市場需求。其次，穿戴式裝置正在發展成為真正的個人健康平台，這需要更先進的裝置端智慧和超低功耗效能。這包括對多種健康指標的即時洞察。第三，穿戴式裝置正在擴展到戒指和眼鏡等新的高價值形態。這擴大了目標市場，並增加了對低功耗、高效能邊緣人工智慧解決方案的需求。

Looking ahead to 2026, we expect customers to launch new models with more advanced features across diverse form factors, including rings, displayless bands, and watches. We also expect a new scaled global customer to enter into mass production this year.

展望2026年，我們預期客戶將推出更多具有先進功能、形態多樣的全新產品，包括戒指、無錶盤錶帶和手錶。我們也預計今年將有一家規模較大的全球客戶投入量產。

Product launched in late 2025 are continuing to ramp in volume. At the same time, we anticipate ongoing migration to Apollo5 as customers look for greater performance and AI capability. As a result, we expect 2026 to be a year of strong growth for Ambiq. While we are making impressive progress, we remain early in a large and expanding edge AI opportunity. To capture this opportunity, we're taking focused action to accelerate growth over the coming years.

2025 年底推出的產品銷售量正持續成長。同時，隨著客戶對更高效能和人工智慧功能的需求不斷增長，我們預計他們將持續遷移到 Apollo5。因此，我們預計 2026 年將是 Ambiq 實現強勁成長的一年。儘管我們取得了令人矚目的進展，但我們仍處於蓬勃發展的邊緣人工智慧領域的早期階段。為了抓住這一機遇，我們將採取重點行動，在未來幾年加速成長。

First, we're leveraging our existing Apollo family and derivatives to expand aggressively into high-value markets. And second, we are developing new products that enables more advanced edge AI capabilities and expand our reach. We are making solid progress on both fronts.

首先，我們正利用現有的Apollo系列產品及其衍生性商品，積極拓展高價值市場。其次，我們正在開發能夠實現更先進的邊緣人工智慧功能的新產品，並擴大我們的業務範圍。我們在這兩個方面都取得了穩步進展。

Starting with market expansion. Edge AI is becoming more capable and complex across medical devices, smart homes, and industrial markets. In healthcare, customers are building smarter cardiac monitors, senior care devices, and hearing aids, all with enhanced AI capabilities.

首先來看市場擴張。邊緣人工智慧在醫療設備、智慧家庭和工業市場變得越來越強大和複雜。在醫療保健領域，客戶正在打造更智慧的心臟監視器、老年護理設備和助聽器，所有這些產品都具備更強大的人工智慧功能。

In industrial markets, AI-powered sensors are enabling predictive maintenance and asset monitoring, which helps reduce downtime and improve operational efficiency. In smart building, edge AI helps manage lighting, HVAC, security, and occupancy data to optimize energy use in real time.

在工業市場，人工智慧感測器正在幫助實現預測性維護和資產監控，有助於減少停機時間並提高營運效率。在智慧建築領域，邊緣人工智慧有助於管理照明、暖通空調、安防和人員佔用數據，以即時優化能源使用。

While these markets are growing, design cycles remain longer, particularly in regulated and industrial environments. We are encouraged by our early traction and believe we are well positioned to expand our footprint as edge AI adoption scales across a broad range of end markets.

儘管這些市場正在成長，但設計週期仍然較長，尤其是在受監管的產業和工業環境中。我們對早期的進展感到鼓舞，並相信隨著邊緣人工智慧在更廣泛的終端市場中得到應用，我們已做好充分準備擴大業務版圖。

Our integrated hardware and software platform is purpose-built for these transitions by combining AI-enabled processing, connectivity, and edge intelligence in a single ultra-low power architecture optimized for power-constrained devices. Our recent partnership, RONDS, highlights this progress.

我們整合的軟硬體平台專為應對這些轉型而設計，它將人工智慧賦能的處理、連接和邊緣智慧融合於單一的超低功耗架構中，並針對功耗受限設備進行了最佳化。我們近期與 RONDS 的合作，正是這項進展的有力佐證。

Through the Novaseer brand, RONDS is leading provider of intelligent equipment operation and maintenance solutions. By leveraging SPOT hardware and software, RONDS will deploy large-scale, always-on, battery-powered sensors. We expect this and similar engagement to increase diversity of our design funnel and unlock new and durable long-term growth in the industrial edge. This is just one example of how SPOT is powering AI adoption across diverse end markets. And we are building on this strong foundation with the ongoing expansion of our Helia AI software ecosystem.

透過 Novaseer 品牌，RONDS 是智慧型裝置運維解決方案的領導供應商。 RONDS 將利用 SPOT 的硬體和軟體，部署大規模、全天候運作的電池供電感測器。我們期望此次合作以及類似的合作能夠豐富我們的設計管道，並在工業邊緣領域開啟新的、可持續的長期成長。這只是 SPOT 如何協助人工智慧在各個終端市場普及應用的一個例證。我們正以此為堅實基礎，持續擴展我們的 Helia 人工智慧軟體生態系統。

Helia will support more AI kernels, with performance improving over time. Paired with our AI development kits, Helia will help customers build ultra-efficient AI models for health analysis, speech interfaces, machine health monitoring, and more.

Helia 將支援更多 AI 內核，效能也將隨著時間的推移而不斷提升。結合我們的 AI 開發套件，Helia 將幫助客戶建立用於健康分析、語音互動、機器健康監測等應用的超高效 AI 模型。

Turning to our product road map. This morning, we announced the new technical details for Atomiq. It's the first SPOT family built on a FinFET process with TSMC, enabling operation down to 300 millivolts, the lowest voltage in our company's history. This breakthrough pushes boundary of ultra-low power while enabling significantly more sophisticated AI capabilities.

接下來談談我們的產品路線圖。今天上午，我們公佈了Atomiq的最新技術細節。它是首款採用台積電FinFET製程製造的SPOT系列產品，工作電壓低至300毫伏，創下公司歷史新低。這項突破性進展不僅拓展了超低功耗的邊界，也顯著提升了人工智慧的複雜程度。

This combination is essential for next-generation of battery-powered edge AI devices. Atomiq is purpose-built for AI workloads that benefits from parallel processing rather than raw clock speed. With its integrated NPU, GPU, and embedded memory, we believe it will power a new class of intelligent devices, including advanced wearables, air glasses, and smart cameras. At the same time, we see a significant opportunity to extend our reach into new markets with Apollo derivatives that supports smaller form factors and core edge AI capabilities.

這種組合對於新一代電池供電的邊緣AI設備至關重要。 Atomiq專為AI工作負載而設計，它受益於平行處理而非原始時脈速度。憑藉其整合的NPU、GPU和嵌入式內存，我們相信它將為新一代智慧型裝置提供動力，包括先進的可穿戴設備、智慧眼鏡和智慧相機。同時，我們看到了透過Apollo衍生產品拓展新市場的巨大機遇，這些衍生產品支援更小的尺寸和核心邊緣AI功能。

Reflecting stronger customer demand, we are accelerating development of both Atomiq and Apollo product families. Instead of a three-year step-by-step plan, we now plan to start development of Apollo340 and Atomiq120 this year, along with ongoing work on Atomiq110.

為了滿足日益增長的客戶需求，我們正在加速Atomiq和Apollo兩大產品系列的研發。我們不再採用原先為期三年的分階段開發計劃，而是計劃在今年啟動Apollo340和Atomiq120的研發工作，同時繼續推進Atomiq110的研發。

Apollo340 is designed as a highly scalable platform to expand into new high-opportunity segments. It combines Ambiq's energy efficiency with attractive price point, compact form factor, and comprehensive developer support and reference designs. This will make it well suited for distribution channels, ecosystem partners, and reference designs, multiplying sales leverage and accelerating delivery of on-device AI to the mass market.

Apollo340 被設計成一個高度可擴展的平台，旨在拓展至新的高潛力細分市場。它融合了 Ambiq 的卓越能效、極具吸引力的價格、緊湊的外形尺寸以及全面的開發者支援和參考設計。這將使其非常適合分銷通路、生態系統合作夥伴和參考設計，從而倍增銷售槓桿，並加速將設備端 AI 推向大眾市場。

Turning to Atomiq, the first SoC designed from the ground up for advanced AI. Atomiq110 will enable personal devices with smaller batteries to achieve longer battery life while supporting richer features, such as natural language voice interfaces and on-demand health analysis, unlocking a new possibility for personal life logging devices.

接下來是Atomiq，它是首款從零開始為先進人工智慧而設計的SoC。 Atomiq110將使配備更小電池的個人設備擁有更長的續航時間，同時支援更豐富的功能，例如自然語言語音介面和按需健康分析，從而為個人生活記錄設備開闢新的可能性。

In industrial markets, Atomiq will support more complex AI models for local, cost-effective predictive maintenance. In medical applications, it will enable more real-time, always-on private metrics in smaller form factors. Atomiq120 will introduce capabilities tailored for smart cameras and next-generation smart eyewear, which is one of the fastest-growing categories in wearables.

在工業市場，Atomiq 將支援更複雜的 AI 模型，實現在地化、經濟高效的預測性維護。在醫療應用領域，它將以更小的體積提供更多即時、始終在線的私密指標。 Atomiq120 將引入專為智慧相機和下一代智慧眼鏡量身定制的功能，而智慧眼鏡是穿戴式裝置領域中成長最快的類別之一。

In summary, 2025 was a year of strong performance and focused execution for Ambiq. We believe we are well positioned for significant top-line growth in 2026, supported by solid customer demand and accelerated product momentum.

總而言之，2025年對Ambiq來說是業績強勁、執行力強的一年。我們相信，在強勁的客戶需求和產品加速發展勢頭的支撐下，我們已做好充分準備，在2026年實現顯著的營收成長。

At the same time, we are intentionally increasing investment across R&D, software, and go-to-market initiative to capture even larger share of the expanding edge AI opportunity. Our ultra-low power SPOT platform, combined with strategic actions we're taking, are laying the foundation for sustained long-term growth.

同時，我們正有意加大在研發、軟體和市場推廣方面的投入，以期在不斷增長的邊緣人工智慧市場中佔據更大的份額。我們超低功耗的SPOT平台，結合我們正在採取的策略舉措，正為持續的長期成長奠定基礎。

With that, I will turn the call over to Jeff to review the financials.

接下來，我會把電話交給傑夫，讓他審核財務數據。

Thank you, Fumi, and good morning, everyone. Our 2025 performance reflect the benefits of our strategic repositioning, which strengthened the quality of our revenue base and align the company with long-term growth opportunities.

謝謝Fumi，大家早安。我們2025年的業績反映了我們策略調整帶來的益處，這項調整增強了我們收入基礎的質量，並使公司與長期成長機會保持一致。

At the end of 2024, we took deliberate steps to prioritize customers who view our ultra-low power technology as a critical enabler of edge AI while reducing exposure to efficiency-focused, feature-neutral customers, primarily in Mainland China. As a result, we delivered sequential sales and non-GAAP gross profit improvement in every quarter of the year.

在2024年底，我們採取了一系列措施，優先服務那些將我們的超低功耗技術視為邊緣人工智慧關鍵賦能因素的客戶，同時減少對那些主要關注效率、功能中立的客戶（尤其是中國大陸的客戶）的業務投入。因此，我們實現了全年每季銷售額和非GAAP毛利的環比成長。

Our full-year results reflect stronger margins and increased gross profit dollars by 32.1% on 4.7% lower net sales, achieving our highest ever annual gross profit. These results validate our strategic repositioning. And with the strong momentum in the business, we believe we are well positioned to deliver sustainable growth over the coming years.

我們的全年業績反映出利潤率大幅提升，毛利成長32.1%，而淨銷售額卻下降了4.7%，實現了公司有史以來最高的年度毛利。這些業績驗證了我們策略調整的正確性。憑藉強勁的業務發展勢頭，我們相信公司已做好充分準備，在未來幾年實現永續成長。

Now turning to our fourth-quarter results. We delivered the highest net sales quarter of 2025, with results ahead of our guidance on accelerating demand trends. Net sales of $20.7 million increased 2% year over year.

現在來看我們第四季的業績。我們實現了2025年以來最高的季度淨銷售額，業績超出預期，這得益於需求加速成長的趨勢。淨銷售額為2,070萬美元，較去年成長2%。

Non-GAAP gross profit increased 75.5% to $9.4 million, while non-GAAP gross margin expanded almost 20 percentage points to 45.5%. This performance reflects the impact of the strategic repositioning I just described, with 8.6% of net sales driven by customers in Mainland China, down from 50% in the fourth quarter of 2024.

非GAAP毛利成長75.5%至940萬美元，非GAAP毛利率成長近20個百分點至45.5%。這項業績反映了我剛才所描述的策略調整的影響，其中中國大陸客戶貢獻的淨銷售額佔比為8.6%，低於2024年第四季的50%。

Sequentially, net sales increased 14.2%, driven by strong underlying demand. Non-GAAP gross profit dollars increased 15.9%, with non-GAAP gross margin expanding 70 basis points. The improvement was driven by a more favorable product mix, reflecting higher sales to customers deploying multiple edge AI capabilities on our SPOT platform.

受強勁潛在的需求推動，淨銷售額較上季成長14.2%。非GAAP毛利成長15.9%，非GAAP毛利率提升70個基點。這項成長主要得益於更優化的產品組合，反映出客戶在我們SPOT平台上部署多種邊緣AI功能後，銷售額顯著提升。

Turning to operating expense. Non-GAAP R&D expense was $9.3 million, up 33% year over year and 34% sequentially. This reflects additional investment that began in the fourth quarter to support our product development for both the Atomiq and Apollo families.

接下來談談營運費用。非GAAP研發費用為930萬美元，較去年成長33%，較上季成長34%。這反映了我們從第四季開始的額外投資，用於支援Atomiq和Apollo系列產品的研發。

Non-GAAP SG&A expenses were $7.3 million, up 19.7% year over year largely due to public company costs. Sequentially, SG&A increased 17.4%, driven by strategic investments in sales and marketing as well as higher incentive compensation, reflecting stronger net sales performance in the quarter. Other income was $1.3 million, up $1.1 million year over year due to interest income earned on IPO proceeds.

非GAAP銷售、管理及行政費用為730萬美元，較去年同期成長19.7%，主要原因是上市公司成本。環比來看，銷售、管理及行政費用成長17.4%，主要得益於對銷售和行銷的策略投資以及更高的激勵性薪酬，反映出本季淨銷售額的強勁成長。其他收入為130萬美元，年增110萬美元，主要原因是IPO募集資金所產生的利息收入。

Fourth-quarter non-GAAP net loss attributable to common stockholders was $5.9 million, a $1.7 million improvement year over year and $1.9 million lower sequentially. Non-GAAP net loss per share attributable to common stockholders was $0.32.

第四季歸屬於普通股股東的非GAAP淨虧損為590萬美元，較去年同期改善170萬美元，季減190萬美元。歸屬於普通股股東的非GAAP每股淨虧損為0.32美元。

We ended the quarter with no debt and $140.3 million in cash and cash equivalents, reflecting the proceeds from our IPO. And in the first quarter of 2026, we completed a successful follow-on offering that generated an additional $76.8 million. Our strengthened cash position provides the flexibility to fund growth initiatives to support our strategic priorities.

本季末，我們無任何債務，並持有1.403億美元的現金及現金等價物，主要得益於我們首次公開發行（IPO）的收益。 2026年第一季度，我們成功完成了後續發行，額外籌集了7,680萬美元。我們強勁的現金儲備為我們提供了更大的靈活性，能夠為各項成長計畫提供資金，從而支持我們的策略重點。

Now turning to our outlook. For the first quarter of 2026, we expect the following: net sales to be in the range of $21 million to $22 million, reflecting the trends Fumi covered earlier; non-GAAP gross margin between 44% and 45%, reflecting the ramp of the Apollo5 family. We expect to see improved yield and better cost structure as this product family scales throughout the year.

現在來看看我們的展望。對於2026年第一季度，我們預計：淨銷售額將在2100萬美元至2200萬美元之間，這與Fumi之前提到的趨勢相符；非GAAP毛利率將在44%至45%之間，這反映了Apollo5系列產品的量產。我們預計隨著該產品系列在年內規模的擴大，其良率和成本結構將會得到改善。

Non-GAAP operating expense of $18 million to $18.5 million, reflecting increased investment to support our strategic growth priorities, including approximately $1.7 million related to IP purchases in the quarter; non-GAAP loss per share of $0.39 to $0.33 based on weighted average share count of 20.38 million shares outstanding.

非GAAP營運費用為1,800萬美元至1,850萬美元，反映了為支持我們的策略成長重點而增加的投資，其中包括本季與智慧財產權收購相關的約170萬美元；根據2038萬股流通股的加權平均數計算，非GAAP每股虧損為0.39美元至0.33美元。

As you update your full-year models, please keep the following in mind. We're encouraged by the demand inflection we saw in the fourth quarter of 2025. We see a clear path to strong net sales growth in 2026, driven by new model launches, ramping up a scaled global customer, higher volumes from recent customer introductions, and continued adoption of Apollo5.

當您更新全年模型時，請注意以下幾點。我們對2025年第四季出現的需求轉折點感到鼓舞。我們預計，在新車型發布、全球客戶規模擴大、近期新客戶帶來的銷售成長以及Apollo5的持續普及等因素的推動下，2026年淨銷售額將實現強勁增長。

We remain focused on driving continued yield improvements across the portfolio, while recognizing that gross margin may be affected by broader industry cost dynamics and supply chain pressures. We expect non-GAAP operating expense will be approximately $30 million higher than 2025. This higher spending is tied to the accelerated development of both Atomiq and Apollo product families, reflecting strong customer demand.

我們將繼續專注於提升產品組合的整體收益率，同時意識到毛利率可能受到產業整體成本動態和供應鏈壓力的影響。我們預計非GAAP營運費用將比2025年增加約3,000萬美元。這一成長主要與Atomiq和Apollo產品系列的加速開發有關，反映了強勁的客戶需求。

The increased OpEx includes growing Ambiq engineering headcount, utilizing contract engineering to provide flex in our model for both upside and downside flexibility, and $7 million to $10 million of IP purchases necessary for product development. Given the timing of IP purchases will be project-driven, we do not expect operating expenses to be linear in 2026.

營運支出增加包括擴大Ambiq工程團隊規模、利用合約工程為我們的模式提供彈性（兼顧盈虧兩方面），以及用於產品開發所需的700萬至1000萬美元的智慧財產權採購。鑑於智慧財產權採購的時間將取決於專案進度，我們預計2026年的營運支出不會呈現線性成長。

In summary, our 2025 results reflect the strength of our competitive position, disciplined execution, and favorable secular tailwinds. Apollo is now powering multiple generations of products in production, and our expanding portfolio of derivatives is supporting upgrade cycles and broadening our reach across customers and end markets.

總而言之，我們2025年的業績反映了我們強大的競爭優勢、嚴謹的執行力以及有利的長期發展趨勢。 Apollo目前已為多代在產產品提供動力，我們不斷擴展的衍生產品組合正在支援產品升級週期，並擴大我們在客戶和終端市場中的覆蓋範圍。

At the same time, we are investing to enable higher performance edge AI applications and expand our long-term revenue opportunity. With Apollo driving growth and margin expansion today and Atomiq positioned to contribute meaningfully beginning in 2028, we believe we have multiple growth drivers to support sustainable growth over time.

同時，我們也在加大投資，以支援更高效能的邊緣人工智慧應用，並拓展長期營收成長機會。目前，Apollo 正在推動公司成長和利潤率提升，而 Atomiq 也已做好準備，並將於 2028 年開始做出重要貢獻。我們相信，憑藉多重成長動力，我們將實現永續成長。

With that, I'll turn the call back to Fumi before we open the line for Q&A.

接下來，我將把電話轉回給Fumi，之後我們將開放問答環節。

The opportunity ahead for Ambiq is large and growing quickly. We expect to deliver meaningful sales growth in 2026, and we are just getting started.

Ambiq未來的發展機會龐大且成長迅速。我們預計2026年將實現顯著的銷售成長，而這只是個開始。

As AI move beyond the cloud and into everyday devices, our technology is helping lead this change. With SPOT's industry-leading power efficiency, we enable intelligent devices that are mobile, secure and personal. We bring powerful AI directly to where data is created and decisions are made.

隨著人工智慧從雲端走向日常設備，我們的技術正在引領這項變革。憑藉 SPOT 業界領先的能效，我們打造出行動化、安全且個人化的智慧型裝置。我們將強大的人工智慧直接帶到數據生成和決策的地方。

We believe this shift to true edge intelligence is a defining moment for our industry. We are excited about the role Ambiq will play in shaping this future. Thank you for your continued confidence and support.

我們相信，向真正的邊緣智慧轉型是產業發展的一個里程碑。我們對Ambiq將在塑造這一未來中扮演的角色感到無比興奮。感謝您一直以來的信任與支持。

With that, I will open the call to questions. Operator, please go ahead.

接下來，我將開放提問環節。接線員，請開始。

(Operator Instructions) Quinn Bolton, Needham & Company.

（操作說明）Quinn Bolton，Needham & Company。

Congratulations on the nice finish to 2025 and the strong outlook for 2026. I guess, Fumi or Jeff, you've mentioned several times your strong outlook for 2026. Wondering if there's any guidance you can provide around that? I mean, it certainly looks like you could be on pace to generate north of $90 million of revenue, maybe even approaching $100 million.

恭喜你們2025年圓滿收官，並對2026年充滿信心。 Fumi或Jeff，你們似乎多次提到對2026年的樂觀展望。請問你們能否提供一些具體的指導？我的意思是，你們的業績看起來很有可能突破9,000萬美元，甚至接近1億美元。

And a related follow-up. Historically, you've seen revenue peak in the June quarter, just reflecting seasonality of some of your wearable customers. In '25, you saw sequential growth throughout the year. And so what kind of revenue pattern, quarter to quarter, would you expect? Do you think Q2 is the peak, or could it be a more linear ramp through the year? And then I've got a follow-up.

還有一個相關的後續問題。從歷史數據來看，你們的營收高峰通常出現在六月的季度，這反映了部分穿戴式裝置客戶的季節性需求。 2025年，你們的營收全年都維持了季比成長。那麼，你們預計未來幾季的營收模式會是怎麼樣的呢？你們認為第二季是高峰期，還是會呈現更線性的成長趨勢？我還有一個後續問題。

Hi, Quinn. Thanks for the great comment. Like I said in the script, Q4, definitely, we are seeing as an inflection point. And customer forecast is coming in extremely strong, and the trend will continue in 2026.

嗨，奎因。謝謝你的精彩評論。正如我在稿子裡提到的，第四季無疑是一個轉捩點。客戶預測非常強勁，而且這一趨勢將持續到2026年。

Again, we see Q1, Q2, Q3 to be extremely strong. And Q4, I think we're still a little bit far distance. And typically, seasonality will peak in the Q4, but we clearly see a path to more than $100 million at this point. And we're very confident, so that I think we can achieve more than what we originally forecasted.

我們預計第一、二、三季業績將非常強勁。至於第四季度，我認為目前還比較遙遠。通常情況下，第四季會受到季節性因素的影響，但就目前而言，我們顯然看到了突破1億美元的前景。我們非常有信心，相信最終的業績能夠超過最初的預期。

Does that answer your question?

這樣回答了你的問題嗎？

Yeah, that's great. And then a question if Scott is there. You announced the 12-nanometer SPOT technology gets down to operating voltages as low as 300 millivolts. If I looked at a more standard low-voltage process at TSMC for 12-nanometer, does that get down to 400, 500?

是的，太好了。如果Scott在的話，我想問個問題。您宣布12奈米SPOT技術的工作電壓可以低至300毫伏特。如果我看一下台積電更標準的12奈米低壓工藝，它的電壓能低至400毫伏特還是500毫伏特呢？

Like, how much lower at 300 millivolts would the SPOT process be than the standard foundry offering at TSMC? Just trying to get a sense of the power advantage you bring with the 12-nanometer SPOT technology.

例如，在 300 毫伏電壓下，SPOT 製程比台積電的標準代工製程低多少？我只是想了解 12 奈米 SPOT 技術帶來的功耗優勢。

Yeah. So the standard operating voltage at 12-nanometers that you'll see across process nodes across foundries is going to be on the order of 700 millivolts, so 0.7 volts. So we're running at a fraction of that operating voltage.

是的。所以，在12奈米製程製程節點上，各代工廠的標準工作電壓大約在700毫伏特左右，也就是0.7伏特。而我們實際使用的電壓遠低於這個值。

If you're running at, let's say, nominally -- to make it easy math -- 350 millivolts against a 700-millivolt competitor, that's going to give you a fourfold energy advantage. Of course, things are a little more complex than that.

假設你的電壓（為了方便計算，假設是標稱值）為 350 毫伏，而競爭對手的電壓為 700 毫伏，那麼你的能量優勢將是他們的四倍。當然，實際情況要複雜一些。

On the one hand, I've always said that a good portion of the SPOT advantage comes from all the stuff we do other than voltage scaling, right -- the way we build our clock trees and our bus fabrics and our memories and everything else.

一方面，我一直說 SPOT 的優勢很大程度上來自於我們除了電壓縮放之外所做的一切，對吧——我們建造時脈樹、總線結構、記憶體以及其他一切的方式。

So you have the potential to go more than 4x if you layer all that innovation in. So we feel really good about what 12-nanometers is looking like and are excited about some of the early measurements that we're seeing in-house.

所以，如果把所有這些創新融合起來，速度提升的潛力可能超過4倍。因此，我們對12奈米製程的發展前景感到非常樂觀，並且對我們內部的一些早期測量結果感到興奮。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Congratulations on the excellent results. Fumi, could you talk a little bit more about some of the applications or end markets that are -- that's going to be driving the strong growth in calendar '26? I mean, obviously, wearables has been a big part of the business, but you're now getting into industrial. So any more color on the types of applications that will drive the growth would be very helpful.

祝賀你們取得如此優異的成績。 Fumi，能否再詳細談談哪些應用或終端市場將在2026年推動強勁成長？我的意思是，穿戴式裝置顯然一直是你們業務的重要組成部分，但你們現在也開始涉足工業領域。所以，如果能更詳細地介紹哪些類型的應用程式會推動成長，那就太好了。

Okay. Thanks. And we're seeing strength in every product line and market. So first, let me tell you that all Apollo3 family, Apollo4 family, Apollo5 family is seeing very strong demand to enable edge AI. And yes, a major increase is still coming from wearable customers.

好的，謝謝。我們看到所有產品線和市場都呈現強勁成長動能。首先，我要告訴大家的是，Apollo 3 系列、Apollo 4 系列和 Apollo 5 系列產品在邊緣人工智慧領域的需求都非常強勁。而且，穿戴式裝置客戶的需求成長尤為顯著。

But 25% of funnel is now non-wearables, industrial and medical and so on. So we do expect more than original percentage of the share is non-wearables in 2026. Again, 2026, it's just growth is phenomenal. So yeah, you would expect our traditional industrial leaders, but some other medical and industrial application is contributing -- will be contributing to our 2026 revenue.

但目前25%的銷售漏斗來自非穿戴式裝置領域，例如工業和醫療領域等等。因此，我們預計到2026年，非穿戴式裝置領域的市佔率將超過目前的水準。再次強調，2026年的成長動能非常強勁。當然，傳統的工業領域仍將佔據主導地位，但其他一些醫療和工業應用領域也將為我們2026年的收入做出貢獻。

Very good. And as my follow-up, you talked about some volatility in the OpEx for the year. I was just hoping you could give us a little bit more feel for -- is that going to be first half weighted, second half weighted? Because I think you did say it's not going to be linear. So any more color on first half versus second half? That would be very helpful.

非常好。我還有一個後續問題，您提到今年的營運支出可能會有些波動。希望您能更詳細地說明一下——這部分支出是會按上半年還是下半年來劃分？因為我記得您說過它並非線性變化。所以，能否再詳細說說上半年和下半年的情況？這將非常有幫助。

Yeah, sure. As we think about OpEx for 2026, as you know and as we said on the call, we're going to invest roughly $30 million increase in our OpEx year over year. And the way that's going to break out is there's three major components that really drive that increased spending.

當然。如您所知，也正如我們在電話會議上所說，當我們考慮2026年的營運支出時，我們將比上一年增加約3000萬美元的營運支出。這筆支出主要由以下三個面向構成：

The first is Ambiq headcount. We're going to hire more engineering in both hardware and software to continue to grow our internal capabilities. That spending will be obviously somewhat linear as we add more people to the company.

首先是Ambiq的員工人數。我們將招募更多硬體和軟體工程師，以持續提升我們的內部能力。隨著公司員工人數的增加，這方面的支出顯然會維持相對線性成長。

The second place that we're going to spend that money is in contract engineering. And this is important because it gives us scale both on the upside and the downside and gives us a more variable cost structure.

我們計劃將這筆資金的第二個用途是外包工程。這點至關重要，因為它能讓我們兼顧規模效益和風險，並帶來更靈活的成本結構。

The spending for that contract engineering will be very much project-based. So as we think about the products that we're going to tape out in 2026, you would expect to see very high periods of engineering, probably more in the Q2, Q3 time frame where we'll utilize that project engineering.

此合約工程的支出將主要以專案為基礎。因此，當我們考慮2026年即將流片的產品時，預計會看到大量的工程投入，可能主要集中在第二季度和第三季度，屆時我們將利用這些項目工程資源。

And then the last place that we'll spend a significant amount of money is in our IP acquisition. These IPs re necessary for us to build new products. And again, that's very project-based. It's not a linear spend. And given it's to support products that we're going to tape out in the second half of the year, I would expect the majority of that spending to take place in the Q2, Q3 time frame.

最後，我們會在智慧財產權收購方面投入大量資金。這些智慧財產權對我們開發新產品至關重要。同樣，這部分支出也是基於專案的，並且非線性成長。鑑於這是為了支持我們計劃在下半年完成流片的產品，我預計大部分支出將在第二季和第三季進行。

(Operator Instructions) Liam Pharr, Bank of America.

（操作員說明）利亞姆·法爾，美國銀行。

In terms of elevated component pricing, are you seeing any impact on demand due to that? Are you relatively insulated from any pricing pressure from your customers as they want to preserve their margins?

鑑於零件價格上漲，您是否觀察到這對需求產生了任何影響？您的客戶為了維持利潤率，是否相對較少施加價格壓力？

And how should we think about the gross margin trajectory through the year given you're going to be introducing a lot more new higher complexity Apollo SKUs with your customers and more design wins? Or should we expect that to increase significantly or remain around this 45% ZIP code?

鑑於您將向客戶推出更多複雜度更高的Apollo SKU，並且贏得更多設計訂單，我們該如何看待今年的毛利率走勢？或者我們應該預期毛利率會大幅成長，還是會維持在45%左右？

Yeah. So when we think about margins -- so first of all, I want to state, we're very happy with the margin accomplishments that we made in 2025. Clearly, we increased our gross profit dollars by over 30% year over year. And we increased our gross margin year over year, going to 45% for total 2025.

是的。所以當我們談到利潤率時——首先，我想說，我們對2025年取得的利潤率成績非常滿意。顯然，我們的毛利年增超過30%。而且，我們的毛利率也逐年提高，2025年全年達45%。

When we think about the margin equation going forward, there's two components to that. The first is the ASP side of the equation. And there, we continue to focus on opportunities where we can maximize our value. And so we're very much looking for high revenue opportunities where we get paid the most on a per-unit basis for our product.

當我們展望未來的利潤率時，它包含兩個面向。首先是平均售價（ASP）。在這方面，我們將繼續專注於能夠最大化我們價值的機會。因此，我們非常重視那些能讓我們每件產品獲得最高收益的高收入機會。

On the cost side of the equation, we're very focused on things that we can control, which are yield across our product portfolios. That said, our efforts may be tempered by some of the dynamics that are happening in the industry.

在成本方面，我們非常關注那些我們可以控制的因素，也就是我們所有產品組合的報酬率。儘管如此，我們所做的努力可能會受到業界一些動態因素的影響。

Increasing cost of being a fabless semiconductor company exposes us to higher pricing of our capacity, probably more in the second half of the year. So that aspect of it, we're monitoring very closely. And that could put pressure on our ability to grow margins year over year.

作為一家無晶圓廠半導體公司，不斷上漲的成本意味著我們的產能價格將上漲，尤其是在下半年。因此，我們正在密切關注這一方面。這可能會對我們逐年提高利潤率的能力構成壓力。

Okay. And then in terms of this new customer you've got in 2025, any idea in terms of the timing of that ramp, when it becomes sizable? And should we expect that socket to be similar size to your other wearable customers? Or will it remain a little bit smaller?

好的。那麼關於你們2025年新增的這位客戶，你們對產能爬坡的時間安排有什麼預估嗎？什麼時候才能達到相當可觀的規模？我們是否可以預期這個插座的尺寸會和你們其他穿戴式裝置客戶的尺寸差不多？還是會略小一點？

You mean 2026, right? So that new customer is starting ramp starting Q1, and very, very strong growth quarter after quarter. And we expect that -- '27 to be even bigger. So we're very excited to have that new customer be in Ambiq family.

您指的是2026年，對吧？所以這位新客戶從第一季開始逐步擴大規模，並且每季都保持著非常強勁的成長。我們預計2027年的成長規模會更大。因此，我們非常高興這位新客戶加入Ambiq大家庭。

Quinn Bolton, Needham & Company.

奎因·博爾頓，尼德姆公司。

I know you don't give us the split quarter to quarter on Apollo3, Apollo4, versus Apollo5; but it does sound like you're seeing broader adoption of Apollo5. And I was just wondering, could you give us any sense, what part or percentage -- rough percentage of revenue was Apollo5 exiting 2025? And what percent of revenue could it reach in '26? Is it a pretty significant mix shift up to Apollo5? Any comments would be helpful.

我知道您沒有提供Apollo 3、Apollo 4和Apollo 5的季度細分數據；但聽起來您確實看到了Apollo 5更廣泛的應用。我想問一下，您能否大致估算一下，Apollo 5在2025年底的營收佔比是多少？到2026年，它的收入佔比又能達到多少？ Apollo 5的推出是否帶來了顯著的收入結構變化？任何評論都將不勝感激。

You want to take that? Well, Apollo5 adoption is definitely increasing. But again, denominator. You know that our total revenue is growing faster than expected, and Apollo3 is really enabling one of the big customers.

你想看看具體情況嗎？嗯，Apollo 5 的採用率確實在成長。但話說回來，分母也很重要。你知道我們的總收入成長速度超出了預期，而 Apollo 3 確實為我們的大客戶之一提供了強大的支援。

Apollo4 is enabling right now with one of the newer customers that joined in 2025 and Apollo5 all across all the customers. So all of them are growing.

Apollo4 目前正在為一家於 2025 年加入的新客戶提供服務，而 Apollo5 則面向所有客戶。因此，它們都在不斷發展壯大。

And Apollo5, I have to say that the quantity itself is growing fast. If you asked about the percentage, we don't give out too much of the debt percentage, but I think that the percentage is slowly growing. But the quantity itself, absolute value -- number of the quantity is growing fast.

至於Apollo5，我必須說，債務總量本身成長很快。如果你問的是百分比，我們不會透露太多債務百分比，但我認為這個百分比確實在緩慢增長。但債務總量本身，也就是絕對值——數量——成長很快。

With no further questions, that concludes our Q&A session. This does conclude today's conference call. We thank you for your participation. You may now disconnect.

問答環節到此結束，沒有其他問題了。今天的電話會議到此結束。感謝您的參與。您可以斷開連線了。