Ambarella(AMBA) - 2024 Q4 - Annual Results

Revenue Performance - Q4 FY2024 revenue was $51.6 million, down 38.1% YoY from$ 83.3 million in Q4 FY2023[1] - Full-year FY2024 revenue was $226.5 million, down 32.9% YoY from$ 337.6 million in FY2023[1] - Revenue for the three months ended January 31, 2024 was $51.6 million, compared to$ 83.3 million for the same period in 2023[17] Net Loss and Earnings Per Share - Q4 FY2024 GAAP net loss was $60.6 million, or$ 1.50 per diluted share, compared to a net loss of $11.1 million, or$ 0.29 per diluted share, in Q4 FY2023[1] - Full-year FY2024 GAAP net loss was $169.4 million, or$ 4.25 per diluted share, compared to a net loss of $65.4 million, or$ 1.70 per diluted share, in FY2023[1] - Net loss for the three months ended January 31, 2024 was $60.6 million, compared to a net loss of$ 11.1 million for the same period in 2023[17] - GAAP diluted net loss per share for the three months ended January 31, 2024 was $1.50, compared to$ 0.29 for the same period in 2023[21] - Non-GAAP diluted net loss per share for the three months ended January 31, 2024 was $0.24, compared to non-GAAP diluted net income per share of$ 0.23 for the same period in 2023[21] Non-GAAP Financial Metrics - Q1 FY2025 non-GAAP gross margin guidance is between 61.5% and 63.0%[3] - Non-GAAP net loss for the three months ended January 31, 2024 was $9.8 million, compared to non-GAAP net income of$ 8.9 million for the same period in 2023[21] - The difference between GAAP and non-GAAP gross margin was 2.7% for the three months ended January 31, 2024, compared to 3.9% for the same period in 2023[19] Operating Expenses and Costs - Q1 FY2025 non-GAAP operating expenses guidance is between $46.0 million and$ 49.0 million[3] - Total stock-based compensation for the three months ended January 31, 2024 was $28.5 million, compared to$ 29.1 million for the same period in 2023[18] - Total acquisition-related costs for the three months ended January 31, 2024 were $1.3 million, compared to$ 1.2 million for the same period in 2023[18] - Total restructuring expense for the three months ended January 31, 2024 was $104,000, compared to$ 0 for the same period in 2023[19] Cash and Financial Position - Total cash, cash equivalents, and marketable debt securities at the end of Q4 FY2024 was $219.9 million[4] - Cash and cash equivalents increased to$ 144,914 thousand from $113,541 thousand, a 27.6% increase[22] - Marketable debt securities decreased to$ 75,013 thousand from $93,322 thousand, a 19.6% decrease[22] - Accounts receivable, net decreased to$ 24,950 thousand from $51,987 thousand, a 52% decrease[22] - Inventories decreased to$ 29,043 thousand from $40,486 thousand, a 28.3% decrease[22] - Total current assets decreased to$ 280,157 thousand from $304,632 thousand, an 8% decrease[22] - Property and equipment, net decreased to$ 10,439 thousand from $11,814 thousand, an 11.6% decrease[22] - Deferred tax assets, non-current decreased to$ 234 thousand from $19,276 thousand, a 98.8% decrease[22] - Intangible assets, net decreased to$ 55,136 thousand from $58,497 thousand, a 5.7% decrease[22] - Total liabilities decreased to$ 97,784 thousand from $104,107 thousand, a 6.1% decrease[22] - Total shareholders' equity decreased to$ 559,871 thousand from $606,088 thousand, a 7.6% decrease[22] Future Outlook and Guidance - Q1 FY2025 revenue guidance is between$ 52.0 million and $56.0 million[3] - The company expects to return to revenue growth in FY2025 due to the strength of its AI products and early actions to help customers navigate excess inventory[5] Product and Operational Achievements - Key achievements in FY2024 included the ramp of the 5nm AI processor CV5 and sampling of three new 5nm AI processors: N1, CV72AQ, and CV3-AD685[5] Tax and Valuation Allowance - The company recorded a valuation allowance of$ 22.7 million on certain deferred tax assets for the three months ended January 31, 2024[21]