Ambarella, Inc. (NASDAQ: AMBA) witnessed a notable uptick of 2.39% in its stock value, concluding the previous trading session at $58.71. This surge in Ambarella’s stock price can be attributed to the unveiling of its quarterly financial performance.
Ambarella (AMBA) yesterday disclosed its fiscal year 2024 third-quarter financial results, concluding on October 31, 2023. AMBA reported revenue of $50.6 million, marking a 39% reduction from the $83.1 million recorded in the corresponding quarter of the previous year. The gross margin also experienced a marginal decrease from 62.2% to 59.3%.
In the third quarter of fiscal year 2024, Ambarella incurred a net loss of $41.7 million, translating to a loss per diluted ordinary share of $1.04. This stands in contrast to the net loss of $19.8 million, or a loss per diluted ordinary share of $0.51, reported for the same quarter in the previous year.
The AMBA continues to advance its research and development initiatives despite these financial challenges. Ambarella focued on a variety of System-on-Chip (SoC) and software solutions specifically designed for the inference requirements of more advanced Artificial Intelligence (AI).
The development of 5nm SoCs is progressing positively, with CV5, the flagship of the CV2 family, expected to contribute significantly to revenue in Fiscal 2025. Ambarella has achieved a milestone with the first silicon of CV3-AD685, the flagship of its CV3 platform, and plans to showcase this achievement to clients in December.
Canopy, in a recent move, selected Ambarella’s CV25 AI computer vision SoC for its flagship Canopy Pickup Cam system. This innovative system is designed to deliver real-time monitoring and threat detection for truck beds. A collaborative effort between ADT and Ford, Canopy’s camera and security system is compatible with most pickup trucks and commenced customer shipments on October 30th.
As per industry reports, incidents of vehicle theft are on the rise, especially concerning open truck beds, often leaving owners unaware until it is too late. Canopy’s security system takes a proactive approach by continuously monitoring cargo within truck beds and issuing automatic alerts upon detecting suspicious activity.
This stands in contrast to conventional security alarms that notify owners only after an incident has occurred. Initially targeting personal vehicles and with plans for future expansion to fleet vehicles, the Canopy Pickup Cam represents the first aftermarket, AI-enabled security system designed to enhance truck bed security.
