Ambiq Micro (AMBQ) opened Q1 2026 with Q4 2025 revenue of US$20.7 million and a basic EPS loss of US$0.58, while the trailing twelve months showed revenue of US$72.5 million and a basic EPS loss of US$4.57, setting a clear backdrop of growth-focused but loss-making operations. Over the past reported quarters, revenue has ranged from US$15.7 million to US$20.7 million, while quarterly basic EPS losses have moved between about US$0.58 and US$18.96, keeping the story centered on scaling revenue against a still heavy earnings drag. For investors, the key question from this print is how quickly those losses can be contained so that expanding sales begin to meaningfully improve margins and bring the business closer to breakeven.

See our full analysis for Ambiq Micro.

With the latest figures on the table, the next step is to see how these results line up with the prevailing growth focused and risk aware narratives around Ambiq Micro and where the numbers challenge those views.

Revenue Holds In The Low US$20 Million Range

• Over the last three reported quarters, revenue stayed in a tight band between US$17.9 million and US$20.7 million, with Q4 2025 at US$20.7 million and trailing twelve month revenue at US$72.5 million.
• Consensus narrative highlights roughly 27.9% forecast annual revenue growth, and the current US$72.5 million trailing revenue base is what bulls point to when they talk about demand from wearables, medical devices and industrial sensors, while bears focus on the risk that early stage edge AI use cases build more slowly than these growth assumptions imply.
  • Supporters of the bullish view note the expanding use of Apollo and upcoming Atomic products across AR, health and factory monitoring, and tie this to the revenue run rate seen in the last twelve months.
  • More cautious investors point out that even with this US$72.5 million of trailing revenue, analysts in the provided data still do not expect profitability within three years, so high growth expectations sit against a business that is still loss making.

Losses Remain Heavy At Around US$36 Million TTM

• Over the trailing twelve months to Q4 2025, Ambiq Micro reported a net loss of US$36.5 million and a trailing basic EPS loss of US$4.57, while individual quarterly net losses ranged from US$8.3 million to US$10.7 million in 2025.
• Bears argue that persistent losses, which the data says have widened at about 7.4% per year over five years, back their concern that higher R&D and go to market spending on Apollo, Atomic and the SPOT platform could keep net income negative, even if edge AI demand grows.
  • The fact that Q4 2025 net loss of US$10.7 million sits within a cluster of quarterly losses near US$8 million to US$11 million supports the idea that profitability has not yet turned a corner despite the current revenue base.
  • At the same time, guidance and commentary in the bearish narrative still assume revenue growth in the low 30% range, which shows that even the cautious camp is working from a growth story that has yet to translate into positive EPS.

On these numbers, skeptics focus on how long the company can keep funding R&D and sales efforts before losses start to narrow in a visible way, and they use that backdrop to frame a more guarded take on the stock's risk profile. 🐻 Ambiq Micro Bear Case

P/S Of 19.6x Prices In Strong Growth

• Ambiq Micro trades on a P/S of 19.6x based on the provided data, compared with a peer average of 9.5x and a US semiconductor industry average of 8.8x.
• Bulls argue that forecast revenue growth of about 27.9% a year and the potential for higher value Atomic products and SPOT licensing justify paying more than 2x the sector P/S, while the current trailing net loss of US$36.5 million and the expectation of ongoing losses for at least three years give critics a clear hook to question how long that premium can hold.
  • Supportive investors point to the combination of US$72.5 million of trailing revenue and high growth forecasts as the core reason the stock commands a richer multiple than peers.
  • Those taking a more cautious stance highlight that the company is still unprofitable and that there is no DCF fair value in the data, so the premium P/S rests mainly on revenue growth expectations rather than on current earnings power.

For anyone weighing that valuation gap against peers, it helps to line these earnings figures up with the more optimistic case that focuses on edge AI demand and product ramps. 🐂 Ambiq Micro Bull Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Ambiq Micro on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

Given the mix of cautious and optimistic signals in these results, it makes sense to review the data yourself and move quickly while sentiment is still forming. To see both sides set out clearly, start with the 1 key reward and 1 important warning sign.

See What Else Is Out There

Ambiq Micro is still reporting sizable losses of about US$36.5 million on trailing revenue of US$72.5 million, while trading at a P/S multiple above peers.

If you want ideas where pricing looks more closely tied to current fundamentals rather than heavy losses and a rich sales multiple, take a look at the 45 high quality undervalued stocks.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.