AMBAAMBARELLA INC

Semiconductors & Related Devices

Revenue: $391M; 37% YoY
Operating margin: -21.1%; 52% YoY
EBITDA: −$57M; 43% YoY
Market cap: $2.8B
Employees: 959; $407K revenue each
Net debt / EBITDA: —
AI in 10-K: 29.6; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$6M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
25% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
1% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
39% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$407K · 50th pct
Bottom quartile of its SIC industry
Quiet on AINo
29.6 per 10K words · 100th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$17M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$332M	$338M	$226M	$285M	$391M	37%
Operating income	−$30M	−$74M	−$155M	−$127M	−$83M	35%
Net income	−$26M	−$65M	−$169M	−$117M	−$76M	35%
Operating cash flow	$39M	$44M	$19M	$34M	$74M	117%
Capex	$10M	$15M	$12M	$10M	$16M	49%
Stock-based comp	$88M	$111M	$111M	$108M	$98M	9.1%
Buybacks	$0	$0	$0	$0	$1M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $17M · 43
Net: −$17M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$7M	$4M	68	277
FY2025	$7M	$12M	81	174
FY2024	$6M	−$779K	56	148
FY2023	$6M	−$5M	95	101
FY2022	$6M	$21M	149	121