Free cash flow remains deeply negative, reaching a trough of -$14.0M in 2025Q2, while capital expenditure as a percentage of revenue spiked to 16.0% in 2026Q1.
| Cash from Operations | -32.27M | -19.69M | -21.43M | -26.96M | -52.88M | -34.64M |
| Operating CF Margin % | - | -27.15% | -28.17% | -41.13% | -58.11% | -67.95% |
| Operating CF Growth % | -2484.88% | 8.11% | 20.51% | 49.02% | -52.66% | - |
| Net Income | -38.35M | -36.46M | -39.66M | -50.33M | -25.34M | -25.22M |
| Depreciation & Amortization | 6.99M | 7.21M | 6.25M | 7.72M | 2.61M | 1.93M |
| Stock-Based Compensation | 765K | 6.83M | 5.17M | 2.62M | 1.29M | 702K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 7.62M | -753K | 1.7M | 125K | 5.14M | 4.84M |
| Working Capital Changes | -9.3M | 3.47M | 5.11M | 12.91M | -36.58M | -16.89M |
| Change in Receivables | -6.77M | 3.23M | 1.75M | -2.98M | -10.88M | -136K |
| Change in Inventory | -8.37M | -2.13M | 6.04M | 15.16M | -26.46M | -3.61M |
| Change in Payables | 4.58M | 4.2M | 821K | -3.94M | 8.23M | -1.55M |
| Cash from Investing | -10.35M | -7.44M | -3.73M | -3.02M | -4.62M | -4.59M |
| Capital Expenditures | -7.66M | -1.34M | -658K | -459K | -4.62M | -2.63M |
| CapEx % of Revenue | 9.36% | 1.85% | 0.86% | 0.7% | 5.08% | 5.16% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -2.69M | -6.1M | -3.07M | -2.56M | 0 | -1.96M |
| Cash from Financing | 185.68M | 106.38M | 58.84M | 31.77M | 18.2M | 94.06M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 8.77M |
| Equity Issued (Net) | 84.27M | 109.21M | 58.84M | 31.26M | 17.84M | 87.65M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 101.41M | -2.83M | 0 | 516K | 354K | -2.35M |
| Net Change in Cash | 143.12M | 79.29M | 33.66M | 1.54M | -39.13M | 54.78M |
| Free Cash Flow | -35.77M | -21.03M | -25.16M | -29.98M | -57.5M | -39.23M |
| FCF Margin % | -43.7% | -29.01% | -33.07% | -45.74% | -63.19% | -76.96% |
| FCF Growth % | - | 16.4% | 16.08% | 47.87% | -46.58% | - |
| FCF per Share | -1.75 | -2.64 | -1.85 | -2.87 | -0.23 | -2.88 |
| FCF Conversion (FCF/Net Income) | 0.93x | 0.54x | 0.54x | 0.54x | 2.09x | 1.37x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 98K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Operating Cash Burn
As reported in recent financial filings, Ambiq's operating cash flow frequently diverges from net income, with the 2026Q1 OCF/NI ratio of 1.10 highlighting that accounting losses are being compounded by cash-consuming working capital requirements rather than being mitigated by non-cash charges like depreciation.
The persistent inability to generate positive operating cash flow despite significant R&D investment suggests that the company's current business model is not yet self-funding. Investors should monitor whether the recent revenue acceleration can eventually bridge this gap, as the current reliance on external liquidity remains a structural vulnerability.
Based on quarterly data, Ambiq's free cash flow trajectory remains firmly in negative territory, reaching a trough of -$14.0M in 2025Q2, which underscores the significant capital intensity required to maintain its proprietary subthreshold technology lead in a highly competitive semiconductor landscape.
The volatility in FCF margins, which swung from 1.8% in 2025Q1 to -78.2% in 2025Q2, indicates that the company's cash burn is highly sensitive to timing differences in revenue recognition and operational scaling. This erratic performance suggests that achieving sustainable positive free cash flow is likely contingent on a major shift in product mix or manufacturing efficiency.
According to historical cash flow statements, Ambiq's capital expenditure as a percentage of revenue spiked to 16.0% in 2026Q1, suggesting that the firm is currently prioritizing infrastructure and tooling investments to support the production of its newer Atomiq platform over immediate cash preservation.
This elevated capital intensity warrants further investigation into whether these expenditures are truly growth-oriented or if they represent necessary maintenance to keep non-standard subthreshold designs viable at scale. The lack of consistent capital discipline may indicate that the company is still in a heavy investment phase that could pressure liquidity for several more quarters.
Analysis of recent cash flow statements reveals that working capital changes are a primary driver of cash volatility, with a significant $6.3M outflow in 2026Q1 following a period of relative stability, suggesting potential inefficiencies in inventory management or collection cycles as the company attempts to scale.
The sharp swings in working capital suggest that Ambiq may be struggling to balance inventory build-ups with the demands of its OEM customer base. Investors should monitor these fluctuations closely, as they appear to be exacerbating the company's underlying operating losses and accelerating the depletion of cash reserves.
Quick answers to the most common questions about buying AMBQ stock.
Ambiq Micro, Inc. (AMBQ) generated $-19.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ambiq Micro, Inc. (AMBQ) reported negative free cash flow of $21.0M in 2025, indicating capital requirements exceeded cash from operations.
Ambiq Micro, Inc. (AMBQ) spent $1.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.