Ambarella Q2 FY27 10-Q: Revenue up 13%, but cash burn accelerates and inventory swells
AMBA sits 32% above its 52-week low of $48.3 on elevated volume (2.0× avg).
Summary
Ambarella's Q2 FY27 10-Q confirms 13.2% revenue growth to $108.1M, but reveals a sharp cash-flow reversal and a 47% inventory build. A new $50M buyback and 2.75M-share equity plan expansion were also disclosed.
Key Events · Earnings and Guidance · AMBA
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Q2 FY27 Revenue Up 13.2%
Revenue of $108.1M for Q2 FY27, up 13.2% YoY, driven by higher unit shipments of high-priced AI inference processors. Six-month revenue of $208.5M, up 14.9%.
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Operating Cash Flow Turns Negative
H1 FY27 operating cash flow was -$25.9M vs +$20.3M in H1 FY26, driven by a $24.6M inventory build and $26.4M reduction in accounts payable.
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Cash Position Declines
Cash, cash equivalents, and marketable debt securities totaled $272.3M at July 31, 2026, down from $312.6M at January 31, 2026.
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Inventory Builds 47%
Inventories rose to $76.9M from $52.2M at fiscal year-end, with work-in-progress up $17.3M and finished goods up $7.3M.
Analysis · AMBA · Manufacturing
Ambarella's Q2 FY27 10-Q confirms the revenue beat already reported in the 8-K, but adds critical balance-sheet context: cash and marketable securities fell to $272.3M from $312.6M at fiscal year-end, operating cash flow swung to a $25.9M outflow from a $20.3M inflow a year ago, and inventory jumped 47% to $76.9M. The company also authorized a new $50M buyback and expanded its equity plan by 2.75M shares. The cash-flow deterioration and inventory build are the key new facts for investors.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 29.9% of the 1988 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, AMBA was trading at $63.73 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $2.8B. The 52-week trading range was $48.30 to $96.69. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.