SANTA CLARA, Mar 03, 2020 (GLOBE NEWSWIRE via COMTEX) — SANTA CLARA, Calif., March 03, 2020 (GLOBE NEWSWIRE) — Ambarella, Inc. AMBA, -5.04%, an AI vision silicon company, today announced financial results for its fourth quarter of fiscal year 2020 ending January 31, 2020.Revenue for the fourth quarter of fiscal 2020 was $57.2 million, up 12% from $51.1 million in the same period in fiscal 2019. For the fiscal year ending January 31, 2020, revenue was $228.7 million, up 0.4% from $227.8 million for fiscal year ending January 31, 2019.Gross margin under U.S. Generally accepted accounting principles (GAAP) for the fourth quarter of fiscal 2020 was 58.2%, compared with 60.0% for the same period in fiscal 2019. For the fiscal year ending January 31, 2020, GAAP gross margin was 58.0%, compared with 60.7% for the fiscal year ending January 31, 2019.GAAP net loss for the fourth quarter of fiscal 2020 was $13.0 million, or loss per diluted ordinary share of $0.39, compared with a GAAP net loss of $4.5 million, or loss per diluted ordinary share of $0.14, for the same period in fiscal 2019. GAAP net loss for the fiscal year ending January 31, 2020 was $44.8 million, or loss per diluted ordinary share of $1.35. This compares with GAAP net loss of $30.4 million, or loss per diluted ordinary share of $0.93, for the fiscal year ending January 31, 2019.
Financial results on a non-GAAP basis for the fourth quarter of fiscal 2020 are as follows:Gross margin on a non-GAAP basis for the fourth quarter of fiscal 2020 was 58.7%, compared with 60.6% for the same period in fiscal 2019. For the fiscal year ending January 31, 2020, non-GAAP gross margin was 58.5%, compared with 61.2% for the fiscal year ending January 31, 2019.Non-GAAP net income for the fourth quarter of fiscal 2020 was $4.9 million, or earnings per diluted ordinary share of $0.14. This compares with non-GAAP net income of $4.5 million, or earnings per diluted ordinary share of $0.14, for the same period in fiscal 2019. Non-GAAP net income for the fiscal year ending January 31, 2020 was $23.7 million, or earnings per diluted ordinary share of $0.69. This compares with non-GAAP net income of $24.5 million, or earnings per diluted ordinary share of $0.73, for the fiscal year ending January 31, 2019.
Based on information available as of today, Ambarella is offering the following guidance for the first quarter of fiscal year 2021, ending April 30, 2020:Revenue is expected to be between $52.0 million and $57.0 millionGross margin on a non-GAAP basis is expected to be between 57.5% and 59.5%Non-GAAP operating expenses are expected to be between $33.0 million and $35.0 million
Ambarella reports gross margin, net income (loss) and earnings (losses) per share in accordance with GAAP and, additionally, on a non-GAAP basis. Non-GAAP financial information excludes the impact of stock-based compensation adjusted for the associated tax impact, which includes the effect of any benefits or shortfalls recognized. A reconciliation of the GAAP to non-GAAP gross margin, net income (loss) and earnings (losses) per share for the periods presented, as well as a description of the items excluded from the non-GAAP calculations, is included in the financial statements portion of this press release.
Total cash, cash equivalents and marketable securities on hand at the end of the fourth quarter of fiscal 2020 was $404.7 million, compared with $358.9 million at the end of the same quarter a year ago.
“In FY20, just one year after taping-out CV2, CV22 and CV25, we had more than 100 different customers purchase engineering parts, evaluation kits and/or development boards for our AI computer vision products, a unique achievement validating our strategy. The three waves of AI computer vision revenue we have previously articulated are taking shape, with more than a dozen customers in production across the three waves,” said Fermi Wang, President and CEO. “New public health issues in addition to an already dynamic geopolitical environment bring an unusually high degree of uncertainty to the business environment. However, with AI computer vision expected to reach 10% of total revenue in FY21, our goal is to grow total revenue for the year.”
Quarterly Conference Call
Ambarella plans to hold a conference call at 4:30 p.M. Eastern Time / 1:30 p.M. Pacific Time today with Fermi Wang, President and Chief Executive Officer, and Casey Eichler, Chief Financial Officer, to discuss the fourth quarter and fiscal year 2020 results. The call can be accessed by dialing 877-304-8963 in the USA; international callers should dial 760-666-4834. Please dial in ten minutes prior to the scheduled conference call time. A live and archived webcast of the call will be available on Ambarella’s website at judi poker online