Ambarella delivered a robust 63.4% YoY revenue expansion in QQ3 2025 to $82.65 million, accompanied by a 59.6% gross margin and a cash-generative quarter. Despite the top-line strength, the company remains unprofitable on reported bases, with operating income at -$26.79 million and net income at -$24.07 million, driven largely by elevated R&D spend (USD 58.39 million) and ongoing investment in product development. The balance sheet remains exceptionally healthy, underpinned by a net cash position (net debt of -$121.16 million) and no material debt, providing liquidity to fund R&D and growth initiatives. Cash flow from operations was $6.62 million, with free cash flow of $4.12 million. While current quarter results reflect ongoing investments to scale advanced video processing and AI capabilities, the company’s expanded addressable markets in automotive camera systems, surveillance, and robotics offer meaningful long-term growth potential if product mix and design wins translate to improving margins and sustainable profitability. The absence of management-provided forward guidance in the data requires investors to monitor design wins, customer mix, and cadence of R&D investments as key indicators of trajectory.