Ambarella delivered a robust QQ3 2025 (fiscal third quarter ended Oct 31, 2024) with revenue of $82.65 million, up 63% year-over-year and roughly 30% sequentially, driven by new product ramps and record AI revenue. Management highlighted the first silicon of the CV3-AD655 AI SoC targeting Level 2+ autonomy, the CV5 wave (5-nm process) and the anticipated CV7 wave as the backbone of the 2025–2026 growth runway. The company also signaled improving pricing power and a higher blended ASP due to AI-focused product mix, while reiterating a multi-wave product strategy through fiscal 2026 and beyond. On the financials, Ambarella reported non-GAAP net income of $4.5 million ($0.11 per diluted share) for Q3, with non-GAAP gross margin of 62.6% and non-GAAP OpEx of $49.1 million, while GAAP results show negative operating income of $26.8 million on $82.7 million of revenue, reflecting mix effects and legacy processor exposure. The balance sheet remains cash-rich, with roughly $226.5 million in cash/marketable securities and a net cash position of approximately $121 million, supporting ongoing R&D and product evolution. Management tightened FY2025 revenue guidance to a 22–24% YoY growth, signaling conviction in new product cycles even as the broader auto market remains challenged. Investors should monitor: (1) cadence of CV5/CV7 design wins and funnel evolution, (2) automotive Level 2+ adoption dynamics and ASP/mix shifts, (3) IoT/enterprise AI applications expanding beyond traditional auto, and (4) the trajectory toward long-term non-GAAP operating margin of 30%.