Customer Concentration RiskThere is a high customer concentration risk, with the top two customers accounting for more than 65% of revenues, and significant operating expenses expected over the next few years.
Market ExposureAmbiq remains highly exposed to the volatile and uncertain consumer wearables market, with only a small portion of sales coming from design wins outside of personal wearables.
Operating ExpensesThere is a high operating expense intensity expected to fuel the Atomiq platform, with potential delays in roadmaps possibly affecting profitability.