Suji de Silva

Suji de Silva asked about the highest growth opportunities for Ambarella in the Edge AI market for calendar year 2026, specifically inquiring if drones or other segments are expected to lead. He followed up with a specific question on drones, asking if Ambarella has pipeline visibility into government programs beyond consumer and commercial applications, or if government usage is handled separately.

Answer

CEO Fermi Wang identified drones as a definite growth area. He also highlighted Edge endpoints, particularly wearable cameras expanding into new commercial uses due to ready technology (low power, on-camera AI), as another high-growth segment. He noted that Edge infrastructure, while not an immediate high-revenue driver, is a crucial long-term market. He clarified that while customers desire to serve multiple segments, most are currently focused on consumer and commercial drone applications, and government usage is not yet a primary focus for them.

Suji De Silva asked about the top two or three highest growth opportunities for Ambarella in calendar year 2026, specifically inquiring if drones would be a primary driver. He also asked for visibility into government programs within the drone market, beyond consumer and commercial applications.

Answer

CEO Fermi Wang identified drones as a definite growth area. He also highlighted edge endpoints like wearable cameras, which are expanding beyond traditional police use into new commercial applications, as another high-growth area. He noted that edge infrastructure, while not showing immediate high revenue growth, is a very important long-term market. Regarding government drone programs, Fermi Wang stated that most customers are currently focused on consumer and commercial segments, and government usage is not yet a primary focus for them.

Suji De Silva of Roth Capital asked about D-Wave's position on ancillary quantum opportunities like communications, timing, memory, and security keys, inquiring if the company remains laser-focused on its core computing opportunity or if it plans to develop these areas.

Answer

CEO Dr. Alan Baratz stated D-Wave is laser-focused on quantum computing. He clarified that D-Wave's systems do not require quantum interconnects like other modalities, and the company does not view sensing or quantum key distribution as central to its mission.

Suji de Silva requested an update on the backlog mix between launch and spacecraft, specifically detailing the Alpha launch backlog split between national security responsive missions and other categories. He also asked for a roadmap of Blue Ghost's capacity to the Moon, including its pairing with Elektra, for carrying larger cargo, infrastructure, and eventually manned missions.

Answer

CFO Darren Ma stated that the company has not disclosed the exact split but noted Q2 revenue was majority spacecraft. He projected a shift in backlog weighting towards spacecraft, potentially outpacing launch in the future. CEO Jason Kim described a long-term roadmap for Blue Ghost, leveraging carbon composite structures and scalable technology from Mission 1 to build larger systems. He envisions multiple annual missions by the end of the decade, carrying rovers, light terrain vehicles, infrastructure, and eventually supporting manned missions.

Suji de Silva asked for an update on the backlog mix between launch and spacecraft, specifically detailing the Alpha launch backlog split between national security responsive missions and other contracts. He also sought insight into the long-term roadmap for Blue Ghost and Elektra, including capacity for larger cargo, infrastructure, and eventually manned missions to the Moon.

Answer

CFO Darren Ma stated that the backlog split between launch and spacecraft is not disclosed, but Q2 revenue was majority spacecraft. He noted that prior to Blue Ghost Mission 4, the backlog leaned more towards launch, but is expected to shift. CEO Jason Kim outlined a long-term roadmap for scaling lunar capabilities, leveraging carbon composite structures and transferable technology from Blue Ghost Mission 1. He envisions not only annual missions but multiple missions annually by the end of the decade, including rovers, light terrain vehicles, and infrastructure like power plants.