December 6 & 9 , 2019 Morgan Stanley NDR

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Frankfurt, Germany and Milan, Italy

Morgan Stanley NDR

December 6th & 9th, 2019

Dr. Alberto Broggi, GM Ambarella Italy

Casey Eichler, CFO

Louis Gerhardy, Corporate Development

2AMBARELLA.COM COPYRIGHT AMBARELLA 2019

Forward-Looking Statements

This presentation contains forward-looking statements that are subject to many risks and uncertainties. All statements made in this presentation other than statements

of historical facts are forward-looking statements, including, without limitation, statements regarding Ambarella’s strategy, future operations, financial targets, future

revenues, projected costs, prospects, plans and objectives for future operations, future product introductions, future rate of our revenue growth, the size of markets

addressed by the company's solutions and the growth rate of those markets, technology trends, our ability to address market and customer demands and to timely

develop new or enhanced solutions to meet those demands, our ability to achieve design wins, and our ability to retain and expand our customer and partner

relationships.

In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "would," "expects," "plans," "anticipates," "believes,"

"estimates," "projects," "predicts," "potential," or the negative of those terms, and similar expressions and comparable terminology intended to identify forward-looking

statements. We have based forward-looking statements largely on our estimates of our financial results and our current expectations and projections about future

events, markets and financial trends that we believe may affect our financial condition, results of operations, business strategy, short term and long-term business

operations and objectives, and financial needs as of the date of this presentation. Although these forward-looking statements are based upon information available at the

time the statements are made and reflect management’s good faith beliefs, forward-looking statements inherently involve known and unknown risks, uncertainties and

other factors that may cause actual results, performance or achievements to differ materially from anticipated future results. Important factors that could cause actual

results to differ materially from expectations are disclosed in Ambarella's annual reports on Form 10-K and quarterly reports and Form 10-Q filed with the Securities and

Exchange Commission (the “SEC”), particularly in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of

Operations.” You should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. We do not undertake to

update or revise any forward-looking statements after they are made, whether as a result of new information, future events, or otherwise, except as required by

applicable law. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for management to

predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ

materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and

circumstances discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-

looking statements.

Before you invest, you should read the annual and quarterly reports and other documents Ambarella has filed with the SEC for more complete information about the

company and its ordinary shares. Additional information will also be set forth in Ambarella's future quarterly and annual reports and other filings made with the SEC from

time to time. You may access these documents for free by visiting EDGAR on the SEC web site at www.sec.gov.


Ambarella is an artificial intelligence (“AI”) company

Ambarella developed over a 3 year period an AI processor architecture specifically optimized for video edge-endpoint applications.

The integration of this deep neural network AI processor with the company’s state-of-the-art video processor yields a highly optimized

computer vision (“CV”) system-on-a-chip (“SoC”)

More than $350 million cumulative investment into CV targeting automotive, security camera and other robotic applications

The first 3 production CV SoCs were taped-out and sampled in C2018 with all three products in production

Three “waves” of CV revenue anticipated; professional security cameras, consumer security cameras and automotive cameras

Founded 2004, IPO (NASDAQ: AMBA) 2012

Focused on video applications, always with the premise that video is a special type of data requiring an optimized chip architecture

Initially targeted consumer electronics and security cameras for low-power and high-resolution human viewing applications

More than 270 million cameras enabled to-date

Strong and liquid balance sheet

$401 million cash and marketable securities and no debt exiting Q3 F2020 (October 31, 2019)

Positive operating cash flow

Returned $175 million to shareholders via stock repurchases in the last 3+ years

Ambarella Overview


HQ

Santa

Clara, CA

Global Footprint756 Employees Across US, Asia, and Europe

JapanKoreaHong KongTaiwanChinaEurope

54 178 334 5 5 6

United States

174

Samsung Semiconductor

Manufacturing

Taiwan ODMs

Chicony

Sercomm

Vivotek

LiteOn

WNC

AbilityChina ODMs

Skylight

Gongjin

Goertek

Kenxen

US ODMs

Jabil

Flextronics

Preferred Partner Contract Design HousesRhonda

Teknique

VisLab

Parma, Italy

acquired 2015

51 employees

30 PhDsFounded and incorporated

in Cayman Islands in 2004


Video

Compression

15 years of

Video and

Image

Processing

Experience

Ambarella’s Computer Vision System-on-a-ChipLeveraging 15 Years of Video Processing Expertise with a New and Proprietary AI Processor

Programmable Computer Vision Platform

with Optimized Coprocessor Acceleration

CVflow Deep

Neural Network AI

processor

Image

Processing

CVflow architecture

introduced in F2019

after 3 years in

R&D

NEW


- Approach followed by Ambarella when designing the first encoding chip family

- Followed also for CV chip family:- 3 ys of sw design, implementation, and on-field testing before selecting hw acceleratorss

- CV1 evaluated over a full life cycle (from design to full implementation on autonomous cars); CV2 design then based on real feedback

- Careful choice of most used / heavy CV blocks, especially for ADAS/AV:- includes key technologies for future cars, like Stereo and CNN and their enablers

- CVflow architecture:- based on specific optimizations to make a very efficient use of space and resources,

leading to limited power consumption and high performance

- At the same time, CVflow is easy thanks to conversion tools to port from usual environments into CV chips

“Algorithm first” approach


EVA

Embedded Vehicle

Autonomy

VIAC 15km cross-

continent drive

100% AV following

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VisLab: 25+ Years of CV Technology Development Focused on Autonomous Driving Applications Acquired in 2015, spun-out from the University of

Parma (Italy) in 2009

Recognized globally for computer vision software

expertise applied to autonomous vehicle applications

Set worldwide milestones for autonomous driving,

participating in multiple DARPA challenges

Consistent track record of innovation

Prometheus ADAS

demo on closed track

1993-1994

Fully manualMille Miglia 2000+km

on Italian highways

94% autonomous

steering

DARPA Grand 132

miles off-road 100%

AV, driveless

DARPA Urban driving

100% AV, driveless

PROUD 13km

in Parma,

100% AV

DEEVA CV

integration 100%

AV

DEEVA 2014

Fully Autonomous

with 13 stereo

camera systems

VW Tiguan 2017 4K sensors

Porter 2009-now

4 fully autonomous

electric vehicles

TerraMax 2004-2007

Fully autonomous

BRAiVE 2008-now

Fully autonomousCV2

CV22


• Vision has been improving but:• Needs more performance to handle L2+ and other advanced applications

• GPU based hardware too expensive and too high power

• Game changers: • New higher resolution 4k (8 Mpxl) and up image sensors

• Power efficient/cost effective deep learning

• Stereo to improve robustness over mono and reduce the number of lidar used today

• Moving from low to high resolution brings additional challenges Ambarella solved:• Higher performance processing requirement with low power and cost

• Advanced image processing for low light performance

• Higher sensitivity to thermal cycles and vibrations handled by autocalibration

Computer Vision: the game changers


- Working on stereo for 20+ years- Selection of proper algorithm and on-chip porting as a building block

- Advantages (vs LiDAR):- Provides much denser 3D distance measurements

- Perfect alignment with image data

- Much lower cost and much easier installation

- Game changers:- 4K resolution, low power consumption, and low light capability

- Autocalibration provides robust solution and saves time on installation

- Applications: - developed for automotive, but applicable to many fields where 3D perception is key:

robotics (consumer and pro), automation, logistics, agricultural, earth moving, mining,…

Ambarella Stereovision Technology


- The higher the automation level (L1,… L5), the denser and more accurate the required

perception

- High levels also require redundancy (i.e. sensor fusion with multiple sensing technologies)

- Vision (Ambarella’s key offer) is overcoming the major historical bottlenecks:- Resolution (now 4k, 8Mpxl)

- Low light with high resolution and stereo (now working also at night)

- Power hungry (now 30 fps @ <4W)

- High resolution deep learning die size and power efficiency

- Stereo vision provides an additional sensing technique that fuses with monocular, and adds

redundancy and depth information to monocular

Ambarella in Automotive: perception from L2 upwards


Scalable Computer Vision Portfolio AI in the Camera - Superior Performance per Watt + Performance per Dollar

CV22CV25 CV2

CV25 – Mainstream CV22 – Mid Range CV2 – High End

Ava

ilabili

ty

Announced January 2019 Announced January 2018 Announced March 2018

Mass production revenue July 2019Mass production revenue December

2018Sampling and early trials

Samsung low power 10nm process

Com

pute

rV

ision

Vid

eo

Pro

cessin

g

Up to 3x cameras* Up to 2x cameras* Up to 6x cameras* and stereo support

8 megapixel sensors at 15 frames per second** 8 mega pixel sensors at 30 frames per second**

AI

Pro

cessin

g

CVflow Deep Neural Network AI Processor (software tools port from TensorFlow, Caffe, ONNX, etc.)

½ of CV22 AI (CVflow) Baseline (CVflow) 4x CV22 AI (CVflow)

*additional cameras can be supported using external SERDES

**video processing trade-offs available between frames-per-second, resolution, and the number of cameras supported


Automotive Camera System Target Markets~20% fiscal 2019 total revenue

Source: TSR, Strategy Analytics, Ambarella

Ambarella RecordersForward-Facing

ADASeMirrors In-Cabin Surround

PT/FT

Autonomous

2018 SAM

2025 SAM

~$300M

~$500M

$1B+

$1.5B

<$10M

<$250M

<$50M

~$500M

<$100M

~$250M

~$100M

~$2.5B

Ambarella

F2019 Revenue$40M-$50M New New New New New

Products

(examples)

A12,

H22CV25 CV22, CV2

A12,

H22CV22 S5

CV22,

CV2

A12,

H22CV22 CV22, CV2

Applications

(Human / Computer

Vision)

Human

Viewing

Event

Reconciliation

Computer

Vision

L0 ADAS

Computer Vision

L0-L3 ADASHuman

Viewing

Computer

Vision

L0-L4 ADAS

Human

Viewing

Computer

Vision

L0-L5

ADAS and

AD

Human

Viewing

Computer

Vision

L0-L3 ADAS

Computer Vision

L2+ to L5 ADAS + AD

Selected

Engagements

OEM

BAIC, Geely, Honda,

Nissan, SAIC, Toyota

Aftermarket

Finedigital, Garmin,

Nextbase, Thinkware

Hella

Momenta

Ofilm

Tier 1 for

BAIC

Korean T1

Japan T1 Roadefend

Baolong

Eyesight

EyerisMercedes-

Benz

Readsense

SmartEye

(TBA)

Longhorn

Ofilm

US OEM


Computer Vision

(Video Processor + AI Processor “CVflow”)

Human Viewing

(Video Processor)

Ambarella’s Global Automotive Footprint OEM, Tier 1’s, and Tier 2’s

OEM


Computer Vision

Security Camera Market~60% fiscal 2019 total revenue

0

100

200

300

C2018 C2020

Mill

ions o

f U

nits

Global Security Camera Unit

Shipments

~60% of Ambarella’s F2019 revenue originated from the security

camera market

Two-thirds originated from the professional security camera market

Primarily driven by enterprise capital investment

One-third from the consumer security camera market

Primarily driven by household spending for durable goods

~750 million security camera global installed base in C2019

Ambarella has historically served the networked security camera market

Ambarella is now also addressing the computer vision market at its inception

Global security camera unit shipments around 210 million in C2018

Computer vision and networked cameras expected to grow while analog shrinks

The transition from human viewing to computer vision represents a

major new product cycle

We expect to ~5 professional security camera customers in mass production by the end of

F2020. Motorola Solutions is the first mass production customer

We are in-design at 9 of the 10 leading professional security camera companies

In discussions with all the leading consumer security camera customers. Market development ~1

year behind professional

-

250

500

750

1,000

2013 2014 2015 2016 2017 2018 2019e 2020e

Insta

lled b

ase (

Mill

ions)

Global Security Camera Installed Base Is

Fertile Ground for New CV Product Cycle

Analog Networked

So

urc

e: A

mb

are

lla, IH

S,

Str

ate

gy A

na

lytics, T

SR

Analog Networked

CV

(3G)

begins

Pro CV

becomes

material

Computer Vision

Analog (1G)

Networked (2G)


Professional Security Consumer Security

Ambarella’s Global Security Camera FootprintEnabling Most Major Professional and Consumer Security Camera Companies

Enterprise ― Retail ―Smart Cities ― ITS ― Smart Parking Home Security ― Smart Home Automation ― Delivery Services


Competitive Landscape is FragmentedAmbarella’s video processing expertise scales across multiple markets

Security Cameras Automotive Cameras

Professional Consumer RecordersForward-Facing

ADASeMirror In-Cabin Surround

PT/FT

Autonomous

HiSilicon (Huawei)China only Aftermarket

Mobileye (Intel) (SW from Mobileye+SoC

from STM=“black box”) DNN starts with EyeQ5

Movidius (Intel)

Nvidia(Server based

architectures) central AI processing

NXP

Qualcomm

Renesas

SigmaStar

Texas Instruments

Xilinx

(IP Cores)e.g. Cadence, CEVA, etc.

(Others)AMLogic, Fullhan, Ingenic, Will, Socionext,

(Custom ASICs), AIT, Novatek, iCatch (Custom ASICs) (Custom ASICs)

No DNN for AI processing

PLDs utilized early in a product life cycle

DNN accelerator – samples pending

Incomplete solution


“Other” Revenue – Mostly “Consumer Discretionary”~20% fiscal 2019 total revenue

~150% of Ambarella’s revenue decline between F2017 and

F2019 was driven by “Other”

“Other” revenue expected to decline in dollars and as a percent of

revenue over the next 2-3 years

With some exceptions, computer vision is not critical to “Other”

markets

Some segments such as police body cameras and commercial drones are

expected to adopt CV and remain attractive but relatively small market opportunities

Sports/action cameras, consumer drones, and AR/VR markets

have not come close to achieving market growth expectations and

are relatively small opportunities

C2016 C2017 C2018

(F2017) (F2018) (F2019)

Other ~55% ~40% ~20%non

focus

Security

Cameras~35% ~45% ~60%

focus

market

Auto ~10% ~15% ~20%focus

market

Total

Revenue$310 $295 $228


Emerging OpportunitiesIncludes consumer and enterprise applications

Robots for assistance, cleaning, delivery service, surveillance, warehouse, etc.

Potential customer examples: Amazon, Alibaba, Baidu, Dyson, LG, iRobot, Segway, Walmart

Machine vision applications include barcode reading, defect inspection and

other manufacturing related applications

Potential customer examples: Basler, Cognex, Fanuc, Keyence, Omron

Building access control and automation

Potential customer examples: Assa Abloy, Amazon, Honeywell, Schneider, Siemens

New applications emerging

Images represent potential customers and their applications


Q3 F2020 (October 2019) Earnings Call Recap>14 customer and partner engagements announced

6 Security

2 smart home, 4 professional

1 CV and 5 video processing

>5 Auto

OEM and aftermarket

>4 CV and 1 video processing

*During Q3 F2020 Ambarella generated pre-production CV revenue from more than 50 unique customers ordering engineering parts,

evaluation kits and/or development boards

3 Other

1 wearable, 1 drone, 1 AR/VR

3 video processing

Market Application Customer/Partner Product AMBA Comment

1 Auto ADAS-AM (multiple) Commercial fleets CV2/CV22 multiple customers/wins, FF ADAS, BSD and DMS applications

2 Auto DMS+in cabin Eyeris (demo) Passenger vehicles CV2 @AutoSens award "Best Auto Safety System"+"Most Innovative In-Cabin"

3 Auto Cargo/logistics Mercedes-Benz Cmcl. delivery vans CV2 multiple cameras in cargo area for logistics (E-commerce)

4 Auto Recorder OEM Chery TIGGO 8 SUV A12A Skyworth is the tier 1 for Chery OEM model

5 Security Professional Hanwha TechwinPNO series CV22 5MP + 4k resolution enterprise class cameras with AI

6 Security Professional Bosch Intelligent I series S3L FLEXIDOME, DINION, Autodome models, w/ video analytics

7 Security Professional Motorola H5SL S5L 1.2, 3 and 5MP versions, variety of video analystics

8 Security Professional Verkada Dome series TBA 8 new indoor and outdoor models, up to 4k resolution

9 Security Smart Home Amazon/Ring Indoor camera S2LM compact plug-in design for monitoring with motion detection

10 Security Smart Home HIKVision EZVIZ Lookout DP1 S3LM replaces peephole in door with touchscreen and 2 way comm

11 Other AR/VR wearableInsta360 Go Camera A12 very small FF wearable(20 grams), stabilization and auto-edit

12 Other Drone DJI Mavic Mini H22 camera is in the payload, does some flight control functions also

13 Other Wearables Motorola Public safety S5LM 4K + full HD recording, >12 hour life, integrate w/ in-car video systems

14 Auto eMirror SONY (demo) Light vehicles CV22 demo under challenging low light and high contrast lighting


Q2 F2020 (July 2019) Earnings Call Recap17 customer wins announced

9 Security

4 home monitoring, 5 professional


Market Application Customer Product AMBA Comment

1 Auto DMS AM (TBA) Commercial vehicles CV22 DMS + for commercial vehicles

2 Auto eMirror T1 Hyundai Mobis 3 camera/3 mirror 1 SoC A9AQ Announces S Korea's 1st 3 camera emirror system

3 Auto Recorder AM Thinkware QXD Mega A9AQ 4 camera recorder

4 Auto Recorder AM Thinkware Z500 Plus A12 2 camera dash camera

5 Auto Recorder AM Finedigital GX200/GX2000 A12 4 camera recorder

6 Auto Recorder OEM Geely New Emgrand GS and GL A12 Two new Geely models GS and GL have built in recorders

7 Auto Recorder OEM Great Wall Motors Wey VV6 SUV A12 or H22 Options for these new models, 1 and 3 channel options

8 Auto Recorder OEM Great Wall Motors ORA R2 A12 EV with recorder

9 Security Professional Motorola H5A CV22 Next gen video analytics to be announced

10 Security Professional Hanwha Techwin (TBA) CV TBA Stated they will use CV from Ambarella

11 Security Professional Vaion Vcam CV22 Vcam dome and panoramic

12 Security Professional Hanwha Techwin Q Series S3L Uses S3 for prof sec line for first time

13 Security Professional Verkada CM61 (TBA) 4K with hybrid cloud architecture

14 Security Home monitoring Alarm.com V723 and V523 S5L Intelligent outdooor and indoor cameras

15 Security Home monitoring ADT LifeShield HD doorbell S2L Integrates into their overall security system, suports Alexa, home control

16 Security Home monitoring Samsung SmartThings S2L Full HD video with 2 way audio

17 Security Home monitoring HIKvision EZVIZ DL30VS S3L Smart lock with night vision capabilities

8 Auto

3 OEM (in 4 models), 4 aftermarket, 1 tier one


*During Q2 F2020 Ambarella generated pre-production CV revenue from more than 40 unique customers ordering engineering

parts, evaluation kits and/or development boards


Q3 F2020 (October 2019) Review and Q4 Outlook(Q3 F2020 reported November 25, 2019)

Geopolitical factors creating uncertainty and volatility with a wide range of potential outcomes

On October 15, 2019 we provided an update on the impact to our business from the Entity List published on October 9th. This brought clarity to some trade

issues, but we continue to see a wide variety of geopolitical risks outstanding, including foreign policy, trade and IP matters

Factors potentially disruptive to our business include

potential export regulations on advanced technologies

potential for customers in China to take actions to reduce their dependence on U.S. components that could be subject to new geopolitical developments

changes to tariffs and/or the Entity List

market share shifts between our customers

supply chain issues

Our largest competitor in the security camera market, HiSilicon, a unit of Huawei, is facing headwinds

Q4 F2020 (January, 2020) Outlook

The midpoint of our Q4 revenue guidance range of $55.0 to $59.0 million was slightly above the sell-side analyst consensus expectation of $55.7 million

We anticipate normal seasonality in the seasonally slow Q4, with automotive and security expected to be down sequentially and other flat to slightly up

We estimate Q3 gross margin between 56.5% to 58.5%

Q3 F2020 (October, 2019) Results

Revenue of $67.9 million was above the high-end of the guidance range of $63.0 million to $67.0 million with all markets up sequentially, led by automotive

Non-GAAP EPS of $0.32 and positive operating cash flow of $21.9 million

No stock was repurchased under an existing authorization of $50.0 million in place through June 2020

22

www. ambarella.com

CO

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[email protected]

Louis Gerhardy

Corporate Development and Investor Relations

Documents

December 6 & 9 , 2019 Morgan Stanley NDR