Dougherty & Company 4Th Annual Institutional Investor Conference

AMBARELLA.COM AMBARELLA.COM

September 5, 2019 COPYRIGHT AMBARELLA 2019 AMBARELLA COPYRIGHT Dougherty & Company 4th Annual Institutional Investor Conference

Casey Eichler, CFO [email protected]

1 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 the 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.COM COPYRIGHT AMBARELLA 2019 2 Ambarella Overview

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”) . ~$300 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 two products already in mass 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 related applications, always operated under 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 250 million cameras enabled to-date Strong and liquid balance sheet . $376 million cash and marketable securities and no debt exiting Q2 F2020 (July 31, 2019) . Positive operating cash flow . Returned $175 million to shareholders in the last 3+ years

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 3 Global Footprint 754 Employees Across US, Asia, and Europe 173 54 178 333 5 5 6 United States Europe China Taiwan Hong Kong Korea Japan

US ODMs . Jabil VisLab HQ . Flextronics Parma, Italy Santa ●acquired 2015 Clara, CA Taiwan ODMs ●50 employees . Chicony ●30 PhDs . Sercomm . Vivotek . LiteOn . WNC China ODMs . Ability . Skylight . Gongjin . Goertek . Kenxen

Manufacturing Preferred Partner Contract Design Houses Rhonda Samsung Semiconductor Teknique

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 4 Ambarella’s Computer Vision System-on-a-Chip Leveraging 15 Years of Video Processing Expertise with a New and Proprietary AI Processor

15 years of Programmable Computer Vision Platform Video and with Optimized Coprocessor Acceleration Image Processing NEW Experience CVflow architecture introduced in F2019 after 3 years in R&D

CVflow Deep Video Image Neural Network AI Compression Processing processor

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 5 Scalable Computer Vision Portfolio Superior Performance per Watt per Second

CV25 CV22 CV2

CV25 – Mainstream CV22 – Mid Range CV2 – High End

Announced January 2019 Announced January 2018 Announced March 2018

Mass production revenue December Mass production revenue July 2019 Sampling and early trials 2018 Availability Samsung low power 10nm process

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

Video Video 8 megapixel sensors at 15 frames per Vision Vision

Processing Processing 8 mega pixel sensors at 30 frames per second** second**

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

Processing 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

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 6 Global Security Camera Installed Base Is Security Camera Market Fertile Ground for New CV Product Cycle 1,000 CV ~60% fiscal 2019 total revenue begins 750

. ~60% of Ambarella’s F2019 revenue originated from the security camera market 500 . Two-thirds originated from the professional security camera market . One-third from the consumer security camera market 250 Installed base (Millions) base Installed . ~750 million security camera global installed base in 2019 - . Ambarella has historically served the networked security camera market 2013 2014 2015 2016 2017 2018 2019e 2020e . Ambarella is now also addressing the computer vision market at its inception Analog Networked Computer Vision

Global Security Camera Unit . Global security camera unit shipments around 210 million in C2018 Shipments . Pro CV Computer vision and networked cameras expected to grow while analog shrinks becomes 300 material . Security camera market is on the cusp of a major new product cycle as it migrates from pure human viewing to computer vision 200 . We expect to ~5 professional security camera customers in mass production by the end of , IHS, Strategy Analytics, TSR Analytics,IHS, Strategy , F2020. Motorola is the first mass production customer. . We are in-design at 9 of the 10 leading professional security camera companies. Millions Units of Millions 100 Ambarella . In discussions with all the leading consumer security camera customers for wins. Market development ~1 year behind professional. 0 Source: C2018 C2020

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 Analog Networked Computer Vision 7 Ambarella’s Global Security Camera Footprint Enabling Most Major Professional and Consumer Security Camera Companies

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

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 8 Automotive Camera System Target Markets ~20% fiscal 2019 total revenue

Forward-Facing PT/FT Ambarella Recorders eMirrors In-Cabin Surround ADAS Autonomous

2018 SAM ~$300M $1B+ <$10M <$50M <$100M ~$100M 2025 SAM ~$500M $1.5B <$250M ~$500M ~$250M ~$2.5B

Ambarella ~$45M New New New New New F2019 Revenue

A12, A12, CV22, A12, Products CV25 CV22, CV2 CV22 S5 CV22 CV22, CV2 (examples) H22 H22 CV2 H22

Applications Computer Computer Computer Vision Computer Computer (Human / Computer Human Human Human Vision Human Computer Vision Vision L0-L3 ADAS Vision Vision Vision Vision Vision L0-L5 Vision L2+ to L5 ADAS + AD Vision) L0 ADAS L0-L4 ADAS L0-L3 ADAS ADAS

OEM Baolong BAIC, Geely, Honda, Eyesight Ofilm Nissan, SAIC, Toyota Korean T1 Readsense Selected Hella Tier 1 for Longhorn US OEM Japan T1 Roadefend SmartEye Momenta BAIC Ofilm Engagements Aftermarket (TBA) Finedigital, Garmin, Nextbase, Thinkware

Source: TSR, Strategy Analytics, Ambarella AMBARELLA.COM COPYRIGHT AMBARELLA 2019 9 Ambarella’s Global Automotive Footprint OEM, Tier 1’s and Tier 2’s

Computer Vision Video Processing

Tier 1 Tier 1 OEM

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 10 EVA Embedded Vehicle VisLab: 25+ Years of CV Technology Development Autonomy Focused on Autonomous Driving Applications

. Acquired in 2015, spun-out from the University of Parma (Italy) in 2009 VW Tiguan 2017 4K sensors BRAiVE 2008-now CV2 Fully autonomous . Set worldwide milestones for autonomous driving, participating in multiple DARPA Porter 2009-now 4 fully autonomous CV22 challenges electric vehicles PROUD 13km . Consistent track record of innovation in Parma, TerraMax 2004-2007 100% AV CV1 Fully autonomous DEEVA CV VIAC 15km cross- integration 100% continent drive AV 100% AV following

DARPA Urban driving 100% AV, driveless 1993-1994 Fully manual DARPA Grand 132 DEEVA 2014 Mille Miglia 2000+km miles off-road 100% Fully Autonomous on Italian highways AV, driveless with 13 stereo Prometheus ADAS 94% autonomous camera systems demo on closed track steering

VisLab’s AV drove in downtown Parma 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 11 Competitive Landscape is Fragmented Competitors Usually Serve the Mid to Low-End and/or Offer Incomplete Solutions Security Cameras Automotive Cameras Forward-Facing PT/FT Professional Consumer Recorders eMirror In-Cabin Surround ADAS Autonomous

HiSilicon (Huawei) China only Aftermarket

Mobileye (Intel) “Black box”

Movidius (Intel) AI processor only

Nvidia (Server based) central AI processing

NXP No DNN for AI processing

Qualcomm

Renesas

SigmaStar

Texas Instruments DNN accelerator – pending samplesles

Xilinx Used early in a product life cycle (IP Cores Cadence, CEVA

(Custom ASICs), AMLogic, Fullhan, Ingenic, AIT, Novatek, iCatch (Custom ASICs) (Custom ASICs) (Others) OmniVision, Socionext

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 12 “Other” Revenue – Mostly “Consumer Discretionary” ~20% fiscal 2019 total revenue

• ~150% of Ambarella’s revenue decline between F2017 and F2019 was drive by “Other”

• “Other” revenue expected to decline in dollars and as a percent of revenue over the next 2-3 years

• With some exceptions, CV is not critical to “Other” markets and “Other” is therefore not strategic • 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, drones, and AR/VR markets have not come close to achieving market growth expectations and are relatively small opportunities

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 13 Emerging Opportunities Includes consumer and enterprise applications

. Robots for assistance, cleaning, delivery service, surveillance, warehouse, etc. . Potential targets: Amazon, Alibaba, Baidu, Dyson, LG, iRobot, Segway, Tencent, Walmart . Machine vision applications include barcode reading, defect inspection and other manufacturing related applications . Potential targets: Basler, Cognex, Fanuc, Keyence, Omron, Allied Techvision . Building access control and automation . Potential targets include Assa Abloy, Amazon, Honeywell, Schneider, Siemens . New applications emerging

AMBARELLA.COMCOPYRIGHT AMBARELLA 2019 14 Q2 F2020 (July 2019) Earnings Call Recap 17 customer wins announced

8 Automotive 9 Video Security 3 OEM (in 4 models), 4 aftermarket, 1 tier one 4 home monitoring, 5 professional 1 CV and 7 video processing 3 CV and 6 video processing

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 *During Q2 F2020 Ambarella generated pre-production CV revenue from more than 40 customers ordering engineering parts, evaluation kits and/or development boards

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 15 Q2 F2020 (July 2019) Review and Q3 Outlook (Q2 F2020 reported August 29, 2019)

. Geopolitical factors creating uncertainty and volatility with a wide range of potential outcomes . Although there is no regulation in place, there is speculation that some of our customers in China could be blacklisted . Tariffs, rising tariff rates, and the potential expansion of tariffs to more products . Market share shifts between our customers . Supply-chain congestion may make it more difficult and/or expensive for us to pull-in orders . Our largest competitor in the security camera market, HiSilicon, a unit of Huawei, is facing headwinds

. Q3 F2020 (October, 2019) Outlook . Due to strong demand for professional security cameras, customer restocking and share gains, our Q3 revenue guidance of $63.0 to $67.0 million was above market expectations of $55.2 million . We anticipate automotive, security and other markets to increase sequentially in Q3 F2020, led by automotive . We estimate Q3 gross margin between 56% to 58% due to a shift in market mix (more security camera) and customer mix (more orders from the #1 and #2 market-share security camera companies who purchasing power due to their scale)

. Q2 F2020 (July, 2019) Results . Revenue of $56.4 million was above the high-end of the guidance range of $51 million to $53 million with security camera up sequentially, automotive flattish and other down sequentially . Non-GAAP EPS of $0.21 and positive operating cash flow of $8.1 million . No stock was repurchased under an existing authorization of $50 million in place through June 2020

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 16 COPYRIGHT AMBARELLA 2019 AMBARELLA COPYRIGHT

www. ambarella.com

[email protected] Louis Gerhardy Corporate Development and Investor Relations