- **Revenue Resilience**: Q1 2026 revenue of $182.5 million (+3.4% sequential) driven by Computing (+27.1% YoY) and Power IC growth (+37.3% YoY). 
- **Strategic Shift**: 800V DC power architecture for AI data centers opens new market opportunities. 
- **JV Sale Impact**: $176 million from JV sale fuels R&D investment in AI, smartphones, and high-performance computing. 
- **Q2 Outlook**: Sequential decline to $160 million, but Power Supply/Industrial (+mid-single digits) and wearables growth offset PC/graphics card digestion. 
- **Margin Focus**: Gross margin expected to fluctuate with product mix, with long-term focus on higher-margin AI and smartphone solutions.

**【CEO Summary Section】**
- Q1 2026 revenue: $182.5 million (midpoint of guidance), +3.4% sequential, +0.3% YoY. Computing (+27.1% YoY) and Communications (+21.4% sequential) offset weaker Consumer (-25.8% YoY) and Power Supply/Industrial (-12.4% YoY). 
- Power IC revenue record high at $72.7 million (+37.3% YoY), 40% of product revenue. 800V DC power architecture announced for AI data centers, enabling new system designs. 
- Received $94 million from JV sale, investing in R&D for AI, smartphones, and high-performance computing. 
- Q2 guidance: Revenue ~$160 million (-13% sequential), Computing down 20% sequentially due to post-holiday digestion, Power Supply +mid-single digits. 

**【CFO Financial Commentary】**
- Q1 GAAP net income: $18.4 million. Non-GAAP EPS: $0.13 (vs. $0.02 last quarter, $0.21 YoY). Gross margin: 24.1% (vs. 25.5% YoY). 
- Cash balance: $223.5 million (+$70 million YoY). CapEx: $9.8 million (Q1), $14-16 million expected for Q2. 
- Q2 guidance: Gross margin 23%, operating expenses $40.5 million. 

**【Q&A Key Highlights】**
- **Seasonality & Demand**: Q2 decline driven by PC and graphics card digestion, but AI and wearables growth offsetting. ASP erosion ~mid-single digits YoY, but investing in higher-margin AI and smartphone solutions. 
- **800V Architecture**: Strategic shift to 800V DC power for AI data centers, creating new design cycles and opportunities. 
- **JV Proceeds**: $176 million from JV sale used for R&D and expanding into higher-margin applications. 
- **AI Ramp**: Delayed program ramp, but exploring new sockets and customers for AI power solutions. 
- **R&D Investment**: Accelerating R&D to support 2026 growth, with stronger uptrend expected in 2027.

Alpha and Omega Semiconductor Limited (AOSL) Q1 2026 Earnings Call Transcript

- **Record Q4 revenue growth**: $176.5 million (+9.4% YoY), driven by 29.7% YoY jump in Computing segment (AI/graphics power ICs).
- **JV sale windfall**: $150 million from Chongqing JV stake sale to fuel R&D, capacity expansion, and M&A.
- **AI momentum**: 25% of Computing revenue, with new programs offsetting digestion of Q4 shipments.
- **Gross margin resilience**: 24.4% in Q4, expected flat in Q1 2026 as high-margin power ICs maintain mix.
- **Growth catalysts**: Smartphones (Tier 1 U.S. customer), wearables, and expanding AI/graphics portfolio.

**【CEO Summary Section】**
- Q4 2025 revenue: $176.5 million (9.4% YoY, 7.2% sequential growth), driven by Computing segment (52.6% of total revenue) with AI/graphics power ICs up 30.2% YoY.
- Computing segment highlights: 
  - AI/graphics revenue at record high, but expects digestion in Q1 2026 due to initial shipments.
  - Sequential growth from PCs with graphics/AI, offset by tablet decline.
- Consumer segment: 23.9% sequential growth in gaming and wearables, but mid-single-digit decline expected in Q1 2026.
- Strategic JV sale: $150 million from selling 20.3% stake in Chongqing JV, to be used for R&D, capacity expansion, and M&A.

**【CFO Financial Commentary】**
- Non-GAAP EPS: $0.02 (vs. -$0.10 last quarter)
- Gross margin: 24.4% (up from 22.5% last quarter due to power IC mix)
- Operating expenses: $40.9 million (up 3.1% QoQ due to R&D)
- Q1 2026 guidance: Revenue $183 million ±$10M, non-GAAP gross margin 24.4% ±1%.
- Cash balance: $153.1 million (down $16.3 million QoQ)
- CapEx: $14.3 million Q4, $11-13 million expected for Q1 2026.

**【Q&A Highlights】**
- **AI/graphics contribution**: ~25% of Computing segment revenue, with multiple programs in design phase.
- **Gross margin outlook**: Flat in Q1 2026, but improving mix as high-margin power ICs ramp.
- **JV proceeds allocation**: 70% for growth (R&D, capacity), 30% for M&A and shareholder returns.
- **Tariff impact**: Primarily affecting PC customers, driving pull-in demand ahead of potential policy changes.
- **Macroeconomic risks**: Uncertainty in smartphone demand (China) and e-mobility, offset by strength in wearables and AI.

Alpha and Omega Semiconductor Limited (AOSL) Q4 2025 Earnings Call Transcript

- **Revenue Beat**: Q3 $164.6M (+9.7% YoY), Computing segment up 14.8% YoY driven by tablets & AI cards.
- **Gross Margin Recovery**: June Q guidance for 24% Non-GAAP GM (vs. Q3 22.5%), driven by product mix & utilization.
- **AI Growth Engine**: Record graphics/AI card revenue, data center design wins, and 2025 e-mobility expansion.
- **Tariff Impact**: Customers pulling in $6M+ of notebook demand, minimal direct U.S. exposure.
- **Cash & Capacity**: Stable cash flow, 2025 CapEx ~$40-50M, fabs at 80-90% utilization.

**【CEO Business Update】**
- **Q3 Revenue**: $164.6M (YoY +9.7%, QoQ -4.9%), driven by Computing segment growth (+14.8% YoY, +3.6% QoQ). Non-GAAP EPS: -$0.10.
- **Segment Highlights**:
  - **Computing**: Tablets & notebooks saw record demand, graphics/AI cards revenue set new high. June Q guidance: mid-single-digit sequential growth, >15% YoY.
  - **Consumer**: Gaming & home appliances expected +25% QoQ in June Q.
  - **Communications**: U.S. smartphone growth offset China moderation; June Q flat.
  - **Power Supply & Industrial**: E-mobility growth offset quick charger decline; June Q flat.
- **Tariff Impact**: Minimal direct U.S. shipments, but customers pulling in demand amid trade uncertainty.

**【CFO Financial Review】**
- **Q3 Metrics**:
  - Non-GAAP Gross Margin: 22.5% (QoQ -1.7pp due to licensing wind-down).
  - OpEx: $39.7M (flat QoQ).
  - Cash: $169.4M (QoQ -$13.2M due to customer deposit repayments).
- **June Q Guidance**:
  - Revenue: ~$170M ±$10M.
  - Non-GAAP Gross Margin: 24% ±1% (improving from Q3 22.5%).
  - CapEx: $12-14M (calendar 2025: ~$40-50M).
- **Margin Drivers**: Richer product mix, factory utilization (~80-90%).

**【Q&A Key Takeaways】**
1. **Tariff Strategy**: Minimal direct exposure, but customers pulling in $6M+ of notebook demand.
2. **AI Accelerator Growth**: Winning design wins in data centers, shipping multi-phase controllers & power stages.
3. **Competitive Landscape**: ASP erosion offset by new product launches; 20% of wafer capacity sourced from China JV.
4. **Cash Flow**: Stable at ~$17M/quarter (excl. deposits); 2025 CapEx ~$40-50M.
5. **Utilization**: Internal fabs at 80-90%, JV capacity available for growth.


Alpha and Omega Semiconductor Limited (AOSL)-7 May 25-2025 Q3 Earnings call transcript

- **Q2 Results**: Revenue $173.2M (+4.8% YoY), driven by communications (+14.5%) and industrial (+9.6%) segments.
- **AI Growth**: Graphics cards BOM content expanding, AI data center design targeting mid-2025 launch.
- **Margin Outlook**: Q3 gross margin 22.5%, recovery to Q2 levels by Q4 via new product mix.
- **Customer Deposits**: $37M remaining, $25M to return in 2025, $2M+ in 2026.
- **Strategic Shift**: Transitioning to total solutions provider, BOM content growth in AI, smartphones, and e-mobility.

**【CEO Business Updates】**
- Q2 revenue: $173.2M (YoY +4.8%, sequential -4.8%). Non-GAAP EPS: $0.09.
- **Segment highlights**: 
  - Computing: YoY +6%, graphics cards and PC desktops strong, offset by notebook/tablet decline.
  - Consumer: Gaming Sequential -28.8%, wearables pullback post-Q3 record.
  - Communications: YoY +14.5% driven by US smartphone, China OEM share gains.
  - Power Supply & Industrial: Sequential +9.6% from quick chargers, e-mobility growth.
- **AI momentum**: Graphics cards BOM content expanding, AI data center design in mid-2025.
- **Strategic shift**: From component supplier to total solutions provider, BOM content growth in motherboards, AI, graphics cards.

**【CFO Financial Review】**
- Q2 GAAP revenue: $173.2M. Non-GAAP gross margin: 24.2% (QoQ -1.3pp due to ASP erosion).
- Operating expenses: $39M (QoQ +1.3%, R&D investment).
- **Q3 Guidance**: 
  - Revenue: $158M ±$10M (sequential -8%)
  - Non-GAAP gross margin: 22.5% ±1%
  - License/engineering revenue ending mid-Feb 2025.

**【Q&A Key Takeaways】**
- **AI Data Center Expansion**: Mid-2025 launch, potential revenue multiple of graphics card business.
- **Gross Margin Recovery**: Q3 at 22.5%, Q4+ rebound to Q2 levels via new product mix.
- **Customer Deposits**: $37M remaining, $25M to return in 2025, $2M+ in 2026.
- **Tariff Impact**: Minor pull-in demand from PC makers, limited visibility on 2025 trade policy.
- **Smartphone Battery PCM**: Industry leader, 2024 calendar year incremental growth driver.


Alpha and Omega Semiconductor Limited (AOSL) Q2 2025 Earnings Call Transcript

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Alpha & Omega Semiconductor (AOSL)-7 May 24-2024 Q3 Earnings call transcript

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