- **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

Revenue

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AOSL

AOSL fundamentals

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