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What were the key takeaways from Diodes's earnings call?

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- **Revenue Growth:** Q3 2025 revenue up 12% YoY to $392.2 million, driven by AI computing and Asia.
- **Gross Margin Challenge:** 30.7% margin due to product mix, but 2026 improvement expected from automotive/industrial recovery.
- **Cash Flow Strength:** $79.1 million from operations, $62.8 million free cash flow.
- **2026 Outlook:** 10%+ revenue growth, 20% operating margin target, automotive share to exceed 20%.
- **Key Drivers:** AI server applications, automotive new programs, and inventory normalization.

**【CEO Summary Section】**
- Q3 2025 revenue reached $392.2 million, up 12% year-over-year and 7% sequentially, driven by strong demand in computing (AI server applications) and Asia.
- Product mix negatively impacted gross margin due to higher growth in computing compared to automotive/industrial markets.
- Full-year guidance for 12% revenue growth, with confidence in automotive and industrial recovery.
- Automotive market share gains with new programs ramping in 2026, targeting 20%+ of revenue.

**【CFO Financial Commentary】**
- Gross profit margin 30.7% (down 270bps YoY) due to product mix and cost pressures.
- Operating expenses rose 13% YoY to $108.9 million, driven by R&D and SG&A investments.
- GAAP net income $14.3 million ($0.31 EPS), Non-GAAP $17.2 million ($0.37 EPS).
- Cash flow from operations $79.1 million, free cash flow $62.8 million.
- Inventory days improved to 162 (down 11 days QoQ), finished goods days 62 (down 9 days).

**【Sales & Marketing Breakdown】**
- **Automotive (19% of revenue):** +8.5% QoQ growth, new SiC MOSFETs, LDOs, and Hall effect sensors gaining traction.
- **Industrial (22%):** +4% QoQ, AI robotics, medical, and factory automation driving demand.
- **Computing (28%):** +17% QoQ, AI server applications dominate, with PCIe 5/6 and USB4 solutions ramping.
- **Consumer (18%):** +8.5% QoQ, gaming systems and AR glasses boost demand.
- **Communication (13%):** Flat QoQ, AI interconnects offset weakness in traditional telecom.

**【Q&A Highlights】**
- **Gross Margin Outlook:** 2026 improvement from automotive/industrial mix shift and in-sourcing manufacturing.
- **Tariff Management:** Minimal impact via flexible manufacturing in Mexico/Canada.
- **2026 Growth Drivers:** Automotive (new programs), AI computing, and inventory normalization.
- **Margin Target:** 20% operating margin achievable through revenue growth and cost control.
- **Free Cash Flow:** $4.02 per share TTM, approaching 2021 highs of $4.34 per share.

Diodes Incorporated (DIOD) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

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Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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DIOD

DIOD fundamentals

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