Alpha and Omega Semiconductor (AOSL) Q4 2026 earnings summary

Executive summary

• Fiscal Q4 revenue was $170.4 million, up 4% sequentially but down 3.5% year-over-year, exceeding guidance midpoint.

• Advanced Computing and Communications segments drove growth, offsetting PC and Gaming market weakness.

• Non-GAAP gross margin reached 23.7%, with non-GAAP EPS at a loss of $0.13 per share.

• Strategic transformation continues, focusing on higher-value, higher-margin applications and expanding R&D investments.

• Q4 and full-year results exceeded guidance midpoint, with improving product mix and margin outlook.

Financial highlights

• DMOS revenue was $113.2 million (down 1.6% sequentially, up 5.6% year-over-year).

• Power IC revenue was $55.5 million (up 18.2% sequentially, down 19.3% year-over-year).

• Non-GAAP operating expenses were $45.3 million, up from $44.3 million last quarter.

• Operating cash flow was -$10 million; EBITDA (excluding equity method investment) was $10.1 million.

• Cash balance at quarter end was $180.8 million.

Outlook and guidance

• September quarter revenue expected at $176 million ±$10 million.

• Non-GAAP gross margin guidance is 24.5% ±1%.

• Non-GAAP operating expenses expected at $46.5 million ±$1 million.

• CapEx for September quarter projected at $15–$17 million.

• Advanced Computing revenue expected to grow over 40% sequentially, with AI/server business up more than 60%.