AOS (AOSL) Q1 2027 Earnings Call Transcript

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DATE

Thursday, Nov. 5, 2026

CALL PARTICIPANTS

• Investor Relations-Steven Pelayo
• Chief Executive Officer-Stephen Chunping Chang
• Chief Financial Officer-Yifan Liang

TAKEAWAYS

• Revenue -- $177.8 million, driven by growth in artificial intelligence infrastructure that partially offset declines in traditional personal computer and consumer electronics markets.
• Non-GAAP Gross Margin -- 25.2%, representing a 150-basis-point sequential increase resulting from a more favorable product mix.
• Non-GAAP Net Loss -- $0.07 per share, narrowing from a $0.13 loss per share in the prior quarter.
• AI and Server Revenue Growth -- Increased more than 65% sequentially and 250% year over year, benefiting from the expansion of high-performance power solutions for data center applications.
• AI and Server Revenue Share -- Accounted for approximately 20% of total company revenue, representing an increase from 5.5% in the same quarter of the prior year.
• Advanced Computing Revenue -- Grew more than 50% sequentially and 80% year over year, reaching nearly 23% of total revenue.
• Traditional PC Revenue -- Declined approximately 30% sequentially, reflecting elevated memory costs and broader component shortages.
• Computing Segment Revenue -- $83.2 million, decreasing 2% sequentially as a result of the sharper correction in traditional personal computer demand.
• Communication Segment Revenue -- $37.8 million, increasing 15% sequentially driven by a ramp in battery protection solutions for a tier 1 US smartphone customer.
• Battery PCM Revenue -- Increased more than 50% sequentially, supported by production ramps for new flagship smartphone models and higher bill-of-materials content.
• Power Supply and Industrial Revenue -- $38.7 million, up 29.2% sequentially behind strength in power tools, motor control, and DC fans.
• Consumer Segment Revenue -- $16.1 million, down 22.9% sequentially due to lower shipments in home appliances, gaming, and wearables.
• Operating Cash Flow -- $5.6 million, an improvement from negative $10 million in the fiscal fourth quarter of 2026.
• Joint Venture Equity Interest -- Decreased from 18.9% to 15.1% following a $344 million capital injection by a majority shareholder into the joint venture.
• Second Quarter Revenue Guidance -- Approximately $180 million, anticipating counter-seasonal growth despite continued weakness in traditional personal computers.
• Second Quarter Gross Margin Guidance -- 25.7% on a non-GAAP basis, reflecting management's expectations for further mix improvements.
• DMOS Revenue -- $137.2 million, representing 21.1% sequential growth.
• RIC Revenue -- $38.7 million, a 30.2% sequential decline reflecting a shift in product demand.
• Cash and Cash Equivalents -- $175.2 million at the end of the September quarter, compared to $180.8 million at the end of June.
• Quarterly CapEx -- $9.2 million, focused on manufacturing capacity and product development.
• Average Days in Inventory -- 133 days, decreasing from 138 days in the prior quarter.
• Second Quarter CapEx Guidance -- $12 million to $14 million.
• Share Buyback Availability -- $10 million to $12 million remains available under existing authorized programs.

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RISKS

• Chang stated, "worsening demand for traditional PCs compounded by elevated memory costs and broader component shortages is expected to more than offset this growth," noting that these factors will pressure the total computing segment.
• Chang indicated that rising memory costs in China are "pressuring smartphone affordability and prompting some manufacturers to reduce component specifications and overall BOM costs," which has partially offset communication segment gains.

SUMMARY

Alpha and Omega Semiconductor Limited (NASDAQ:AOSL) reported sequential revenue growth of 4.3% in the fiscal first quarter, as accelerating momentum in artificial intelligence infrastructure and premium smartphone battery protection components offset a sharper-than-expected decline in the traditional personal computer market. Management indicated that the business is undergoing a transformation toward higher-performance power semiconductor applications, with advanced computing now representing nearly half of the computing segment. This shift in mix contributed to sequential non-GAAP gross margin expansion, even as traditional consumer electronics remained weak due to the maturity of the current gaming console cycle. For the fiscal second quarter, the company expects counter-seasonal growth driven by continued AI server demand and high-end smartphone ramps, though management does not anticipate a near-term recovery in the broader PC market.

• Chang stated, "advanced computing now represents nearly half of our computing segment," reflecting the shift toward AI servers and graphics cards.
• Liang noted that the "overall pricing environment now is continue to improve," moving from a neutral to a slightly favorable position during the September quarter.
• Management reported that DC fans achieved record quarterly revenue, driven by increasing cooling requirements in AI servers and data centers.
• The company is expanding its battery protection technologies to address foldable and multiscreen devices that require multiple batteries and dedicated protection circuitry.
• Chang noted, "this rapid expansion underscores the tangible progress we are making in transforming AOS into a higher performance power semiconductor company."
• Management is promoting solutions for 800-volt AI server architectures, targeting power conversion opportunities in the ecosystem for fiscal year 2027 and beyond.

INDUSTRY GLOSSARY

• BOM: Bill of Materials, a comprehensive list of components and materials required to manufacture a product.
• CQJV: The company's joint venture manufacturing facility located in Chongqing, China.
• DMOS: Double-diffused Metal-Oxide-Semiconductor, a power transistor technology used for switching and power management.
• MOSFET: Metal-Oxide-Semiconductor Field-Effect Transistor, a transistor used for switching or amplifying electronic signals.
• PCM: Protection Circuit Module, an electronic circuit used in battery packs to ensure safety by monitoring voltage and current.
• RIC: Power Integrated Circuit, a device that integrates power management functions into a single chip.

Full Conference Call Transcript

Operator: Hello, everyone. Thank you for joining us, and welcome to the Alpha and Omega Semiconductor Fiscal Q1 27 Earnings Call. After today's prepared remarks, we will host a question and answer session. I will hand the call over to Steven Pelayo of Investor Relations. Please go ahead.

Steven Pelayo: Good afternoon, everyone, and welcome to Alpha and Omega Semiconductor's conference call to discuss fiscal 27 first quarter financial results. I am Steven Pelayo, investor relations representative for AOS. With me today are Steve Chang, our CEO, and Yifan Liang, our CFO. This call is being recorded and broadcast live over the web. A replay will be available for 7 days following the call via the link in the investor relations section of our website. Our call will proceed as follows today. Steve will begin with business updates, including strategic highlights and a detailed segment report. After that, Yifan will review the financial results and provide guidance for the December quarter. Finally, we will have a Q and A session.

The earnings release was distributed over The Wire today, 11/05/2026, after the market closed. The release is also posted on the company's website. Our earnings release and this presentation include non GAAP financial measures, We use these non-GAAP measures because we believe they provide useful information about our operating performance that should be considered by investors in conjunction with the GAAP measures. A reconciliation of these non-GAAP measures to comparable GAAP measures is included in the earnings release. We remind you that during this conference call, we will make certain forward looking statements, including discussion of the business outlook and financial projections.

These forward looking statements are based on management's current expectations and involve risks and uncertainties that could cause our actual results to differ. For a more detailed description of these risks and uncertainties, please refer to our recent and subsequent filings with the SEC. We assume no obligations to update the information provided in today's call. Now I will turn the call over to our CEO, Steve Chang. Steve.

Stephen Chunping Chang: Thank you, Steve. Welcome to Alpha and Omega's fiscal 27 first quarter earnings call. We will begin with a high level overview of our results and then discuss performance across our end market segments. We delivered September quarter revenue of $177.8 million up 4.3% sequentially and down 2.6% year over year. Slightly above the midpoint of our guidance. Non-GAAP gross margin improved to 25.2%, compared with 23.7% in the June quarter, and our non GAAP loss narrowed to $0.07 per share. Our results reflect the accelerating momentum in AI infrastructure even as traditional PC and consumer markets face increasing headwinds.

Advanced computing revenue includes AI servers and graphics cards, increased more than 50% sequentially and 80% year over year, reaching nearly 23% of total company revenue. Ahead of our expectations. Importantly, AI and server applications accounted for nearly 90% of advanced computing revenue and approximately 20% of total company revenue. Compared with just 5.5% a year ago. This rapid expansion underscores the tangible progress we are making in transforming AOS into a higher performance power semiconductor company. Meanwhile, elevated memory costs and growing component shortages continue to weigh on traditional PC demand, contributing to a sharper than expected decline in that market. Consumer electronics also remained weak.

Despite these headwinds, strong growth in AI and servers along with increased shipments of premium smartphone battery protection solutions power tools, DC fans, and power supplies helped offset much of the weakness in our traditional markets and supported sequential revenue growth and improved gross margins. With that, let me cover our September quarter segment results and preliminary outlook for December. Starting with computing. September quarter revenue was $83.2 million, down 2% sequentially and 14.3% year over year, representing 46.8% of total revenue.

The headline results masks a significant shift in mix led by our strong AI and server business, advanced computing grew more than 50% sequentially, nicely ahead of our guidance for growth of more than 40% while traditional PC related revenue declined approximately 30% sequentially. We are seeing growing adoption of our power solutions across AI infrastructure including robust medium voltage MOSFETs for intermediate bus converter applications. These opportunities broaden our BOM content and customer relationships as our portfolio evolves toward higher performance solutions. Within advanced computing, AI and server related revenue grew more than 5% sequentially and more than 250% year over year.

We continue to expand our presence across major cloud and hyperscale ecosystems supported by targeted investments in manufacturing capacity product development, and customer qualifications. These efforts are broadening our opportunities across increasingly complex power conversion architectures and position us for sustained growth. Looking ahead to the December quarter, we expect advanced computing to reach another quarterly revenue record, led by strength in AI and server applications. However, worsening demand for traditional PCs compounded by elevated memory costs and broader component shortages is expected to more than offset this growth. As a result, we anticipate total computing revenue will decline mid to high single digits sequentially. Turning to the consumer segment.

September quarter revenue was $16.1 million, down 22.9% sequentially and 31.4% year over year, representing 9.1% of total revenue. Results were slightly better than our guidance with broad based declines led by lower shipments in home appliances, gaming and wearables. Gaming continue to reflect the maturity of the current console cycle, while wearable demand also remained soft. For the December quarter, our planning assumptions suggest consumer revenue will be flattish sequentially, although the outlook varies by application. Next, let's discuss the communication segment. September quarter revenue was $37.8 million up 15% sequentially and 15.8% year over year representing 21.3% of total revenue. Results were above our guidance for growth of approximately 10%.

The sequential increase was primarily driven by a strong ramp in battery protection solutions for our tier 1 US smartphone customer. Battery PCM revenue increased more than 50% sequentially benefiting from new flagship smartphone production ramps. Our differentiated battery protection technologies continue to address increasing charging currents and higher performance platforms, driving higher BOM content per device. Looking ahead, we see additional content expansion opportunities as smartphone designs evolve. Particularly with the growing adoption of foldable and multiscreen devices that incorporate multiple batteries, each requiring dedicated protection circuitry.

However, these gains were partially offset by softer demand in other regions, particularly China where rising memory costs are pressuring smartphone affordability and prompting some manufacturers to reduce component specifications and overall BOM costs. For the December quarter, we expect communications revenue to grow mid teens sequentially driven by continued momentum in our premium smartphone programs, particularly battery PCM. Finally, power supply and industrial revenue was $38.7 million up 29.2% sequentially and 38.8% year over year. Representing 21.8% of total revenue. Results were in line with our guidance for sequential growth of nearly 30%, driven by strength across power supplies, power tools, motor control, and DC fans.

We are particularly encouraged by the recovery in power tools where improving end market demand and increased business with a major customer are contributing to growth. DC fans also achieved record quarterly revenue, reflecting a substantially higher underlying revenue run rate compared with last year. This growth is supported in part by increasing cooling requirements in AI servers and data centers, further expanding our participation in the AI infrastructure ecosystem beyond traditional computing power conversion. In the December quarter, we expect power supply and industrial revenue to grow high single digits sequentially primarily driven by strong e mobility demand for electric motorcycles and scooters in emerging markets.

We also expect ACDC power supplies and power tools to remain resilient supported by continued demand across their respective end markets. In closing, our September quarter results demonstrate meaningful progress in AOS's transformation toward higher performance, higher content applications. Advanced computing now represents nearly half of our computing segment. And growing demand for AI infrastructure is creating additional opportunities in adjacent applications such as server cooling and power supplies. This momentum helped to offset continued weakness in traditional PCs and consumer electronics. More importantly, the richer product mix is showing up in our margins. Non-GAAP gross margin improved 150 basis points sequentially.

Our expanding participation in high performance AI power applications particularly differentiated medium voltage MOSFETs, is improving the quality of our revenue and contributing to a more attractive margin profile. Turning to the December quarter, which is typically a seasonally softer quarter for us, we anticipate a more balanced and resilient demand profile to drive counter seasonal growth. We expect total revenue to be up slightly sequentially and up approximately 10% year over year despite significant weakness in traditional PCs. Importantly, our growth story extends well beyond AI and advanced computing. We expect communications revenue to increase at mid teens sequentially and more than 20% year over year, reflecting continued strength with our tier 1 US smartphone customer.

Similarly, power supply and industrial revenue is expected to increase by high single digits sequentially and more than 50% year over year, supported by improving demand across applications, including power tools and e mobility. These trends demonstrate the increasing breadth of our growth drivers, and the tangible progress of our business transformation. As we leverage technology leadership premier customer relationships, and total solution strategy to capture opportunities across a more diversified portfolio of higher value markets while positioning us for further margin improvement as our business scales.

At the same time, we remain mindful that market conditions are uneven, Elevated memory costs and other component constraints continue to weigh on traditional demand, and we do not expect a near term PC recovery. Notwithstanding this headwind, believe our expanding relationships across hyperscalers ODMs, power supply manufacturers, and other ecosystem partners combined with our disciplined investment and growing BOM content, position us well to capitalize on the long term opportunities ahead. With that, I will turn the call over to Yifan for a discussion of our fiscal first quarter financial results and our outlook for December. Yifan?

Yifan Liang: Thank you, Steve. Good afternoon, everyone, and thank you for joining us. Revenue for the September quarter was $177.8 million, up 4.3% sequentially and down 2.6% year over year. In terms of product mix, DMOS revenue was $137.2 million up 21.1% sequentially and 26.4% over last year. RIC revenue was $38.7 million, down 30.2% from the prior quarter and 46.8% from a year ago. Assembly service and other revenue was $1.9 million, as compared to $1.7 million last quarter and $1.3 million for the same quarter last year. Non-GAAP gross margin was 25.2%, compared to 23.7% last quarter and 24.1% a year ago. The quarter over quarter increase was mainly impacted by better product mix.

Non GAAP operating expenses were $45.9 million compared to $45.3 million for the prior quarter and $41.4 million last year. The slight quarter over quarter increase was primarily driven by higher personnel related expenses. Non GAAP quarterly EPS was a $0.07 loss compared to a $0.13 loss per share last quarter and 13¢ earnings per share a year ago. During the quarter, the majority shareholder of the JV company injected approximately $344 million of capital into the JV company. And the JV company used a portion of the proceeds to completely retire the equity interest of all shareholders whose interests were smaller than ours.

As a result, we recognize a $4 million gain and our equity interest in the JV company decreased from 18.9% to 15.1%. The $4 million gain from this transaction was excluded from our non GAAP EPS for the quarter. Moving on to cash flow. Operating cash flow was $5.6 million compared to negative $10 million in the prior quarter and $10.2 million last year. EBITDA was $12.2 million for the quarter, compared to $10.1 million last quarter and $19.4 million for the same quarter a year ago. Now let me turn to our balance sheet. We completed the September quarter with a cash balance of $175.2 million compared to $180.8 million at the end of last quarter.

Nitrate receivables increased by $10.5 million sequentially. Day sales outstanding were 26 days for the quarter, compared to 23 days for the prior quarter. Net inventory decreased by $5.1 million quarter over quarter Average days in inventory were 1 hundred and 33 days for the quarter. Compared to 1 hundred and 38 days for the prior quarter. CapEx for the quarter was $9.2 million compared to $14.9 million for the prior quarter. We expect CapEx for the December quarter to range from $12 million to $14 million With that, now I would like to discuss December quarter guidance. We expect revenue to be approximately $180 million plus or minus $10 million.

GAAP gross margin to be 25.1% plus or minus 1%. Anticipate the non GAAP gross margin to be 25.7% plus or minus 1%. GAAP operating expenses to be $52 million plus or minus $1 million. Non GAAP operating expenses are expected to be $46 million plus or minus $1 million. Interest income to be $400 thousand higher than interest expense and income tax expense to be in the range of $1.1 million to $1.3 million. With that, we will now open the call for questions. Operator? Please start the Q&A session.

Operator: Thank you. We will now begin the question and answer session. Please limit your to 1 question and 1 follow-up. If you would like to ask a question, please press 1 We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please standby while we compile the Q and A roster. Your first question comes from the line of Tore Svanberg from Stifel. Your line is now open. Please go ahead.

Cam Tierney: Hi, guys. This is Cam Tierney on for Tore Svanberg at Stifel. Thanks for taking my question, and congrats on the strong results and guide here. I wanted to ask a little bit about what drove the gross margin beat? And maybe, you know, can you talk a little bit about, you know, the contribution between utilization and pricing and you know, is advanced computing a component of that of that piece?

Yifan Liang: Sure. Yeah. it is good to see how margin continued to grow from the June quarter to the September quarter, and then and then yeah, the. This 150-basis-point improvement in the September quarter was mainly contributed by the better product mix. So the pricing played a some role to the less extent. So the overall pricing environment now is continue to improve. So we were glad to see that, yeah, overall, so then it is turn from the neutral position in the June quarter to I will say, slightly favorable in the September quarter. So OK. Yeah.

Cam Tierney: Perfect. And then, just for my follow-up, it sounds like, you know, last quarter, you kind of communicated that, you know, September would be bit of a you know, trough for the PC market. It sounds like, you know, maybe that it is gotten worse, I guess, in the. Looking out to the December quarter based on the implied guide which is not surprising. But I just you know, wanted to get a sense if you. Get a handle on if you guys have a sense of you know, when you think that market might bottom into next year.

Stephen Chunping Chang: Sure. This is Steve. Yes. Like we commented on the call, we did. Do see that the. there is a sharper correction on the PC side than due to the various constraints that market is dealing with. So we saw the bulk of that happen. Drop happening in these September quarter, but we do think that these challenges will continue to persist in the near future. And, you know, we continue to monitor closely Unfortunately, it is not the only market that we are participating in. But we are-- we are watching it closely, especially as it goes into kind of the lower season of the normal PCs seasonality.

So it is still important market for us. it is very related to our business going into advanced computing. And so we will be carefully watching that as it goes forward.

Cam Tierney: Alright. Thank you.

Operator: Your next question comes from the line of Tyler Burmeister of Lake Street Capital Markets. Your line is now open. Please go ahead.

Tyler Burmeister: Hey guys, thanks for letting me ask some questions. Congrats on the, the strong quarter and the solid guide here. So first, it is been asked before, but asking again, you know, with AI and server business being so strong, you know, do you guys have any updated plans on potentially breaking that out into its own segment, you know, just to give investors a view of that business and the underlying PC and broader compute segment. Business? Just an update your thoughts there. And then I will just add another 1 in quick. You know, any update on the 800-volt you know, AI server opportunity?

I think last time we talked, you said, you know, first revenue could be in 2027. Just wondering what an update there might be. Thanks.

Stephen Chunping Chang: Sure. Thank you. I appreciate the comments. Yes. You know, advanced computing is especially the AI portion is just definitely becoming a key. A bigger portion of our business. We said in the call, I think, between it alone is 23% of September revenue and AI portion alone is-- itself 20% of revenue. So it is a question that we are discussing currently at what the timing or what is appropriate to do that. But it is something that we have been able to try to be more explicit in describing our business because it is it is a very important part, and it is a key reason why the margin is improving because of our. [Inaudible] for the margin.

That was the first part of your question. The second question was on the 800 volts. That portion, yeah, we continue to work with the various partners in the ecosystem to continue to just promote and designing our solutions. Still a little. We do not have a really major update at this point right now. And just that we are progressing along with that. And, you know, it is good to see, again, the power levels going up with 800 volts. And our entry into that, you know, into that middle stage conversion puts us as a very. Positions us very well with our customers and with our products.

So not only for medium voltage, but also going into upwards into our wide band gap solution. as well.

Tyler Burmeister: that is great. I appreciate that color. And then on the PC side, you know, maybe looking at it a little bit differently, you know, it seems like you are underperforming the TAM because, and you know, not to ask you to comment on your-- on the market outlook, but you know, do you think, you know, going forward or at what point in the future, could we see, you know, whatever the market might be, but you would be able to at least, you know, be in line to outperform that market.

Stephen Chunping Chang: Sure. I think the. From what we see in our place in the supply chain is, you know, we-- is-- there is a correction that happened. You know, if our customers were-- were building at a higher production level at the beginning of first 2 quarters of the calendar year. And as we went into the September quarter, that is when we saw that. that is when they saw that there kind of demand or their expected production was going to drop. So it is a correction that is happening there that is seen in our portion of the supply chain. Yeah. We are watching it closely, and, you know, we hope that we.

Our customers can resolve their sub shortage situations. That we can we can get back to a normal market. But for now, you know, we are just watching it.

Tyler Burmeister: Understood. Understood. And then and last 1 for me, just on capital allocation. You know, strong cash balance and with the stock, you know, at the current levels down here. You know, it sounds like a lot of, obviously, positive things going on. You know, what are your thoughts about capital allocation and maybe a stock buyback in particular?

Yifan Liang: Sure. Yes. And then we, our board, and we also evaluate the capital outlook. Allocations from time to time. So at this point, our the buyback program, we still have about $10 million to $12 million available. With our existing buyback programs. So, yeah. And those are the-- We are watching the stock market. So we will see.

Tyler Burmeister: Understood. Alright. that is all for me. Appreciate it, guys.

Operator: Thank you. Next question comes from the line of Patrick Muth with Needham and Co. Your line is now open. Please go ahead.

Patrick Muth: Hi. Thank you for taking my question and congrats on the solid results. This is Patrick Muth on for David Williams over at Needham. I guess first question is on customer diversification and demand visibility. So how diversified has the AI server business become across customers and platforms? And are you guys beginning to receive longer term demand forecast or capacity commitments that improve your visibility into 2027?

Stephen Chunping Chang: Yes. So I think as we have spoken before, we are happy to see the diversification. that is both in terms of the application portions as well as from a customer base, and especially now, we are seeing the MOSFET, medium voltage MOSFETs especially in the high performance portion, will be getting gaining traction. And this is going into various types of end customers from power supply makers to module makers and for right now, you know, we have been emphasizing especially with the module makers and what they sell into. Their various end customers themselves. So this provides a little more diversification than simply just going after 1 big opportunity.

So we are happy to see that part of the business grow. We are getting more visibility into it. Some areas, we are seeing, yeah, we are getting more longer term commitments or visibility of forecast. Other areas, then, you know, this is also. Some areas are still relatively new to us. So we are not in a typical. there is no seasonality happening just yet because, overall, now this AI program is that is really taking off this year until now.

Patrick Muth: Okay. Great. And thank you for the color on that. And then maybe on the design wins as a follow-up. So, obviously, advanced computing has been growing substantially faster than overall. Or than the overall business How much of that growth is coming from new platform design wins and expanding content versus increasing volumes on existing sockets?

Stephen Chunping Chang: Oh, most of these sockets actually did not exist in terms of revenue this time last year. So the bulk of it, I would say. I would say is relatively new for us. For us as a company. But that said, you know, we are continuing to secure additional design wins to secure more business for the future. We are expecting that the. This business will continue to grow going into the next calendar year as, you know, we continue to ramp as well as-- as these programs gain further traction.

Patrick Muth: Okay. Thank you. that is all for me. Congrats on the results.

Operator: Thank you. Just a reminder, if you would like to ask a question, please press 1 to raise your hand. To withdraw your question, press 1 again. We ask that you pick up your handset when asking a question. To allow for optimum sound quality. If you are muted locally, please remember to unmute your device. There are no further questions. At this time, I will now turn the call back to Steve for closing remarks.

Stephen Chunping Chang: Okay. Great. Before we conclude, I would like to highlight a few upcoming investor events. Management team will be participating in. First is the 30th annual UBS Global Technology and AI Conference on December 2 in Scottsdale, Arizona. Then the Wolfe Research Virtual Small and Medium Cap Conference on December 3. And the 15th Annual CEO Summit on December 15 in New York City. If you wish to request a meeting, please contact the institutional sales representative at the sponsoring bank. This concludes our earnings call today. Thank you for your interest in AOS, and we look forward to speaking with you again next quarter. Take care.

Operator: Thank you. This concludes today's call. Thank you all for attending. You may now disconnect.

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