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Alpha and Omega Semiconductor Reports Financial Results for Fiscal Fourth Quarter and Fiscal Year Ended June 30, 2026

SUNNYVALE, California, August 12, 2026 (BUSINESS WIRE) - Alpha and Omega Semiconductor Limited (“AOS”) (NASDAQ: AOSL), today reported financial results for the fiscal fourth quarter and the fiscal year ended June 30, 2026.


The results for the fiscal fourth quarter ended June 30, 2026 were as follows:

GAAP Financial Comparison
Quarterly
(in millions, except percentage and per share data)
(unaudited)
Three Months Ended
June 30, 2026March 31, 2026June 30, 2025
Revenue$170.4 $163.8 $176.5 
Gross Margin23.1 %21.1 %23.4 %
Operating Loss$(11.0)$(14.1)$(11.6)
Net Loss $(13.1)$(13.8)$(77.1)
Net Loss Per Share - Diluted$(0.43)$(0.46)$(2.58)


Non-GAAP Financial Comparison
Quarterly
(in millions, except percentage and per share data)
(unaudited)
Three Months Ended
June 30, 2026March 31, 2026June 30, 2025
Revenue$170.4 $163.8 $176.5 
Non-GAAP Gross Margin23.7 %21.7 %24.4 %
Non-GAAP Operating Income (Loss)$(4.8)$(8.7)$2.3 
Non-GAAP Net Income (Loss) $(4.0)$(8.3)$0.7 
Non-GAAP Net Income (Loss) Per Share - Diluted$(0.13)$(0.28)$0.02 
                

The non-GAAP financial measures in the schedule above and under the section "Financial Results for Fiscal Q4 Ended June 30, 2026" below exclude the effect of share-based compensation expenses, equity method investment loss, and income tax effect of non-GAAP adjustments in each of the periods presented, as well as amortization of purchased intangible, settlement and legal costs related to government investigation for the three months ended June 30, 2025, impairment of long-lived assets for the three months ended March 31, 2026 and June 30, 2025, and China withholding tax related to investment in CQJV for the three months ended June 30, 2026. A detailed reconciliation of GAAP and non-GAAP financial measures is included at the end of this press release.

The results for the fiscal years ended June 30, 2026 and 2025 were as follows:
                


GAAP Financial Comparison
Annually
(in millions, except percentage and per share data)
(unaudited)
Fiscal Year Ended June 30,
20262025
Revenue$678.9 $696.2 
Gross Margin22.3 %23.1 %
Operating Loss$(43.2)$(28.4)
Net Loss$(42.3)$(97.0)
Net Loss Per Share - Diluted
$(1.41)$(3.30)


Non-GAAP Financial Comparison
Annually
(in millions, except percentage and per share data)
(unaudited)
Fiscal Year Ended June 30,
20262025
Revenue$678.9 $696.2 
Non-GAAP Gross Margin23.0 %24.2 %
Non-GAAP Operating Income (Loss)$(16.2)$10.4 
Non-GAAP Net Income (Loss)$(12.9)$7.0 
Non-GAAP Net Income (Loss) Per Share - Diluted$(0.43)$0.22 


The non-GAAP financial measures in the schedule above exclude the effect of share-based compensation expenses, equity method investment loss (income), impairment of long-lived assets, and income tax effect of non-GAAP adjustments for fiscal years ended June 30, 2026 and 2025, and China withholding tax related to investment in CQJV for fiscal year ended 2026, as well as amortization of purchased intangible, settlement and legal costs related to government investigation for fiscal year ended June 30, 2025. A detailed reconciliation of GAAP and non-GAAP financial measures is included at the end of this press release.

Financial Results for Fiscal Q4 Ended June 30, 2026
•Revenue was $170.4 million, a decrease of 3.5% from the same quarter last year and an increase of 4.0% quarter-over-quarter.
•GAAP gross margin was 23.1%, down from 23.4% from the same quarter last year and up from 21.1% in the prior quarter.
•Non-GAAP gross margin was 23.7%, down from 24.4% from the same quarter last year and up from 21.7% in the prior quarter.
•GAAP operating expenses were $50.3 million, down from $52.9 million from the same quarter last year and up from $48.6 million in the prior quarter.
•Non-GAAP operating expenses were $45.3 million, up from $40.9 million from the same quarter last year and up from $44.3 million from prior quarter.
•GAAP operating loss was $11.0 million, down from $11.6 million from the same quarter last year and down from $14.1 million from the prior quarter.
•Non-GAAP operating loss was $4.8 million as compared to $8.7 million from last quarter and an operating income of $2.3 million for the same quarter last year.
•GAAP net loss per share was $0.43, compared to $0.46 for the prior quarter and $2.58 per share for the same quarter last year.
•Non-GAAP net loss per share was $0.13, compared to $0.28 net loss per share for the prior quarter and $0.02 net earnings per share for the same quarter last year.
•Consolidated cash flow used in operating activities was $10.0 million, as compared to $8.3 million of consolidated cash flow used in operating activities in prior quarter.


•The Company closed the quarter with $180.8 million of cash and cash equivalents.

AOS Chief Executive Officer Stephen Chang commented, "We delivered fiscal Q4 results above the midpoint of our guidance, driven by continued strength in Advanced Computing — particularly AI and server applications — and in our Communications segment, where we are ramping new products with our Tier 1 U.S. smartphone customer. This growth more than offset ongoing softness in the traditional PC market tied to elevated memory pricing. Advanced Computing is now a clear and growing contributor to both revenue and earnings, and combined with an improving pricing environment, we expect this mix shift to support higher gross margins in the second half of calendar 2026."

Mr. Chang continued, "Despite ongoing pressure on the broader PC and smartphone markets from elevated memory pricing and supply constraints, we believe AOS is well positioned to outperform, supported by the expansion of our Advanced Computing portfolio, our differentiated total solutions strategy, and our disciplined focus on higher-value applications. As we continue investing in technology, manufacturing capacity, and targeted R&D, we believe these advantages will enable us to continue growth and improve profitability through calendar 2026 and beyond."

Business Outlook for Fiscal Q1 Ending September 30, 2026

The following statements are based on management's current expectations. These statements are forward-looking, and actual results may differ materially. AOS undertakes no obligation to update these statements.

•Revenue is expected to be $176 million plus or minus $10 million.
•GAAP gross margin is expected to be 23.8% plus or minus 1%. Non-GAAP gross margin is expected to be 24.5% plus or minus 1%.
•GAAP operating expenses are expected to be in the range of $52.5 million, plus or minus $1 million. Non-GAAP operating expenses are expected to be in the range of $46.5 million plus or minus $1 million.
•Interest income is expected to be $0.6 million higher than interest expense, and
•Tax expense is expected to be in the range of $1.1 million to $1.3 million.


Conference Call and Webcast

AOS plans to hold an investor teleconference and live webcast to discuss the financial results for the fiscal fourth quarter and the fiscal year ended June 30, 2026 today, August 12, 2026 at 2:00 p.m. PT / 5:00 p.m. ET. To listen to the live conference call, please dial +1 (585) 542 9983 or +1 (833) 461 5787 if dialing from outside the United States and Canada. The access code is 506 402 980. A live webcast of the call will also be available in the "Events & Presentations" section of the company’s investor relations website, http://investor.aosmd.com. The webcast replay will be available for up to one year after the live call on the same website. In addition, a copy of the script of management’s prepared remarks and a live webcast of the call will also be available in the "Events & Presentations" section of the company’s investor relations website, http://investor.aosmd.com.
 
Forward Looking Statements

This press release contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance based on management’s judgment, beliefs, current trends, and anticipated product performance. These forward-looking statements include, without limitation, opportunities in the Advance Computing market, market trends in the semiconductor industry, expectation on product mix and margin level, ability to gain market share and increased BOM content, seasonality of our business, our ability to sustain growth and expand our end markets, expectations regarding R&D investment and high performance application; the success of our investment strategy, macro and geopolitical uncertainties, our projected amount of revenue, gross margin, operating income (loss), income tax expenses, net income (loss), share-based compensation expenses, non-GAAP gross margin, non-GAAP operating expenses, and income tax expenses, our ability to grow our sales and market share, and other information under the section entitled “Business Outlook for Fiscal Q1 Ending September 30, 2026.” Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These factors include, but are not limited to, the state of semiconductor industry and seasonality of our markets; decline of PC markets; ; difficulties and challenges in executing our diversification strategy into different market segments; ordering pattern from distributors and seasonality; changes in regulatory environment, including tariff and trade policies; our ability to introduce or develop new and enhanced products that achieve market acceptance; government policies on our business operations in China; the actual product performance in volume production; the quality and reliability of our product, our lack of control over the joint venture in China; our ability to achieve design wins; the general business and economic conditions; our ability to maintain factory utilization at a desirable level; and other risks as described in our SEC filings, including our Annual Report on Form 10-K for the fiscal year ended June 30, 2026 to be filed by AOS with the SEC and other periodic reports we filed with the SEC. Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and AOS undertakes no duty to update such information, except as required under applicable law.



Use of Non-GAAP Financial Measures

To supplement our unaudited consolidated financial statements presented on a basis consistent with U.S. GAAP, we disclose certain non-GAAP financial measures for our historical performance, including non-GAAP gross profit, gross margin, operating expenses, operating income (loss), net income (loss), diluted earnings per share (“EPS”) and EBITDAS. These supplemental measures exclude, among other items, share-based compensation expenses, legal and professional fees related to government investigation, amortization of purchased intangible, impairment of long-lived assets, income tax effect of non-GAAP adjustments and equity method investment income (loss) from equity investee. We also disclose certain non-GAAP financial measures in our financial guidance for the next quarter, including non-GAAP gross margin and non-GAAP operating expenses. We believe that these historical and forward-looking non-GAAP financial measures provide useful information to both management and investors by excluding certain items and expenses that are not indicative of our core operating results or do not reflect our normal business operations. In addition, our management uses non-GAAP measures to compare our performance relative to forecasts and to benchmark our performance externally against competitors. Our use of non-GAAP financial measures has certain limitations in that such non-GAAP financial measures may not be directly comparable to those reported by other companies. For example, the terms used in this press release, such as non-GAAP net income (loss) or non-GAAP operating expenses, do not have a standardized meaning. Other companies may use the same or similarly
named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. In addition, we included the amount of income tax effect of non-GAAP adjustments in the non-GAAP net income (loss) reconciliation table for all periods presented as management believes that such non-GAAP presentation provides useful information to investors, even though the amounts are not significant. We seek to compensate for the limitation of our non-GAAP presentation by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable U.S. GAAP measures both in the text in this press release and in the tables attached hereto. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures.

About Alpha and Omega Semiconductor

Alpha and Omega Semiconductor Limited, or AOS, is a designer, developer, and global supplier of a broad range of discrete power devices, wide bandgap power devices, power management ICs, and modules, including a wide portfolio of Power MOSFET, SiC, IGBT, IPM, TVS, HV Gate Drivers, Power IC, and Digital Power products. AOS has developed extensive intellectual property and technical knowledge that encompasses the latest advancements in the power semiconductor industry, which enables us to introduce innovative products to address the increasingly complex power requirements of advanced electronics. AOS differentiates itself by integrating its Discrete and IC semiconductor process technology, product design, and advanced packaging know-how to develop
high-performance power management solutions. AOS’ portfolio of products targets high-volume applications, including personal computers, graphics cards, datacenters, AI servers, smartphones, consumer and industrial motor controls, TVs, lightings, automotive electronics, and power supply units for various equipment. For more information, please visit www.aosmd.com.

The following unaudited consolidated financial statements are prepared in accordance with U.S. GAAP.

Investor and media inquiries:

The Blueshirt Group
Gary Dvorchak, CFA
In US +1 323 240 5796
In China +86 (138) 1079-1480
gary@blueshirtgroup.co

Steven Pelayo
The Blueshirt Group
steven@blueshirtgroup.co
+1 (360) 808-5154


Alpha and Omega Semiconductor Limited
Condensed Consolidated Statements of Operations
(in thousands, except percentages and per share amounts)
(unaudited)
Three Months EndedFiscal Year Ended
June 30,
2026		March 31, 2026June 30, 2025June 30,
2026		June 30, 2025
Revenue$170,371 $163,792 $176,484 $678,927 $696,162 
Cost of goods sold 131,026 129,262 135,194 527,383 535,158 
Gross profit39,345 34,530 41,290 151,544 161,004 
Gross margin23.1 %21.1 %23.4 %22.3 %23.1 %
Operating expenses:
Research and development28,456 26,052 24,421 103,858 94,265 
Selling, general and administrative21,876 22,536 28,487 90,881 95,175 
Total operating expenses50,332 48,588 52,908 194,739 189,440 
Operating loss(10,987)(14,058)(11,618)(43,195)(28,436)
Other income (loss), net431 587 (952)4,381 (1,004)
Interest income 952 990 956 3,958 4,283 
Interest expenses(122)(139)(530)(775)(2,639)
Net loss before income taxes and equity method investment income (loss)
(9,726)(12,620)(12,144)(35,631)(27,796)
Income tax expense (benefit)3,036 1,015 (11,567)7,468 (8,625)
Net loss before equity method investment income (loss)
(12,762)(13,635)(577)(43,099)(19,171)
Equity method investment income (loss)
(301)(152)(76,482)834 (77,805)
Net loss$(13,063)$(13,787)$(77,059)$(42,265)$(96,976)
Net loss per common share
Basic$(0.43)$(0.46)$(2.58)$(1.41)$(3.30)
Diluted$(0.43)$(0.46)$(2.58)$(1.41)$(3.30)
Weighted average number of common shares used to compute net loss per share:
Basic30,143 29,807 29,924 29,951 29,405 
Diluted30,143 29,807 29,924 29,951 29,405 



Alpha and Omega Semiconductor Limited
Condensed Consolidated Balance Sheets
(in thousands, except par value per share)
(unaudited)
June 30, 2026June 30, 2025
ASSETS
Current assets:
Cash and cash equivalents$180,771 $153,079 
Restricted cash654 419 
Accounts receivable, net42,798 34,772 
Inventories201,384 189,677 
Other current assets12,311 18,215 
Total current assets437,918 396,162 
Property, plant and equipment, net314,671 314,097 
Operating lease right-of-use assets, net22,271 21,288 
Intangible assets, net1,347 269 
Equity method investment142,658 279,122 
Deferred income tax assets 8,630 599 
Other long-term assets36,060 22,766 
Total assets$963,555 $1,034,303 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$46,951 $60,044 
Accrued liabilities57,677 59,027 
Payable related to equity investee, net8,694 15,809 
Income taxes payable2,849 1,790 
Short-term debt3,094 11,852 
Deferred revenue726 — 
Finance lease liabilities1,085 1,007 
Operating lease liabilities6,290 4,978 
Total current liabilities127,366 154,507 
Long-term debt537 14,872 
Income taxes payable - long-term4,776 4,201 
Deferred income tax liabilities11,936 13,192 
Finance lease liabilities - long-term189 1,274 
Operating lease liabilities - long-term16,787 16,925 
Other long-term liabilities4,063 7,000 
Total liabilities165,654 211,971 
Commitments and contingencies
Shareholders' Equity:
Preferred shares, par value $0.002 per share:
Authorized: 10,000 shares; issued and outstanding: none at June 30, 2026 and 2025
— — 
Common shares, par value $0.002 per share:
Authorized: 100,000 shares; issued and outstanding: 38,294 shares and 30,253 shares, respectively at June 30, 2026 and 37,127 shares and 30,009 shares, respectively at June 30, 2025
77 74 
Treasury shares at cost; 8,041 shares at June 30, 2026 and 7,118 shares at June 30, 2025
(97,097)(79,058)
Additional paid-in capital406,933 379,779 
Accumulated other comprehensive loss(3,526)(12,390)
Retained earnings491,514 533,927 
Total shareholders' equity797,901 822,332 
Total liabilities and shareholders' equity$963,555 $1,034,303 




Alpha and Omega Semiconductor Limited
Selected Cash Flow Information
(in thousands)
(unaudited)
Fiscal Year Ended June 30,
20262025
Net cash (used in) provided by operating activities$(16,320)$29,668 
Net cash provided by (used in) investing activities86,100 (36,441)
Net cash used in financing activities(41,805)(15,496)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(48)227 
Net increase (decrease) in cash, cash equivalents and restricted cash27,927 (22,042)
Cash, cash equivalents and restricted cash at beginning of year153,498 175,540 
Cash, cash equivalents and restricted cash at end of year$181,425 $153,498 


Alpha and Omega Semiconductor Limited
Reconciliation of Condensed Consolidated GAAP Financial Measures to Non-GAAP Financial Measures
(in thousands, except percentages and per share data)
(unaudited)
Three Months Ended
Fiscal Year Ended
June 30,
2026		March 31,
2026		June 30,
2025		June 30,
2026		June 30,
2025
GAAP gross profit$39,345 $34,530 $41,290 $151,544 $161,004 
Share-based compensation1,101 1,071 1,039 4,469 4,224 
Amortization of purchased intangible— — 811 — 3,247 
Non-GAAP gross profit$40,446 $35,601 $43,140 $156,013 $168,475 
Non-GAAP gross margin as a % of revenue23.7 %21.7 %24.4 %23.0 %24.2 %
GAAP operating expense$50,332$48,588$52,908$194,739$189,440
Share-based compensation5,0714,0306,54222,20925,345
Settlement and legal costs related to government investigation
——4,461—4,977
Impairment of long-lived assets—257 1,045327 1,045 
Non-GAAP operating expense$45,261 $44,301 $40,860 $172,203 $158,073 
GAAP operating loss$(10,987)$(14,058)$(11,618)$(43,195)$(28,436)
Share-based compensation6,1725,1017,58126,67829,569
Amortization of purchased intangible——811—3,247
Settlement and legal costs related to government investigation
——4,461—4,977
Impairment of long-lived assets—2571,0453271,045 
Non-GAAP operating income (loss)$(4,815)$(8,700)$2,280$(16,190)$10,402
Non-GAAP operating margin as a % of revenue(2.8)%(5.3)%1.3 %(2.4)%1.5 %
GAAP net loss$(13,063)$(13,787)$(77,059)$(42,265)$(96,976)
Share-based compensation6,172 5,101 7,581 26,678 29,569 
Amortization of purchased intangible— — 811 — 3,247 
Equity method investment loss (income) 301 152 76,482 (834)77,805 
Settlement and legal costs related to government investigation
— — 4,461 — 4,977 
Impairment of long-lived assets— 257 1,045 327 1,045
China withholding tax related to investment in CQJV2,550 — — 2,550 — 
Income tax effect of non-GAAP adjustments7 (21)(12,584)660 (12,670)
Non-GAAP net income (loss) $(4,033)$(8,298)$737 $(12,884)$6,997 
Non-GAAP net margin as a % of revenue(2.4)%(5.1)%0.4 %(1.9)%1.0 %
GAAP net loss$(13,063)$(13,787)$(77,059)$(42,265)$(96,976)
Share-based compensation6,172 5,101 7,581 26,678 29,569 
Amortization and depreciation14,488 14,291 15,447 57,251 62,396 
Equity method investment loss (income) 301 152 76,482 (834)78,310 
Interest income(952)(990)(956)(3,958)(4,283)
Interest expense 122 139 530 775 2,639 
Income tax expense (benefit)3,036 1,015 (11,567)7,468 (8,625)
EBITDAS$10,104 $5,921 $10,458 $45,115 $63,030 
GAAP diluted net loss per share $(0.43)$(0.46)$(2.49)$(1.41)$(3.10)
Share-based compensation0.20 0.17 0.25 0.89 0.95 
Amortization of purchased intangible— — 0.03 — 0.10 


Equity method investment loss (income) 0.01 0.00 2.47 (0.03)2.49 
Settlement and legal costs related to government investigation
— — 0.14 — 0.16 
China withholding tax related to investment in CQJV0.09 — — 0.09 — 
Impairment of long-lived assets— 0.01 0.03 0.01 0.03 
Income tax effect of non-GAAP adjustments0.00 (0.00)(0.41)0.02 (0.41)
Non-GAAP diluted net income (loss) per share $(0.13)$(0.28)$0.02 $(0.43)$0.22 
Weighted average number of common shares used to compute GAAP diluted net income (loss) per share30,143 29,807 29,924 29,951 29,405 
Weighted average number of common shares used to compute Non-GAAP diluted net income (loss) per share30,143 29,807 31,009 29,951 31,239 


Alpha and Omega Semiconductor Limited
Reconciliation of GAAP to Non-GAAP Outlook
For Fiscal Q1 Ending September 30, 2026
(in millions, except percentages)
GAAP gross margin23.8 %
Estimated impact of share-based compensation expense 0.7 %
Non-GAAP gross margin24.5 %
GAAP operating expenses$52.5 
Estimated stock-based compensation expense(6.0)
Non-GAAP operating expenses$46.5