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Sep 30, 2025
AOS Q1 2026 Earnings Report
Alpha and Omega Semiconductor reported financial results for the fiscal first quarter of 2026 ended September 30, 2025.
Key Takeaways
Alpha and Omega Semiconductor (AOS) delivered results in line with guidance for the fiscal first quarter of 2026. Revenue was $182.5 million, showing a 3.4% increase from the prior quarter and remaining flat year-over-year. Growth in Computing and Communications segments offset softness in Consumer and Power Supply and Industrial, with Power IC revenue reaching a record high and now representing nearly 40% of total product revenue.
Revenue for Q1 2026 was $182.5 million, an increase of 3.4% from the prior quarter and flat year-over-year.
GAAP gross margin was 23.5%, slightly up from the prior quarter but down from 24.5% in the same quarter last year.
Non-GAAP net income per share was $0.13, compared to $0.02 in the prior quarter and $0.21 in the same quarter last year.
Power IC revenue increased 37.3% year-over-year, now accounting for nearly 40% of total product revenue, contributing to improved gross margins.
Forward Guidance
For the fiscal second quarter of 2026, AOS expects revenue to be approximately $160 million, plus or minus $10 million. GAAP gross margin is anticipated to be 22.3%, plus or minus 1%, with non-GAAP gross margin at 23.0%, plus or minus 1%. GAAP operating expenses are projected to be around $47.1 million, plus or minus $1 million, and non-GAAP operating expenses around $40.5 million, plus or minus $1 million. Interest income is expected to exceed interest expense by $1.0 million, and income tax expense is estimated between $1.1 million and $1.3 million.
Positive Outlook
- Continued focus on core strengths in PCs and smartphones to expand into higher-growth areas like graphics, AI, and data-center power.
- Strengthened balance sheet supports disciplined investments and strategic innovation.
- Transformation from a component supplier to a total solutions provider, driven by increased controller sales.
- Power IC revenue growth and richer product mix are expected to benefit gross margins.
- Long-term outlook remains positive despite near-term demand normalization.
Challenges Ahead
- Near-term demand is normalizing due to earlier customer orders in response to tariff announcements and typical seasonality.
Historical Earnings Impact
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