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Alpha and Omega Semiconductor
Alpha and Omega Semiconductor (AOSL) investor relations material
Alpha and Omega Semiconductor Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary5 Feb, 2026
Executive summary
Fiscal Q2 2026 revenue was $162.3 million, down 6.3% year-over-year and 11.1% sequentially, slightly above guidance midpoint, mainly due to lower power discrete sales and license agreement completion, partially offset by power IC and packaging growth.
Net loss for the quarter was $13.3 million, or $0.45 per share, compared to $6.6 million loss a year ago, reflecting lower gross margin and higher operating expenses.
Non-GAAP gross margin was 22.2%, with non-GAAP EPS loss of $0.16 per share.
Monetized 20% equity in Chongqing JV for $150 million, with most proceeds received and $15 million pending, supporting R&D and growth investments.
Share repurchases totaled $13.9 million in the quarter, with $16 million remaining under the program.
Financial highlights
Non-GAAP gross margin was 22.2%, down from 24.1% last quarter and 24.2% a year ago.
GAAP operating loss was $13.6 million, up from $5.9 million a year ago; non-GAAP operating loss was $5.2 million.
Cash and cash equivalents at quarter-end were $196.3 million, up from $153.5 million at June 30, 2025.
Operating cash flow was negative $8.1 million, impacted by deposit repayments and JV sale tax.
EBITDA excluding equity method investment loss was $9.7 million, down from $19.4 million last quarter.
Outlook and guidance
Next quarter revenue expected at $160 million ± $10 million.
GAAP gross margin guidance is 20.2% ± 1%; non-GAAP gross margin 21% ± 1%.
Non-GAAP operating expenses expected to rise to $45 million, mainly due to increased R&D.
March quarter expected to be a near-term low for revenue and margin, with growth resuming in June quarter.
Midterm target remains $1 billion revenue and 30% non-GAAP gross margin.
What factors drive the declining gross margin trend?
Reconcile Q3 outlook with 2027 growth expectations.
Detail R&D investments for future growth areas.
When will increased R&D meaningfully impact revenue?
What is the revenue contribution from new AI areas?
What drives gross margin rebound post-March quarter?
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Next Alpha and Omega Semiconductor earnings date
Q3 20266 May, 2026
Alpha and Omega Semiconductor
Next Alpha and Omega Semiconductor earnings date
Q3 20266 May, 2026
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Frequently asked questions
Alpha and Omega Semiconductor Ltd develops and supplies a broad range of power semiconductors, including MOSFETs, IGBTs, and power ICs. Its products are used in consumer electronics, computers, automotive, and industrial applications. The company is headquartered in Sunnyvale, California, and its shares are listed on the NASDAQ.
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