AOSL 2026财年第四季度业绩电话会议：AI增长推动产品组合优化，9月指引为1.76亿美元

核心要点

• Alpha and Omega Semiconductor（AOSL）公布2026财年第四季度营收为1.704亿美元，环比增长4%，同比下降3.5%。营收高于管理层指引区间的中点。
• Non-GAAP毛利率从上一季度的21.7%提升至23.7%，主要得益于产品组合优化和产能利用率提高。Non-GAAP每股亏损从0.28美元收窄至0.13美元。
• 在人工智能（AI）、服务器、工作站和云应用的推动下，高级计算（Advanced Computing）业务营收环比增长35%，占计算业务部门营收的比例达到创纪录的31%。
• 对于截至2026年9月的季度，管理层预计营收约为1.76亿美元（上下浮动1000万美元），Non-GAAP毛利率为24.5%（上下浮动1个百分点）。
• 管理层预计9月季度的高级计算业务营收环比增长将超过40%。仅AI和服务器业务营收预计就将增长60%以上，占高级计算业务的大部分。
• 台风“海豚”引发的洪涝灾害影响了AOSL在上海的封装业务。公司初步评估表明，对9月季度的营收影响为数百万美元，同时对毛利率产生了一定压力，这一点已体现在指引中。

核心财务业绩

业务与运营表现

计算业务

计算业务占总营收的49.8%。该部门营收环比增长5.6%，但同比下降8.6%。

高级计算是主要的增长驱动力，较3月季度增长35%，占计算业务营收的31%。管理层将这一增长归因于AI、服务器、工作站和云应用。传统个人电脑（PC）、平板电脑和显卡仍拖累该部门表现。

对于9月季度，管理层预计高级计算占计算业务营收的比重将超过40%，并接近公司总营收的20%。AI服务器、显卡及其他高性能平台的强劲表现预计将抵消传统PC需求的疲软，使计算业务总营收环比持平。

AOSL表示，其中压MOSFET产品组合在AI和云基础架构中的需求持续扩大。合作方包括电源供应商、模块制造商、原始设计制造商（ODM）、云服务提供商和超大规模客户。

通信业务

通信业务占总营收的19.3%。销售额同比增长22.3%，环比下降2.3%。

在智能手机新旧交替前，电池保护电路模块出货量出现季节性下降，但这在很大程度上被DC-DC模块和网络应用的增长所抵消。对于9月季度，随着AOSL为其美国一级（Tier 1）智能手机客户推进新产品量产，管理层预计该部门营收将环比增长约10%。

公司继续优先发展高端智能手机平台，因为更高的充电电流正在增加单台设备的电池保护用量。

电源与工业业务

该部门贡献了总营收的17.6%，环比增长5.2%，同比增长1.4%。电动交通（E-Mobility）和AI服务器相关直流风扇的增长被快充和AC-DC电源的疲软部分抵消。

在电动工具、AI服务器机架用直流风扇、快充以及AC-DC电源的支持下，管理层预计9月季度营收将环比增长近30%。

消费电子业务

消费电子业务占总营收的12.3%。销售额环比增长8%，但同比下降21.3%，主要是由于随着当前主机周期趋于成熟，游戏业务营收有所减弱。

由于家电、可穿戴设备和游戏产品的销售额下降，管理层预计9月季度消费电子业务营收将环比下降约25%。

管理层业绩指引

管理层表示，预计毛利率的改善主要反映了产品组合的优化，但部分被上海后端工厂受灾的影响所抵消。公司还预计，向高级计算倾斜的产品组合结构调整以及定价环境的改善，将对2026日历年下半年的毛利率提升形成支撑。

风险与关注要点

• 存储器价格高企和供应限制正在施压传统PC和中低端智能手机需求。管理层还提及CPU短缺对PC客户造成了影响。
• 管理层将9月季度视为PC的主要调整期，但12月季度的可见度仍存在不确定性，部分取决于存储器的供应状况。
• 台风“海豚”及引发的洪涝灾害影响了AOSL在上海的部分封装业务。复工复产工作正在进行中，但管理层估计9月季度的初步营收影响为数百万美元。
• 随着主机产品周期趋于成熟以及游戏、可穿戴设备和家电需求放缓，消费电子业务营收预计将大幅下降。
• AOSL正在扩大中压产能并增加针对性的研发支出，这推高了近期运营费用。

分析师问答精选

• 毛利率驱动因素：管理层表示，在第四财季200个基点的环比改善中，产品组合的贡献大于产能利用率。预计9月季度的提升也主要由产品组合推动。
• AI客户拓展：高级计算的增长既反映了现有项目的上量，也反映了新客户和新项目的获客。AOSL表示，其产品正被超大规模客户、数据中心电源及更广泛的客户群体采用。
• 800伏机遇：管理层表示，目前给出确切的营收预测还为时过早。部分业务可能会在2027年显现，但800伏系统预计将与现有的48伏平台同步逐步引入。
• 研发路线：AOSL正在针对AI、PC和智能手机解决方案展开招聘和投资。管理层预计投资增量的很大一部分将发生在2026日历年，随后在2027年回归更常态化的内生费用增长。
• 高级计算盈利能力：据管理层表示，应用于AI和服务器领域的高性能及中压MOSFET竞争较少，具备更佳的定价和毛利率。其营收占比的提升预计将拉动公司整体毛利率上升。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

Operator

Hello, everyone. Thank you for joining us, and welcome to the Alpha and Omega Semiconductor Fiscal Q4 2026 Earnings Call.

[Operator Instructions] I will now hand the call over to Steven Pelayo, Investor Relations. Please go ahead.

Steven C. Pelayo

Good afternoon, everyone, and welcome to Alpha and Omega Semiconductor's conference call to discuss fiscal 2026 fourth quarter financial results. I'm Steven Pelayo, Investor Relations representative for AOS. With me today are Stephen 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. Stephen will begin business updates, including strategic highlights and a detailed segment report. After that, Yifan will review the financial results and provide guidance for the September quarter. Finally, we will have a Q&A session.

The earnings release was distributed over the wire today, August 12, 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 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 discussions 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 materially. For a more detailed description of these risks and uncertainties, please refer to our recent and subsequent filings with the SEC. We assume no obligation to update the information provided in today's call.

Now I'll turn the call over to our CEO, Stephen Chang. Stephen?

Stephen Chang

Thank you, Steven. Welcome to Alpha and Omega's Fiscal 2026 Q4 Earnings Call. I will begin with a high-level overview of our results and then jump into segment details.

We delivered fiscal Q4 revenue results above the midpoint of our guidance. Total June quarter revenue was $170.4 million, down 3.5% year-over-year and up 4% sequentially. Non-GAAP gross margin was 23.7%. Non-GAAP EPS was a loss of $0.13 per share. As anticipated, strength in Advanced Computing -- particularly AI and server applications -- and in the Communications segment offset softness in the traditional PC market, driven by higher memory costs, and in Gaming within the Consumer segment. Advanced Computing continues to be the strongest part of our business and provides clear evidence that our long-term strategy is delivering results.

As our portfolio expands into higher performance applications, we are increasing content per platform, broadening customer adoption and strengthening our competitive position in AI infrastructure. To support this opportunity, we continue expanding our medium-voltage manufacturing capacity while increasing targeted R&D investments.

With that, let me now cover our Q2 segment results and provide more details. Starting with Computing. June quarter revenue was down 8.6% year-over-year and up 5.6% sequentially and represented about 49.8% of total revenue. The segment results came in at the high end of our guidance for a low- to mid-single-digit sequential increase, driven by strength in Advanced Computing, which increased 35% sequentially and represented a record high 31% of the Computing segment in the June quarter. The strength in Advanced Computing was driven by AI, server, workstation, and cloud applications, while declines in PCs, tablets, and graphic cards offset and impacted the overall segment results.

Demand for our medium-voltage MOSFET portfolio continues to expand across AI and cloud infrastructure with growing engagement from power supply providers, module makers, leading ODMs, cloud service providers, and hyperscale customers. Customer engagement and design activity continue to expand in these areas, and we expect these products to contribute more meaningfully during the second half of 2026 and into 2027.

Looking ahead to the September quarter, we expect Advanced Computing revenue to grow by more than 40% sequentially, driven by continued strength across AI servers, graphics cards, and other high-performance computing platforms. Our AI and server business alone is expected to increase more than 60% sequentially and represent the majority of our Advanced Computing business. This growth is expected to more than offset the well-publicized weakness in traditional PC applications caused by memory chip constraints, resulting in flattish sequential growth for the overall Computing segment. More importantly, Advanced Computing is expected to exceed 40% of Computing segment revenue and approach 20% of total company revenue, another important step in shifting our product mix towards higher-value applications with richer product content and stronger profitability.

Turning to the Consumer segment. June quarter revenue was down 21.3% year-over-year and up 8% sequentially and represented 12.3% of total revenue. The sequential results were better than our expectations for a relatively flattish quarter, with broad-based quarter-on-quarter growth across Gaming, Wearables, and Home Appliances. The year-over-year decline primarily reflects lower Gaming revenue as the current console product cycle nears maturity. For the September quarter, we expect Consumer segment revenue to decline approximately 25% sequentially, primarily reflecting lower revenue in Home Appliances, Wearables, and Gaming.

Next, let's discuss the Communications segment. June quarter revenue was up 22.3% year-over-year and down 2.3% sequentially and represented 19.3% of total revenue. The results were in line with our expectations for a slight sequential decline, as seasonally lower battery PCM shipments ahead of new smartphone model transitions were largely offset by strong growth in DC-DC modules and networking applications.

For the September quarter, we are ramping new products with our Tier 1 U.S. smartphone customer, and we continue to benefit from our strong position in premium smartphone platforms, where our differentiated battery protection solutions and support for higher charging currents are increasing BOM content and driving greater value per device.

Outside of the premium tier, market conditions remain more challenging, as elevated memory pricing and supply constraints are pushing some OEMs toward lower performance components in certain platforms. We remain disciplined in managing our product mix, prioritizing higher performance sockets and premium smartphone platforms, where our technology and content opportunities are greatest. As a result, we expect Communications segment revenue to increase approximately 10% sequentially.

Now let's talk about our last segment, Power Supply and Industrial, which accounted for 17.6% of total revenue and was up 1.4% year-over-year and up 5.2% sequentially. Overall, the results were in line with expectations for mid-single digit sequential growth, driven by sequential and year-over-year growth in E-Mobility as well as DC fans tied to AI server demand. This was partially offset by sequential and year-over-year declines in Quick Chargers and AC-DC power supplies.

Looking ahead to the September quarter, we see stronger demand for Power Tools and continued momentum in DC fans supporting AI server rack applications. We also expect Quick Chargers and AC-DC power supplies to increase sequentially. While demand trends continue to vary across end markets, we remain encouraged by the expanding tangential opportunities in AI infrastructure and the improving demand environment across several industrial applications. Altogether, we expect Power Supply and Industrial revenue to increase nearly 30% sequentially.

In closing, we are encouraged by the continued progress of our strategic transformation even as conditions remain uneven across several end markets. Advanced Computing is now a clear and growing contributor to both revenue and earnings, reinforcing the long-term direction of the business. That mix shift, combined with an improving pricing environment, is expected to support higher gross margins in the second half of calendar 2026, demonstrating the benefits of the strategic investments we have made over the past several years.

Despite ongoing pressure on the broader PC and smartphone markets from elevated memory pricing and supply constraints, we believe our Computing and Communications businesses are outperforming their respective end markets, supported by our expanding Advanced Computing portfolio, total solution strategy, and disciplined focus on premium smartphone platforms with our Tier 1 U.S. customer.

We are expanding manufacturing capacity in key product areas, increasing targeted R&D investments for next-generation AI infrastructure, and building a growing pipeline of new products across AI-related workloads. We believe this combination, a broader product portfolio, increasing content per platform, and continued investment in technology, positions AOS to deliver stronger, more profitable, and more sustainable long-term growth.

I also want to address a recent event that is affecting our near-term outlook. A couple of days ago, Shanghai experienced Typhoon Dolphin and flooding that impacted portions of our packaging operations. We expect a slight impact to the September quarter. Our teams are moving quickly to restore effective capacity, minimize customer disruption and position us to recover as much of the delayed business as possible in the coming quarters.

With that, I will now turn the call over to Yifan, for a discussion of our fiscal fourth quarter financial results and our outlook for the next quarter. Yifan?

Yifan Liang

Thank you, Stephen. Good afternoon, everyone, and thank you for joining us. Revenue for the June quarter was $170.4 million, up 4% sequentially and down 3.5% year-over-year.

In terms of product mix, DMOS revenue was $113.2 million, down 1.6% sequentially and up 5.6% over last year. Power IC revenue was $55.5 million, up 18.2% from the prior quarter and down 19.3% from a year ago. Assembly service and other revenue was $1.7 million, as compared to $1.9 million last quarter and $0.5 million for the same quarter last year.

Non-GAAP gross margin was 23.7%, compared to 21.7% last quarter and 24.4% a year ago. The quarter-over-quarter increase was mainly impacted by better mix and higher utilization. Non-GAAP operating expenses were $45.3 million, compared to $44.3 million for the prior quarter and $40.9 million last year. The quarter-over-quarter increase was mainly due to higher R&D expenses. Non-GAAP quarterly EPS was $0.13 loss, compared to $0.28 loss per share last quarter and $0.02 earnings per share a year ago.

Moving on to cash flow. Operating cash flow was negative $10 million compared to negative $8.3 million in the prior quarter and negative $2.8 million last year. EBITDA, excluding equity method investment income and loss was $10.1 million for the quarter, compared to $5.9 million last quarter and $10.5 million for the same quarter a year ago.

Now let me turn to our balance sheet. We completed June quarter with a cash balance of $180.8 million compared to $190.3 million at the end of last quarter. During the quarter, we received the last $15 million installment payment and completed $150 million sale of our joint venture equity.

Net trade receivables increased by $4.5 million sequentially. Days Sales Outstanding were 23 days for the quarter compared to 20 days for the prior quarter.

Net inventory increased by $2.3 million quarter-over-quarter. Average days in inventory were 138 days for the quarter compared to 139 days for the prior quarter.

CapEx for the quarter was $14.9 million compared to $12.1 million for the prior quarter. We expect CapEx for the September quarter to range from $15 million to $17 million.

With that, now I would like to discuss September quarter guidance. We expect revenue to be approximately $176 million, plus or minus $10 million. GAAP gross margin to be 23.8%, plus or minus 1%. We anticipate non-GAAP gross margin to be 24.5%, plus or minus 1%. GAAP operating expenses to be $52.5 million, plus or minus $1 million. Non-GAAP operating expenses are expected to be $46.5 million, plus or minus $1 million. Interest income to be $0.6 million 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

[Operator Instructions] Your first question is from the line of Tore Svanberg from Stifel.

分析师问答

Tore Svanberg

First question, could you talk a little bit about some of the parameters around your gross margin? You are guiding it up sequentially. What's sort of the contribution there between utilization and pricing? And where is utilization right now?

Yifan Liang

Sure. Yes, for the June quarter, yes, our margin improved from March quarter by 200 basis points. A little bit bigger portion was because of the product mix, and then a smaller portion was because of the utilization and operation expenses. For the September quarter, we guided another 70, 80 basis points up. So primarily, it was considering the product -- better product mix. So we also factor in some of the impact from this typhoon impact on our back-end factory. So the net-net, we guided 24.5%.

Tore Svanberg

Okay. Very good. And maybe as a follow-up to Stephen, and maybe adding your comments about pricing, you said you expect pricing to be higher in second half of '26. I'm just curious if there's sort of a lag time on when that impacts the P&L. And then with Advanced Computing now being 20% of revenue or approaching that for the September quarter, how should we think about that segment into fiscal '27? I'm pretty sure you're now prioritizing that market as opposed to these other areas that are seeing weakness from high memory costs.

Stephen Chang

Sure. Let me address that part of that, which is the mix portion. And we are happy to see the margin expand in this past quarter also going forward. And we do see that mix is becoming more beneficial, especially as we're seeing more successes, particularly in the Advanced Computing area, specifically in the AI and server applications. The products that we sell into these applications are high-performance products are -- especially our high-performance MOSFETs and medium-voltage, where there's less competition, it is performance-driven, and we're able to command better pricing and better margin because these applications are very performance-critical. So that is becoming a larger proportion, not only of our Computing segment, but the overall part of the company. So as we continue to put more resources into here and as we're following and taking part in this AI expansion in the industry, we see that as helpful and accretive to our margin.

Operator

Your next question comes from the line of Tyler Burmeister from Lake Street Capital Markets.

Tyler Burmeister

Maybe first, another on the Advanced Computing, obviously, very strong. It looks like faster than we were expecting. You highlighted continued customer traction. I guess I was wondering if you could maybe give some color on how much of the growth both in the June quarter and the September outlook is kind of customer traction, new program wins versus just ramps of previous sockets?

Stephen Chang

I would say it's a little bit of both. The benefit -- one of the great things about going into this market now is that we are serving a more diversified customer base. So we are seeing going into programs that go into hyperscalers, that go into power supplies for data centers. It is being spread into more customers as well as various programs within those customers. So I would say it's a little bit of both as these products are ramping.

Tyler Burmeister

Okay. I appreciate that color. And then maybe looking out to the future in 800 volt, I wonder if you could just give us any view on the timing of that? Do you think that could be a material revenue contributor in 2027? Is that more of a socket design win in '27 lead to more meaningful revenue in the '28 time frame? Any color there would be appreciated.

Stephen Chang

Sure. And I think we're a little too early to forecast that at the moment. We do see that, yes, 800 volt is right around the corner. We are promoting our solutions for that. I wouldn't be surprised that if next year, we see some business come for those applications. But this won't be like a 0, 1, and 1 and 0 for the standard solutions, and these will be phased in alongside with the other programs. Right now, we are still serving -- everyone is still serving the standard 48-volt platforms. And those will still coexist for a while as well, too. So -- and we're also ready for this when 800-volt comes with our new solution. So I think it will be a transition time, but we will benefit from either packs.

Tyler Burmeister

Understood. I appreciate that. And then maybe kind of a couple of housekeeping ones. The R&D investments, obviously proving to be successful here. You guided for them to step up in September. I'm wondering if that $46.5 million OpEx guide for Q1, is that the level we should think about going forward? Or is there the chance that that could continue to take modest steps up as we continue to make investments?

Yifan Liang

Yes. We have already been gearing up our hirings and investment in R&D area, primarily in the AI and total solution for PC and smartphone and in those areas. So yes, we guided about $1 million for the September quarter. I would say December going forward, we still have to fill positions we need to fill. So I would say probably some modest growth there.

Tyler Burmeister

Appreciate that. And then last quick one for me. Are you able to quantify what the impact to the flooding is in your September guidance for us?

Yifan Liang

Sure. I mean -- as we said, yes, it has some impact. Right now, this thing occurred only a couple of days ago. So our team are moving quickly to restore the capacities and then minimizing the impact to our customers. So our initial assessment right now is in the range of a few million dollars and some impact on our margins, also kind of reflected in our September quarter guidance.

Operator

Your next question is from the line of Craig Ellis from B. Riley Securities.

Craig Ellis

I wanted to follow-up on just the Compute segment activity. Beyond the Advanced Compute 31% mix in fiscal 4Q, can you help us understand what the other subsegments of the business did, notebook, gaming cards, et cetera?

Stephen Chang

Sure. Let's talk about standard PCs first. Standard PCs, June quarter in general, did grow modestly from the March quarter. But we expect there, right, to be an adjustment happening in the September quarter, as our end customers are having difficulty in dealing with the memory shortage as well as the CPU shortage. So we see this September quarter as an adjustment period for the PC business. But then at the same time, again, the Advanced Computing helps to cover for that.

The other subsegment that I can comment on is on the graphics portion. Graphics this year, they aren't releasing any major platforms this year. The last release was last year, where we benefited quite well. We expect the next platform release to be sometime next year, and that will be something that we also will prioritize in terms of growth for the next year. So in this calendar year, mainly the story is about PCs and dealing with the memory shortage. But then in the meantime, with our fueling the growth of our AI and server business.

Craig Ellis

That's helpful, Stephen. And then broadening the aperture a bit to include the Communications business and thinking about that with Compute. Given some of the things that you said on the call about the impacts from pricing and part availability to build intensity in the fiscal first quarter, can you talk about typical fiscal 2Q seasonality in those end markets? And what are customers telling you to expect this year as we look beyond fiscal 1Q into 2Q?

Stephen Chang

Sure. In the Communications segment, we're mainly talking about smartphone battery and protection business. And here, this segment is also not immune to the memory shortages. In general, we have always been focusing mainly on the premium part of the market. And that part of the market certainly is faring better than the low- to mid-end part of the market. Over here, we're selling our high-performance MOSFETs. And in the latest generation, we are seeing charging currents continue to increase. So that will offset some of the pressures that may come from the memory impact. But overall, we are still preparing for a growth season for our battery PCM business. And in terms of looking out further, I think the premium phones should do better. They're not immune to it. But at the same time, there's a little more ability to -- for consumers to bear some of the price increases there. So that's where we see the battery business.

Craig Ellis

Okay. And then I wasn't clear what you were indicating about the PC business beyond the fiscal first quarter and into the second quarter, what are your customers indicating about build intensity there, Stephen?

Stephen Chang

Yes. We mainly see September as the main correction. We're not right now -- December quarter is still a little fuzzy to see exactly, but we're not -- right now, we're not expecting a correction at that point. And -- but we have to just see what the memory situation is like.

Craig Ellis

Okay. And then just a clarification on operating expense. So we knew that we were going to increase R&D expense this year for new product work in Advanced Compute. It seems like that's having a positive impact. Can you help us understand the longer-term thinking about how you're weighing increased R&D intensity in the business? Is this something that we should expect would persist in calendar '27? Or do you exit '26 with the product programs in the right place, so R&D expense would grow to a more normalized level beyond this year?

Stephen Chang

Yes. For us, we are in this investment mode where we are investing in the R&D. Most of that spend -- increase in spending, we expect it to be done in this calendar year in terms of the additional investments to build up the teams and build up the technology capabilities to address these additional growth opportunities. So most of that expansion we expect to happen this year. I would expect next year will be more just kind of standard organic type of growth as opposed to a stepped-up growth this year.

Operator

[Operator Instructions] Your next question comes from the line of Patrick Muth from David Williams (sic) [ Needham ].

Patrick Muth

This is Patrick Muth on for David Williams over at Needham. Just a couple of questions. So as AI becomes a bigger share of revenue, should we expect gross margins to improve mainly because of this mix shift? Or is there a ceiling to how much AI volume can offset any weakness elsewhere? And then maybe also provide more color on the magnitude of the gross margin improvement from the mix shift in the second half of the calendar year.

Stephen Chang

Sure. This is an area that we've been excited to take part and to see our products being adopted into these high-performance applications. We are still in that ramping mode in terms of several of these products were released either late last calendar year or beginning of this calendar year. So the ramp that we saw was really starting just from this March quarter onwards. And we are continuing to design in our solutions and to win business. And so in general, we expect to see this segment continue to grow in the coming quarters and as we win more projects and as we open up into more customers. Yes, I'll stop there.

Operator

We have reached the end of the Q&A session. I will now turn the call back to Steven Pelayo, for closing remarks.

Steven C. Pelayo

Okay. Great. Before we conclude, I'd like to just highlight a few upcoming investor events. The management team will be participating in the 7th Annual Needham Virtual Semiconductor and SemiCap 1x1 Conference on August 20; also at the Jefferies Semi, IT Hardware & Communications Technology Summit on August 26 in Chicago, Illinois; and the Benchmark 2026 Tech, Media and Telecom Conference on September 10 in New York, New York. 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.

Yifan Liang

Thank you.

Operator

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