Short answer
ALPHA & OMEGA SEMICONDUCTOR Ltd (AOSL) filed its fiscal 2026 10-K annual report with the SEC on Aug 27, 2026. It reported revenue of $679M (−2.5% year over year) and net income of −$42M.
- Top risk flagged: Evolving U.S. export control regulations risk restricting sales and increasing compliance costs for customers in China and Asia, impacting financial results
FY2026 key financial metrics · XBRL
- Revenue
- $679M
- −2.5% YoY
- Net income
- −$42M
- +56.4% YoY
- Operating margin
- -6.4%
- −2.3 pp YoY
- Gross margin
- 22.3%
- −0.8 pp YoY
- EPS (diluted)
- −$1.41
- +57.3% YoY
- ROE
- -5.3%
- +6.5 pp YoY
- Operating cash flow
- −$16M
- −155.0% YoY
Source: XBRL data from the ALPHA & OMEGA SEMICONDUCTOR Ltd (AOSL) FY2026 10-K on SEC EDGAR. USD.
ALPHA & OMEGA SEMICONDUCTOR Ltd FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Designer and global supplier of broad portfolio of power semiconductors focusing on power discretes and power ICs
- New products: Launched SmartClamp™ protected DrMOS for AI servers, 25V/80V MOSFETs with advanced packaging, αMOS E2™ 600V super junction MOSFET platform
- Strategic shift: Divested 20.3% equity in JV Company reducing ownership to 18.9%, raising $150M for tech R&D and acquisitions
- Key metric: R&D spend increased to $103.9M in FY2026 from $94.3M in FY2025, employee count 2,519 globally with 817 in U.S.
- Noteworthy fact: Introduced total power solution for next-gen Intel Panther Lake/Wildcat Lake platforms combining digital control with analog efficiency
Management Discussion & Analysis
- Revenue $678.9M, down 2.5% YoY ($696.2M in FY25); power discrete sales fell $11.7M (-2.6%), power IC up $3.9M (+1.7%)
- Gross margin 22.3% vs 23.1%, down 0.8 points, due to higher material costs and lower unit shipment; R&D expenses up 10.2% to $103.9M
- Best performing segment: Computing revenue $343.0M, up 5.8%; worst: Consumer revenue $83.0M, down 18.9%
- Net cash used in operating activities $16.3M vs provided $29.7M in FY25; investing activities provided $86.1M driven by $147.7M equity sale in JV company; financing used $41.8M including $18.2M share repurchases and $11.5M loan repayments
- Management expects continued gross margin fluctuations due to product mix and market conditions; risks include PC market decline, wafer capacity constraints, price erosion, and impact of Bermuda 15% CIT under review for future compliance
Risk Factors
- Evolving U.S. export control regulations risk restricting sales and increasing compliance costs for customers in China and Asia, impacting financial results
- Geopolitical tensions U.S.-China expose operations in both countries to tariff volatility, export restrictions, and supply chain disruptions
- Oregon Fab fixed costs and fluctuating demand risk excess capacity costs or lost revenue during semiconductor downturns
- Major competitors include Infineon, ON Semiconductor, STMicroelectronics; intensified competition and semiconductor industry consolidation threaten market share
- Distributor concentration risk: WPG and Promate accounted for over 71% revenue in last three years, reliance may cause sales volatility or contractual risks
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