Advanced Energy Industries, Inc. (AEIS) Earnings
Advanced Energy Industries, Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $2.20. AEIS has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +12.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 4, 2026 | $1.97 | $2.09 | +6.1% | $511M | +1.0% |
| Apr 30, 2025 | $1.04 | $1.23 | +18.3% | $405M | +3.2% |
| Feb 12, 2025 | $1.09 | $1.30 | +19.3% | $415M | +5.4% |
| Oct 30, 2024 | $0.92 | $0.98 | +6.5% | $374M | -5.0% |
| May 1, 2024 | $0.71 | $0.58 | -18.3% | $327M | -6.9% |
| Oct 31, 2023 | $1.16 | $1.28 | +10.3% | $410M | -1.9% |
| Aug 3, 2023 | $1.07 | $1.11 | +3.7% | $416M | +0.7% |
| May 3, 2023 | $1.12 | $1.24 | +10.7% | $425M | +2.4% |
| Feb 8, 2023 | $1.58 | $1.70 | +7.6% | $491M | +2.9% |
| Nov 1, 2022 | $1.38 | $2.12 | +53.6% | $516M | +17.4% |
| Aug 3, 2022 | $1.11 | $1.44 | +29.7% | $441M | +9.8% |
| May 4, 2022 | $0.95 | $1.24 | +30.5% | $397M | +10.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 4, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- First quarter revenue above guidance midpoint driven by record data center revenue; second quarter expected record revenue due to semiconductor strength; second half 2026 sees increased demand in all markets, well-positioned for AI-related capacity investments. - Achieved over 40% gross margin in first quarter, result of multi-year effort to improve manufacturing efficiency and product differentiation; investments in technology and manufacturing paying off. - Semiconductor revenue up quarter over quarter, customer forecast strengthened, widespread acceptance of plasma power technologies, system power products in demand. - Data center computing had record revenue, strong demand, working on next-gen tech including 800-volt solutions, secured new wins with second wave customers. - Industrial medical revenue down sequentially but bookings up 14% sequentially, backlog growing, demand improving, secured wins in various applications. - Telecom and networking revenue grew to highest level since 2023 due to AI-related networking programs.
Guidance
- Second quarter revenue forecast approximately $540 million, plus or minus $20 million, majority sequential growth from semiconductor and industrial medical, data center to moderate. - Q2 gross margin expected to improve 20 to 50 basis points sequentially. - Q2 operating expenses expected $112 to $114 million. - Full year 2026 revenue growth target raised from high teens to low to mid-20s; semiconductor revenue to accelerate in second half; data center full-year revenue growth outlook raised from over 30% to mid-30s; industrial medical expected revenue growth throughout year. - 2026 CapEx expected $170 to $180 million, targeting 2026 free cash flow at or above 25 levels.
Segment performance
First quarter revenue was $511 million, up 26% year on year. Semiconductor revenue was $219 million, up 4% sequentially; data center computing revenue was $194 million, a record, up 9% sequentially and 102% year-on-year; industrial medical market revenue was $72 million, down 8% from last quarter but up 12% from last year; telecom and networking revenue was $25 million, up 17% sequentially and 16% year-over-year. Revenue contribution: Data center computing was significant due to record revenue, semiconductor, industrial medical, and telecom networking also contributed. Gross margin was 40.1%, up 40 basis points from last quarter and 220 basis points from last year.
Analyst Q&A
Q: Provide more detail on uptake of new semiconductor products, including leading edge and larger nodes.
A: Seeing uptake on leading edge technologies like Everest, EVOS, NAVX, improving yield and throughput at leading edge, migration to other nodes and device types expected, new product revenue to become meaningful late 2026 into 2027-2028.
Q: Focus on industrial and medical, split between market growth and share gains, status of potential M&A.
A: Market recovered from inventory correction, bookings and backlog increased, industrial and medical markets picking up, market share gain from new products; M&A focus on increasing breadth in industrial medical, valuation mismatch closing, objective to grow inorganically.
Q: Revenue from capacity expansion projects, when they materialize, and 43% margin target.
A: Current factory network expansion underway, to be in place in second half 2026; Thailand investments start late 2026, pulling in 2027 spending, 43% margin target inclusive of Thailand expansion, driven by new product mix and manufacturing efficiency.
Q: Data center growth, quarterly volatility, moderation in Q2, pull-in activity, growth pickup timing.
A: Q1 outperformance not pull-in, but taking advantage of customer supply constraints; demand mix dynamic, upside potential in data center 2026; Q2 data center to moderate, second wave customers to contribute meaningfully in 2027 with potential pull-in to 2026 Q4.
Q: Factory priorities limiting INM output in Q1, sizing and resource shift.
A: INM product built in same factories as data center, surge in data center demand in Q1 led factories to pivot, underperformed in INM, personal attention to catch up in Q2-Q3, backlog robust.
Q: Semi-device types gaining traction with new products, revenue expectation from new products.
A: Focused on leading edge processes in memory and logic, haven't guided to revenue from new products collectively, new products to become more significant in 2027.
Q: Data center sales stabilization, why second quarter might not see same pull-in, revenue from new customers.
A: Tend to be conservative with forecast, flexible to respond to customer demand changes; second wave customers' revenue qualification process typically 6-9 months, expect contribution in 2027 with potential pull-in to 2026 Q4.
Q: Gross margin, hitting 40% in Q1, potential for 41% in second half.
A: Q1 gross margin ahead, can build on it, seeing traction on new product mix, factory optimization, higher volumes to improve gross margins, could reach 41% by end of year.
Q: 800-volt transition, solutions, customers, timing of ramp.
A: Sampling solutions to key customers, 800-volt to 50-volt modules with high efficiency, power density, reliability, sampling ongoing, initial production revenue to start next year, meaningful in 2027-2028.
Q: Second wave customers in data center, demand pull-in, size of ramp, capacity support.
A: No forecast for second wave customers in 2026 guidance, pull-in would be upside to data center growth, several customers, significant driver for 2027 growth.
Q: Supply constraints in data center, outlook, new products timing.
A: Downstream supply constraints limiting forecast, hopeful customers will knock down issues later 2026; on dielectric etch, confident to communicate wins later 2026, related to next-generation nodes in DRAM and logic.
Q: Q1 gross margin improvement despite semi-mix down, semi-second half growth driver.
A: Margins up due to better product mix on new products, better other cost of sales, offsetting some costs; second half semiconductor growth due to flagship product revenue, wins in system power space, new products becoming significant in Q4 2026.
Q: Data center power content per rack as tailwind, semi-cap, supply chain.
A: Power content per rack still tailwind as continue to develop solutions; semi-second half growth due to leading edge and clean room space; in sync with customer demand, leaning in to inventory and developing second sources for supply chain flexibility.