Alpha and Omega Semiconductor Limited Q1 FY2026 earnings call

• Stephen Chang began with an overview of results, noting Q1 revenue at midpoint of guidance, driven by Computing and Communications, offset by weaker Consumer and Power Supply and Industrial. • Announced support for 800-volt DC power architecture for data centers. • Received $94M from sale of equity interest in China joint venture, using capital for strategic investments. • Discussed segment results and Q2 guidance by segment, including Computing expecting near 20% q-o-q decline, Consumer forecasted high-teens q-o-q decline, Communications likely low to mid-single digits q-o-q decline, Power Supply and Industrial expecting mid- to high single digits q-o-q growth

Computing: Q1 revenue up 27.1% y-o-y and 4.6% q-o-q, representing 53.2% of total revenue. Consumer: Q1 revenue down 25.8% y-o-y and 11.6% q-o-q, representing 12.9% of total revenue. Communications: Q1 revenue up 21.4% q-o-q but down 7.8% y-o-y. Power Supply and Industrial: Accounted for 15.3% of total revenue, down 12.4% y-o-y and 5.6% q-o-q

• Expect revenue for Dec quarter to be approx $160M, +/− $10M. • GAAP gross margin expected 22.3%, +/− 1%; non-GAAP gross margin expected 23%, +/− 1%. • GAAP operating expenses expected $47.1M, +/− $1M; non-GAAP operating expenses expected $40.5M, +/− $1M. • Interest income to be $1M higher than interest expense and income tax expense in range of $1.1M to $1.3M

Q: David Williams asked about sequential decline and trends into 2026.

A: Stephen Chang said some is seasonality but underlying growth trends like BOM expansion in PCs and smartphones moving to higher charging currents remain.

Q: David Williams asked about gross margin degradation.

A: Yifan Liang said gross margin fluctuates with top line, product mix, and production level; Dec quarter expected lower top line and lower gross margin.

Q: Kyle Smith asked about ASPs.

A: Yifan Liang said ASP erosion has been mid-single digit y-o-y, and they roll out new products to reset ASP.

Q: Kyle Smith asked about JV sale proceeds uses.

A: Stephen Chang said focused on areas where they have competitive strength like PCs, phones, AI.

Q: Craig Ellis asked about AI ramp.

A: Stephen Chang said AI ramp delayed as demand not as strong as forecasted, but engaged in other opportunities.

Q: Craig Ellis asked about R&D investment for growth.

A: Stephen Chang said planning to invest more in R&D to fuel growth areas.

Q: Tore Svanberg asked about better performing segments next year.

A: Stephen Chang said PCs, AI applications, smartphones are key areas.

Q: Tore Svanberg asked about gross margin utilization.

A: Yifan Liang said adjust factory production along with revenue expectation; see order patterns and higher revenue to start turning on utilization