Alpha and Omega Semiconductor Limited

aosmd.com

What Do They Do?

Sells power discrete devices and power-management chips to electronics makers for computing, consumer, communications and industrial applications.

How Do They Make Money?

It sells power semiconductors mainly to distributors, who pay under agreed terms; sales are counted when products ship under the agreed shipping terms. A past technology-license fee bundled with engineering work was counted across the work period.

revenue

Segment	Share	How money arrives
Power discrete Sold outright	64% FY2023: 66%	Sold outright
Power IC Sold outright	34% FY2023: 32%	Sold outright
Packaging and testing services Sold outright	1.1% FY2023: 0.6%	Sold outright
License and development services	0.0% FY2023: 1.4%

Who Are Their Customers?

The company sells mainly through Asia Pacific distributors, which supply products to end customers and ODMs; it has direct relationships with key OEMs, most of whom it serves through distributors and ODMs.

Do Revenues Turn Into Profits?

No. It lost $42.3M in FY2026.

Operating income, FY2026

−6% of revenue

▲ +52% (Loss) vs FY2025 (−$28.4M, −4%)

Net income, FY2026

−6% of revenue

▼ −56% (Loss) vs FY2025 (−$97M, −14%)

Free cash flow, FY2026

−10% of revenue

▲ +806% (Loss) vs FY2025 (−$7.5M, −1%)

How Are They Changing?

Shrinking. Revenue fell 13% in 4 years, from $777.6M in FY2022 to $678.9M in FY2026, about 3% a year.

AI in computing applications The earlier report described planned power IC expansion for personal computing, graphics cards and gaming; the latest names AI among new computing applications.

Revenue over time

Power discrete Power IC Packaging and testing services License and development services

$1B$500M$0

FY2022 FY2023 FY2024 FY2025 FY2026

Who Do They Compete With?

Competes with Infineon Technologies, ON Semiconductor, STMicroelectronics, Toshiba, Diodes, Vishay Intertechnology, Monolithic Power Systems, Richtek Technology, Semtech, and Texas Instruments

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