# EDGAR Filing Document

**Accession Number:** 0001387467
**File Stem:** 0001628280-26-031274
**Filing Date:** 2026-5
**Character Count:** 60098
**Document Hash:** 3c454e97f403c388059baaee33a88618
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-031274.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0001628280-26-031274

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260506

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALPHA & OMEGA SEMICONDUCTOR Ltd
- **CENTRAL INDEX KEY:** 0001387467
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34717
- **FILM NUMBER:** 26948499

**BUSINESS ADDRESS:**
- **STREET 1:** 475 OAKMEAD PARKWAY
- **CITY:** SUNNYVALE
- **STATE:** CA
- **ZIP:** 94085
- **BUSINESS PHONE:** 408-830-9742

**MAIL ADDRESS:**
- **STREET 1:** 475 OAKMEAD PARKWAY
- **CITY:** SUNNYVALE
- **STATE:** CA
- **ZIP:** 94085

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALPHA & OMEGA SEMICONDUCTOR LTD
- **DATE OF NAME CHANGE:** 20070123

?xml version='1.0' encoding='ASCII'? aosl-20260506

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_________________________________

**FORM 8-K** 

**_________________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** May 6, 2026

**_________________________________**

**Alpha and Omega Semiconductor Limited** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Bermuda** | **001-34717** | **77-0553536** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(I.R.S. Employer<br>Identification No.)** |

---

**Clarendon House** 

**2 Church Street** 

**Hamilton HM 11** 

**Bermuda** 

**(Address of principal registered offices)**

**(408) 830-9742** 

**(Registrant's telephone number, including area code)**

**N/A**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common Shares** | **AOSL** | **The NASDAQ Global Select Market** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

The information in Item 2.02 of this Current Report, including the accompanying exhibit, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of Section 18. The information in Item 2.02 of this Current Report shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language contained in such filing.

On May 6, 2026, Alpha and Omega Semiconductor Limited (the "Company") issued a press release regarding its financial results for the fiscal third quarter of 2026 ended March 31, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 99.1 | <u>[Press Release dated](exhibit991earningreleasema.htm)[May](exhibit991earningreleasema.htm)[6](exhibit991earningreleasema.htm)[, 2026](exhibit991earningreleasema.htm)</u> |
| 99.2 | <u>[Script of Prepared Remarks for Earnings Call](exhibit992earningreleasema.htm)</u> |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: May 6, 2026

---

| | |
|:---|:---|
| **Alpha and Omega Semiconductor Limited** | **Alpha and Omega Semiconductor Limited** |
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;Yifan Liang |
| Name: | Yifan Liang |
| Title: | Chief Financial Officer and Corporate Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

**Alpha and Omega Semiconductor Reports Financial Results for the Fiscal Third Quarter of 2026 Ended March 31, 2026** 

***SUNNYVALE, California, May 6, 2026*** - Alpha and Omega Semiconductor Limited ("AOS") (NASDAQ: AOSL) today reported financial results for the fiscal third quarter of 2026 ended March 31, 2026.

The results for the fiscal third quarter of 2026 ended March 31, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **GAAP Financial Comparison** | **GAAP Financial Comparison** | **GAAP Financial Comparison** | **GAAP Financial Comparison** |
| **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** |
| (in millions, except percentage and per share data) | (in millions, except percentage and per share data) | (in millions, except percentage and per share data) | (in millions, except percentage and per share data) |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) |
|  | Three Months Ended | Three Months Ended | Three Months Ended |
|  | &nbsp;&nbsp;March 31,<br>2026 | &nbsp;&nbsp;December 31,<br>2025 | &nbsp;&nbsp;March 31,<br>2025 |
| Revenue | $163.8 | $162.3 | $164.6 |
| Gross Margin | 21.1% | 21.5% | 21.4% |
| Operating Loss | $(14.1) | $(13.6) | $(10.7) |
| Net Loss | $(13.8) | $(13.3) | $(10.8) |
| Net Loss Per Share - Diluted | $(0.46) | $(0.45) | $(0.37) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Non-GAAP Financial Comparison** | **Non-GAAP Financial Comparison** | **Non-GAAP Financial Comparison** | **Non-GAAP Financial Comparison** |
| **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** |
| (in millions, except percentage and per share data) | (in millions, except percentage and per share data) | (in millions, except percentage and per share data) | (in millions, except percentage and per share data) |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) |
|  | Three Months Ended | Three Months Ended | Three Months Ended |
|  | &nbsp;&nbsp;March 31, 2026 | &nbsp;&nbsp;December 31, 2025 | &nbsp;&nbsp;March 31, 2025 |
| Revenue | $163.8 | $162.3 | $164.6 |
| Non-GAAP Gross Margin | 21.7% | 22.2% | 22.5% |
| Non-GAAP Operating Loss | $(8.7) | $(5.2) | $(2.7) |
| Non-GAAP Net Loss | $(8.3) | $(4.7) | $(2.9) |
| Non-GAAP Net Loss Per Share - Diluted | $(0.28) | $(0.16) | $(0.10) |

---

*The non-GAAP financial measures in the schedule above and under the section "Financial Results for Fiscal Q3 Ended March 31, 2026" below exclude the effect of share-based compensation expense, equity method investment loss (income), and income tax effect of non-GAAP adjustments in each of the periods presented, and amortization of purchased intangible and legal costs related to government investigation for the three months ended March 31, 2025, as well as impairment of long-lived assets for the three months ended March 31, 2026 and December 31, 2025.* 

------

**Financial Results for Fiscal Q3 Ended March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue was $163.8 million, an increase of 0.9% from the prior quarter and a decrease of 0.5% from the same quarter last year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP gross margin was 21.1%, down from 21.5% in the prior quarter and down from 21.4% in the same quarter last year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP gross margin was 21.7%, down from 22.2% in the prior quarter and down from 22.5% in the same quarter last year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP operating expenses were $48.6 million, up from $48.4 million in the prior quarter and up from $45.8 million in the same quarter last year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP operating expenses were $44.3 million, up from $41.3 million from last quarter and up from $39.7 million in the same quarter last year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP operating loss was $14.1 million, up from $13.6 million from the prior quarter and up from $10.7 million in the same quarter last year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP operating loss was $8.7 million as compared to $5.2 million of operating loss for the prior quarter and $2.7 million of operating loss for the same quarter last year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP net loss per diluted share was $0.46, compared to $0.45 net loss per share for the prior quarter, and $0.37 net loss per share for the same quarter a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP net loss per share was $0.28, compared to $0.16 net loss per share for the prior quarter and $0.10 net loss per share for the same quarter a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated cash flows used in operating activities was $8.3 million, as compared to $8.1 million of cash flows used in operating activities in the prior quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company closed the quarter with $190.3 million of cash and cash equivalents.

AOS Chief Executive Officer Stephen Chang commented, "Our March quarter results were slightly above the midpoint of our guidance, supported by strength in Advanced Computing, including AI, servers and graphics, as well as continued momentum with our Tier One U.S. smartphone customer. While seasonal softness in PCs and ongoing weakness in certain consumer applications persisted, we are encouraged by the growing contribution from higher-performance applications and improving product mix. We believe the December and March quarters marked a near-term bottom for both revenue and margins, and we are seeing early signs of momentum building as we move into the June quarter, driven by a richer product mix and stronger contributions from higher-performance applications."

Mr. Chang concluded, "We continue to execute on our strategy to become a provider of application-specific total solutions, and we are seeing tangible results across our business. In Advanced Computing, demand is broadening across a wider set of customers and platforms, including increasing engagement with leading cloud and hyperscale partners, driving growth in our medium-voltage solutions. At the same time, structural trends such as rising power requirements in AI infrastructure and higher charging currents in smartphones are enabling us to capture increased BOM content across key end markets. While visibility into second half of calendar 2026 remains limited, particularly given the uncertainty around memory pricing and availability, we expect modest revenue growth for the calendar year. Importantly, our targeted R&D investments and continued expansion into higher-performance applications position AOS well for accelerating growth as new programs ramp in 2027 and beyond."

**Business Outlook for Fiscal Q4 Ending June 30, 2026** 

*The following statements are based on management's current expectations. These statements are forward-looking, and actual results may differ materially. AOS undertakes no obligation to update these statements.*

Our expectations for the fiscal fourth quarter of year 2026 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue to be approximately $168 million, plus or minus $10 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP gross margin to be 22.3%, plus or minus 1%. We anticipate non-GAAP gross margin to be 23.0%, plus or minus 1%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP operating expenses to be in the range of $52.0 million, plus or minus $1.0 million. Non-GAAP operating expenses are expected to be in the range of $45.5 million, plus or minus $1.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest income is expected to be $1.0 million higher than interest expense, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income tax expense to be in the range of $1.0 million to $1.2 million.

**Conference Call and Webcast**

AOS plans to hold an investor teleconference and live webcast to discuss the financial results for the fiscal third quarter ended March 31, 2026 today, May 6, 2026 at 2:00 p.m. PT / 5:00 p.m. ET. To listen to the live conference call, please dial +1 (585) 542 9983 or +1 (833) 461 5787 if dialing from outside the United States and Canada. The access code is 939168866. A live webcast of the call will also be available in the "Events & Presentations" section of the company's investor relations website, http://investor.aosmd.com. The webcast replay will be available for up to one year after the live call on the same website. In addition, a copy of the script of management's prepared remarks and a live webcast of the call will also be available in the "Events & Presentations" section of the company's investor relations website, http://investor.aosmd.com.

------

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**Forward-Looking Statements** 

This press release contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance based on management's judgment, beliefs, current trends, and anticipated product performance. These forward-looking statements include, without limitation, market trends in the semiconductor industry and growth in calendar year 2026, our ability to outperform market, anticipated growth in our market segments in 2026 and 2027, seasonality of our business, our ability to sustain growth and expand our end markets, expectations regarding R&D investment and high performance application; the success of our investment strategy, macro and geopolitical uncertainties, our projected amount of revenue, gross margin, operating income (loss), income tax expenses, net income (loss), share-based compensation expenses, non-GAAP gross margin, non-GAAP operating expenses, and income tax expenses, our ability to grow our sales and market share, and other information under the section entitled "Business Outlook for Fiscal Q4 Ending June 30, 2026." Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These factors include, but are not limited to, the state of semiconductor industry and seasonality of our markets; decline of PC markets; our lack of control over the joint venture in China; difficulties and challenges in executing our diversification strategy into different market segments; ordering pattern from distributors and seasonality; changes in regulatory environment, including tariff and trade policies; our ability to introduce or develop new and enhanced products that achieve market acceptance; government policies on our business operations in China; the actual product performance in volume production; the quality and reliability of our product, our ability to achieve design wins; the general business and economic conditions; our ability to maintain factory utilization at a desirable level; and other risks as described in our SEC filings, including our Annual Report on Form 10-K for the fiscal year ended June 30, 2025 and other periodic reports we filed with the SEC. Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and AOS undertakes no duty to update such information, except as required under applicable law.

**Use of Non-GAAP Financial Measures**

To supplement our unaudited consolidated financial statements presented on a basis consistent with U.S. GAAP, we disclose certain non-GAAP financial measures for our historical performance, including non-GAAP gross profit, gross margin, operating expenses, operating income (loss), net income (loss), diluted earnings per share ("EPS") and EBITDAS. These supplemental measures exclude, among other items, share-based compensation expenses, legal and professional fees related to government investigation, amortization of purchased intangible, impairment of long-lived assets, income tax effect of non-GAAP adjustments and equity method investment income (loss) from equity investee. We also disclose certain non-GAAP financial measures in our financial guidance for the next quarter, including non-GAAP gross margin and non-GAAP operating expenses. We believe that these historical and forward-looking non-GAAP financial measures provide useful information to both management and investors by excluding certain items and expenses that are not indicative of our core operating results or do not reflect our normal business operations. In addition, our management uses non-GAAP measures to compare our performance relative to forecasts and to benchmark our performance externally against competitors. Our use of non-GAAP financial measures has certain limitations in that such non-GAAP financial measures may not be directly comparable to those reported by other companies. For example, the terms used in this press release, such as non-GAAP net income (loss) or non-GAAP operating expenses, do not have a standardized meaning. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. In addition, we included the amount of income tax effect of non-GAAP adjustments in the non-GAAP net income (loss) reconciliation table for all periods presented as management believes that such non-GAAP presentation provides useful information to investors, even though the amounts are not significant. We seek to compensate for the limitation of our non-GAAP presentation by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable U.S. GAAP measures both in the text in this press release and in the tables attached hereto. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures.

**About Alpha and Omega Semiconductor**

Alpha and Omega Semiconductor Limited, or AOS, is a designer, developer, and global supplier of a broad range of discrete power devices, wide bandgap power devices, power management ICs, and modules, including a wide portfolio of Power MOSFET, SiC, IGBT, IPM, TVS, HV Gate Drivers, Power IC, and Digital Power products. AOS has developed extensive intellectual property and technical knowledge that encompasses the latest advancements in the power semiconductor industry, which enables us to introduce innovative products to address the increasingly complex power requirements of advanced electronics. AOS differentiates itself by integrating its Discrete and IC semiconductor process technology, product design, and advanced packaging know-how to develop high-performance power management solutions. AOS' portfolio of products targets high-volume applications, including personal computers, graphics cards, datacenters, AI servers, smartphones, consumer and industrial motor controls, TVs, lightings, automotive electronics, and power supply units for various equipment. For more information, please visit www.aosmd.com.

The following unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP.

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&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alpha and Omega Semiconductor Limited** | **Alpha and Omega Semiconductor Limited** | **Alpha and Omega Semiconductor Limited** | **Alpha and Omega Semiconductor Limited** | **Alpha and Omega Semiconductor Limited** | **Alpha and Omega Semiconductor Limited** |
| **Condensed Consolidated Statements of Operations** | **Condensed Consolidated Statements of Operations** | **Condensed Consolidated Statements of Operations** | **Condensed Consolidated Statements of Operations** | **Condensed Consolidated Statements of Operations** | **Condensed Consolidated Statements of Operations** |
| **(in thousands, except percentages and per share amounts)** | **(in thousands, except percentages and per share amounts)** | **(in thousands, except percentages and per share amounts)** | **(in thousands, except percentages and per share amounts)** | **(in thousands, except percentages and per share amounts)** | **(in thousands, except percentages and per share amounts)** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | &nbsp;&nbsp;**March 31,<br>2026** | &nbsp;&nbsp;**December 31,<br>2025** | &nbsp;&nbsp;**March 31,<br>2025** | &nbsp;&nbsp;**March 31,<br>2026** | &nbsp;&nbsp;**March 31,<br>2025** |
| Revenue | $163792 | $162263 | $164635 | $508556 | $519678 |
| Cost of goods sold | 129262 | 127439 | 129458 | 396357 | 399964 |
| Gross profit | 34530 | 34824 | 35177 | 112199 | 119714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross margin | 21.1% | 21.5% | 21.4% | 22.1% | 23.0% |
| Operating expenses: |  |  |  |  |  |
| Research and development | 26052 | 25205 | 23398 | 75402 | 69844 |
| Selling, general and administrative | 22536 | 23184 | 22437 | 69004 | 66688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 48588 | 48389 | 45835 | 144406 | 136532 |
| Operating loss | (14058) | (13565) | (10658) | (32207) | (16818) |
| Other income (expenses), net | 587 | 894 | (65) | 3949 | (52) |
| Interest income | 990 | 1124 | 927 | 3006 | 3327 |
| Interest expenses | (139) | (154) | (596) | (653) | (2109) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss before income taxes and equity method investment (loss) income  | (12620) | (11701) | (10392) | (25905) | (15652) |
| Income tax expense | 1015 | 1490 | 660 | 4432 | 2942 |
| Net loss before equity method investment (loss) income | (13635) | (13191) | (11052) | (30337) | (18594) |
| Equity method investment (loss) income | (152) | (102) | 245 | 1135 | (1323) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(13787) | $(13293) | $(10807) | $(29202) | $(19917) |
| Net loss per common share |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.46) | $(0.45) | $(0.37) | $(0.98) | $(0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.46) | $(0.45) | $(0.37) | $(0.98) | $(0.68) |
| Weighted average number of common shares used to compute net loss per share |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 29807 | 29816 | 29530 | 29887 | 29232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 29807 | 29816 | 29530 | 29887 | 29232 |

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| | | |
|:---|:---|:---|
| **Alpha and Omega Semiconductor Limited** | **Alpha and Omega Semiconductor Limited** | **Alpha and Omega Semiconductor Limited** |
| **Condensed Consolidated Balance Sheets** | **Condensed Consolidated Balance Sheets** | **Condensed Consolidated Balance Sheets** |
| **(in thousands, except par value per share)** | **(in thousands, except par value per share)** | **(in thousands, except par value per share)** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** |
| | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**June 30, 2025** |
| **ASSETS** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $190253 | $153079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 429 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 38335 | 34772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from sale of equity interest in the JV Company | 15601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 199049 | 189677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 9157 | 18215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 452824 | 396162 |
| Property, plant and equipment, net | 314248 | 314097 |
| Operating lease right-of-use assets | 22481 | 21288 |
| Intangible assets, net | 1475 | 269 |
| Equity method investment | 142082 | 279122 |
| Deferred income tax assets | 8367 | 599 |
| Other long-term assets | 34936 | 22766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $976413 | $1034303 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $45046 | $60044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 59006 | 59027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable related to equity investee, net | 16701 | 15809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 4217 | 1790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | 3036 | 11852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 1326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease liabilities | 1065 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 6053 | 4978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 136450 | 154507 |
| Long-term debt | 1332 | 14872 |
| Income taxes payable - long-term | 4419 | 4201 |
| Deferred income tax liabilities | 12251 | 13192 |
| Finance lease liabilities - long-term | 468 | 1274 |
| Operating lease liabilities - long-term | 17181 | 16925 |
| Other long-term liabilities | 4131 | 7000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 176232 | 211971 |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred shares, par value $0.002 per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized: 10,000 shares; issued and outstanding: none at March 31, 2026 and June 30, 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares, par value $0.002 per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized: 100,000 shares; issued and outstanding:37,957 shares and 29,916 shares, respectively at March 31, 2026 and 37,127 shares and 30,009 shares, respectively at June 30, 2025 | 76 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury shares at cost: 8,041 shares at March 31, 2026 and 7,118 shares at June 30, 2025 | (97187) | (79058) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 396979 | 379779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (4264) | (12390) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 504577 | 533927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 800181 | 822332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $976413 | $1034303 |

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| | | |
|:---|:---|:---|
| **Alpha and Omega Semiconductor Limited** | **Alpha and Omega Semiconductor Limited** | **Alpha and Omega Semiconductor Limited** |
| **Selected Cash Flow Information** | **Selected Cash Flow Information** | **Selected Cash Flow Information** |
| **(in thousands, unaudited)** | **(in thousands, unaudited)** | **(in thousands, unaudited)** |
| | **Nine Months Ended March 31,** | **Nine Months Ended March 31,** |
|  | **2026** | **2025** |
| Net cash (used in) provided by operating activities | $(6280) | $32494 |
| Net cash provided by (used in) investing activities | 88187 | (22167) |
| Net cash used in financing activities | (44591) | (16266) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (132) | (35) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 37184 | (5974) |
| Cash, cash equivalents and restricted cash at beginning of period | 153498 | 175540 |
| Cash, cash equivalents and restricted cash at end of period | $190682 | $169566 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alpha and Omega Semiconductor Limited** | **Alpha and Omega Semiconductor Limited** | **Alpha and Omega Semiconductor Limited** | **Alpha and Omega Semiconductor Limited** | **Alpha and Omega Semiconductor Limited** | **Alpha and Omega Semiconductor Limited** |
| **Reconciliation of Condensed Consolidated GAAP Financial Measures to Non-GAAP Financial Measures** | **Reconciliation of Condensed Consolidated GAAP Financial Measures to Non-GAAP Financial Measures** | **Reconciliation of Condensed Consolidated GAAP Financial Measures to Non-GAAP Financial Measures** | **Reconciliation of Condensed Consolidated GAAP Financial Measures to Non-GAAP Financial Measures** | **Reconciliation of Condensed Consolidated GAAP Financial Measures to Non-GAAP Financial Measures** | **Reconciliation of Condensed Consolidated GAAP Financial Measures to Non-GAAP Financial Measures** |
| **(in thousands, except percentages and per share data)** | **(in thousands, except percentages and per share data)** | **(in thousands, except percentages and per share data)** | **(in thousands, except percentages and per share data)** | **(in thousands, except percentages and per share data)** | **(in thousands, except percentages and per share data)** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | &nbsp;&nbsp;**March 31,<br>2026** | &nbsp;&nbsp;**December 31,<br>2025** | &nbsp;&nbsp;**March 31,<br>2025** | **March 31,<br>2026** | **March 31,<br>2025** |
| GAAP gross profit | $34530 | $34824 | $35177 | $112199 | $119714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 1071 | 1232 | 1047 | 3368 | 3185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of purchased intangible |  |  | 812 |  | 2435 |
| Non-GAAP gross profit | $35601 | $36056 | $37036 | $115567 | $125334 |
| *Non-GAAP gross margin as a % of revenue* | 21.7% | 22.2% | 22.5% | 22.7% | 24.1% |
| GAAP operating expense | $48588 | $48389 | $45835 | $144406 | $136532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 4030 | 7041 | 6089 | 17138 | 18803 |
| &nbsp;&nbsp;&nbsp;Legal costs related to<br>government investigation |  |  | 54 |  | 515 |
| &nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 257 | 70 |  | 327 |  |
| Non-GAAP operating expense | $44301 | $41278 | $39692 | $126941 | $117214 |
| GAAP operating loss | $(14058) | $(13565) | $(10658) | $(32207) | $(16818) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 5101 | 8273 | 7136 | 20506 | 21988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of purchased intangible |  |  | 812 |  | 2435 |
| &nbsp;&nbsp;&nbsp;Legal costs related to government investigation |  |  | 54 |  | 515 |
| &nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 257 | 70 |  | 327 |  |
| Non-GAAP operating income (loss) | $(8700) | $(5222) | $(2656) | $(11374) | $8120 |
| *Non-GAAP operating margin as a % of revenue* | (5.3)% | (3.2)% | (1.6)% | (2.2)% | 1.6% |
| GAAP net loss | $(13787) | $(13293) | $(10807) | $(29202) | $(19917) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 5101 | 8273 | 7136 | 20506 | 21988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of purchased intangible |  |  | 812 |  | 2435 |
| &nbsp;&nbsp;&nbsp;Equity method investment (income) loss | 152 | 102 | (245) | (1135) | 1323 |
| &nbsp;&nbsp;&nbsp;Legal costs related to government investigation |  |  | 54 |  | 515 |
| &nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 257 | 70 |  | 327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax effect of non-GAAP adjustments | (21) | 119 | 148 | 653 | (86) |
| Non-GAAP net income (loss) | $(8298) | $(4729) | $(2902) | $(8851) | $6258 |
| *Non-GAAP net margin as a % of revenue* | (5.1)% | (2.9)% | (1.8)% | (1.7)% | 1.2% |
| GAAP net loss | $(13787) | $(13293) | $(10807) | $(29202) | $(19917) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 5101 | 8273 | 7136 | 20506 | 21988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and depreciation | 14291 | 14131 | 18259 | 42763 | 46949 |
| &nbsp;&nbsp;&nbsp;Equity method investment (income) loss | 152 | 102 | (245) | (1135) | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | (990) | (1124) | (927) | (3006) | (3327) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expenses | 139 | 154 | 596 | 653 | 2109 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 1015 | 1490 | 660 | 4432 | 2942 |
| EBITDAS | $5921 | $9733 | $14672 | $35011 | $52067 |
| GAAP diluted net loss per share | $(0.46) | $(0.45) | $(0.37) | $(0.98) | $(0.64) |
| &nbsp;&nbsp; Share-based compensation | 0.17 | 0.28 | 0.24 | 0.69 | 0.70 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Amortization of purchased intangible |  |  | 0.03 |  | 0.08 |
| &nbsp;&nbsp;&nbsp;Equity method investment (income) loss | 0.00 | 0.00 | (0.01) | (0.04) | 0.04 |
| &nbsp;&nbsp;&nbsp;Legal costs related to<br>government investigation |  |  | 0.00 |  | 0.02 |
| &nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 0.01 | 0.00 |  | 0.01 |  |
| &nbsp;&nbsp; Income tax effect of non-GAAP adjustments | (0.00) | 0.01 | 0.01 | 0.02 | (0.00) |
| Non-GAAP diluted net income (loss) per share | $(0.28) | $(0.16) | $(0.10) | $(0.30) | $0.20 |
| Weighted average number of common shares used to compute GAAP diluted net loss per share | 29807 | 29816 | 29530 | 29887 | 29232 |
| Weighted average number of common shares used to compute Non-GAAP diluted net income per share | 29807 | 29816 | 29530 | 29887 | 31316 |

---

---

| | |
|:---|:---|
| **Alpha and Omega Semiconductor Limited** | **Alpha and Omega Semiconductor Limited** |
| **Reconciliation of GAAP to Non-GAAP Outlook** | **Reconciliation of GAAP to Non-GAAP Outlook** |
| **For Fiscal Q4 Ending June 30, 2026** | **For Fiscal Q4 Ending June 30, 2026** |
| **(in millions, except percentages)** | **(in millions, except percentages)** |
| **(unaudited)** | **(unaudited)** |
| GAAP gross margin | 22.3% |
| &nbsp;&nbsp;&nbsp;Estimated share-based compensation expense | 0.7% |
| Non-GAAP gross margin | 23.0% |
| GAAP operating expenses | $52.0 |
| &nbsp;&nbsp;&nbsp;Estimated stock-based compensation expense | (6.5) |
| Non-GAAP operating expenses | $45.5 |

---

------

Investor and media inquiries:

The Blueshirt Group

Gary Dvorchak, CFA

In US +1 323 240 5796

In China +86 (138) 1079-1480

gary@blueshirtgroup.co

The Blueshirt Group

Steven Pelayo

+1 (360) 808-5154

steven@blueshirtgroup.co

## Exhibit 99.2

**Exhibit 99.2**

**<u>Alpha and Omega Semiconductor Limited</u>**

**<u>Prepared Remarks for the Investor Conference Call</u>**

**<u>for the Quarter Ended March 31, 2026</u>**

May 6, 2026

<u>Steven Pelayo</u>

Good afternoon, everyone, and welcome to Alpha and Omega Semiconductor's conference call to discuss fiscal 2026 third quarter financial results. I am 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 seven 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 June quarter. Finally, we will have the Q&A session.

The earnings release was distributed over wire today, May 6, 2026, after the market close. 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 obligations to update the information provided in today's call.

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

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**Stephen Chang (Chief Executive Officer)**

Thank you, Steven. Welcome to Alpha and Omega's fiscal 2026 Q3 earnings call. I will begin with a high-level overview of our results and then jump into segment details.

We delivered fiscal Q3 revenue results slightly above the midpoint of our guidance primarily reflecting strength in Advanced Computing, including AI, servers, and graphics cards, offset by softness in PC markets resulting from seasonality and memory shortage headwinds. Tablets also showed strong sequential growth, and the Communication segment was also better-than-expected driven by year-over-year growth from our Tier One US smartphone customer, offset by weaker demand in China.

Overall, total March quarter revenue was $163.8 million, down 0.5% year-over-year, and up 0.9% sequentially. Non-GAAP gross margin was 21.7%. Non-GAAP EPS was a loss of $0.28 per share.

Our strategy remains consistent, and we are executing well. As we have said, we believe the December and March quarters represent a bottom for both revenue and gross margin, reflecting the impact of near-term market conditions and supporting a more constructive outlook going forward.

March marks the third anniversary of my journey as CEO of AOS. When I stepped into this role in 2023, my goal was to steer our organization from a component-level supplier toward becoming a provider of application-specific total solutions—a move designed to push us past our $1 billion milestone toward a multi-billion-dollar future. At that time, we were just scratching the surface of potential opportunities in front of us; today, those opportunities have moved to the center of our business**.** 

Over the past three years, we have successfully pivoted to higher-performance applications where we can expand BOM content and build durable competitive advantages. This strategy is translating into tangible results, particularly in Advanced Computing, where demand is broadening across AI data center applications. Specifically, we are gaining traction in high-performance medium-voltage MOSFETs used in hot-swap applications and intermediate bus converters, with increasing customer engagement and design activity expected to accelerate and contribute more meaningfully as we progress through calendar 2026.

We are actively expanding our medium-voltage capacity to support this growth, and our backlog provides us with good visibility. At the same time, we are seeing a broadening of both our solution set and customer base, extending beyond traditional GPU-centric platforms into a wider range of cloud and infrastructure deployments. This reinforces our confidence that Advanced Computing is becoming a more durable and increasingly important growth driver for the company.

------

As is broadly reported, memory supply constraints and price pressures represent growing headwinds for the second half of calendar 2026. Against this backdrop, we are using three primary levers to protect our growth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• steady margin expansion through improved product mix

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• further increases in BOM content, where our total solutions approach is enabling us to capture more value as seen in transitions to next-generation PC platforms such as Intel's Panther Lake and higher charging current requirements in smartphones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continued disciplined investment to support the opportunities ahead. We have stepped up targeted R&D investments in areas where we are already seeing success, including power ICs, high-performance MOSFETs for AI and data center applications, and advanced solutions for smartphones. These investments are highly focused and aligned with clear customer roadmaps and design wins. While calendar 2026 may reflect some near-term variability, we are confident that the combination of expanding Advanced Computing opportunities, increasing BOM content across key end markets, and our continued execution will position us well for stronger growth as we exit 2026 and accelerate into 2027 and beyond.

With that, let me now cover our segment results and provide some guidance by segment for the next quarter.

**Starting with Computing**. March quarter revenue was up 2.1% year-over-year, and down 0.1% sequentially and represented 49.1% of total revenue. The segment results were slightly better than our original guidance of low single digit sequential decline. As I mentioned earlier, seasonal declines in PC markets were likely exacerbated by earlier pull-ins in calendar 2025 and potential demand impacts from rising memory pricing. Strength in Advanced Computing, including AI, servers, and graphics cards more than offset such decline, and combined, more than doubled sequentially, and increased more than 40% year-over-year. The strong growth resulted in Advanced Computing representing 25% of the Computing segment in the March quarter.

As mentioned before, we are seeing solid demand for our medium-voltage MOSFETs across an expanding list of applications and customer base that includes power supply providers, module makers, cloud service providers and major hyperscalers. We are shipping our high-performance MOSFET products into applications including intermediate bus converters that are now moving into the build phase at some leading ODMs for major hyperscale customers.

Looking ahead to the June quarter, we expect Computing segment revenue to increase low-to-mid single digits sequentially driven by strong AI and server demand in Advanced Computing, while PC-related revenue is largely stable, and tablets decline mostly due to seasonality, as well as increased capacity allocation to opportunities in smartphones.

We acknowledge that industry forecasts for the PC market continue to be revised lower, and we generally agree with that view, expecting some decline in calendar 2026. That said, we believe our performance should outpace the broader market, supported by

------

continued increases in BOM content driven by our total solutions strategy. Near-term PC demand appears stable for the June quarter, but visibility into the second half of the calendar year remains limited given ongoing macro and component-related uncertainties.

In Advanced Computing, we continue to see strong momentum, with demand increasingly centered on our medium-voltage solutions supporting server and AI infrastructure. Importantly, we are seeing a broadening of both our customer base and application footprint, with growing engagement across multiple platforms. These solutions are being deployed across both GPU- and CPU-based architectures and are benefiting from the ongoing shift toward inference workloads, which are driving higher and more distributed power requirements. While we continue to view 48-volt to 12-volt intermediate bus architectures as the near-term standard that we are benefitting from today, we see this as a stepping-stone toward higher-voltage systems, including 800-volt architectures expected to begin emerging around 2027. In graphics, we expect a more muted environment in calendar 2026 given the current product cycle and allocation priorities, with the next major refresh opportunity tied to future platform transitions. Overall, we expect another quarter of strong sequential growth for Advanced Computing.

**Turning to the Consumer segment**, March quarter revenue was down 9.8% year-over-year and up 0.8% sequentially and represented 11.8% of total revenue. The results were below expectations for mid-single digit sequential growth as recovery in Gaming, following a sharp inventory correction in the December quarter, was offset by softness in Home Appliances. On a year-on-year basis, Wearables continue to see strong year-on-year growth driven by market share gains, new customer engagements, rising BOM content, and a broader mix of end applications.

For the June quarter, we expect Consumer segment revenue to remain relatively flattish sequentially.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Gaming, demand is tracking in line with our expectations as the current console cycle matures. While near-term production levels reflect seasonality as well, we remain closely engaged with our leading customer on their next-generation platform. We believe our established relationship and strength in high-performance power solutions position us well to participate more meaningfully as that platform ramps, with a greater impact expected beginning in 2028.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Home Appliance demand remains relatively soft and continues to reflect a cautious consumer demand environment, with limited signs of near-term recovery. That said, we continue to see ongoing design activity that supports longer-term opportunities, particularly in emerging markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wearables are progressing through their typical seasonal patterns following recent strength, and we continue to benefit from solid customer engagement and a broadening mix of applications.

------

**Next, let's discuss the Communications segment**, March quarter revenue was up 18.7% year-over-year and up 1.9% sequentially and represented 20.6% of total revenue.

The results were ahead of our expectations for a mid-single digit decline driven by strong year-over-year growth from our Tier One US smartphone customer and BOM content expansion, offset by softness in China due both to a weaker market and our prioritization toward premium models in the US.

Looking ahead to the June quarter, we expect the Communications segment to decline slightly sequentially, but sustain the high year-over-year growth rate experienced in the March quarter as demand from our Tier One U.S. smartphone customer remains robust.

As mentioned, we are prioritizing capacity for our Tier One U.S. smartphone customer in order to prepare for upcoming product cycles. We continue to benefit from strong positioning in premium models, where our differentiated silicon and packaging technologies for battery protection are enabling higher BOM content. In particular, increasing charging currents across new smartphone platforms are driving incremental content opportunities, reinforcing our ability to capture greater value per device.

At the same time, we remain mindful that rising memory pricing could impact overall smartphone demand, particularly in more price-sensitive segments and regions. However, we believe premium-tier demand will be more resilient, and our strategic focus on higher-end platforms positions us well to navigate this environment. As a result, we expect continued growth in calendar 2026 driven by both content expansion and sustained engagement with leading global smartphone customers.

**Now, let's talk about our last segment, Power Supply and Industrial**, which accounted for 17.4% of total revenue and was down 13.1% year-over-year and up 5.3% sequentially. Overall, the results were in line with expectations for mid-single digit sequential growth as sequential growth in Quick Chargers and DC Fans more than offset continued sluggishness - both sequentially and year-on-year - in Solar, Power Tools and E-Mobility.

Looking ahead to the June quarter, we expect Power Supply and Industrial revenue to increase mid-single digits on a sequential basis primarily driven by momentum in e-mobility, particularly in the India market where we have built a solid backlog heading into the quarter. DC Fans also remain an area of strength, benefiting from continued demand tied to data center and AI infrastructure build-outs. Lastly, Power Tools are also forecast to increase modestly in the June quarter, however overall tool demand remains subdued. <br>

**In closing,** as we move into the June quarter, we expect a return to sequential growth, along with margin expansion, supported by improving product mix and a greater contribution from higher-value applications, particularly within Advanced Computing.

We are seeing encouraging signs of traction in areas such as AI infrastructure, where demand is broadening across a wider set of applications and customers, and where our

------

solutions are gaining adoption in both GPU- and CPU-based platforms. This momentum, combined with increasing BOM content across key end markets, positions us well as we enter the second half of the year, even as overall visibility remains somewhat limited.

At the same time, we are executing consistently against the strategy we have outlined. Our focus on becoming a provider of application-specific total solutions is enabling us to expand both our product portfolio and our customer reach. We are seeing tangible progress in Advanced Computing, where our medium-voltage and power IC solutions are addressing a growing range of use cases, and where our customer base continues to broaden across hyperscalers, cloud service providers, and platform partners. In parallel, we continue to benefit from structural drivers such as rising power requirements and increasing charging currents, which are driving higher BOM content in both computing and smartphone applications.

Looking across calendar 2026, we expect a dynamic environment, with some uncertainty in consumer-related demand, particularly given the impact of memory pricing on end markets such as PCs and smartphones. However, we believe these pressures will be partially offset by our increasing exposure to higher-performance, less price-sensitive segments, as well as our ability to capture greater value per system through our total solutions approach. Importantly, we are investing with discipline to support these opportunities, with targeted R&D focused on areas where we have clear differentiation, strong customer alignment, and a path to sustainable margin expansion.

As we look beyond 2026 and into 2027, we expect the benefits of these investments and design wins to become more pronounced as new programs ramp into production. The combination of expanding participation in Advanced Computing, increasing BOM content, and a broader and more diversified customer base are expected to drive stronger growth and improved profitability over time.

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

**Yifan Liang (Chief Financial Officer)** 

Thank you, Stephen. Good afternoon, everyone and thank you for joining us.

Revenue for the March quarter was $163.8 million, up 0.9% sequentially and down 0.5% year-over-year.

In terms of product mix, DMOS revenue was $115.1 million, up 13.9% sequentially and up 7.7% over last year. Power IC revenue was $46.9 million, down 20.3% from the prior quarter and down 14.1% from a year ago. Assembly service and other revenue was $1.8 million, as compared to $2.5 million last quarter and $0.4 million for the same quarter last year.

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Non-GAAP gross margin was 21.7%, compared to 22.2% last quarter and 22.5% a year ago. The quarter-over-quarter decrease was mainly impacted by lower utilization and higher operation costs.

Non-GAAP operating expenses were $44.3 million, compared to $41.3 million for the prior quarter and $39.7 million last year. The quarter-over-quarter increase was mainly due to higher R&D expenses.

Non-GAAP quarterly EPS was $0.28 loss, compared to $0.16 loss per share last quarter and $0.10 loss per share a year ago.

Moving on to cash flow. Operating cash flow was negative $8.3 million, compared to negative $8.1 million in the prior quarter and positive $7.4 million last year. In the March quarter working capital fluctuated by $14 million. EBITDAS excluding equity method investment income/loss was $5.9 million for the quarter, compared to $9.7 million last quarter and $14.7 million for the same quarter a year ago.

Now let me turn to our balance sheet.

We completed the March quarter with a cash balance of $190.3 million, compared to $196.3 million at the end of last quarter. In the March quarter we repurchased 214,000 shares for $4.2 million under our share buy-back program. We also repurchased 292,000 shares of employee restricted stock units (RSU) vested during the quarter for $6.2 million

Net trade receivables increased by $9.3 million sequentially. Days Sales Outstanding were 20 days for the quarter, compared to 25 days for the prior quarter.

Net inventory decreased by $1.1 million quarter-over-quarter. Average days in inventory were 139 days for the quarter, compared to 140 days for the prior quarter.

CapEx for the quarter was $12.1 million, compared to $15.0 million for the prior quarter. We expect CapEx for the June quarter to range from $15 million to $17 million.

With that, now I would like to discuss June quarter guidance.

We expect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue to be approximately $168 million, plus or minus $10.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP gross margin to be 22.3%, plus or minus 1%. We anticipate non-GAAP gross margin to be 23%, plus or minus 1%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP operating expenses to be $52.0 million, plus or minus $1.0 million. Non-GAAP operating expenses are expected to be $45.5 million, plus or minus $1.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest income to be $1.0 million higher than interest expense, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income tax expense to be in the range of $1.0 million to $1.2 million.

------

With that, we will now open the call for questions. Operator, please start the Q&A session.

Closing: Before we conclude, I'd like to highlight a few upcoming investor events. The management team will be participating in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• B. Riley Securities 27th Annual Institutional Investor Conference on May 20 in Marina Del Rey, CA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stifel 2026 Boston Cross Sector 1x1 Conference on June 3 in Boston, MA, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jefferies Semis, IT Hardware & Comm Tech Conference on August 26 in Chicago, IL.

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.

Special Notes Regarding Forward Looking Statements

*This script contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance based on management's judgment, beliefs, current trends, and anticipated product performance. These forward looking statements include, without limitation, statements relating to projected amount of revenues, gross margin, operating expenses, operating income, tax expenses, net income, noncontrolling interest, share-based compensation expenses and other financial forecasts, expected financial performance of market segments; our ability to capture market shares and increase BOM content; our ability to achieve growth in 2026 and 2027; expected seasonality and industry forecast; expected increase of Advance Computing market; ; business opportunities in A.I. and data centers, our expectations with respect to R&D investment and business strategy; our ability and strategy to develop new products; fluctuation in customer demand and market segments; anticipated market cycle and seasonality; and other information regarding the future development of our business. Forward looking statements involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These factors include, but are not limited to, the state of semiconductor industry and seasonality of our markets; decline of the PC industry and our ability to respond to such decline; difficulties and challenges in executing our diversification strategy into different market segments; ordering pattern and seasonality; our ability to introduce or develop new and enhanced products that achieve market acceptance; the actual product performance in volume production, the quality and reliability of our product, our ability to achieve design wins, the general business and economic conditions, our ability to maintain factory utilization at a desirable level; and other risks as described in our SEC filings, including our Annual Report on Form 10-K for the fiscal year ended June 30, 2025 and other periodic reports filed by AOS. Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and AOS undertakes no duty to update such information, except as required under applicable law.* 

<br>