We delivered fiscal Q3 results in line with our guidance for revenue and gross margin. Revenue was $150.1 million. Non-GAAP gross margin was 25.2%. Non-GAAP EPS was slightly better than expectation at a loss per share of $0.04.
— Stephen Chang
03Detailed Report
AOSL
Alpha and Omega Semiconductor Limited
Period
Q3 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 23, 2026
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Executive Summary
Alpha and Omega Semiconductor Limited (AOSL) reported fiscal Q3 2024 revenue of $150.1 million, up 13.2% year over year but down 9.2% quarter over quarter, with non-GAAP gross margin at 25.2% and non-GAAP EPS of -$0.04. GAAP results show an operating loss of $10.5 million and a net loss of $11.2 million, reflecting seasonality and ongoing end-market inventory corrections. Management framed the quarter as in line with guidance, citing that inventory corrections across most end-markets are nearing completion and that a rebound in key segments (gaming, tablets, graphics cards, and AI) is imminent in the June quarter. The company reiterated a strategic transition from a component supplier to a comprehensive solutions provider, unlocking higher BOM content and expanding into adjacent markets such as AI accelerators and data-center compute. The June quarter guidance implies a modest recovery to approximately $160 million in revenue with non-GAAP gross margins around 26.3% and improving operating leverage, underscoring a constructive, albeit cautious, near-term trajectory.
Key Performance Indicators
Revenue
Increasing
150.06M
QoQ: -9.21% | YoY: 13.20%
Gross Profit
Increasing
35.56M
23.69% margin
QoQ: -19.20% | YoY: 15.49%
Operating Income
Increasing
-10.50M
QoQ: -826.28% | YoY: 29.53%
Net Income
Increasing
-11.21M
QoQ: -283.58% | YoY: 35.66%
EPS
Increasing
-0.39
QoQ: -290.00% | YoY: 38.10%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $150.1 million (Q3 2024); YoY +13.2%, QoQ -9.2%. Gross margin (non-GAAP): 25.2% (vs 25.1% YoY; 28% prior quarter). Operating income (GAAP): -$10.5 million; Operating margin: -7.0%. Net income (GAAP): -$11.2 million; Net margin: -7.5%. Non-GAAP EPS: -$0.04; GAAP diluted EPS: -$0.39. Cash flow: Operating cash flow $28.2 million; Free cash flow $20.5 million. Balance sheet: Cash and cash equivalents ~$174.6 million; net debt of -$104.9 million (net cash). DSO: 15 days; Days inventory outstanding: ~155 days. CapEx: $7.4 million; guided $6–$8 million for Q4. Stock activity: repurchased $6.7 million worth of RSUs; 287k RSUs vested.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
150.06M
13.20%
-9.21%
Gross Profit
35.56M
15.49%
-19.20%
Operating Income
-10.50M
29.53%
-826.28%
Net Income
-11.21M
35.66%
-283.58%
EPS
-0.39
38.10%
-290.00%
Key Financial Ratios
Gross Profit Margin
Fair
23.70%
Gross profit margin is moderate, room for improvement in cost management
Operating Profit Margin
Weak
-0.07%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.07%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.01%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.01%
Return on equity suggests inefficient capital allocation
Current Ratio
Healthy
2.47
Current ratio shows adequate liquidity to meet short-term obligations
Debt to Equity
Conservative
0.08
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-13.99x
Negative earnings make P/E ratio not meaningful
Price to Book
Undervalued
0.71x
Trading below book value, potential value opportunity or distressed
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