We delivered fiscal Q4 results in line with our guidance for revenue and gross margin.
— Stephen Chang
03Detailed Report
AOSL
Alpha and Omega Semiconductor Limited
Period
Q4 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 23, 2026
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Executive Summary
Alpha and Omega Semiconductor Limited (AOSL) reported QQ4 2024 revenue of $161.3 million, with non-GAAP gross margin of 26.4% and non-GAAP EPS of $0.09. The quarter marked a turning point after an industry-wide inventory correction, with management signaling the correction largely behind them and demand broadening across Computing, Consumer, Communications, and Power Supply & Industrial end markets. Management stressed an ongoing transition from a component supplier to a total solutions provider, leveraging core strengths in high-performance silicon, advanced packaging, and intelligent ICs to capture higher BOM content, particularly in AI/datacenter and smartphone applications. Near-term guidance points to continued sequential growth into Q1 FY25 (September quarter) with modest gross-margin stability as the company works to absorb inventory reductions and drive utilization.
The AI/datacenter narrative is central to AOSL’s medium-term upside. Management highlighted multi-application opportunities—from graphics cards to AI accelerators—where per-GPU power-stage content can be substantial (up to 50 DMOS power stages per AI card versus 9-16 on traditional GPUs), suggesting sizable incremental TAM if design wins convert to material revenue. While the company remains exposed to cyclical end markets (PCs, tablets, wearables), the operating plan emphasizes a broader product portfolio, stronger customer relationships, and a move toward higher BOM content that could support gross-margin accretion as utilization improves.
Key Performance Indicators
Revenue
Decreasing
161.30M
QoQ: 7.49% | YoY: -0.14%
Gross Profit
Decreasing
41.44M
25.69% margin
QoQ: 16.54% | YoY: -7.05%
Operating Income
Decreasing
-1.50M
QoQ: 85.73% | YoY: -157.39%
Net Income
Decreasing
-2.73M
QoQ: 75.63% | YoY: -147.46%
EPS
Decreasing
-0.09
QoQ: 75.74% | YoY: -136.50%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $161.3 million, up 7.5% sequentially and flat year-over-year. YoY revenue change: -0.14%; QoQ revenue change: +7.49%.
Non-GAAP gross margin: 26.4% (vs. 25.2% prior quarter; 28.5% year-ago Q4).
GAAP gross margin: not explicitly stated in the release, but GAAP gross margin guidance for next quarter is 25% +/- 1%.
Operating income: GAAP operating loss of $1.50 million for QQ4; non-GAAP operating expenses: $39.3 million vs. $38.9 million prior quarter.
Net income / EPS: GAAP net income of -$2.73 million; non-GAAP EPS of $0.09.
EBITDA / EBITDARatio: $12.41 million EBITDA; EBITDARatio ~0.077.
Cash flow: operating cash flow $7.12 million; CapEx $7.33 million; free cash flow approx -$0.21 million; cash at end of period $175.54 million.
Balance sheet: total assets $1.145B; total liabilities $253.41 million; total stockholders’ equity $891.61 million; net debt negative $108.33 million (cash greater than debt).
Liquidity: current ratio 2.58; quick ratio 1.30; Days Sales Outstanding (DSO) ~12 days; Days in inventory ~148 days.
Segment mix (QQ4): Computing 44.4% of revenue; DMOS $102.1M; Power IC $52.7M; Assembly/other $1.4M; License/engineering $5.1M.
Guidance: QQ1/FY25 guidance contemplates revenue of about $180M +/- $10M; non-GAAP gross margin ~26.4% +/- 1%; GAAP gross margin ~25% +/- 1%; non-GAAP Opex ~$40M +/- $1M; capex guidance for Q1 FY25 $6–$8M.
Management sentiment: inventory corrections largely behind and AI/customer adoption opportunities expanding; the company remains focused on moving toward total solutions with higher BOM capture.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
161.30M
-0.14%
7.49%
Gross Profit
41.44M
-7.05%
16.54%
Operating Income
-1.50M
-157.39%
85.73%
Net Income
-2.73M
-147.46%
75.63%
EPS
-0.09
-136.50%
75.74%
Key Financial Ratios
Gross Profit Margin
Fair
25.70%
Gross profit margin is moderate, room for improvement in cost management
Operating Profit Margin
Weak
-0.01%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.02%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
0.00%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
0.00%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
2.58
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.08
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-101.06x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
1.24x
Price-to-book ratio reasonable for profitable companies
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