Alpha and Omega Semiconductor Limited · Q2 2023 earnings

Briefing

AOS's financial performance decreased due to industry-wide inventory correction and reduction of customer demand, but fundamentals remain strong.

Alpha and Omega Semiconductor reported a revenue of $188.8 million for the fiscal second quarter of 2023, a decrease of 9.5% from the prior quarter and a decrease of 2.4% from the same quarter last year. GAAP net income per diluted share attributable to AOS was $0.21, compared to $0.88 net income per share for the prior quarter, and $13.54 net income per share for the same quarter a year ago. The company ended the quarter with $287.8 million in cash and cash equivalents.

• Revenue was $188.8 million, down 9.5% sequentially and 2.4% year-over-year.
• GAAP gross margin was 28.1%, down from 34.1% in the prior quarter and 35.4% year-over-year.
• GAAP operating income was $8.8 million, down from $25.5 million in the prior quarter and $27.7 million year-over-year.
• GAAP net income per diluted share was $0.21, compared to $0.88 in the prior quarter and $13.54 year-over-year.

Headline financials

Revenue & EPS history

For the third quarter of fiscal year 2023, AOS expects revenue to be approximately $130 million, plus or minus $5 million. GAAP gross margin is expected to be 22.5%, plus or minus 1%.