Alpha and Omega Semiconductor Limited

The grade, in three tenses

Headline 4.5 out of ten, 9 of 9 metrics filed: past 4.7 out of ten, present 5.0 out of ten, future 3.8 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 2.9 out of ten. 5 warning events since 2017; the latest 2025-06-04. 29th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 5.4 out of ten. +6.6% a year over 10 filed years; profitable in 6 of 10. 54th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 5.9 out of ten. Share count grew 0.5% a year. 46% of cash flow returned. Insiders: 19 sales, 1 purchases. 59th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 4.8 out of ten. ROE -5%: lost 5¢ per shareholder dollar. Leverage 17%: owes 17¢ per asset dollar. 48th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 4.5 out of ten. bottom 45% of 97 in its family; net margin -6.2%. 45th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 6.0 out of ten. top 40% of 66 in its family for leadership; chief executive since 2023. 60th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 4.0 out of ten. bottom 40% of 94 in its family for room to expand. 40th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 3.6 out of ten. bottom 36% of 93 in its family for growth drivers. 36th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 3.6 out of ten. bottom 36% of 88 in its family for expectations against reality. 36th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-08-27 for the period ended 2026-06-30 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-05-06 for the period ended 2026-03-31 (on EDGAR). Newest results release: Form 8-K filed 2026-08-12 (on EDGAR). Newest filing: Form ARS, 2026-09-30. Filings on record since 2007. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-08-27.

The people

Stephen C. Chang has been chief executive since March 2023 and a director since November 2022; he was president from January 2021 and before that ran product lines and marketing inside the company. The founder, Mike F. Chang, was chief executive until March 1, 2023 and executive chairman until March 3, 2025, and now chairs the board as executive vice president of strategic initiatives; before founding the company he was an executive vice president at Siliconix, a Vishay subsidiary. Yifan Liang has been chief financial officer since August 2014, after joining as corporate controller in August 2004 from PwC. Wenjun Li, chief operating officer since August 2021, has been with the company since 2012, and Bing Xue, who runs worldwide sales and business development, since 2003. [1, 2, 3, 4, 5, 6]

Of the nine directors named in the latest proxy statement, all but the chief executive and the chairman were independent. Michael J. Salameh, who co-founded PLX Technology and ran it until 2008, is the lead independent director; King Owyang, a director since April 2013, was once president and chief executive of Siliconix; Claudia Chen chairs the audit committee. A newer director, Joshua Chien, first filed on the insider record in July 2026 and signed the annual report as a director in August 2026. Mike F. Chang and Yifan Liang have filed on that record since 2011. [7, 8, 9, 10, 11, 12, 13, 14]

At the end of June 2026 AOS had 2,519 employees: 817 in the United States, 1,472 in China and 230 elsewhere. None is represented by a collective bargaining agreement, and more than half of its managerial positions are filled by promoting existing employees. Its research and development teams work in Sunnyvale, Oregon, Texas, Arizona, Korea, Taiwan, the United Kingdom, Serbia, India and China. [15, 16, 17]

How it operates

Alpha and Omega Semiconductor, which calls itself AOS, designs and supplies power semiconductors, chips that switch, convert and manage electricity inside electronic products, from a catalog of about 2,900 parts in two families. Power discretes are mostly MOSFETs, a common kind of power transistor used as a switch, in low, medium and high voltages, plus IGBTs for motor control and appliances and silicon carbide devices for solar inverters and battery systems. Power ICs pair power delivery with control: DrMOS and smart power stages, and multiphase controllers serving Intel, AMD and NVIDIA processors in PCs, graphics cards and AI data centers. [18, 19, 20, 21, 22, 23, 24]

It sells mostly through distributors, which it says bring fulfillment expertise and shorter payment cycles. WPG Holdings took 53.0% of fiscal 2026 revenue and Promate Electronic 19.3%, and the customer with WPG's 53.0% share accounted for 62.4% of receivables at year end. Behind them stand the brands it deals with directly, among them Dell, Hewlett-Packard, Samsung and Stanley Black & Decker, mostly served through distributors and ODMs, the contract manufacturers that build, and increasingly design, products for brands; its ODM customers include Compal, Foxconn, Quanta, Wistron and Delta Electronics. [25, 26, 27, 28, 29, 30]

AOS runs its own 8-inch wafer fab in Hillsboro, Oregon, and buys the rest of its wafers from third-party foundries, which supply about 35% of the total. Most packaging and testing is done in its own plants in Shanghai, which can handle more than 600 million parts a month, with subcontractors for industry-standard packages. It also holds 18.9% of a joint venture in Chongqing, China, with a 12-inch wafer fab and packaging lines, which is committed to supplying it a set level of wafer capacity each month; AOS bought $105.4 million of wafers and services from it in fiscal 2026. [31, 32, 33, 34, 35, 36, 37, 38]

Products ship overwhelmingly to Hong Kong, which took nearly all of fiscal 2026 revenue, while shipments to mainland China shrank from 95.4 million dollars in fiscal 2024 to 58.5 million in fiscal 2025 and to less than a third of that in fiscal 2026. The filing warns that ship-to location says little about where the chips end up, since its distributors sell on to customers around the world. Its sales teams work from Taipei, Hong Kong, Shenzhen, Shanghai and other Chinese cities, Tokyo, Seoul, Heilbronn and Sunnyvale. [39, 40, 41, 42]

Its products typically sell for three to five years, so a steady flow of new ones drives growth; it introduced over 70 in fiscal 2026. Revenue is booked net of the stock rotation returns and price adjustments it expects to grant distributors, including special pricing it negotiates with ODMs and OEMs. Gross margin was 22.3% in fiscal 2026, down from 23.1%, on higher material costs and fewer units shipped. Sales are seasonal, typically weaker in the March and December quarters. [43, 18, 44, 45, 46, 47]

The specifics

The company was incorporated in Bermuda in 2000 and runs its business from Sunnyvale, California. In March 2016 it formed the Chongqing joint venture with two investment funds owned by the municipality of Chongqing, starting with 50.9% of it; it lost control in December 2021 and, after a series of sales and dilutions, held 39.2% by June 2025. In July 2025 it agreed to sell a further 20.3% to a strategic investor for $150 million, all of which it had received by June 2026, leaving it with 18.9%. In fiscal 2025 it had written the stake down by $76.8 million, when the agreed sale price put it below its carrying value. [48, 49, 50, 51, 52, 53, 54, 37]

Its edge, in its own account, is combining device physics, process technology, design and packaging. Most of its power ICs are multi-chip designs that pair its own MOSFETs with a control chip in one package, so it can refresh a product by swapping only the MOSFET. It holds 961 US patents, 775 of them active, and 991 foreign patents, 535 of them in Taiwan and 407 in China. Recent launches aim at AI servers: protected DrMOS for AI servers, data centers and graphics cards, MOSFETs for 48V hot swap, and support for the 800 VDC power architecture planned for AI data centers. [55, 56, 57, 58, 59]

It names its competitors plainly: in power discretes Infineon, ON Semiconductor, STMicroelectronics, Toshiba, Diodes and Vishay; in power ICs Monolithic Power Systems, ON Semiconductor, Richtek, Semtech, Texas Instruments and Vishay. It calls the industry fragmented, with rivals headquartered in the United States, Japan, Europe, China and Taiwan, some of them with far greater resources. [60, 61, 62]

With major operations in both the United States and China, AOS sits inside their trade disputes: the filing cites US tariffs on goods from China, China's retaliation and US limits on sharing semiconductor technology. In fiscal 2025 it paid a one-time settlement fee of $4.3 million relating to a government investigation. As a Bermuda company it pays no Bermuda income tax today; a new 15% Bermuda corporate income tax reaches only groups with revenue of 750 million euros or more, which AOS has not had. [63, 64, 65, 66, 67]

What drives growth, line by line

Power Discrete. The largest line, nearly two thirds of revenue. Sales fell 2.6% in fiscal 2026, by $11.7 million from the 449.5 million dollars of fiscal 2025, a year in which the line had grown 5.5%. Across discretes and power ICs together, unit shipments fell 3.0% while the average selling price rose 2.0% on a shift in product mix. [68, 69, 40, 70]

Power Ic. Power ICs, about a third of revenue, grew 1.7% in fiscal 2026, by $3.9 million from the 229.9 million dollars of fiscal 2025, after growing 11.7% the year before. The filing says power IC sales have gained traction with its driver and multiphase controller lines, and it introduced 32 power IC products for computing during the year. [68, 69, 40, 71, 72]

License and Development Serivces. Nothing in fiscal 2026, against 13.8 million dollars in fiscal 2025. The line was a single $45.0 million agreement to license its silicon carbide technology to a customer, with 24 months of engineering and development work, completed in February 2025. [40, 73, 74]

Packaging and Testing Services. The smallest line, packaging and testing done for other companies, with other revenue, rose 151.7% in fiscal 2026 from 2.9 million dollars, which the filing puts down to increased demand. [68, 40, 75]

By end market, computing, the largest, grew 5.8% and communication 6.8%, while consumer fell 18.9% and power supply and industrial 12.2%. Total revenue fell 2.5% to $678.9 million, and the operating loss widened to 43.2 million dollars, the third operating loss in a row after 3.8 million in fiscal 2024 and 28.4 million in fiscal 2025. [76, 69, 77]

What comes next, in the company's own words: it expects gross margin to keep fluctuating with product mix, wafer and material prices, labor costs and the PC market; it plans to widen its power IC range with multiphase controllers and smart power stages for processors in PCs, AI, graphics cards and gaming; and it expects the new equipment and larger factory space at the Oregon Fab to help new product development and revenue. [78, 79, 80]

What the desk infers (inferred, not filed)

• About half of AOS's revenue depends on computers built around Intel, AMD and NVIDIA processors: computing is its largest end market, and its newest power products are designed for those companies' platforms. Because: Computing was the largest end market in fiscal 2026 and grew 5.8% while total revenue fell 2.5%. [76, 69] Its multiphase controller families serve Intel, AMD and NVIDIA, which the filing says made it a complete power supplier for PCs, graphics cards, AI and data centers. [24] In fiscal 2026 it unveiled a total power solution for the next Intel panther lake and wildcat lake platforms. [81] The filing says a significant amount of its revenue comes from products sold into the PC market. [82] Confidence 65 of 100. Wrong if: A year in which computing falls well below two fifths of revenue while total revenue holds, or a filing showing most computing revenue comes from designs not built around those three companies' processors.
• Even at an 18.9% stake, AOS is almost certainly still the Chongqing joint venture's main customer, and the venture remains one of AOS's main sources of wafers and packaging. Because: AOS bought $105.4 million from the venture in fiscal 2026, while the venture's revenue for the twelve months to March 2026 was $164,738 thousand. [38, 83] The venture supplies AOS with 12-inch wafers and assembly and testing services, and is committed to providing it a set level of monthly wafer capacity. [84, 36] Purchases held near $105.4 million after $109.1 million in fiscal 2025, even as AOS's stake fell from 39.2% to 18.9%. [38, 51, 37] Confidence 75 of 100. Wrong if: A disclosure that AOS's purchases make up a minority of the joint venture's sales, or that AOS has moved most of that volume to other suppliers.
• Much of what AOS finally earns per chip is set in its own negotiations with the manufacturers that use its parts and settled as credits to its distributors: the allowance for those price adjustments offset nearly half of its gross receivables at June 30, 2026. Because: At its discretion or after negotiating directly with ODMs or OEMs, it grants special pricing below what distributors paid, and passes it on to the distributors as price adjustments. [45] Distributors file ship-and-debit claims after selling to end customers, cutting their cost from the standard price to a pre-approved lower price. [85] The allowance for price adjustments was $38.7 million at June 30, 2026, against gross receivables of $81,527 thousand. [86, 87] Confidence 75 of 100. Wrong if: A disclosure showing that most of the allowance reflects returns, disputes or write-downs of distributor inventory rather than special pricing agreed with end customers.

Sources

1. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Stephen C. Chang has served as our Chief Executive Officer since March 2023 and as a director since November 2022. Mr. Chang previously served as the Company’s President from January 2021 to February 2023. Prior to that, Mr. Chang served in various management positions, including Executive Vice President of Product Line Management, Senior VP of Marketing, VP of the MOSFET Product Line, and Senior Director of Product Marketing.”
2. Alpha and Omega Semiconductor Limited, Form DEF 14A filed 2025-09-18: “Mike F. Chang, Ph.D., is the founder of our company and serves as our Executive Vice President of Strategic Initiatives and Chairman of the Board. Dr. Chang has extensive experience in both technology development and business operations in the power semiconductor industry. Prior to establishing our company, Dr. Chang served as the Executive Vice President at Siliconix Incorporated, a subsidiary of Vishay Intertechnology Inc.”
3. Alpha and Omega Semiconductor Limited, Form DEF 14A filed 2025-09-18: “We have entered into an employment agreement with Dr. Mike F. Chang, who was our Chief Executive Officer until March 1, 2023 after which he served as our Executive Chairman of the Board until March 3, 2025 and now serves as Chairman of the Board and Executive Vice President of Strategic Initiatives”
4. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Yifan Liang has been serving as our Chief Financial Officer since August 2014 and Corporate Secretary since November 2013. Mr. Liang served as our Interim Chief Financial Officer from November 2013 to August 2014, our Chief Accounting Officer from October 2006 to November 2013, and our Assistant Corporate Secretary from November 2009 to November 2013. Mr. Liang became our company's corporate controller in August 2004. Prior to joining us, Mr. Liang held various positions at PricewaterhouseCoopers LLP, or PwC, from 1995 to 2004”
5. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Wenjun. Li, Ph.D., has been serving as our Chief Operating Officer since August 2021. Prior to that, Dr. Li served in various management positions in our Company since 2012”
6. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Bing Xue, Ph.D., has been serving as our Executive Vice President of Worldwide Sales and Business Development since January 2021. Prior to that, Dr. Xue held various managerial positions in our company since 2003”
7. Alpha and Omega Semiconductor Limited, Form DEF 14A filed 2025-09-18: “Our Board of Directors currently has nine (9) directors and will continue to have nine directors following the Annual Meeting assuming all director nominees are elected.”
8. Alpha and Omega Semiconductor Limited, Form DEF 14A filed 2025-09-18: “We have determined that each of our directors and director nominees, except for Mr. Stephen Chang, our Chief Executive Officer and Dr. Mike F. Chang, our Executive Vice President of Strategic Initiatives, is an “independent director” under the current corporate governance rules of the NASDAQ Global Select Market”
9. Alpha and Omega Semiconductor Limited, Form DEF 14A filed 2025-09-18: “Mr. Salameh co-founded PLX Technology, Inc., a semiconductor company (PLXT), in May 1986 and served as its Chief Executive Officer until 2008.”
10. Alpha and Omega Semiconductor Limited, Form DEF 14A filed 2025-09-18: “Michael J. Salameh (1)(2)(4) 70 Director (1) Member of the Audit Committee (2) Member of the Compensation Committee (3) Member of the Nominating and Corporate Governance Committee (4) Lead Independent Director”
11. Alpha and Omega Semiconductor Limited, Form DEF 14A filed 2025-09-18: “King Owyang, Ph.D., has been a director of our company since April 2013. He was the Chief Executive Officer and Executive Director of Computime Group Limited, a Hong Kong listed company and a leading global provider of electronic control technologies from April 30, 2010 to October 1, 2020. Prior to joining Computime, Dr. Owyang held various positions at Siliconix Inc., a U.S. semiconductor company, for over 21 years, including the President and Chief Executive Officer.”
12. Alpha and Omega Semiconductor Limited, Form DEF 14A filed 2025-09-18: “Our Audit Committee currently consists of Claudia Chen, Michael L. Pfeiffer and Michael J. Salameh. The Audit Committee is chaired by Ms. Claudia Chen.”
13. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “JOSHUA CHIEN Director August 27, 2026”
14. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
15. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “As of June 30, 2026, we had 2,519 employees, of whom 817 were located in the United States, 1,472 were located in China, and 230 were located in other parts of the world. None of our employees is represented by a collective bargaining agreement.”
16. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “We believe that these efforts contribute to the growth, well-being and loyalty of our employees, as more than 50% of our managerial positions are filled through promotions of existing employees.”
17. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “We have research and development teams in Silicon Valley (Sunnyvale, California), Oregon, Texas, Arizona, Korea, Taiwan, United Kingdom, Serbia, India and China.”
18. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “We are a designer, developer and global supplier of a broad portfolio of power semiconductors. Our portfolio of power semiconductors includes approximately 2,900 products, and has grown with the introduction of over 70 new products in the fiscal year ended June 30, 2026”
19. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Alpha and Omega Semiconductor Limited and its subsidiaries (the “Company”, “AOS”, “we” or “us”) design, develop and supply a broad range of power semiconductors.”
20. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Power semiconductors transfer, manage and switch electricity to deliver the appropriate amount of voltage or current to a broad range of electronic systems and also protect electronic systems from damage resulting from excessive or inadvertent electrical charges.”
21. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Our power discrete products consist of low, medium and high voltage power MOSFETs.”
22. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Our high-voltage portfolio includes our proprietary IGBT technology, which provides highly robust and easy-to-use solutions for industrial motor control and white goods applications. We have also deployed our 1200V SiC (Silicon carbide) products based on our AlphaSiC platform, designed to address high efficiency, high density industrial applications such as solar inverters, UPS, and battery management systems.”
23. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Our power ICs deliver power as well as control and regulate the power management variables, such as the flow of current and level of voltage. Our DrMOS and smart power stage (SPS) family of products continue to grow as we pair our latest high performance MOSFET silicon with our latest Driver IC and smart driver technologies.”
24. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Since then, we have released or are designing in several multiphase controller families serving Intel, AMD and NVIDIA. Introduction of these multiphase controllers has enabled us to become a complete solution level provider, across multiple compute platforms from PCs, graphics cards to AI and datacenter.”
25. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “In order to take advantage of the expertise of end-customer fulfillment logistics and shorter payment cycles, we sell most of our products through distributors. As of June 30, 2026, 2025 and 2024, our two largest distributors were WPG Holdings Limited, or WPG, and Promate Electronic Co. Ltd., or Promate. Sales to WPG and Promate accounted for 53.0% and 19.3% of our revenue, respectively, for the fiscal year ended June 30, 2026”
26. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Percentage of revenue 2026 2025 2024 Customer A 19.3 % 22.1 % 25.0 % Customer B 53.0 % 51.3 % 46.0 % June 30, Percentage of accounts receivable 2026 2025 Customer A * 14.9 % Customer B 62.4 % 52.3”
27. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “We have established direct relationships with key OEMs, including Dell Inc., Hewlett-Packard Company, Samsung Group, and Stanley Black & Decker, Inc., most of whom we serve through our distributors and ODMs.”
28. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Through our distributors, we provide products to ODMs who traditionally are contract manufacturers for OEMs. As the industry has evolved, ODMs are increasingly responsible for designing portions, or entire systems, of the products they manufacture for the OEMs.”
29. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Our ODM customers include Compal Electronics, Inc., Foxconn, Quanta Computer Incorporated, Wistron Corporation and Delta Electronics.”
30. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Summarized below are individual customers whose revenue or accounts receivable balances were 10% or higher than the respective total consolidated amounts”
31. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “We operate an 8-inch wafer fabrication facility located in Hillsboro, Oregon, or the Oregon Fab, which is critical for us to accelerate proprietary technology development, new product introduction and improve our financial performance.”
32. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “We allocate our wafer production between our in-house facility and third-party foundries. Currently wafers from our third-party suppliers account for approximately 35% of AOS’s total wafer supply.”
33. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Our in-house and wholly-owned packaging and testing facilities are located in Shanghai, China which handle most of our packaging and testing requirements for our products.”
34. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Our facilities have the combined capacity to package and test over 600 million parts per month and have available floor space for new package introductions.”
35. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “For assembly and test, we primarily rely upon our in-house facilities in China. In addition, we utilize subcontracting partners for industry standard packages.”
36. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “We hold a minority equity interest in a power semiconductor packaging, testing and 12-inch wafer fabrication facility (the “JV Company”) in the LiangJiang New Area of Chongqing, China, which provides us with significant level of foundry and packaging capacity to enable us to develop and manufacture our products. Pursuant to an agreement with the JV Company and other shareholders of the JV Company, the JV Company is committed to providing us with a specified level of monthly wafer production capacity.”
37. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “As of June 30, 2026, the percentage of outstanding JV equity interest beneficially owned by us was 18.9%.”
38. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “The purchases by AOS for the fiscal year ended June 30, 2026, 2025 and 2024 were $105.4 million, $109.1 million and $96.6 million, respectively.”
39. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “The revenue by geographical location in the following tables is based on the country or region in which the products were shipped to: Year Ended June 30, 2026 2025 2024 (in thousands) Hong Kong $ 649,268 $ 617,574 $ 524,788 China 16,417 58,514 95,417 South Korea 1,905 1,691 9,956 United States 7,275 4,093 4,938 Other countries 4,062 14,290 22,175”
40. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
41. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Because the Company’s distributors sell their products to end customers which may have a global presence, revenue by geographical location is not necessarily representative of the geographical distribution of sales to end user markets.”
42. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “We strategically position our team near our end customers through our offices in Taipei, Hong Kong, Shenzhen, Shanghai, Beijing, Chengdu, Qingdao, Suzhou, Tokyo, Seoul, Heilbronn, and Sunnyvale, California, complemented by our applications centers in Sunnyvale and Shanghai.”
43. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Because our products typically have three-year to five-year life cycles, the rate of new product introduction is an important driver of revenue growth over time.”
44. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Our product revenue is reported net of the effect of the estimated stock rotation returns and price adjustments that we expect to provide to our distributors.”
45. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “At our discretion or upon our direct negotiations with the original design manufacturers or original equipment manufacturers, we may elect to grant special pricing that is below the prices at which we sold our products to the distributors. In certain situations, we will grant price adjustments to the distributors reflecting such special pricing.”
46. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Gross margin decreased by 0.8 percentage points to 22.3% for fiscal year 2026, as compared to 23.1% for fiscal year 2025. The decrease in gross margin was primarily due to higher material costs and lower unit shipment during fiscal year ended June 30, 2026.”
47. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Historically, our sequential revenue growth rate tends to be weaker in the March and December quarters when compared with other quarters.”
48. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “We were incorporated in Bermuda on September 27, 2000 as an exempted limited liability company.”
49. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “The address of our U.S. office is Alpha and Omega Semiconductor Incorporated, 475 Oakmead Parkway, Sunnyvale, CA 94085.”
50. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “On March 29, 2016, we formed a joint venture (the “JV Company”) with two investment funds owned by the Municipality of Chongqing (the “Chongqing Funds”), for the purpose of constructing and operating a power semiconductor packaging, testing and 12-inch wafer fabrication facility (“Fab”) in the LiangJiang New Area of Chongqing, China in which we initially owned 50.9%, and the Chongqing Funds owned 49.1% of the equity interest in the JV Company.”
51. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “From December 2021 to June 2025, we completed several transactions to sell additional equity interests of the JV Company to third-party investors, while the JV Company also issued additional equity interests to new investors that diluted our ownership interest. Accordingly, as of June 30, 2025, the percentage of outstanding JV equity interest beneficially owned by us was further reduced to 39.2%.”
52. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Effective December 2, 2021, we reduced our equity interest in the JV Company below 50% of outstanding equity ownership and experienced a loss of control of the JV Company.”
53. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “On July 14, 2025, we entered into an equity transfer agreement with a strategic investor to sell approximately 20.3% of outstanding equity interest in the JV Company held by us for an aggregate cash consideration of $150 million to be paid in four installments, subject to satisfaction of certain conditions.”
54. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Based on the implied valuation of the JV Company per the transaction price in the equity transfer agreement, the fair value of the equity method investment was determined to be lower than its carrying value, and a $76.8 million other-than-temporary impairment of the equity method investment was recognized as of June 30, 2025.”
55. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “We differentiate ourselves by integrating our expertise in technology, design and advanced manufacturing and packaging to optimize product performance and cost.”
56. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “In addition to the traditional monolithic or single chip design, we employ a multi-chip approach for the majority of our power ICs. This multi-chip technique leverages our proprietary MOSFET and advanced packaging technologies to offer integrated solutions to our customers. This allows us to update product portfolios by interchanging only the MOSFETs without changing the power management IC”
57. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “As of June 30, 2026, we had 961 patents issued in the United States, which were based on our research and development efforts. Of the 961 issued patents, 775 are active and these patents are set to expire between 2026 and 2044. We also had a total of 991 issued foreign patents, including 407 Chinese patents, 535 Taiwanese patents”
58. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “We also announced the launch of the SmartClamp™ family of protected DrMOS. Designed specifically for the extreme power demands of AI servers, data centers, and high-end graphics cards, the SmartClamp™ family offers high-accuracy over current protection and negative current protection.”
59. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “During the second quarter of fiscal year of 2026, we enabled 48V hot swap in AI servers with new high SOA MOSFET in LFPAK 8x8. This state-of-the-art MOSFET handles higher peak currents delivering a cost-effective, high-performance and enhanced reliability hot swap solution. In addition, we announced support for the power requirements of the innovative 800 VDC power architecture for next-generation AI factories”
60. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “The power semiconductor industry is characterized by fragmentation with many competitors.”
61. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Our key competitors in power discretes and power ICs are primarily headquartered in the United States, Japan, Europe, China and Taiwan. Our major competitors in power discretes include Infineon Technologies AG, ON Semiconductor Corp., STMicroelectronics N.V., Toshiba Corporation, Diodes Incorporated and Vishay Intertechnology, Inc. Our major competitors for our power ICs include Monolithic Power Systems, Inc., ON Semiconductor Corp., Richtek Technology Corp., Semtech Corporation, Texas Instruments Inc. and Vishay Intertechnology, Inc.”
62. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Some of our competitors have longer operating histories, more brand recognition, and significantly greater financial, technical, research and development, sales and marketing, manufacturing and other resources.”
63. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Because we have significant operations in both countries, such conflicts and tensions may negatively impact our business. At various times during recent years, the United States and China have had disagreements over political and economic issues, including, but not limited to, the recent imposition of tariffs by the U.S. on goods imported from China or sourced from China and imposition of retaliatory tariffs and other countermeasures (like government investigations, sanctions, etc.) by China, as well as the U.S. government’s efforts to restrict transfer and sharing of technologies, including semiconductor technologies, between the two countries.”
64. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “The decrease was primarily attributable to a one-time settlement fee of $4.3 million relating to the government investigation in fiscal year 2025”
65. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Under current Bermuda law, the Company is not subject to any income or capital gains taxes in Bermuda.”
66. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “potentially imposing a 15% corporate income tax (CIT) on Bermuda companies that are within the scope of the CIT, that will be effective for tax years beginning on or after January 1, 2025. In particular, the CIT applies to multinational companies with annual revenue of 750 million Euros or more”
67. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “The Company did not generate more than 750 million Euro revenue in any of the four fiscal years before the tax year starting July 1, 2025.”
68. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Power discrete $ 437,787 $ 449,507 $ (11,720) (2.6) % Power IC 233,870 229,926 3,944 1.7 % Packaging and testing services and other 7,270 2,888 4,382 151.7 % License and development services — 13,841 (13,841) (100.0)”
69. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Total revenue was $678.9 million for fiscal year 2026, a decrease of $17.2 million, or 2.5%, as compared to $696.2 million for fiscal year 2025. The decrease was primarily due to a decrease of $11.7 million in sales of power discrete products and a decrease of $13.8 million in license and development services, offset by an increase of $3.9 million in sales of power IC products and an increase of $4.4 million in sales of packaging and testing services and other.”
70. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “The net decrease in combined power discrete and power IC product sales was primarily due to a 3.0% decrease in unit shipments, offset by a 2.0% increase in average selling price as compared to last fiscal year due to a shift in product mix.”
71. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Sales of power ICs continue to gain traction in recent years especially with the expansion of our driver and multiphase controller product lines.”
72. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “During fiscal year 2026, we accelerated the development of new technology platforms which allowed us to introduce 20 medium and high voltage MOSFET products, targeting primarily the power supply markets and industrial markets, 8 low voltage MOSFET products primarily for the communication market, as well as 32 Power IC products for computing applications market.”
73. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “In February 2023, we entered into a license agreement with a customer to license our proprietary SiC technology and provided 24-months of engineering and development services for a total fee of $45.0 million.”
74. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “The decrease in license and development services for fiscal year 2026 was related to the license agreement with a customer to license our proprietary SiC technology and provided 24-month engineering and development services, which was completed in February 2025.”
75. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “The increase in revenue from packaging and testing services and other for fiscal year 2026 as compared to the last fiscal year was primarily due to increased demand.”
76. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Computing $ 342,952 $ 324,127 $ 18,825 5.8 % Consumer 83,008 102,309 (19,301) (18.9) % Communication 132,278 123,868 8,410 6.8 % Power Supply and Industrial 113,419 129,129 (15,710) (12.2)”
77. The record on this page: the filed annual figures (EDGAR's company facts)
78. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “We expect our gross margin to continue to fluctuate in the future as a result of variations in our product mix, semiconductor wafer and raw material pricing, manufacturing labor cost and general economic and PC market conditions.”
79. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “This includes expanding our power IC portfolio with multiphase controllers and smart power stages to address advanced System on Chip (SoC) products used in personal computing, AI, graphics cards, and gaming.”
80. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “In addition, we enhanced the manufacturing capability and capacity of our Oregon Fab by investing in new equipment and expanding factory facilities, which we expect will have a positive impact on our future new product development and revenue.”
81. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “During the fourth quarter of fiscal year of 2026, we unveiled total power solution for next-generation Intel panther lake and wildcat lake platforms.”
82. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “A significant amount of our revenue is derived from sales of products in the PC markets such as notebooks”
83. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “For the period April 1, 2025 to March 31, 2026 For the period April 1, 2024 to March 31, 2025 For the period April 1, 2023 to March 31, 2024 Revenue $ 164,738 $ 142,921 $ 128,951”
84. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “The JV Company supplies 12-inch wafers and provides assembly and testing services to AOS.”
85. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “After the distributors sell the Company’s products to their end customers, the distributors submit a “ship-and-debit” price adjustment claim to the Company to adjust the distributor’s cost from the standard price to the pre-approved lower price.”
86. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Our estimated allowances for price adjustments, which we offset against accounts receivable from distributors, were $38.7 million and $40.8 million at June 30, 2026 and 2025, respectively.”
87. Alpha and Omega Semiconductor Limited, Form 10-K filed 2026-08-27: “Accounts receivable $ 81,527 $ 75,604 Less: Allowance for price adjustments (38,699) (40,802)”

Where the revenue comes from

Product and service lines in fiscal 2026: Power Discrete 65%, Power Ic 34%, Packaging and Testing Services 1%. By geography: Hong Kong 96%, China 2%, United States 1%, Other countries 1%, South Korea under 1%. As tagged in its annual report (Form 10-K, filed 2026-08-27).

Who runs it

Chang, Stephen Chunping (Chief Executive Officer); Chang, Mike F (Chairman of Board); Liang, Yifan (CFO and Corp Secretary); Li, Wenjun (Chief Operating Officer); Xue, Bing (EVP-WW Sales & Bus Development); Chien, Joshua C. (director); Chen, Claudia (director); Chang, Lucas S. (director); Jeong, So-Yeon (director); Li, Hanqing (director); and 3 more. 13 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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