On August 7, 2024, Alpha & Omega Semiconductor Ltd (AOSL, Financial) released its 8-K filing detailing the financial results for the fiscal fourth quarter and the fiscal year ended June 30, 2024. Alpha & Omega Semiconductor Ltd designs, develops, and supplies a portfolio of power semiconductors targeting various applications, including personal computers, flat-panel TVs, LED lighting, smartphones, battery packs, consumer and industrial motor controls, and power supplies for TVs, computers, servers, and telecommunications equipment. The company generates revenue mainly from the sale of power semiconductors, consisting of power discretes and power ICs, with a presence in Hong Kong, China, South Korea, the United States, and other countries.
Quarterly Performance Overview
For the fiscal fourth quarter ended June 30, 2024, Alpha & Omega Semiconductor Ltd reported revenue of $161.3 million, slightly down from $161.5 million in the same quarter last year but up 7.5% from $150.1 million in the prior quarter. The company’s GAAP gross margin was 25.7%, a decrease from 27.6% year-over-year but an improvement from 23.7% in the previous quarter. Non-GAAP gross margin stood at 26.4%, down from 28.5% year-over-year but up from 25.2% in the prior quarter.
GAAP operating loss for the quarter was $1.5 million, compared to an operating income of $2.6 million in the same quarter last year and an operating loss of $10.5 million in the prior quarter. The GAAP net loss was $2.7 million, or $0.09 per share, compared to a net loss of $1.1 million, or $0.04 per share, in the same quarter last year and a net loss of $11.2 million, or $0.39 per share, in the prior quarter. On a non-GAAP basis, the company reported net income of $2.6 million, or $0.09 per share, compared to a net income of $5.7 million, or $0.19 per share, in the same quarter last year and a net loss of $1.2 million, or $0.04 per share, in the prior quarter.
Annual Performance Overview
For the fiscal year ended June 30, 2024, Alpha & Omega Semiconductor Ltd reported revenue of $657.3 million, down from $691.3 million in the previous fiscal year. The GAAP gross margin was 26.2%, compared to 28.9% in the prior year. The company reported a GAAP operating loss of $3.8 million, compared to an operating income of $22.5 million in the previous year. The GAAP net loss for the fiscal year was $11.1 million, or $0.39 per share, compared to a net income of $12.4 million, or $0.42 per share, in the prior year. On a non-GAAP basis, the company reported net income of $18.5 million, or $0.62 per share, compared to $55.0 million, or $1.86 per share, in the previous fiscal year.
Key Financial Metrics
| Metric | Q4 2024 | Q3 2024 | Q4 2023 |
|---|---|---|---|
| Revenue | $161.3M | $150.1M | $161.5M |
| GAAP Gross Margin | 25.7% | 23.7% | 27.6% |
| GAAP Operating Income (Loss) | $(1.5)M | $(10.5)M | $2.6M |
| GAAP Net Income (Loss) | $(2.7)M | $(11.2)M | $(1.1)M |
| GAAP Net Income (Loss) Per Share | $(0.09) | $(0.39) | $(0.04) |
| Non-GAAP Net Income (Loss) | $2.6M | $(1.2)M | $5.7M |
| Non-GAAP Net Income (Loss) Per Share | $0.09 | $(0.04) | $0.19 |
CEO Commentary
"Our fiscal Q4 results were in-line with our guidance driven by sequential growth in each of our major segments. We saw relative strength coming from gaming, tablets, e-mobility, A.I., and home appliances, while the PC segment is taking longer to recover. Inventory corrections across the majority of our end markets are now largely behind us and seasonality is returning." - Stephen Chang, CEO of Alpha & Omega Semiconductor Ltd.
Financial Position and Cash Flow
Alpha & Omega Semiconductor Ltd closed the quarter with $175.1 million in cash and cash equivalents. The company generated $7.1 million in cash flow from operating activities, compared to $28.2 million in the prior quarter. The company’s total assets stood at $1.145 billion, with total liabilities of $253.4 million and total equity of $891.6 million.
Analysis and Outlook
Alpha & Omega Semiconductor Ltd's performance in the fiscal fourth quarter and
Explore the complete 8-K earnings release (here) from Alpha & Omega Semiconductor Ltd for further details.
