Alpha and Omega Semiconductor Limited (AOSL) 2026 Q4 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Alpha and Omega Semiconductor Fiscal Q4 2026 Earnings Call. (Operator Instructions) I will now hand the call over to Steven Pelayo, Investor Relations. Please go ahead.

各位好。感謝各位加入，歡迎參加 Alpha and Omega Semiconductor 2026 會計年度第四季（Fiscal Q4 2026）財報電話會議。(接線員指示) 現在我將把電話交給投資人關係部的 Steven Pelayo。請開始。

Good afternoon, everyone, and welcome to Alpha and Omega Semiconductor's conference call to discuss fiscal 2026 fourth quarter financial results. I'm Steven Pelayo, Investor Relations representative for AOS. With me today are Stephen Chang, our CEO; and Yifan Liang, our CFO.

各位下午好，歡迎參加 Alpha and Omega Semiconductor 的電話會議，討論 2026 會計年度第四季財務結果。我是 AOS 的投資人關係代表 Steven Pelayo。今天與我一同出席的有我們的執行長 Stephen Chang，以及財務長 Yifan Liang。

This call is being recorded and broadcast live over the web. A replay will be available for seven days following the call via the link in the Investor Relations section of our website. Our call will proceed as follows today. Stephen will begin business updates, including strategic highlights and a detailed segment report. After that, Yifan will review the financial results and provide guidance for the September quarter. Finally, we will have a Q&A session.

本次電話會議將錄音，並透過網路進行即時直播。會後七天內可透過我們網站「投資人關係」專區的連結收聽重播。今天的會議流程如下。Stephen 將先進行業務更新，包括策略重點與各事業部的詳細報告。之後，Yifan 將回顧財務結果並提供 9 月季度的展望指引。最後，我們將進行問答環節。

The earnings release was distributed over the wire today, August 12, 2026, after the market closed. The release is also posted on the company's website. Our earnings release and this presentation include non-GAAP financial measures.

本日（2026 年 8 月 12 日）收盤後，我們已透過新聞稿發布財報。該新聞稿亦已刊登於公司網站。我們的財報新聞稿與本次簡報包含非 GAAP 財務衡量指標。

We use non-GAAP measures because we believe they provide useful information about our operating performance that should be considered by investors in conjunction with the GAAP measures. A reconciliation of these non-GAAP measures to comparable GAAP measures is included in the earnings release.

我們使用非 GAAP 指標，因為我們相信其能提供有關營運表現的有用資訊，投資人應將其與 GAAP 指標一併考量。非 GAAP 指標與可比 GAAP 指標之調節表已包含於財報新聞稿中。

We remind you that during this conference call, we will make certain forward-looking statements, including discussions of the business outlook and financial projections. These forward-looking statements are based on management's current expectations and involve risks and uncertainties that could cause our actual results to differ materially.

提醒各位，在本次電話會議中，我們將發表若干前瞻性陳述，包括對業務展望與財務預測的討論。這些前瞻性陳述係基於管理層目前的預期，並涉及風險與不確定性，可能導致實際結果出現重大差異。

For a more detailed description of these risks and uncertainties, please refer to our recent and subsequent filings with the SEC. We assume no obligation to update the information provided in today's call. Now I'll turn the call over to our CEO, Stephen Chang. Stephen?

關於這些風險與不確定性的更詳細說明，請參閱我們近期及後續向美國證券交易委員會（SEC）提交的文件。我們不承擔更新今日會議所提供資訊的義務。現在我將把電話交給我們的執行長 Stephen Chang。Stephen？

Thank you, Steven. Welcome to Alpha and Omega's Fiscal 2026 Q4 Earnings Call. I will begin with a high-level overview of our results and then jump into segment details. We delivered fiscal Q4 revenue results above the midpoint of our guidance.

謝謝你，Steven。歡迎參加 Alpha and Omega 2026 會計年度第四季財報電話會議。我將先就整體結果做高層次概述，接著進入各事業部細節。我們 2026 會計年度第四季營收高於指引區間的中位數。

Total June quarter revenue was $170.4 million, down 3.5% year-over-year and up 4% sequentially. Non-GAAP gross margin was 23.7%. Non-GAAP EPS was a loss of $0.13 per share. As anticipated, strength in Advanced Computing -- particularly AI and server applications -- and in the Communications segment offset softness in the traditional PC market, driven by higher memory costs, and in Gaming within the Consumer segment. Advanced Computing continues to be the strongest part of our business and provides clear evidence that our long-term strategy is delivering results.

6 月季度總營收為 1.704 億美元，年減 3.5%，季增 4%。非 GAAP 毛利率為 23.7%。非 GAAP 每股盈餘為每股虧損 0.13 美元。如預期所示，先進運算（Advanced Computing）—尤其是 AI 與伺服器應用—以及通訊事業部的強勁表現，抵銷了傳統 PC 市場（受記憶體成本上升影響）以及消費性事業部中遊戲（Gaming）業務的疲弱。先進運算仍是我們業務中最強勁的部分，清楚證明我們的長期策略正在帶來成果。

As our portfolio expands into higher performance applications, we are increasing content per platform, broadening customer adoption and strengthening our competitive position in AI infrastructure. To support this opportunity, we continue expanding our medium-voltage manufacturing capacity while increasing targeted R&D investments.

隨著我們的產品組合擴展至更高效能的應用，我們正提高每個平台的單機用量（content per platform）、擴大客戶採用，並強化我們在 AI 基礎設施領域的競爭地位。為支持此一機會，我們持續擴充中壓（medium-voltage）製造產能，同時增加具針對性的研發投資。

With that, let me now cover our Q2 segment results and provide more details. Starting with Computing. June quarter revenue was down 8.6% year-over-year and up 5.6% sequentially and represented about 49.8% of total revenue.

接下來，我將說明我們第二季各事業部的表現並提供更多細節。先從運算（Computing）事業部開始。6 月季度營收年減 8.6%、季增 5.6%，約占總營收的 49.8%。

The segment results came in at the high end of our guidance for a low- to mid-single-digit sequential increase, driven by strength in Advanced Computing, which increased 35% sequentially and represented a record high 31% of the Computing segment in the June quarter. The strength in Advanced Computing was driven by AI, server, workstation, and cloud applications, while declines in PCs, tablets, and graphic cards offset and impacted the overall segment results.

該事業部表現落在我們對「季增低至中個位數」指引的高端，主要由先進運算的強勁成長帶動；先進運算季增 35%，並在 6 月季度占運算事業部營收比重創新高達 31%。先進運算的強勁表現來自 AI、伺服器、工作站與雲端應用；而 PC、平板與顯示卡的下滑則形成抵銷，並影響整體事業部結果。

Demand for our medium-voltage MOSFET portfolio continues to expand across AI and cloud infrastructure with growing engagement from power supply providers, module makers, leading ODMs, cloud service providers, and hyperscale customers. Customer engagement and design activity continue to expand in these areas, and we expect these products to contribute more meaningfully during the second half of 2026 and into 2027.

我們的中壓 MOSFET 產品組合在 AI 與雲端基礎設施的需求持續擴大，並且與電源供應器供應商、模組製造商、領先的 ODM、雲端服務供應商以及超大規模（hyperscale）客戶的合作互動日益增加。在這些領域，客戶互動與設計導入活動持續擴張，我們預期這些產品將在 2026 年下半年至 2027 年期間帶來更具實質性的貢獻。

Looking ahead to the September quarter, we expect Advanced Computing revenue to grow by more than 40% sequentially, driven by continued strength across AI servers, graphics cards, and other high-performance computing platforms. Our AI and server business alone is expected to increase more than 60% sequentially and represent the majority of our Advanced Computing business.

展望 9 月季度，我們預期先進運算營收將季增超過 40%，主要由 AI 伺服器、顯示卡以及其他高效能運算平台的持續強勁需求所帶動。僅 AI 與伺服器業務就預期將季增超過 60%，並占我們先進運算業務的大多數。

This growth is expected to more than offset the well-publicized weakness in traditional PC applications caused by memory chip constraints, resulting in flattish sequential growth for the overall Computing segment. More importantly, Advanced Computing is expected to exceed 40% of Computing segment revenue and approach 20% of total company revenue, another important step in shifting our product mix towards higher-value applications with richer product content and stronger profitability.

預期此成長將足以抵銷因記憶體晶片供應受限而導致、廣為報導的傳統 PC 應用疲弱，使運算事業部整體呈現大致持平的季成長。更重要的是，先進運算預期將超過運算事業部營收的 40%，並接近公司總營收的 20%；這是我們將產品組合轉向更高價值應用（具更高單機產品含量與更強獲利能力）的另一個重要里程碑。

Turning to the Consumer segment. June quarter revenue was down 21.3% year-over-year and up 8% sequentially and represented 12.3% of total revenue. The sequential results were better than our expectations for a relatively flattish quarter, with broad-based quarter-on-quarter growth across Gaming, Wearables, and Home Appliances.

接著談消費性（Consumer）事業部。6 月季度營收年減 21.3%、季增 8%，占總營收的 12.3%。季比表現優於我們對「相對持平」季度的預期，遊戲、穿戴式裝置與家電等領域皆呈現廣泛的季對季成長。

The year-over-year decline primarily reflects lower Gaming revenue as the current console product cycle nears maturity. For the September quarter, we expect Consumer segment revenue to decline approximately 25% sequentially, primarily reflecting lower revenue in Home Appliances, Wearables, and Gaming.

年對年下滑主要反映遊戲營收降低，因目前的主機產品週期逐漸接近成熟期。對 9 月季度，我們預期消費性事業部營收將季減約 25%，主要反映家電、穿戴式裝置與遊戲的營收下滑。

Next, let's discuss the Communications segment. June quarter revenue was up 22.3% year-over-year and down 2.3% sequentially and represented 19.3% of total revenue. The results were in line with our expectations for a slight sequential decline, as seasonally lower battery PCM shipments ahead of new smartphone model transitions were largely offset by strong growth in DC-DC modules and networking applications.

接下來討論通訊（Communications）事業部。6 月季度營收年增 22.3%、季減 2.3%，占總營收的 19.3%。結果符合我們對小幅季減的預期；在新款智慧型手機機種轉換前，電池 PCM 出貨因季節性因素走弱，但大致被 DC-DC 模組與網路應用的強勁成長所抵銷。

For the September quarter, we are ramping new products with our Tier 1 US smartphone customer, and we continue to benefit from our strong position in premium smartphone platforms, where our differentiated battery protection solutions and support for higher charging currents are increasing BOM content and driving greater value per device.

展望 9 月季度，我們正與美國一線（Tier 1）智慧型手機客戶加速導入新產品，同時持續受惠於我們在高階智慧型手機平台的強勢地位；在這些平台上，我們具差異化的電池保護解決方案以及對更高充電電流的支援，正提高 BOM 含量並帶動每台裝置的價值提升。

Outside of the premium tier, market conditions remain more challenging, as elevated memory pricing and supply constraints are pushing some OEMs toward lower performance components in certain platforms. We remain disciplined in managing our product mix, prioritizing higher performance sockets and premium smartphone platforms, where our technology and content opportunities are greatest. As a result, we expect Communications segment revenue to increase approximately 10% sequentially.

在高階以外的市場，整體環境仍更具挑戰，因記憶體價格居高不下與供應受限，正促使部分 OEM 在某些平台上轉向較低效能的元件。我們在產品組合管理上仍維持紀律，優先聚焦於更高效能的插槽（sockets）與高階智慧型手機平台，因為這些領域最能發揮我們的技術與內容機會。因此，我們預期通訊事業部營收將季增約 10%。

Now let's talk about our last segment, Power Supply and Industrial, which accounted for 17.6% of total revenue and was up 1.4% year-over-year and up 5.2% sequentially. Overall, the results were in line with expectations for mid-single digit sequential growth, driven by sequential and year-over-year growth in E-Mobility as well as DC fans tied to AI server demand. This was partially offset by sequential and year-over-year declines in Quick Chargers and AC-DC power supplies.

現在讓我們談談最後一個事業部門：電源供應與工業（Power Supply and Industrial），其占總營收的17.6%，年增1.4%，季增5.2%。整體而言，結果符合對「季增中個位數」的預期，主要由E-Mobility的季增與年增，以及受AI伺服器需求帶動的直流風扇（DC fans）成長所驅動。上述成長部分被快速充電器（Quick Chargers）與AC-DC電源供應器的季減與年減所抵銷。

Looking ahead to the September quarter, we see stronger demand for Power Tools and continued momentum in DC fans supporting AI server rack applications. We also expect Quick Chargers and AC-DC power supplies to increase sequentially.

展望9月季度，我們看到電動工具（Power Tools）需求更強，且支援AI伺服器機櫃應用的直流風扇動能持續。我們也預期快速充電器與AC-DC電源供應器將呈現季增。

While demand trends continue to vary across end markets, we remain encouraged by the expanding tangential opportunities in AI infrastructure and the improving demand environment across several industrial applications. Altogether, we expect Power Supply and Industrial revenue to increase nearly 30% sequentially.

儘管各終端市場的需求趨勢仍不一致，我們仍對AI基礎設施中延伸出的周邊機會持續擴大，以及多項工業應用的需求環境改善感到鼓舞。整體而言，我們預期電源供應與工業營收將季增近30%。

In closing, we are encouraged by the continued progress of our strategic transformation even as conditions remain uneven across several end markets. Advanced Computing is now a clear and growing contributor to both revenue and earnings, reinforcing the long-term direction of the business.

最後，我們對策略轉型持續取得進展感到鼓舞，即使多個終端市場的狀況仍不均衡。先進運算（Advanced Computing）如今已成為營收與獲利的明確且持續成長的貢獻來源，進一步強化公司長期的業務方向。

That mix shift, combined with an improving pricing environment, is expected to support higher gross margins in the second half of calendar 2026, demonstrating the benefits of the strategic investments we have made over the past several years.

這樣的產品組合轉變，加上定價環境改善，預期將支撐2026曆年下半年更高的毛利率，展現我們過去數年所進行策略性投資的效益。

Despite ongoing pressure on the broader PC and smartphone markets from elevated memory pricing and supply constraints, we believe our Computing and Communications businesses are outperforming their respective end markets, supported by our expanding Advanced Computing portfolio, total solution strategy, and disciplined focus on premium smartphone platforms with our Tier 1 US customer.

儘管記憶體價格高企與供應受限持續對整體PC與智慧型手機市場造成壓力，我們相信在先進運算產品組合擴張、整體解決方案策略（total solution strategy），以及與我們美國一線（Tier 1）客戶在高階智慧型手機平台上的紀律性聚焦支持下，我們的運算與通訊業務表現優於各自的終端市場。

We are expanding manufacturing capacity in key product areas, increasing targeted R&D investments for next-generation AI infrastructure, and building a growing pipeline of new products across AI-related workloads. We believe this combination, a broader product portfolio, increasing content per platform, and continued investment in technology, positions AOS to deliver stronger, more profitable, and more sustainable long-term growth.

我們正在關鍵產品領域擴充製造產能，增加針對下一代AI基礎設施的研發（R&D）投資，並建立涵蓋AI相關工作負載的新產品成長管線。我們相信，這樣的組合——更廣的產品組合、每個平台的內容價值提升，以及持續的技術投資——將使AOS具備提供更強勁、更高獲利且更可持續的長期成長的定位。

I also want to address a recent event that is affecting our near-term outlook. A couple of days ago, Shanghai experienced Typhoon Dolphin and flooding that impacted portions of our packaging operations. We expect a slight impact to the September quarter. Our teams are moving quickly to restore effective capacity, minimize customer disruption and position us to recover as much of the delayed business as possible in the coming quarters.

我也想說明一項近期事件，該事件正在影響我們的短期展望。幾天前，上海遭遇海豚颱風（Typhoon Dolphin）及淹水，影響了我們部分封裝（packaging）作業。我們預期對9月季度會有輕微影響。我們的團隊正迅速行動以恢復有效產能、將對客戶的干擾降至最低，並讓我們在接下來幾個季度盡可能回補延遲的業務。

With that, I will now turn the call over to Yifan, for a discussion of our fiscal fourth quarter financial results and our outlook for the next quarter. Yifan?

接下來，我將把電話會議交給Yifan，請他說明我們第四財季的財務結果，以及對下一季的展望。Yifan？

Thank you, Stephen. Good afternoon, everyone, and thank you for joining us. Revenue for the June quarter was $170.4 million, up 4% sequentially and down 3.5% year-over-year. In terms of product mix, DMOS revenue was $113.2 million, down 1.6% sequentially and up 5.6% over last year. Power IC revenue was $55.5 million, up 18.2% from the prior quarter and down 19.3% from a year ago. Assembly service and other revenue was $1.7 million, as compared to $1.9 million last quarter and $0.5 million for the same quarter last year.

謝謝你，Stephen。各位下午好，感謝大家參與。6月季度營收為1.704億美元，季增4%，年減3.5%。就產品組合而言，DMOS營收為1.132億美元，季減1.6%，年增5.6%。電源IC（Power IC）營收為5,550萬美元，較前一季成長18.2%，較去年同期下滑19.3%。組裝服務及其他營收為170萬美元，相較上季為190萬美元、去年同期為50萬美元。

Non-GAAP gross margin was 23.7%, compared to 21.7% last quarter and 24.4% a year ago. The quarter-over-quarter increase was mainly impacted by better mix and higher utilization. Non-GAAP operating expenses were $45.3 million, compared to $44.3 million for the prior quarter and $40.9 million last year.

非GAAP毛利率為23.7%，相較上季為21.7%、去年同期為24.4%。季對季提升主要受較佳的產品組合與較高的產能利用率所影響。非GAAP營業費用為4,530萬美元，相較前一季為4,430萬美元、去年為4,090萬美元。

The quarter-over-quarter increase was mainly due to higher R&D expenses. Non-GAAP quarterly EPS was $0.13 loss, compared to $0.28 loss per share last quarter and $0.02 earnings per share a year ago.

季對季增加主要來自較高的研發費用。非GAAP季度每股盈餘（EPS）為虧損0.13美元，相較上季每股虧損0.28美元、去年同期每股獲利0.02美元。

Moving on to cash flow. Operating cash flow was negative $10 million compared to negative $8.3 million in the prior quarter and negative $2.8 million last year. EBITDA, excluding equity method investment income and loss was $10.1 million for the quarter, compared to $5.9 million last quarter and $10.5 million for the same quarter a year ago.

接著談現金流。營運現金流為負1,000萬美元，相較前一季為負830萬美元、去年為負280萬美元。本季EBITDA（不含權益法投資損益）為1,010萬美元，相較上季為590萬美元、去年同期為1,050萬美元。

Now let me turn to our balance sheet. We completed June quarter with a cash balance of $180.8 million compared to $190.3 million at the end of last quarter. During the quarter, we received the last $15 million installment payment and completed $150 million sale of our joint venture equity. Net trade receivables increased by $4.5 million sequentially. Days Sales Outstanding were 23 days for the quarter compared to 20 days for the prior quarter.

接下來談資產負債表。我們在6月季度結束時的現金餘額為1.808億美元，相較上季末為1.903億美元。本季我們收到最後一筆1,500萬美元分期款，並完成出售合資公司股權1.5億美元的交易。淨應收帳款季增450萬美元。本季應收帳款週轉天數（DSO）為23天，相較前一季為20天。

Net inventory increased by $2.3 million quarter-over-quarter. Average days in inventory were 138 days for the quarter compared to 139 days for the prior quarter. CapEx for the quarter was $14.9 million compared to $12.1 million for the prior quarter. We expect CapEx for the September quarter to range from $15 million to $17 million.

淨存貨季增230萬美元。本季平均存貨天數為138天，相較前一季為139天。本季資本支出（CapEx）為1,490萬美元，相較前一季為1,210萬美元。我們預期9月季度的資本支出將介於1,500萬至1,700萬美元。

With that, now I would like to discuss September quarter guidance. We expect revenue to be approximately $176 million, plus or minus $10 million. GAAP gross margin to be 23.8%, plus or minus 1%. We anticipate non-GAAP gross margin to be 24.5%, plus or minus 1%.

接下來我想說明9月季度的財測指引。我們預期營收約為1.76億美元，上下浮動1,000萬美元。GAAP毛利率為23.8%，上下浮動1%。我們預期非GAAP毛利率為24.5%，上下浮動1%。

GAAP operating expenses to be $52.5 million, plus or minus $1 million. Non-GAAP operating expenses are expected to be $46.5 million, plus or minus $1 million. Interest income to be $0.6 million higher than interest expense, and income tax expense to be in the range of $1.1 million to $1.3 million.

GAAP營業費用為5,250萬美元，上下浮動100萬美元。非GAAP營業費用預期為4,650萬美元，上下浮動100萬美元。利息收入將比利息費用高出60萬美元，所得稅費用預期介於110萬至130萬美元。

With that, we will now open the call for questions. Operator, please start the Q&A session.

接下來，我們將開放提問。接線員，請開始問答（Q&A）環節。

(Operator Instructions)

（接線員指示）

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

First question, could you talk a little bit about some of the parameters around your gross margin? You are guiding it up sequentially. What's sort of the contribution there between utilization and pricing? And where is utilization right now?

第一個問題，能否請你談談毛利率的一些相關參數？你們的指引顯示毛利率將季增。其中產能利用率與定價各自的貢獻大概如何？以及目前的產能利用率大約是多少？

Sure. Yes, for the June quarter, yes, our margin improved from March quarter by 200 basis points. A little bit bigger portion was because of the product mix, and then a smaller portion was because of the utilization and operation expenses.

當然。是的，就6月季度而言，我們的毛利率較3月季度改善了200個基點。較大部分來自產品組合，較小部分則來自產能利用率與營運費用。

For the September quarter, we guided another 70, 80 basis points up. So primarily, it was considering the product -- better product mix. So we also factor in some of the impact from this typhoon impact on our back-end factory. So the net-net, we guided 24.5%.

針對 9 月季度，我們指引再上調 70、80 個基點。因此主要是考量產品面——更好的產品組合。我們也把這次颱風對我們後段工廠的影響納入考量。所以綜合來看，我們指引為 24.5%。

Okay. Very good. And maybe as a follow-up to Stephen, and maybe adding your comments about pricing, you said you expect pricing to be higher in second half of '26. I'm just curious if there's sort of a lag time on when that impacts the P&L.

好的。非常好。那也許作為對 Stephen 的追問，並且加上你對定價的看法，你提到你預期在 26 年下半年定價會更高。我只是好奇，這對損益表（P&L）的影響是否會有某種滯後時間？

And then with Advanced Computing now being 20% of revenue or approaching that for the September quarter, how should we think about that segment into fiscal '27? I'm pretty sure you're now prioritizing that market as opposed to these other areas that are seeing weakness from high memory costs.

另外，隨著先進運算（Advanced Computing）現在占營收 20%，或在 9 月季度接近這個水準，我們應該如何看待該業務在 27 財年？我相當確定你們現在是優先布局這個市場，而不是其他那些因記憶體成本高而出現疲弱的領域。

Sure. Let me address that part of that, which is the mix portion. And we are happy to see the margin expand in this past quarter also going forward. And we do see that mix is becoming more beneficial, especially as we're seeing more successes, particularly in the Advanced Computing area, specifically in the AI and server applications.

當然。我先回應其中一部分，也就是組合的部分。我們很高興看到本季毛利率擴張，且未來也會持續。我們確實看到產品組合正變得更有利，特別是我們在先進運算領域、具體來說在 AI 與伺服器應用上，看到更多成功。

The products that we sell into these applications are high-performance products are -- especially our high-performance MOSFETs and medium-voltage, where there's less competition, it is performance-driven, and we're able to command better pricing and better margin because these applications are very performance-critical.

我們銷往這些應用的產品屬於高效能產品——尤其是我們的高效能 MOSFET 與中電壓產品；在這些領域競爭較少、以效能驅動，而由於這些應用對效能要求非常關鍵，我們能夠取得更好的定價與更好的毛利率。

So that is becoming a larger proportion, not only of our Computing segment, but the overall part of the company. So as we continue to put more resources into here and as we're following and taking part in this AI expansion in the industry, we see that as helpful and accretive to our margin.

因此，這部分占比正在提高，不僅在我們的運算（Computing）事業部內，也在公司整體中占比提升。所以，隨著我們持續投入更多資源，並跟隨且參與產業的 AI 擴張，我們認為這將有助於、並且對毛利率具有增益效果。

Tyler Burmeister, Lake Street Capital Markets.

Tyler Burmeister，Lake Street Capital Markets。

Maybe first, another on the Advanced Computing, obviously, very strong. It looks like faster than we were expecting. You highlighted continued customer traction. I guess I was wondering if you could maybe give some color on how much of the growth both in the June quarter and the September outlook is kind of customer traction, new program wins versus just ramps of previous sockets?

也許先問一個關於先進運算的問題，顯然非常強勁。看起來比我們預期更快。你提到客戶持續取得進展。我想請你多分享一些：6 月季度與 9 月展望的成長，有多少是來自客戶拉動、新專案（program）得標，相較於只是既有插槽（socket）先前案子的放量（ramp）？

I would say it's a little bit of both. The benefit -- one of the great things about going into this market now is that we are serving a more diversified customer base. So we are seeing going into programs that go into hyperscalers, that go into power supplies for data centers. It is being spread into more customers as well as various programs within those customers. So I would say it's a little bit of both as these products are ramping.

我會說兩者都有。現在進入這個市場的一大好處是，我們服務的是更為多元化的客戶基礎。因此我們看到進入一些面向超大規模業者（hyperscalers）的專案，進入資料中心電源供應器的專案。這些也分散到更多客戶，以及這些客戶內的各種不同專案。所以我會說兩者都有，因為這些產品正在放量。

Okay. I appreciate that color. And then maybe looking out to the future in 800 volt, I wonder if you could just give us any view on the timing of that? Do you think that could be a material revenue contributor in 2027? Is that more of a socket design win in '27, lead to more meaningful revenue in the '28, time frame? Any color there would be appreciated.

好的。謝謝你補充這些資訊。接著也許展望未來的 800 伏，我想請你談談時程的看法？你認為它在 2027 年可能成為重要的營收貢獻者嗎？還是說 27 年比較像是插槽設計得標，並在 28 年的時間框架帶來更有意義的營收？若能提供一些看法將不勝感激。

Sure. And I think we're a little too early to forecast that at the moment. We do see that, yes, 800 volt is right around the corner. We are promoting our solutions for that. I wouldn't be surprised that if next year, we see some business come for those applications. But this won't be like a zero, one, and one and zero for the standard solutions, and these will be phased in alongside with the other programs.

當然。我認為目前要做出預測還稍微太早。我們確實看到，是的，800 伏已近在眼前。我們正在推廣針對該規格的解決方案。如果明年我們在這些應用上看到一些業務進來，我也不會意外。但這不會像標準解決方案那樣是 0 到 1、或 1 到 0 的切換；而是會與其他專案並行、逐步導入。

Right now, we are still serving -- everyone is still serving the standard 48-volt platforms. And those will still coexist for a while as well, too. So -- and we're also ready for this when 800-volt comes with our new solution. So I think it will be a transition time, but we will benefit from either packs.

目前我們仍在服務——其實大家都仍在服務——標準的 48 伏平台。而這些也會共存一段時間。所以——當 800 伏到來時，我們也已經以新的解決方案做好準備。因此我認為會有一段轉換期，但不論是哪一種方案，我們都會受益。

Understood. I appreciate that. And then maybe kind of a couple of housekeeping ones. The R&D investments, obviously proving to be successful here. You guided for them to step up in September. I'm wondering if that $46.5 million OpEx guide for Q1, is that the level we should think about going forward? Or is there the chance that that could continue to take modest steps up as we continue to make investments?

了解。謝謝你。接著可能是幾個例行問題。研發投資顯然在這裡證明是成功的。你指引 9 月季度會增加。我想確認一下：Q1 的 OpEx 指引 4,650 萬美元，這是否是我們往後應該採用的水準？或者隨著我們持續投資，是否有機會再小幅逐步上升？

Yes. We have already been gearing up our hirings and investment in R&D area, primarily in the AI and total solution for PC and smartphone and in those areas. So yes, we guided about $1 million for the September quarter. I would say December going forward, we still have to fill positions we need to fill. So I would say probably some modest growth there.

是的。我們已經在加速招募並增加研發領域的投資，主要聚焦在 AI，以及 PC 與智慧型手機的整體解決方案等領域。所以是的，我們對 9 月季度指引大約增加 100 萬美元。我會說，往後到 12 月季度，我們仍有一些職缺需要補齊。因此我會說那裡可能還會有一些溫和的成長。

Appreciate that. And then last quick one for me. Are you able to quantify what the impact to the flooding is in your September guidance for us?

謝謝。最後一個快問。你們能否量化一下，淹水對你們 9 月指引的影響有多大？

Sure. I mean -- as we said, yes, it has some impact. Right now, this thing occurred only a couple of days ago. So our team are moving quickly to restore the capacities and then minimizing the impact to our customers. So our initial assessment right now is in the range of a few million dollars and some impact on our margins, also kind of reflected in our September quarter guidance.

當然。我的意思是——如我們所說，是的，確實有一些影響。這件事是幾天前才發生。所以我們的團隊正快速行動以恢復產能，並將對客戶的影響降到最低。我們目前的初步評估大約在數百萬美元的範圍，且對毛利率也有一些影響，這也已在我們 9 月季度指引中有所反映。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

I wanted to follow-up on just the Compute segment activity. Beyond the Advanced Compute 31% mix in fiscal 4Q, can you help us understand what the other subsegments of the business did, notebook, gaming cards, et cetera?

我想追問一下運算（Compute）事業部的活動狀況。除了 4Q 財年先進運算占比 31% 之外，你能否協助我們了解其他子領域的表現，例如筆電、遊戲顯卡等等？

Sure. Let's talk about standard PCs first. Standard PCs, June quarter in general, did grow modestly from the March quarter. But we expect there, right, to be an adjustment happening in the September quarter, as our end customers are having difficulty in dealing with the memory shortage as well as the CPU shortage. So we see this September quarter as an adjustment period for the PC business. But then at the same time, again, the Advanced Computing helps to cover for that.

當然。我們先談標準 PC。整體而言，6 月季度的標準 PC 相較 3 月季度小幅成長。但我們預期在 9 月季度會出現調整，因為我們的終端客戶在因應記憶體短缺以及 CPU 短缺方面遇到困難。因此我們將 9 月季度視為 PC 業務的調整期。但同時，再次地，先進運算有助於彌補這部分。

The other subsegment that I can comment on is on the graphics portion. Graphics this year, they aren't releasing any major platforms this year. The last release was last year, where we benefited quite well. We expect the next platform release to be sometime next year, and that will be something that we also will prioritize in terms of growth for the next year. So in this calendar year, mainly the story is about PCs and dealing with the memory shortage. But then in the meantime, with our fueling the growth of our AI and server business.

我另外可以評論的子領域是圖形（Graphics）部分。今年在圖形方面，他們今年不會推出任何重大平台。上一次發布是在去年，而我們從中受益相當可觀。我們預期下一次平台發布會在明年某個時間點，而這也將是我們在明年成長優先事項之一。因此在這個曆年，主要的主軸是PC，以及因應記憶體短缺。同時，我們也在推動AI與伺服器業務的成長。

That's helpful, Stephen. And then broadening the aperture a bit to include the Communications business and thinking about that with Compute. Given some of the things that you said on the call about the impacts from pricing and part availability to build intensity in the fiscal first quarter, can you talk about typical fiscal 2Q seasonality in those end markets? And what are customers telling you to expect this year as we look beyond fiscal 1Q into 2Q?

這很有幫助，Stephen。接著把視角再拉大一些，把通訊業務也納入，並與運算業務一起思考。鑑於你在電話會議中提到，定價與零件供應可得性對會計年度第一季的組裝強度（build intensity）有影響，你能談談這些終端市場在會計年度第二季通常的季節性嗎？以及今年客戶告訴你，當我們從會計年度第一季往第二季看時，他們預期會如何發展？

Sure. In the Communications segment, we're mainly talking about smartphone battery and protection business. And here, this segment is also not immune to the memory shortages. In general, we have always been focusing mainly on the premium part of the market. And that part of the market certainly is faring better than the low- to mid-end part of the market.

當然。在通訊事業部，我們主要談的是智慧型手機電池與保護（protection）業務。而在這裡，這個事業部同樣也無法免於記憶體短缺的影響。整體而言，我們一直主要聚焦在市場的高階（premium）區塊。而該市場區塊的表現，確實比中低階市場要好。

Over here, we're selling our high-performance MOSFETs. And in the latest generation, we are seeing charging currents continue to increase. So that will offset some of the pressures that may come from the memory impact. But overall, we are still preparing for a growth season for our battery PCM business.

在這裡，我們銷售的是高效能MOSFET。而在最新一代產品中，我們看到充電電流持續提升。因此，這將抵消一部分可能來自記憶體影響的壓力。但整體而言，我們仍在為電池PCM業務的成長旺季做準備。

And in terms of looking out further, I think the premium phones should do better. They're not immune to it. But at the same time, there's a little more ability to -- for consumers to bear some of the price increases there. So that's where we see the battery business.

至於更往後看，我認為高階手機應該會表現得更好。它們也不是完全不受影響。但同時，消費者在那個價位帶對於承擔部分漲價的能力會稍微高一些。因此，這就是我們對電池業務的看法。

Okay. And then I wasn't clear what you were indicating about the PC business beyond the fiscal first quarter and into the second quarter, what are your customers indicating about build intensity there, Stephen?

了解。另外，我不太清楚你對PC業務在會計年度第一季之後、進入第二季的指引是什麼；Stephen，你的客戶對那邊的組裝強度有什麼說法？

Yes. We mainly see September as the main correction. We're not right now -- December quarter is still a little fuzzy to see exactly, but we're not -- right now, we're not expecting a correction at that point. And -- but we have to just see what the memory situation is like.

是的。我們主要把9月視為主要的修正期。目前——12月季度的情況仍有點模糊，還看不太清楚，但我們目前並不預期那時會出現修正。不過我們還是得看記憶體供需狀況會是什麼樣子。

Okay. And then just a clarification on operating expense. So we knew that we were going to increase R&D expense this year for new product work in Advanced Compute. It seems like that's having a positive impact. Can you help us understand the longer-term thinking about how you're weighing increased R&D intensity in the business? Is this something that we should expect would persist in calendar '27, or do you exit '26, with the product programs in the right place, so R&D expense would grow to a more normalized level beyond this year?

好的。再釐清一下營業費用。我們知道今年會為了先進運算（Advanced Compute）的新產品開發而提高研發費用。看起來這正帶來正面影響。你能幫我們理解，從長期來看你們如何權衡提高研發投入強度（R&D intensity）嗎？我們是否應該預期這種情況會延續到曆年2027年，還是你們在2026年結束時產品計畫已到位，因此今年之後研發費用會回到較正常化的成長水準？

Yes. For us, we are in this investment mode where we are investing in the R&D. Most of that spend -- increase in spending, we expect it to be done in this calendar year in terms of the additional investments to build up the teams and build up the technology capabilities to address these additional growth opportunities. So most of that expansion we expect to happen this year. I would expect next year will be more just kind of standard organic type of growth as opposed to a stepped-up growth this year.

是的。對我們而言，我們正處於投資模式，正在加大研發投入。其中大部分的支出——也就是支出增加的部分——我們預期會在這個曆年內完成，主要是額外投資用來擴編團隊並提升技術能力，以掌握這些額外的成長機會。因此，我們預期大部分的擴張會在今年發生。我預期明年會比較偏向標準的有機成長，而不是像今年這樣的階梯式加速成長。

(Operator Instructions)

(接線員指示)

Patrick Muth, [Needham].

Patrick Muth，[Needham]。

This is Patrick Muth on for David Williams over at Needham. Just a couple of questions. So as AI becomes a bigger share of revenue, should we expect gross margins to improve mainly because of this mix shift? Or is there a ceiling to how much AI volume can offset any weakness elsewhere? And then maybe also provide more color on the magnitude of the gross margin improvement from the mix shift in the second half of the calendar year.

我是Needham的Patrick Muth，代替David Williams提問。我有幾個問題。隨著AI在營收中的占比提高，我們是否應該預期毛利率主要會因產品組合轉變（mix shift）而改善？或者AI的出貨量能抵消其他領域疲弱的程度是否存在上限？另外，也請你更具體說明一下，曆年下半年因組合轉變帶來的毛利率改善幅度大概會有多大。

Sure. This is an area that we've been excited to take part and to see our products being adopted into these high-performance applications. We are still in that ramping mode in terms of several of these products were released either late last calendar year or beginning of this calendar year.

當然。這是我們很興奮能參與的領域，也很高興看到我們的產品被採用在這些高效能應用中。就爬坡（ramping）而言，我們仍處於爬坡模式，因為其中有幾項產品是在上一個曆年末或本曆年初才發布。

So the ramp that we saw was really starting just from this March quarter onwards. And we are continuing to design in our solutions and to win business. And so in general, we expect to see this segment continue to grow in the coming quarters and as we win more projects and as we open up into more customers. Yes, I'll stop there.

因此，我們看到的放量其實是從今年3月季度之後才真正開始。我們也持續把解決方案導入設計（design-in），並贏得訂單。因此整體而言，隨著我們贏得更多專案、並拓展到更多客戶，我們預期這個事業在接下來幾個季度會持續成長。是的，我先說到這裡。

We have reached the end of the Q&A session. I will now turn the call back to Steven Pelayo, for closing remarks.

問答環節到此結束。接下來我將把電話交回給Steven Pelayo，請他做結語。

Okay. Great. Before we conclude, I'd like to just highlight a few upcoming investor events. The management team will be participating in the 7th Annual Needham Virtual Semiconductor and SemiCap one on one Conference on August 20; also at the Jefferies Semi, IT Hardware & Communications Technology Summit on August 26, in Chicago, Illinois; and the Benchmark 2026 Tech, Media and Telecom Conference on September 10, in New York, New York. If you wish to request a meeting, please contact the institutional sales representative at the sponsoring bank.

好的。很好。在結束之前，我想簡單強調幾個即將到來的投資人活動。管理團隊將參加第7屆Needham線上半導體與半導體資本設備（SemiCap）一對一會議，時間是8月20日；也將參加8月26日在伊利諾州芝加哥舉行的Jefferies半導體、IT硬體與通訊科技高峰會；以及9月10日在紐約州紐約市舉行的Benchmark 2026科技、媒體與電信會議。若您希望安排會議，請聯繫主辦銀行的機構銷售代表。

This concludes our earnings call today. Thank you for your interest in AOS, and we look forward to speaking with you again next quarter. Take care.

今天的法說會到此結束。感謝各位對AOS的關注，我們期待在下個季度再次與各位交流。保重。

Thank you.

謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。