Alpha & Omega Semiconductor Ltd (AOSL, Financial) released its earnings report for the fiscal first quarter of 2024 ended September 30, 2023, on November 6, 2023. The company reported a revenue of $180.6 million, marking an 11.8% increase from the prior quarter but a 13.4% decrease from the same quarter last year.
Financial Highlights
GAAP gross margin was 28.2%, up from 27.6% in the prior quarter but down from 34.1% in the same quarter last year. Non-GAAP gross margin was 28.8%, up from 28.5% in the prior quarter and down from 35.4% in the same quarter last year.
GAAP operating income was $9.4 million, up from $2.6 million in the prior quarter but down from $25.5 million in the same quarter last year. Non-GAAP operating income was $11.2 million, compared to $6.9 million in the prior quarter and $37.1 million in the same quarter last year.
Consolidated cash flow provided by operating activities was $13.8 million, compared to negative $28.2 million in the prior quarter. The company closed the quarter with $193.6 million of cash and cash equivalents.
CEO Commentary
“We delivered solid fiscal Q1 results driven by an encouraging rebound in PC and smartphone shipments for fall device launches and the holiday season. Looking forward, we remain cautious about a sustained broader recovery as we are seeing signs of demand constraints in other end markets, which are affected by the persistent high-interest rate environment and geopolitical uncertainties.” - AOS Chief Executive Officer Stephen Chang
Outlook for Fiscal Q2 2024
Alpha & Omega Semiconductor Ltd (AOSL, Financial) expects revenue to be approximately $165 million, plus or minus $10 million for the second quarter of fiscal year 2024. GAAP gross margin is anticipated to be 27.1%, plus or minus 1%, and non-GAAP gross margin to be 28.5%, plus or minus 1%. GAAP operating expenses are expected to be in the range of $48.0 million, plus or minus $1 million, and non-GAAP operating expenses are expected to be in the range of $40.3 million, plus or minus $1 million.
Explore the complete 8-K earnings release (here) from Alpha & Omega Semiconductor Ltd for further details.