What changed in this filing

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Item 1. Business

2025-08-28 compared with 2024-08-23 · 93 added, 98 removed, 329 unchanged (37% of the section changed)

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We differentiate ourselves by integrating our expertise in technology, design and advanced manufacturing and packaging to optimize product performance and cost.

Our portfolio of products targets high-volume applications, including personal computers, graphic cards, game consoles, flat panel TVs, home appliances, power tools, smart phones, battery packs, consumer and industrial motor controls and power supplies for TVs, computers, servers and telecommunications equipment.

Our portfolio of products targets high-volume applications, including personal computers, graphic cards, game consoles, home appliances, power tools, smart phones, battery packs, consumer and industrial motor controls and power supplies for computers, servers and telecommunications equipment.

During the fiscal year ended June 30, 2025, we continued our diversification strategy by developing new silicon and packaging platforms to expand our serviceable available market, or SAM, and offer higher performance products.

Our metal-oxide-semiconductor field-effect transistors, or MOSFET, portfolio expanded significantly across a full range of voltage applications.

We also developed new technologies and products designed to penetrate into markets beyond our MOSFET computing base, including the consumer, communications and industrial markets, Insulated Gate Bipolar Transistors, or IGBTs for the home appliance market, as well as power ICs for next generation computing and gaming applications.

We also developed new technologies and products designed to penetrate into markets beyond our MOSFET computing base, including the consumer, communications and industrial markets, Insulated Gate Bipolar Transistors, or IGBTs and integrated power modules for the home appliance market, as well as power integrated circuits (“ICs”) for personal computing (“PC ”), advanced computing and gaming applications.

Our business model leverages global resources, including research and development and manufacturing in the United States and Asia.

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In addition, we utilize subcontracting partners for industry standard packages.

We believe our in-house packaging and testing capability provides us with a competitive advantage in proprietary packaging technology, product quality, cost and sales cycle time.

On March 29, 2016, we entered into a joint venture contract (the “JV Agreement”) with two investment funds owned by the Municipality of Chongqing (the “Chongqing Funds”), pursuant to which the Company and the Chongqing Funds formed a joint venture, (the “JV Company”), for the purpose of constructing and operating a power semiconductor packaging, testing and 12-inch wafer fabrication facility in the Liangjiang New Area of Chongqing, China (the “JV Transaction”).

As of December 1, 2021, we owned 50.9%, and the Chongqing Funds owned 49.1%, of the equity interest in the JV Company.

The Joint Venture was accounted under the provisions of the consolidation guidance since we had controlling financial interest until December 1,

As of December 2, 2021, we ceased having control over the JV Company.

Therefore, we deconsolidated the JV Company as of that date.

Subsequently, we have accounted for its investment in the JV Company using the equity method of accounting.

As of June 30, 2023, the percentage of outstanding JV equity interest beneficially owned by the Company was reduced to 42.2%.

Such reduction reflects (i) the sale by the Company of approximately 2.1% of the outstanding JV equity interest which resulted in the deconsolidation of the JV Company, (ii) additional sale by the Company of approximately 1.1% of outstanding JV equity interest in December 2021, (iii) the adoption of an employee equity incentive plan and the issuance of additional equity interest equivalent to 3.99% of the JV Company to investors in exchange for cash in December 2021, and (iv) issuance of additional equity interest of the JV to investors in January 2022.

In February 2024, the JV Company repurchased certain shares that were previously issued to employees under the employee equity incentive plan, which increased our percentage of equity ownership in the JV Company by 0.54%.

As of June 30, 2024, the percentage of outstanding JV equity interest beneficially owned by us was 42.8%.

While we no longer control the JV Company, the JV Company continued to provide us with significant level of foundry capacity to enable us to develop and manufacture our products, including a commitment to provide us with a monthly wafer production capacity until December 2023, and additional commitment to provide wafer capacity after December 2023 if the JV Company’s production capacity reaches certain specified level.

We were incorporated in Bermuda on September 27, 2000 as an exempted limited liability company.

The address of our registered office is Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda.

The address of our U.S.

office is Alpha and Omega Semiconductor Incorporated, 475 Oakmead Parkway, Sunnyvale, CA 94085.

The telephone number of our U.S.

office is (408) 830-9742.

We have incorporated various wholly-owned subsidiaries in different jurisdictions.

Please refer to Exhibit 21.1 to this Form 10-K for a complete list of our subsidiaries.

We believe our in-house packaging and testing capability provide us with a competitive advantage in proprietary packaging technology, product quality, cost and sales cycle time.

As of June 30, 2025, we owned approximately 39.2% of outstanding equity interest in a joint venture company (the “JV Company”) that operates a power semiconductor packaging, testing and 12-inch wafer fabrication facility (“Fab”, “Chongqing Fab” ) in the LiangJiang New Area of Chongqing, China, and the JV Company is an important supplier of wafers and assembly and test services to us.

On December 30, 2024, the JV Company signed an investment agreement with an investor, pursuant to which the investor agreed to invest RMB 500 million (or $68.5 million based on the currency exchange rate between RMB and

Dollar on December 31, 2024) in the JV Company in exchange for a 7.09% interest.

This transaction closed on January 15, 2025, at which time, the percentage of outstanding JV Company’s equity interest owned by the Company was reduced to approximately 39.2%.

We recorded a gain of $0.5 million on the change of equity interest in the JV Company, which was included in the equity method investment loss line in the consolidated statements of operations.

The funding of the investment was agreed to be made in three installments.

The JV Company received the first installment of RMB 40 million (or $5.5 million) on December 31, 2024.

However, the JV Company has not received the remaining two installments as of the filing date.

On July 14, 2025, we entered into an equity transfer agreement (“Agreement”) with the investor to sell approximately 20.3% of outstanding equity interest in the JV Company for an aggregate cash consideration of $150 million.

We identified the negotiations of the equity transfer agreement throughout the fourth quarter of fiscal year 2025 as an impairment indicator and performed a quantitative impairment test as of June 30, 2025.

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.

We believe this sale will provide additional and significant capital for us to continue investment in technology, research and development projects and acquisition of assets complimentary to our business operations, which will facilitate and accelerate our efforts to develop and distribute innovative and diverse power semiconductor products to customers worldwide.

In addition, the JV Company will continue to provide us with a significant level of foundry 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 provide us with a specified level of monthly wafer production capacity.

Semiconductors are electronic devices that perform a variety of functions, such as converting or controlling signals, processing data and delivering or managing power.

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The power semiconductor market has been driven by several key factors in recent years.

The proliferation of computer and consumer electronics, such as notebooks, tablets, smart phones, flat panel displays and portable media players created the need for sophisticated power management that increases power efficiency and extends battery life.

The evolution of these

products is characterized by increased functionality, thinner and smaller form factors and decreasing prices.

Our Power IC and low voltage (5V-40V) MOSFET products address these markets.

The proliferation of computer and consumer electronics, such as notebooks, tablets, smart phones, and portable media players created the need for sophisticated power management that increases power efficiency and extends battery life.

The evolution of these products is characterized by increased functionality, thinner and smaller form factors and decreasing prices.

Our Power IC and low voltage

(5V-40V) MOSFET products address these markets.

In the area of AC-DC power supplies for electronic equipment, data centers and servers, the market is characterized by a continuous demand for energy conservation through higher efficiency, which drives the market for our medium voltage (40V-400V) and high voltage (500V-1000V) MOSFET products.

The increased application of power semiconductors to control motors in white goods and industrial applications is driving demand for Insulated Gate Bipolar Transistors, or IGBTs.

The increased application of power semiconductors to control motors in white goods and industrial applications is driving demand for IGBTs.

IGBTs are also being used in renewable energy and automotive applications.

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This is particularly important in the development of power semiconductor products due to the unique nature of their technology.

While digital technologies are highly standardized in leading foundries, power semiconductor technologies tend to be more unique as they seek to accommodate a wider range of voltage applications.

Accordingly, third-party foundries, which are primarily designed and established for digital technologies, may have limited capabilities when it comes to the development of new power semiconductor technologies.

Our strategies

AOS seeks to advance our position as a designer, developer and global supplier of a broad portfolio of power semiconductors.

We seek to advance our position as a designer, developer and global supplier of a broad portfolio of power semiconductors.

We have adopted strategies that allow us to balance the development of proprietary technology at in-house fabrication and packaging facilities and also utilize the capacity and manufacturing capability of third-party foundries and subcontractors.

This enables us to bring new products to market faster, and improve our financial performance in the long run.

This model also allows us to respond more quickly to our customer demands, enhances relationships with strategic customers, provides flexibility in capacity management, and enables geographic diversification of our wafer supply chain.

Our in-house manufacturing capability allows us to retain a higher level of control over the development and application of our proprietary process technology, thereby reducing certain supply chain and operational risks.

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We intend to continue exploring opportunities to expand our manufacturing capabilities, including acquisition of existing facilities, formation of joint ventures or partnerships with third parties or applying for government funding or grants available in the semiconductor industry.

Although our largest end-market is the personal computing (“PC”) market, we have successfully diversified our business by expanding into other markets, including consumer, communications, and power supply and industrial markets.

While we have made progress in our diversification and expansion into additional applications, we continue to support and grow our PC business by expanding bill-of-material content, gaining market share, and acquiring new customers.

Although our largest end-market is the Computing market, we have successfully diversified our business by expanding into other markets, including consumer, communications, and power supply and industrial markets.

While we have made progress in our diversification and expansion into additional applications, we continue to support and grow our computing business by expanding bill-of-material content, gaining market share, acquiring new customers, and expanding into new application areas such as AI.

We plan to further expand the breadth of our product portfolio to increase our total bill-of-materials within an electronic system and to address the power requirements of additional electronic systems.

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We will continue to leverage our expertise to further increase our product lines, including higher performance power ICs, IGBTs and high, medium and low voltage MOSFETs, in order to broaden our addressable market and improve our margin profile.

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, graphics cards, and gaming.

Leverage our power semiconductor expertise to drive new technology platforms

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Within this context, we believe that we are well positioned to be a leader in providing total power management solutions because of our extensive pool of experienced scientists and engineers and our strong IP portfolio.

Accordingly, we intend to leverage our expertise to increase the number of power discrete technology platforms and power IC designs, including future digital power controller products that are currently under development, to expand our product offerings and deliver complete

power solutions for our targeted applications.

In addition, our ability to develop new technology is enhanced by the operation of our own manufacturing facilities in Oregon and our close partnership with the JV.

Accordingly, we intend to leverage our expertise to increase the number of power discrete technology platforms and power IC designs, including multiphase controller products to expand our product offerings and deliver complete power solutions for our targeted applications.

In addition, our ability to develop new technology is enhanced by the operation of our own manufacturing facilities in Oregon and our close partnership with the JV Company.

Increase direct relationships and product penetration with OEM and ODM customers

We have developed direct relationships with key OEMs that are responsible for branding, designing and marketing a broad array of electronic products, as well as ODMs that have traditionally been responsible for manufacturing these products.

We are also focusing on developing and solidifying relationships with certain Tier 1 customers, whose reputation, resources and market share may enable us to generate more significant sales and design wins, and we believe long-term relationships with Tier 1 customers will be a critical factor in our strategy to grow and expand our business operations.

While OEMs typically focus design efforts on flagship products, ODMs are increasingly responsible for designing portions, or entire systems, of the products they manufacture for OEMs.

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We expanded our high voltage 600V and 700V MOSFET portfolio based on our aMOS5 technology platform in order to address demanding consumer and industrial applications.

Our high-voltage portfolio includes our proprietary insulated-gate bipolar transistor ("IGBT") technology, which we provide highly robust and easy-to-use solutions for industrial motor control and white goods applications.

Our high-voltage portfolio includes our proprietary IGBT technology, which we provide 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.

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Since then, AOS has released or is designing in several multiphase controller families serving Intel, AMD and NVIDIA.

Introduction of these

multiphase controllers has enabled AOS to become a complete solution level provider, across multiple compute platforms from PCs, graphics cards to AI and datacenter.

Introduction of these multiphase controllers has enabled AOS to become a complete solution level provider, across multiple compute platforms from PCs, graphics cards to AI and datacenter.

The following table lists our product families and the principal end uses of our products:

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Smart load switching DrMOS power stage

Flat panel displays, TVs, Notebooks, graphic cards, servers, DVD/Blu-Ray players, set-top boxes, and networking equipment

Flat panel displays, TVs, Notebooks, graphic cards, servers, AI datacenters, DVD/Blu-Ray players, set-top boxes, and networking equipment

Analog power devices used for circuit protection and signal switching Transient voltage protection

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Due to the diverse nature of end-market applications, we market both general purpose MOSFETs that are used in multiple applications as well as application specific MOSFETs.

Our current power discrete product line includes industry standard trench MOSFETs, SRFETs, XSFET, electrostatic discharge, protected MOSFETs, high and mid-voltage MOSFETs and IGBTs.

Our current power discrete product line includes industry standard trench MOSFETs, Shielded-Gate low voltage and mid-voltage MOSFETs, SuperJunction high voltage MOSFETs, and trench-stop IGBTs, as well as application specific MOSFETs for smartphone battery management, dual MOSFETs for CPU power conversion, and high-power density MOSFETs for IBC power modules in AI data centers.

Power IC products

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We introduced several new products based on our proprietary technology platform and continue to expand our product families.

During the fourth quarter of fiscal year of 2024, we expanded our package portfolio options available for the second generation 650V to 1200V αSiC MOSFETs.

These new package selections give designers the added flexibility of multiple system optimization options to further maximize system efficiency while streamlining their manufacturing process.

We introduced industry’s lowest quiescent power multiphase Vcore solution for computing systems.

This new Vcore solution

offers low quiescent power in all power states to maximize battery life.

Also, we introduced innovatively designed, space-saving half-bridge MOSFET for DC-DC applications.

In addition, we introduced ultra-low capacitance TVS diode series.

This is ideal to protect high-speed serial interfaces that are used in a broad range of electronic systems.

Moreover, we introduced a 20V, 7A type-C sourcing protection switch designed to enhance USB type-C efficiency and safety.

During the third quarter of fiscal year of 2024, we introduced XSPairFET™ Buck-Boost MOSFET for higher power USB PD 3.1 EPR applications.

This reduces board space and improves power density to achieve the high-efficiency performance goals designers have set for this widely adopted USB-PD Type C application.

Also, we announced application-specific EZBuck™ regulator to power intel meteor lake and arrow lake platforms.

We launched 3-phase driver IC to increase battery life of cordless power tools and E-mobility.

In addition, we announced innovatively designed double-sided cooling DFN 5x6 package to meet a wide variety of high-performance application requirements.

Moreover, we released αMOS5™ 600V FRD 95mohm and 125mohm super junction MOSFET which are designed to meet the high efficiency and high-density needs of servers, workstations, telecom rectifiers, solar Inverters, EV charging, motor drives and industrial power applications.

During the second quarter of fiscal year of 2024, we released our state-of-the-art automotive TO-leadless (TOLL) package for the company’s automotive grade 80V and 100V MOSFETs.

This TOLL package helps designers meet the ongoing trend to electrify vehicles with the latest battery technology to meet clean energy zero-emission goals.

During the first quarter of fiscal year of 2024, we announced ultra-low reverse working voltage TVS diodes for USB4 and thunderbolt 4 ESD protection.

This feature can provide a faster response time compared to conventional snap-back devices, enabling it to absorb ESD energy extremely quickly to avoid damage to the IC and surrounding components.

Also, we introduced MRigidCSP™ package technology strengthening our battery management MOSFETs.

In addition, we announced application-specific EZBuck™ regulator to power 5V system rails.

During the fourth quarter of fiscal year of 2025, we unveiled mega IPM-7 series intelligent power modules engineered to improve application performance and deliver increased power density.

These new series are optimized for brushless DC (BLDC) motor drive-based designs, including home appliance applications such as air-conditioners, refrigerators, dishwashers, and power tools.

We announced AOTL66935 utilizes AOS’ 100V AlphaSGT™ proprietary MOSFET technology which combines the advantages of trench technology for low on-resistance with high safe operating area (SOA) capability that meets 48V hot swap requirements in AI server and telecom applications.

We introduced Gen3 1200V αSiC MOSFETs designed to maximize efficiency in high power applications.

These Gen3 MOSFETs provide up to 30 percent improved switching figure-of-merit (FOM) compared to AOS’ previous generation while maintaining low conduction losses at high load conditions.

We also introduced AMD SVI3 multiphase controller with low quiescent power for graphics and desktop systems.

In addition, we introduced 25V MOSFET in DFN3.3x3.3 source-down packaging that meets power demands in AI servers.

The source-down

packaging technology offers a larger source contact to the PCB, and its center gate pin layout allows easier routing on the PCB, so the gate driver connection can be minimized.

During the third quarter of fiscal year of 2025, we unveiled a 16-phase controller that supports further AI server and graphic card innovation.

This control scheme delivers a highly efficient, flexible power solution when paired with AOS' power stages.

We also added two new advanced MOSFET package options for high-current applications.

These devices provide low ohmic and high current capabilities, critical to reducing the number of parallel MOSFETs needed in high current designs such as in next-generation e-mobility and industrial applications.

During the second quarter of fiscal year of 2025, we announced our new application-specific EZBuck™ Regulator.

The highly integrated, compact, and high-power-density AOZ23567QI constant on-time buck converter offers an upgraded solution that is designed to support VCCPRIM_VNNAON rails in the Intel Arrow Lake platform.

Also, we unveiled our AOZ73004CQI, the world’s first 4-phase controller for blackwell GPUs.

Its advanced design has received full OpenVReg (Open Voltage Regulator) OVR4-22 compliance.

During the first quarter of fiscal year of 2025, we announced new highly robust power MOSFET LFPAK 5x6 package for high performance and high-reliability requirements.

It is designed to withstand harsh environments while maintaining MOSFET.

In addition, we introduced an ideal diode protection switch with limited power source feature as a safeguard for multiport USB-C applications.

The new device has advanced features that substantially reduce voltage drop and power loss compared to a discrete implementation.

Distributors and customers

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We strategically position our team near our end customers through our offices in Taipei, Hong Kong, Shenzhen, Shanghai, Qingdao, Suzhou, Tokyo, Seoul, Heilbronn, and Sunnyvale, California, complemented by our applications centers in Sunnyvale and Shanghai.

In addition, our distributors and sales representatives

assist us in our sales and marketing efforts by identifying potential customers, creating additional demand and promoting our products, in which case we may pay a sales commission.

In addition, our distributors and sales representatives assist us in our sales and marketing efforts by identifying potential customers, creating additional demand and promoting our products, in which case we may pay a sales commission.

Our sales cycle varies depending on the types of products and can range from six to eighteen months.

In general, our traditional power discrete products in PC and TV applications progress more rapidly through the customer's design and marketing processes, and therefore they generally have a shorter sales cycle.

In contrast, our newer Power IC and IGBT products, used mostly in the power supply, home appliance and industrial applications, require a more extended design and marketing timeline and thus have a longer sales cycle.

In general, our power discrete products and Power IC products in Computing and Consumer segments progress more rapidly through the customer's design and marketing processes, and therefore they generally have a shorter sales cycle.

In contrast, our IGBT and Module products, used mostly in the power supply, home appliance and industrial applications, require a more extended design and marketing timeline and thus have a longer sales cycle.

Typically, our sales cycle for all products comprises the following steps:

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However, we believe that we can compete effectively through our integrated and innovative technology platform and design capabilities, including our strong and extensive patent portfolio, strategic global business model, expanding suites of new products, diversified and broad customer base, and excellent on-the-ground support and quick time to market for our products.

As we provide power semiconductors used in consumer electronic products, our business is subject to seasonality.

Our sales seasonality is affected by a number of factors, including global and regional economic conditions as well as the PC market trends and conditions, revenue generated from new products, changes in distributor ordering patterns in response to channel

inventory adjustments and end customer demand for our products and fluctuations in consumer purchase patterns prior to major holiday seasons.

Our sales are made primarily pursuant to standard purchase orders from distributors and direct customers.

The amount of backlog to be shipped during any period depends on different factors, and all orders are subject to cancellation or modification, usually with no penalty to customers.

The quantities actually purchased by customers, as well as shipment schedules, are frequently revised to reflect changes in both the customers’ requirements and in manufacturing availability.

Therefore, our backlog at any point in time is not a reliable indicator of our future revenue.

Our business is subject to seasonal fluctuations, primarily due to our involvement in the power semiconductor market for consumer electronic products.

Sales seasonality is influenced by various factors, including global and regional economic conditions, trends within the personal computer (PC) market, revenue contributions from newly introduced products, variations in distributor ordering behavior driven by channel inventory adjustments, and end-customer demand.

Additionally, fluctuations in consumer purchasing patterns—particularly leading up to major holiday seasons—also contribute to the seasonal nature of our revenue.

Our revenue is subject to some seasonal variation.

Historically, our sequential revenue growth rate tends to be weaker in the March and December quarters when compared with other quarters.

Research and development

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Our research and development expenditures for the fiscal years of 2025, 2024 and 2023 were $94.3 million, $89.9 million and $88.1 million, respectively.

Our research and development expenditures primarily consist of salaries, bonuses, benefits, share-based compensation expense, expenses associated with new product prototypes, travel expenses, fees for engineering services provided by outside contractors and consultants, amortization of software and design tools, depreciation of equipment and overhead costs.

We continue to invest in developing new technologies and products utilizing our own fabrication and packaging facilities as it is critical to our long-term success.

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We allocate our wafer production between our in-house facility and third-party foundries.

past three years, we have gradually reduced our reliance on third-party foundries and increased allocation of capacity to our Oregon Fab and Chongqing JV Fab.

On July 12, 2022, we entered into an agreement with the JV Company for the Chongqing Fab, pursuant to which the JV Company committed to provide us with a monthly wafer production capacity until December 2023, and additional commitment to provide wafer capacity after December 2023 if the JV Company’s production capacity reaches certain specified level.

Currently our main third-party foundry is Shanghai Hua Hong Grace Electronic Company Limited, ("HHGrace") located in Shanghai.

HHGrace has been manufacturing wafers for us since 2002.

HHGrace manufactured 3.8%, 9.6% and 10.3% of the wafers used in our products for the fiscal years ended June 30, 2024, 2023 and 2022, respectively.

Currently wafers from our third-party accounts for around 30% of AOS’s total wafer supply.

Packaging and testing

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In addition, the JV Company handles a portion of our packaging and testing requirement.

We continuously increase the outsourcing portion of our packaging and testing requirements to other contract manufacturers to improve our ability to respond to changes in market demand.

We continuously increase the outsourcing portion of our packaging and testing requirements to other

contract manufacturers to improve our ability to respond to changes in market demand.

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.

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We own significant intellectual property in many aspects of power semiconductor technology, including device physics and structure, wafer processes, circuit designs, packaging, modules and subassemblies.

We have also entered into intellectual property licensing agreements with other companies to use selected

third-party technology for the development of our products, although we do not believe our business is dependent to any significant degree on any individual third-party license agreement.

In February 2023, we entered into a license agreement with a customer to license our proprietary SiC technology and to provide 24-months of engineering and development services for a total fee of $45 million, consisting of fees of $18.0 million, $6.8 million and $9.0 million paid to us in the March 2023, July 2023 and February 2024, respectively, with the remaining amount to be paid upon the achievement of specified engineering services and product milestones.

We have also entered into intellectual property licensing agreements with other companies to use selected third-party technology for the development of our products, although we do not believe our business is dependent to any significant degree on any individual third-party license agreement.

In February 2023, the Company entered into a license agreement with a customer, pursuant to which the Company agreed to license its proprietary Silicon Carbide (SiC) technology to the customer and engineering and development services for 24 months for a total fee of $45.0 million, consisting of an upfront fee and various milestone payments over the 24 months.

As of June 30, 2025, all revenue has been recognized and all consideration has been received associated with the license agreement and we have no further obligations under this agreement.

While we focus our patent efforts in the United States, we file corresponding foreign patent applications in other jurisdictions, such as China and Taiwan, when filing is justified by cost and strategic importance.

The patents are increasingly important to remain competitive in our industry, and a strong patent portfolio will facilitate the entry of our products into new markets.

As of June 30, 2024, we had 930 patents issued in the United States, of which 927 were based on our research and development efforts and 3 were acquired, and these patents are set to expire between 2024 and 2042.

We also had a total of 1,025 foreign patents, including 468 Chinese patents, 506 Taiwanese patents, 27 Korean patents, 4 Hong Kong patents, 5 Philippine patents, 8 Japanese patents, 3 Europe patent and 4 India patent as of June 30, 2024.

As of June 30, 2025, we had 949 patents issued in the United States, which were based on our research and development efforts, of the 949 issued patents, 855 are active and these patents are set to expire between 2025 and 2043.

We also had a total of 961 foreign patents, including 392 Chinese patents, 520 Taiwanese patents, 29 Korean patents, 5 Philippine patents, 8 Japanese patents, 3 Europe patents and 4 India patents as of June 30, 2025.

Substantially all of our foreign patents were based on our research and development efforts.

These foreign patents will expire in the years between 2025 and 2043.

In addition, as of June 30, 2024, we had a total of 159 patent applications, of which 52 patents were pending in the United States, 79 patents were pending in China, 23 patents were pending in Taiwan and 5 patents were pending in other countries.

As our technologies are deployed in new applications and as we diversify our product portfolio based on new technology platforms, we may be subject to new potential infringement claims.

In addition, as of June 30, 2025, we had a total of 165 patent applications, of which 64 patents were pending in the United States, 68 patents were pending in China, 31 patents were pending in Taiwan and 2 patents were pending in India.

As our technologies are deployed in new applications and as we diversify our product portfolio based on new technology platforms, we may be subject to potential infringement claims.

Patent litigation, if and when instituted against us, could result in substantial costs and a diversion of our management's attention and resources.

However, we are committed to vigorously defending and protecting our investment in our intellectual property.

However, we are committed to vigorously

defending and protecting our investment in our intellectual property.

Therefore, the strength of our intellectual property program, including the breadth and depth of our portfolio, will be critical to our success in the new markets we intend to pursue.

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We train our managers to become good stewards for our employees, balancing the need for quality of life with performance results.

We believe that these efforts contribute to the growth and well-being of our employees, as more than 50% of our managerial positions are filled through promotions of existing employees.

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.

We also keep our employees engaged and informed by providing periodic all-staff communications, and semi-annual performance reviews to ensure that efforts and results are aligned with our business and strategic corporate objectives.

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We are also focused on ensuring a diverse workforce, including our management team.

Our Nominating

and Corporate Governance Committee leads the effort in recruiting qualified directors to serve on our Board.

Our Nominating and Corporate Governance Committee leads the effort in recruiting qualified directors to serve on our Board.

Our employees appreciate and value the strength of our people-oriented culture and the benefits our workplace diversity brings.

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Our operations in China are subject to regulation and periodic monitoring by China’s State Environmental Protection Bureau, as well as local environmental protection authorities, including those under the Shanghai Municipal Government, which may in some cases establish stricter standards than those imposed by the State Environmental Protection Bureau.

Our operation in Oregon is subject to Oregon Department of Environmental Regulations, Federal Environmental Protection Agency laws and regulations, and local jurisdictional regulations.

Our operation in Oregon is subject to Oregon Department of Environmental

Regulations, Federal Environmental Protection Agency laws and regulations, and local jurisdictional regulations.

We believe that we have been in material compliance with applicable environmental regulations and standards and have not had a material or adverse effect on our results of operations from complying with these regulations.

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Chang 48 Chief Executive Officer and Director

79 Executive Chairman and Chairman of the Board

80 Chairman of the Board and Executive Vice President of Strategic Initiatives

Yifan Liang 61 Chief Financial Officer and Corporate Secretary

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from Santa Clara University.

Chang, Ph.D ., is the founder of our company and serves as our Executive Chairman.

Chang served as Chief Executive Officer since the founding of our company until March 2023.

Chang, Ph.D ., is the founder of our company and serves as our Chairman of the Board and Executive Vice President of Strategic Initiatives.

Chang previously served as Executive Chairman from March 2023 to March 2025.

He served as Chief Executive Officer since the founding of our company until March 2023.

Prior to establishing our company, Dr.

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Yifan Liang has been serving as our Chief Financial Officer since August 2014 and Corporate Secretary since November 2013.

Liang served as our Interim Chief Financial Officer from November 2013 to August 2014, our Chief Accounting Officer since October 2006, and our Assistant Corporate Secretary from November 2009 to November 2013.

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.

Liang became our company's corporate controller in August 2004.

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in Physical Chemistry from University of Pennsylvania.

Corporate Information

We were incorporated in Bermuda on September 27, 2000 as an exempted limited liability company.

The address of our registered office is Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda.

The address of our U.S.

office is Alpha and Omega Semiconductor Incorporated, 475 Oakmead Parkway, Sunnyvale, CA 94085.

The telephone number of our U.S.

office is (408) 830-9742.

We have incorporated various wholly-owned subsidiaries in different jurisdictions.

Please refer to Exhibit 21.1 to this Form 10-K for a complete list of our subsidiaries.

Available Information

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business