$147.7 million.

That was the cash Alpha and Omega Semiconductor got from selling an equity stake in a joint venture during the twelve months ended June 30. The transaction helped lift cash to $180.8 million, even as the chipmaker’s own operations used $16.3 million.

The surface reading is a company with more money in the bank. The arithmetic is that the cash balance was supported by an asset sale, while the business invested more, held more inventory, and carried a larger receivables balance against slightly lower sales.

Revenue fell 2.5% to $678.9 million for the full year. Gross profit fell faster, down 5.9% to $151.5 million, pushing gross margin to 22.3% from 23.1%. The company’s operating loss widened to $43.2 million from $28.4 million.

The product numbers put a plain shape around the sales decline: fewer units, somewhat better pricing.

"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."

Alpha and Omega Semiconductor, 10-K filed August 27, 2026

That is not a collapse in price. It is a smaller shipment base with a mix-driven lift in average selling price, which still left combined product sales lower.

Management also spent more. Research and development rose 10.2% to $103.9 million, while capital spending climbed 39.2% to $51.8 million. Inventory increased 6.2% to $201.4 million and accounts receivable rose 23.1% to $42.8 million. The 10-K does not disclose the cause of the receivables increase.

The cash statement makes the distinction hard to miss. Investing activities provided $122.5 million more cash than in fiscal 2025, almost entirely because of the joint-venture stake sale.

"Cash flows from investing activities For the fiscal year ended June 30, 2026, the $122.5 million increase in cash provided by investing activities compared to the fiscal year ended June 30, 2025 was primarily due to a $147.7 million in the proceeds of sales of equity interest in the JV 53 Company."

Alpha and Omega Semiconductor, 10-K filed August 27, 2026

The proceeds are real cash, but they are not operating cash generation. After capital spending, free-cash-flow margin was negative 10.0%, down 8.9 percentage points from the comparable year.

There is one counterweight in the income statement. Net loss narrowed to $42.3 million from $97.0 million, mainly because the prior year included a $76.8 million impairment of an equity-method investment that did not recur. That improvement is an accounting comparison, not evidence that the operating engine produced cash.

At the latest close, AOSL was $26.20, with a market capitalization of $770.3 million and net cash of $138.2 million. The balance sheet therefore carries a cash cushion, while the latest year shows a business spending more and converting less of its activity into cash.

The unanswered question is simple: in the next reported period, will operating cash flow turn positive without another large asset sale?