Power chip designer Alpha and Omega Semiconductor is warning of capacity issues from the lockdown in Shanghai as it aims for $1bn of turnover in the next couple of years.
The US company saw growth of 9.4% in the last quarter to $194m to reach a turnover of $777.6m for the year. This is up 18% from $656.9m last year.
“Our fiscal Q4 was another strong quarter despite the challenge posed by the Covid lockdown in Shanghai,” said Dr. Mike Chang, chairman and CEO of AOS. “Our ability to assemble and ship products was severely limited for most of April due to the city-wide lockdown in Shanghai. Once cleared to restart operations at the end of April, it also took time for our assembly lines to return to full utilization. Our Shanghai facilities are mostly back to normal and are currently operating at full capacity.”
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“Looking ahead, we are seeing inventory corrections happening in certain consumer end markets,” he said. “While we are not immune to current global market conditions, as of today, our demand and backlog are still higher than our overall capacity. I believe our strategic position within our sector is resilient thanks to our technology leadership, diversified product portfolio, and strong Tier 1 customer base in all our business segments. In fact, our market share at Tier 1 customers is the highest that it has ever been. The electrification of everything is just getting started, and our power products sit at the forefront of this trend. We are on pace and focused to achieve our one billion dollar annual revenue target in the next couple of years.”
The Company closed the quarter with $314.4 million of cash and cash equivalents and expects turnover of $210m in the next quarter.
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