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We are a designer, developer and global supplier of a broad portfolio of power semiconductors. Our portfolio of power semiconductors includes approximately 2,800 products, and has grown with the introduction of over 100 new products in the fiscal year ended June 30, 2025, and over 100 and 60 new products in the fiscal years ended June 30, 2024 and 2023, respectively.
The business is unprofitable at the operating level (-4.08% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 5.9%, steady but not accelerating. Margins contracted 3.5pp, which offsets some of the top-line progress.
ROIC dropped from -0.31% to -2.45%, capital efficiency is deteriorating. Negative free cash flow of -$8M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$685M
▲ +5.9% YoY
Net Income (TTM)
-$106M
▼ -775.2% YoY
Op. Margin
-6.40%
▼ -3.5pp YoY
ROIC
-4.05%
▼ -2.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$60M
▲ +34.0% YoY
Op. Cash Flow (TTM)
-$9M
▲ +15.4% YoY
Net Debt
-$161M
Net Cash Position
Cash & Equiv.
$190M
5Y CAGR: +8.4%
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