Aug 19, 2026 earnings call — AI data center momentum and Gen 5 MOSFETs
Revenue was $150 million for the quarter, and AI data center revenue more than doubled in fiscal 2026 versus fiscal 2025.
Revenue $0.1B (est $0.1B) · EPS $-2.26 (est $-2.45)
Key quotes
"In fiscal 2026, revenue in this business more than doubled versus fiscal 2025, including increasing approximately 20% from the fiscal third quarter to the fourth quarter."
"Gen 5 MOSFETs deliver the best specific on-state resistance in the industry while maintaining the excellent switching behavior introduced in our Gen 4 MOSFET."
"Reflecting on this past fiscal year, we have proactively taken aggressive actions, including recapitalizing the company to strengthen the balance sheet and bolstering our leadership team and our sales organization with seasoned industry veterans."
Analyst Q&A 4
Auto and industrial demand
Q (Christopher Rolland · Susquehanna): The analyst asked what the near-term outlook is for automotive and industrial customers for materials and devices, and whether June was the bottom for that business.
A: Management said their broader customer diversification is starting to pay off and they see good traction in both industrial and auto. They noted one new design win at a German car OEM for onboard charging but said overall demand across these verticals is hard to predict because some customers are changing product mix.
"How the overall demand will develop across these end verticals it's hard to predict, quite frankly speaking here, as also some of our customers are going through product mix changes, especially on the auto side here." — Robert Feurle (CEO)
Data center revenue and gross margins
Q (Joshua Buchalter · TD Cowen): The analyst asked when data center revenue might become meaningful and how tied that is to 800-volt architecture versus broader AI deployments. He also asked what Mohawk Valley utilization or revenue is needed for gross margins to turn positive.
A: Management said 800-volt deployment is a big milestone and they are working on qualifications across the ecosystem; solid-state transformers at 2.3 and 3.3 kilovolt are also important and delivering from Mohawk Valley puts them in a good position. They said gross margin neutrality depends on volume and asset utilization, and estimated breakeven around an $800 million annual run rate, subject to mix.
"In a ballpark, we would say on an $800 million annual run rate, that's probably the ballpark where a breakeven gross margin point lies right now." — Gregor Issum (CFO)
Refinancing first-lien debt
Q (Jonathan Dorsheimer · William Blair): The analyst asked what refinancing the first-lien (L1) debt would save in annual interest and how it would affect cash burn. He also asked whether retiring L1 would allow splitting the business into materials and power.
A: Management said the first-lien debt is the highest priority to refinance and it carries about 16% interest today; savings depend on the refinancing approach applied to the $630 million outstanding. They noted this would meaningfully help cash flow this quarter and they said they have no interest in splitting the company because they believe vertical integration drives performance.
"Depending on the means of refinancing, you can calculate on the $630 million of outstanding debt, how much saving that would be." — Gregor Issum (CFO)
Materials revenue and 200mm transition
Q (JPMorgan): The analyst asked how to think about materials revenue after $43 million this quarter and when 200-millimeter production will contribute more meaningfully as customers move from 150mm.
A: Management said they are working with major customers to qualify 8-inch (200-millimeter) materials now, and some customers are digesting inventory during the transition from 6- to 8-inch. They expect the transition to continue this year and said customers will eventually move to 8-inch, where the company believes it is well positioned with leading-edge quality and technology.
"So we're working with all the major customers on qualifying the 8-inch to 200-millimeter materials as we speak." — Robert Feurle (CEO)