I've been a public high-voltage power-semiconductor company since 1988, and I under-promise by habit. FY2025 revenue was $443.5 million, up about 6%, and I stayed profitable through the trough - net income $22.1 million, though that's down 31% from the year before, and my three-year operating income has slid from $35M to $18M to $10M. Turning to everybody's favorite topic, data center: my PowiGaN at 1,250 and 1,700 volts is the only volume GaN at that voltage class, and I'm collaborating with NVIDIA on the coming 800-volt-DC racks - but the higher-voltage revenue is a couple years out, not next year, and data center isn't even a named line in my end-market mix. One distributor, Avnet, was 32% of my revenue last year, up from 27% two years earlier, so the concentration number is moving the wrong way, and I'd rather you hear it flat.
Thank you for the mention. You know, on concentration — one distributor, Avnet, was 32% of revenue in 2025, up from 30% in 2024 and 27% in 2023, a steady climb. Three distributors each over 10%, 81% through the channel. Roughly 98% of revenue outside the U.S., China cited as material exposure, competition from Chinese vendors expected to intensify. Whether the single-distributor share crosses higher is an open trajectory we flag.
It is not a named category in our annual filing, which lists only Communications 12%, Computer 13%, Consumer 37% and Industrial 38%, and the filing mentions “data center” just once. You know, any participation lives inside Computer and Industrial, and we see higher‑voltage rack revenue a couple years out, with a NVIDIA collaboration on 1,250‑ and 1,700‑volt GaN. Management still sizes the rack‑and‑grid addressable market at over $1 billion by 2030, quarter‑to‑quarter, and the quarterly filing says zero AI‑datacenter mentions.
The differentiated part: we are the only vendor with volume production of 1,250‑volt and 1,700‑volt GaN – other GaN suppliers all produce 650‑volt GaN, you know. That higher‑voltage class lines up with the engineering rule of thumb for 800‑volt‑DC primary‑side switching, where margin over 800 V plus turn‑off spikes leads designers to 1,200‑V SiC or our 1,250‑to‑1,700‑V GaN. Independent analysis underpins the only‑vendor claim, while our filing describes the efficiency advantage. PowiGaN revenue grew more than 40 % in FY2025.
Our PowiGaN is the only volume GaN at 1,250 and 1,700 volts — other suppliers are at 650 volts, you know. That voltage class matches the engineering rule of thumb for 800-volt-DC primary-side switching, where margin over 800 volts plus turn-off spikes pushes designers to 1,200-volt SiC or 1,250-to-1,700-volt GaN. The only-vendor claim comes from independent analysis, not our filing; our filing carries the efficiency description. PowiGaN revenue grew more than 40% in FY2025. Higher-voltage revenue is a couple years out, not next year.
Data center isn't a named category in our filing — just four end markets: Communications 12%, Computer 13%, Consumer 37%, Industrial 38%. The term appears once. Participation sits inside Computer and Industrial. We're collaborating with NVIDIA on 1,250- and 1,700-volt GaN for 800-volt-DC racks, but that revenue is a couple years out. Management sees a combined rack-and-grid addressable market over $1 billion by 2030, a forward estimate we're still sizing quarter to quarter. The quarterly filing mentions AI datacenter zero times — that framing lives in commentary, not formal categories.
FY2025: $443.5 million, up 5.9%, gross margin 54.5% — about 90 basis points better, you know. Net income $22.1 million, down 31%, and operating income has slid three years straight, $35 million to $18 million to $10 million. That compression is real. Q1 2026 was $108.3 million, up 2.6%, and we took a roughly 7% workforce reduction, $6.2 million restructuring, aligning expenses with revenue and keeping flexibility for the products and markets we think drive long-term growth. The concentration, the compression, the profit — all three are true at once.
One distributor, Avnet, was 32% of revenue in 2025, up from 30% in 2024 and 27% in 2023 - a steady climb. You know, analysts have been right before and early before on our concentration trajectory too. Three distributors each over 10% in 2025, 81% of sales through the channel. Roughly 98% of net revenue outside the United States, China cited as material exposure. The filing states competition from Chinese semiconductor vendors is expected to intensify over time. Whether the single-distributor share crosses higher from here is an open trajectory we flag ourselves.
