Advanced Energy Industries, Inc. · NASDAQ:AEIS
Advanced Energy Industries — Q4 2025 Earnings Presentation
15 slides from Advanced Energy Industries's earnings presentation, Feb 10, 2026
Slide 1: Q4 and 2025 Financial Results
Advanced Energy (AEIS) Q4 and 2025 Financial Results FEBRUARY 10, 2026
Slide 2: Safe Harbor
Safe Harbor Forward-Looking Statements: Advanced Energy Industries, Inc.’s guidance and other statements herein or made on the conference call contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and S
Slide 3: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights REVENUE NON-GAAP GROSS MARGIN(1) OPERATING CASH FLOW (2) $489 million 39.7% $80 million Up 18% YoY Up 170 bps YoY NON-GAAP EPS NON-GAAP OP MARGIN(1) TOTAL CASH $1.94 17.8% $791 million Up 49% YoY Up 426 bps YoY Net Cash³ of $224 million (1) Detailed explanations of non-G
Slide 4: 2025 Financial Highlights
2025 Financial Highlights REVENUE NON-GAAP GROSS MARGIN(1) OPERATING CASH FLOW(2) $1.80 billion 38.7% $235 million NON-GAAP EPS NON-GAAP OP MARGIN(1) TOTAL CASH $6.41 15.8% $791 million (1) Detailed explanations of non-GAAP financials and reconciliations of GAAP to non-GAAP financials can be found a
Slide 5: Q4 and 2025 Summary
Q4 and 2025 Summary Q4 2025 revenue and non-GAAP EPS(1) exceeded guidance ▪ Revenue of $489 million grew 18% YoY; non-GAAP EPS of $1.94 increased 49% YoY ▪ Strengthening demand in Semiconductor and Industrial & Medical drove upside; Data Center was another record ▪ Non-GAAP gross margin(1) reached 3
Slide 6: Q4 2025 Detail by Market
Q4 2025 Detail by Market Up 8% QoQ & Down 7% YoY Up 4% QoQ & Up 101% YoY ▪ Q4 well ahead of plan as customer ▪ Q4 was another record, as we quickly adjusted demand strengthened output to meet changes in product mix ($ in millions) ▪ 2025 Semi revenue grew 6% to 2nd highest ▪ AE’s modular tech blocks
Slide 7: Q4 and 2025 Income Statement
Q4 and 2025 Income Statement ($ in millions) Q4-2025 Q3-2025 ($ in millions) Q4-2024 QoQ YoY 2025 2024 YoY Revenue $489.4 Revenue $463.3 $415.4 5.6% 17.8% $1,798.8 $1,482.0 21.4% GAAP gross margin 38.6% GAAP gross 37.2% 37.6% margin - - 37.7% 35.7% - GAAP operating expenses $132.5 GAAP operating $12
Slide 8: Q4 and 2025 Revenue by Market
Q4 and 2025 Revenue by Market ($ in millions) Q4-2025 Q3-2025 Q4-2024($ in millions) QoQ YoY 2025 2024 YoY Semiconductor Equipment $211.6 $196.6 $226.8Semiconductor 7.6% Equipment -6.7% $839.9 $792.5 6.0% Data Center Computing $177.9 $171.6 $88.7Data Center 3.7%Computing 100.6% $587.3 $284.2 106.7%
Slide 9: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow ($ in millions) Q4-2025 Q3-2025 Q4-2024 Total Cash increased $32.6 million QoQ to $791.2 million Cash $791.2 $758.6 $722.1 ▪ Net cash(1) at $223.7 million ▪ Repurchased $6.7 million of common stock at an average Inventories $411.2 $399.7 $360.4 price of $205.38 per share
Slide 10: Q1 2026 Guidance
Q1 2026 Guidance Revenue $500 million ± $20 million GAAP EPS from continuing operations $1.44 ± $0.25 Non-GAAP(1) EPS $1.94 ± $0.25 (1) Detailed explanations of non-GAAP financials and reconciliations of GAAP to non-GAAP financials can be found at the end of this presentation
Slide 11: 2.50% Convertible Note Dilution Table
2.50% Convertible Note Dilution Table AEIS GAAP Non-GAAP(2) Share Price Net Shares Dilution Net Shares Dilution Price at Issuance $105.74 $120.00 Share Count Initial Conversion Price $137.46 $160.00 0.6 1.5% Basic share count 37.6 Conversion Price with Call Spread(2) $179.76 1.0 2.6% Diluted share c
Slide 12: Quarterly Non-GAAP Financials
Quarterly Non-GAAP Financials(1) Quarterly Trend (figures in $ millions, except percentage and EPS) All figures from Continuing Operations 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenue 425.0 415.5 410.0 405.3 327.5 364.9 374.2 415.4 404.6 441
Slide 13: Non-GAAP Measures
Non-GAAP Measures Detailed reconciliations of GAAP to non-GAAP financials can be found on the subsequent slides. These slides include measures, such as non-GAAP earnings per share (“EPS”), non-GAAP gross margin and other non-GAAP financial measures, that are not prepared in accordance with accountin
Slide 14: Non-GAAP Reconciliation
Non-GAAP Reconciliation ($ in millions, except percentage and $ per share)
Slide 15: Q1 2026 Reconciliation of GAAP to Non-GAAP Guidance
Q1 2026 Reconciliation of GAAP to Non-GAAP Guidance
Advanced Energy Industries — Q4 2025 Earnings Presentation on 6ix