AEISAdvanced Energy Industries, Inc.
Industry Semis analog Updated 28 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
$217 → $252
Promises vs. what happened
16 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
Nine of eleven settled promises held, and the two that did not were both semiconductor. The quarterly guides land, the China factory closed on the date given, and the 2026 growth figure has been raised three times. The misses are the 2025 semiconductor line, which was promised to beat the market by about 10% and did not, and next-generation product revenue doubling in 2025, which was said once and never reported against.
| Promise | Made in | What happened | |
|---|---|---|---|
| Q4 '24 revenue $392M ± $20M, EPS $1.08 ± $0.25 | Q3 '24 | $415.4M, above the top of the range | Held |
| Semi single digits, data centre double digits in '24 | Q3 '24 | +6.6% and +13.7% | Held |
| High-power data-centre products ramp within two quarters | Q3 '24 | ramped; data centre then +107% in 2025 | Held |
| Gross margin structurally over 40% | Q3 '24 | 40.1% in Q1 '26, about 40.7% underlying in Q2 | Held |
| Close the last China factory by Jun '25 | Q1 '25 | done; +240bp of gross margin over the year | Held |
| 2025 revenue +about 17% | Q2 '25 | +21.4%, to $1,799M | Held |
| 2025 data-centre revenue +over 80% | Q2 '25 | +107% | Held |
| Next-gen semi product revenue doubles in '25 | Q2 '25 | said once; the units-shipped disclosure then stopped | Dropped |
| 2026 revenue + high teens | Q4 '25 | raised twice: low/mid 20s, then low-to-mid 30s | Open |
| 2026 data-centre revenue +over 30% | Q4 '25 | raised to at least 50% | Open |
| Long-term gross margin 43% | Q4 '25 | open, undated; "the 42% range by Q4 '26" is the nearest step | Open |
| Over $2.5B of capacity, plus $1B from Thailand | Q4 '25 | now put at roughly $5B once Thailand is built out | Open |
| 2026 free cash flow at or above 2025's | Q1 '26 | H1 was about -$6M; the Q2 deck does not restate it | Open |
| 800 VDC rack power to volume in '27 and '28 | Q3 '25 | the Q2 '26 deck keeps 2028 and drops 2027 | Open |
| Q3 '26 revenue $640M ± $20M, EPS $3.00 ± $0.25 | Q2 '26 | open | Open |
| 2025 semiconductor revenue +about 10% | Q1 '25 | missed | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
Data centrePage one since Q3 '24
MarginPage one since Q2 '25
FactoriesOff page one Q1 '26
New productsOff page one Q2 '26
TariffsPage one since Q2 '26
DiversifyingOff page one Q1 '26
CapacityPage one since Q4 '25
800 VDCNew Q3 '25 · Page one since Q2 '26
I&MPage one since Q2 '26
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Data center power for AI
“‒ Data Center Computing to grow double-digits in 2024 on continued investments in AI infrastructure”
Deck Advanced Energy Q3 2024 earnings presentation · p. 3 ·
Data center power for AI
“Data Center Computing to remain robust in 2025 driven by customer adoption of high power, AI-related solutions”
Deck Advanced Energy Q4 2024 earnings presentation · p. 4 ·
Data center power for AI
“Continued ramp of new programs for AI investments driving Data Center Computing growth in Q2 and into 2H 2025”
Deck Advanced Energy Q1 2025 earnings presentation · p. 4 ·
Data center power for AI
“Q2 2025 revenue above the high end of guidance, driven by upside in Data Center”
Deck Advanced Energy Q2 2025 earnings presentation · p. 4 ·
Data center power for AI
“Q3 2025 results above the high end of guidance, driven by upside in Data Center”
Deck Advanced Energy Q3 2025 earnings presentation · p. 4 ·
Data center power for AI
“Raised Data Center revenue growth outlook to over 30% on higher demand and production ramp of new programs”
Deck Advanced Energy Q4 2025 earnings presentation · p. 5 ·
Data center power for AI
“Revenue of $511 million grew 26% YoY , led by a record quarter in Data Center revenue that doubled YoY”
Deck Advanced Energy Q1 2026 earnings presentation · p. 4 ·
Data center power for AI
“Expect Data Center revenue to increase more than 50% in 2026, after more than doubling in 2025”
Deck Advanced Energy Q2 2026 earnings presentation · p. 4 ·
Gross margin above 40%, then 43%
“On track to structurally improve gross margins to over 40%”
Deck Advanced Energy Q3 2024 earnings presentation · p. 3 ·
Gross margin above 40%, then 43%
“Complete factory consolidation plan, which should provide a foundation to sustain gross margin above 40%”
Deck Advanced Energy Q4 2024 earnings presentation · p. 4 ·
Gross margin above 40%, then 43%
“Completed China closure in Q2, and continue to expect gross margins to approach 40% exiting 2025 even with tariffs”
Deck Advanced Energy Q2 2025 earnings presentation · p. 4 ·
Gross margin above 40%, then 43%
“Remain focused on delivering gross margins of > 40% in the near-term, despite tariffs”
Deck Advanced Energy Q3 2025 earnings presentation · p. 4 ·
Gross margin above 40%, then 43%
“Target long-term gross margin of 43% on improved manufacturing efficiency, new products, and revenue leverage”
Deck Advanced Energy Q4 2025 earnings presentation · p. 5 ·
Gross margin above 40%, then 43%
“Confident in achieving long-term goal of > 43% on new products, better manufacturing efficiency and higher volumes”
Deck Advanced Energy Q1 2026 earnings presentation · p. 4 ·
Gross margin above 40%, then 43%
“Expect favorable mix of new products and higher volume to drive gross margin to the 42% range by Q4 2026”
Deck Advanced Energy Q2 2026 earnings presentation · p. 4 ·
Factory consolidation and China exit
“‒ Beginning to see the benefits of manufacturing consolidation with gross margin improvement of 100bps Q/Q in Q3”
Deck Advanced Energy Q3 2024 earnings presentation · p. 3 ·
Factory consolidation and China exit
“Made significant progress on “15 to 5” factory consolidation plan”
Deck Advanced Energy Q4 2024 earnings presentation · p. 4 ·
Factory consolidation and China exit
“On track to complete China factory closure by the end of June, providing margin uplift in the second half”
Deck Advanced Energy Q1 2025 earnings presentation · p. 4 ·
Factory consolidation and China exit
“Completed China closure in Q2, and continue to expect gross margins to approach 40% exiting 2025 even with tariffs”
Deck Advanced Energy Q2 2025 earnings presentation · p. 4 ·
Factory consolidation and China exit
“Non-GAAP gross margin(1) of 39.1% was up 100 basis points QoQ, driven by earlier than expected benefits from our”
Deck Advanced Energy Q3 2025 earnings presentation · p. 4 ·
Factory consolidation and China exit
“Data Center Computing grew 107% year-over-year, and the second strongest year in Semiconductor ▪ Non-GAAP gross margin increased by 240 bps on China factory exit and revenue leverage”
Deck Advanced Energy Q4 2025 earnings presentation · p. 5 ·
Next-generation Semi products (eVoS, eVerest, NavX)
“‒ Delivered a record number of eVoS and eVerest qualification units for next-gen etch and deposition systems”
Deck Advanced Energy Q3 2024 earnings presentation · p. 3 ·
Next-generation Semi products (eVoS, eVerest, NavX)
“Met target of shipping >250 eVoSTM, eVerestTM and NavXTM qualification units by year end”
Deck Advanced Energy Q4 2024 earnings presentation · p. 5 ·
Next-generation Semi products (eVoS, eVerest, NavX)
“Shipped >350 units of eVoSTM, eVerestTM and NavXTM cumulatively through Q1’25, a 5X jump from a year ago, and up from”
Deck Advanced Energy Q1 2025 earnings presentation · p. 5 ·
Next-generation Semi products (eVoS, eVerest, NavX)
“Forecast next-gen Semi product revenue to double in 2025 and drive market share growth in 2026”
Deck Advanced Energy Q2 2025 earnings presentation · p. 4 ·
Next-generation Semi products (eVoS, eVerest, NavX)
“Strong customer pull for our eVoSTM and eVerestTM platforms;”
Deck Advanced Energy Q3 2025 earnings presentation · p. 5 ·
Next-generation Semi products (eVoS, eVerest, NavX)
“Expect new product revenue to grow over the course of 2026 and new development projects to convert to additional wins”
Deck Advanced Energy Q4 2025 earnings presentation · p. 6 ·
Next-generation Semi products (eVoS, eVerest, NavX)
“Widespread customer acceptance of new Semi products; multiple wins with 2 nd wave Data Center customers”
Deck Advanced Energy Q1 2026 earnings presentation · p. 4 ·
Next-generation Semi products (eVoS, eVerest, NavX)
“Customers validated meaningful yield and throughput performance of eVerestTM and eVoSTM”
Deck Advanced Energy Q2 2026 earnings presentation · p. 5 ·
Tariffs
“Relatively well-positioned in the dynamic tariff environment”
Deck Advanced Energy Q1 2025 earnings presentation · p. 4 ·
Tariffs
“Tariff costs in Q2 were higher than initially expected, but implementing multiple mitigation strategies to reduce impact”
Deck Advanced Energy Q2 2025 earnings presentation · p. 4 ·
Tariffs
“Excluding the impact of tariffs, Q4 non-GAAP gross margin(1) guidance of 39-40% expected to be > 40%”
Deck Advanced Energy Q3 2025 earnings presentation · p. 4 ·
Tariffs
“Non-GAAP gross margin(1) reached 39.7%, the highest level in 5 years, despite tariffs and factory ramp costs 2025 revenue grew 21% with higher margins and record cash flow”
Deck Advanced Energy Q4 2025 earnings presentation · p. 5 ·
Tariffs
“Continue to make progress on improving gross margin ▪ Q2 gross margin exceeded our guidance range, after excluding the 120 bps benefit from IEEPA tariff refunds”
Deck Advanced Energy Q2 2026 earnings presentation · p. 4 ·
Market diversification
“Business diversification strategy driving more consistent profitability and cash flow”
Deck Advanced Energy Q2 2025 earnings presentation · p. 4 ·
Market diversification
“Market diversification strategy driving more consistent profitability and cash flow”
Deck Advanced Energy Q3 2025 earnings presentation · p. 4 ·
Market diversification
“Diversification strategy allows us to deliver strong revenue growth, profitability, and cash flow through market cycles”
Deck Advanced Energy Q4 2025 earnings presentation · p. 5 ·
Capacity build-out and Thailand
“Expand our footprint to >$2.5 billion of revenue-generating capacity, plus an additional $1 billion when Thailand is full”
Deck Advanced Energy Q4 2025 earnings presentation · p. 5 ·
Capacity build-out and Thailand
“Accelerating expansion in Thailand based on stronger Semi and Data Center demand ▪ Multiple customer qualification builds are expected to kick off in Q2”
Deck Advanced Energy Q1 2026 earnings presentation · p. 4 ·
Capacity build-out and Thailand
“Making investments in capacity and inventory to keep pace with strong customer demand ▪ Raising 2026 CAPEX to $180-$195 million; now targeting ~$5 billion in revenue-generating capacity by the end of 2028”
Deck Advanced Energy Q2 2026 earnings presentation · p. 4 ·
HVDC / 800 VDC rack power
“Deeply engaged with customers in development of next-gen solutions, including HVDC; expect ramp to volume in 2027 & 2028”
Deck Advanced Energy Q3 2025 earnings presentation · p. 5 ·
HVDC / 800 VDC rack power
“Working closely with multiple customers on next-gen technology, including 800V”
Deck Advanced Energy Q1 2026 earnings presentation · p. 5 ·
HVDC / 800 VDC rack power
“The ADH series, NDQ series, and Hot Swap Control (HSC) modules combine to enable customized 800 VDC power solutions”
Deck Advanced Energy Q2 2026 earnings presentation · p. 4 ·
Industrial and Medical inventory correction
“‒ Industrial and Medical to bounce around current levels for the next quarter or two as inventories normalize”
Deck Advanced Energy Q3 2024 earnings presentation · p. 3 ·
Industrial and Medical inventory correction
“Industrial and Medical believed to be bottoming 2025 priorities focused on maintaining strong momentum”
Deck Advanced Energy Q4 2024 earnings presentation · p. 4 ·
Industrial and Medical inventory correction
“I&M backlog increased QoQ for the first time since 2023”
Deck Advanced Energy Q2 2025 earnings presentation · p. 5 ·
Industrial and Medical inventory correction
“Q4 bookings, backlog, and resales were up, while channel inventory was down, suggesting market environment has largely normalized”
Deck Advanced Energy Q4 2025 earnings presentation · p. 6 ·
Industrial and Medical inventory correction
“Industrial & Medical revenue expected to grow sequentially on higher demand and higher factory output”
Deck Advanced Energy Q2 2026 earnings presentation · p. 4 ·
What they keep talking about · 11
The themes that show up deck after deck, and the ones that disappear.
- Data centre
- In all eight and now the lead: high-power AI rack supplies to four hyperscalers. The 2026 growth figure went from "over 30%" to "at least 50%" in one quarter.
- Margin
- In seven of eight. The goal was "structurally over 40%", then softened to approaching 40%, then met — and the 43% long-term target has sat there undated throughout.
- Factories
- In six of eight, and the cleanest promise in the set: the last China factory closed by the end of June 2025 as dated, worth 240 basis points of gross margin.
- New products
- In all eight — eVoS, eVerest and NavX plasma power. The one dropped promise is here: next-gen product revenue doubling in 2025, said once. The cumulative units-shipped disclosure stopped too.
- Tariffs
- In five of eight, as a headwind and then, in Q2 '26, as about 120 basis points of refund inside the reported gross margin.
- Diversifying
- In three of eight, and the specific version is new: "second wave" data-centre customers outside the top hyperscalers, which management says could eventually match its largest hyperscale customer.
- Capacity
- In three of eight and escalating: more than $2.5B of revenue-generating capacity, plus $1B from Thailand, now "roughly $5 billion" once Thailand is fully built out. Capex guided $180-195M for 2026 against $107M in 2025.
- 800 VDC
- In three of eight. Volume was dated to "2027 & 2028" in Q3 '25; the Q2 '26 deck keeps 2028 for full production and no longer mentions 2027.
- I&M
- In five of eight — an inventory correction that management now says has turned, with design wins ramping and "a very strong year in 2027" expected in this line too.
- New
- Q2 '26: operating margin over 20% for the first time in many years, and the first dated margin step — "the 42% range by Q4 2026".
- Quiet
- The new-product units-shipped count and the convertible note dilution table both stopped. The second went in the quarter the convertible was replaced with a larger one.
Every quarterly report we’ve saved · 9
The press releases and shareholder letters behind this page.
- Q2 2026 release · 8-K 3 Aug 2026
- Q1 2026 release · 8-K 4 May 2026
- Q4 2025 release · 8-K 10 Feb 2026
- Q3 2025 release · 8-K 4 Nov 2025
- Q2 2025 release · 8-K 5 Aug 2025
- Q1 2025 release · 8-K 30 Apr 2025
- Q4 2024 release · 8-K 12 Feb 2025
- Q3 2024 release · 8-K 30 Oct 2024
- Q2 2024 release · 8-K 30 Jul 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 19% | 20% | 19% | 50% | 56% | 29% | 36% | 36% |
| Growth & sales | 19% | 20% | 23% | 50% | 28% | 35% | 59% | 39% |
| Pricing & margins | 12% | 20% | 15% | 19% | 17% | 13% | 14% | 14% |
| Guidance & outlook | 38% | 20% | 23% | 50% | 28% | 16% | 27% | 25% |
| Capacity & supply | 19% | 17% | 12% | 38% | 44% | 39% | 50% | 61% |
| Capital & financing | 6% | 10% | 4% | 6% | 11% | 10% | 5% | 7% |
| Competition | · | 10% | · | 6% | · | 3% | · | 11% |
| Products & technology | 6% | 27% | 15% | 19% | 17% | 6% | 23% | 32% |
| Macro & regulation | 6% | 3% | 12% | 6% | · | · | · | · |
| Other | 50% | 43% | 38% | 6% | 11% | 32% | 23% | 4% |
| Questions | 16 | 30 | 26 | 16 | 18 | 31 | 22 | 28 |
| How much the CEO talked | 42% | 55% | 65% | 81% | 54% | 63% | 71% | 68% |
Who’s in charge, who’s selling
read from the filings · 2 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 2 · worsening
Stock pay is 79% of free cash flow, and the pay target is measured on a figure that excludes it
Share-based compensation runs at 79% of trailing free cash flow and is excluded from the non-GAAP earnings per share the company guides in and the market prices. A tranche of the chief executive's performance shares is measured on that same figure. Buybacks over 2021-25 of $177M just covered $169M of stock pay, 1.05x, and they have been suspended since Q1 '26. At the May '26 meeting holders doubled the authorised shares to 140M and raised the incentive plan pool from 2.4M to 4.9M shares; 21.6% voted against the plan, the largest protest of the five items.
Tier 2 · live
Forty-three insider sales, no purchases, none under a pre-set plan
Over the year to Jun '26 the insider data sets count 43 sales worth $26.3M by ten people and zero purchases, with the planned share at 0.0%. The chief executive sold exactly 50,000 shares in thirteen lots on 2026-03-10 at $305-321, leaving 80,376; the chief operations officer sold about 24,800 on 2026-08-18 at $310-330, fifteen days after the Q2 call, leaving 23,746 — roughly half his holding. Net selling is about 0.24% of market value, the highest share on these pages.
Tier 2 · worsening
A cash-flow target the first half has fallen behind, and inventory up 31% in six months
2026 free cash flow was targeted at or above 2025's ~$126M after capex was raised to $180-195M. The first half produced about -$6M, so the second half needs about $135M after capex. Inventory went $411M to $538M over the same six months, and the company's own first named risk is AI demand whose "magnitude or sustainability" may be misjudged after the capacity was built. The Q2 '26 deck does not restate the target.
Tier 3 · worsening
The convertible dilution table stopped being published, in the quarter the convertible got bigger
Two deck measures have gone: cumulative eVoS, eVerest and NavX units shipped, and the convertible note dilution table. Persistence across eight decks is 0.67. The second stopped in the window in which $1.15bn of 0% notes due 2031 replaced the $137.46-strike 2028 notes.
Tier 3 · stable
An orthodox board — with three directors past twelve years' service
Nine of ten directors independent, an independent chairman who sits on no committee, every seat up every year, three declared audit financial experts, no hedging, no pledging, no perquisites and no executive pensions. Against that: Ball has served since 2008 and chairs the compensation committee, Beard and Foster since 2014, Foster is 75 and chairs audit, and nothing read states a retirement age.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Kelley (CEO)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | — | 0.5M withheld | 1.4% |
| Beard (Chairman)A board seat. | — | 0.6M withheld | 1.7% |
| Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | — | 0.4M against | 1.3% |
| Double the authorised shares to 140MPermission to create more shares. The company may then sell new shares later, for deals or to raise cash. New shares dilute the existing ones, so each shareholder owns a smaller share of the company. A no says shareholders want that door kept narrower. | — | 0.8M against | 2.3% |
| Enlarge the incentive plan to 4.9M sharesStock to pay staff and executives. Lets the company create new shares to hand out as pay. Every new share makes each existing share a slightly smaller slice of the company, so a no says shareholders think the dilution is too much. | — | 7.4M against | 21.6% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s and the SEC insider data sets, Jul '25-Jun '26 | Sold | Note |
|---|---|---|
| All insiders | $26.3M | 43 sales by 10 people, no purchases, and 0% under a pre-set plan |
| Stephen Kelley, CEO | 50,000 shares | thirteen lots on 10 Mar '26 at $305.48-$321.13; 80,376 held after |
| Eduardo Bernal Acebedo, COO | ~24,800 shares | eighteen lots on 18 Aug '26 at $309.73-$330.45, fifteen days after the call; 23,746 held after |