Diodes is a semiconductor company that designs and sells analog and discrete power components — MOSFETs, diodes, rectifiers, transistors, voltage regulators, clock ICs, and logic devices. These are the small building-block components embedded in nearly every electronic device, used to manage power, protect circuits, condition signals, and control systems. Diodes serves over 50,000 customers across five end markets: computing (27% of revenue), industrial (23%), automotive (19%), consumer (18%), and communications (13%), reaching most customers through distributors. Revenue is driven by units shipped and average selling price per unit. Diodes owns wafer fabrication facilities in China, Taiwan, the UK, and the US, and operates a hybrid manufacturing model that blends internal and external production. Profitability hinges on product mix, factory utilization, and insourcing — as internal fabs fill up and Diodes shifts volume from external suppliers to its own facilities, margins expand. Diodes is focused on growing content in automotive and AI servers, where it estimates content per AI server at ~$103 vs. ~$68 for a traditional server, and content per vehicle has grown from ~$160 in 2023 to ~$239 by end of 2025. Diodes introduced over 650 new part numbers in FY25, roughly 40% targeting automotive. Management's long-term target is $2.5B in revenue at ~40% gross margins, up from low-to-mid 30% margins today, driven by higher utilization, insourcing, and a richer product mix.