When importing an image which has an alpha channel (not layer), Unity doesn’t recognise it and converts the image to DXT1 RGB, instead of DXT5 RGBA. I’ve been working with a diffuse image and its associated specular/gloss image. To be able to use the specular image, I understand it needs to be added to the alpha channel of the diffuse image. I did this in Paint Shop Pro by marquee selecting the spec image & using the “Save To Alpha Channel”, and selecting the diffuse image. I double checked that it was saved to the diffuse image. Then I saved it as a 24-bit uncompressed tga file. Also I saved as a 24-bit png file using different alpha/transparency options. I either case, I don’t end up with a image with an alpha channel in Unity.
The only time I have got a alpha to be recognised is with a actual transparency layer, or selecting a certain colour to be treated as transparent. But I don’t think I can do that for specular images.