Research Reports

Q2 FY2026 revenue was $1.13B, a record, up 36% YoY and 16% QoQ; non-GAAP EPS was a record $3.36, exceeding guidance despite a $3M FX loss (CFO, prepared)
Optical communications revenue was $833M, up 29% YoY and 11% QoQ; within that, telecom revenue hit a record $554M, up 59% YoY and 17% QoQ (CFO, prepared)
DCI module revenue was $142M, up 42% YoY and 3% QoQ; datacom revenue was $278M, down 7% YoY but up 2% sequentially (CFO, prepared)
Non-optical communications revenue was $300M, up 61% YoY and 30% QoQ, driven by high-performance computing (HPC) products at $86M (vs. $15M in Q1) (CFO, prepared)
Automotive revenue was $117M, up 12% YoY but down slightly QoQ; industrial laser revenue was $41M, up 10% YoY and 4% QoQ (CFO, prepared)
Gross margin was 12.4%, up 10 bps QoQ; operating margin was 10.9%, up 30 bps from both Q1 and prior year (CFO, prepared)
CapEx was $52M; free cash flow was an outflow of $5M; cash and short-term investments were $961M, down $7M QoQ (CFO, prepared)
Building 10 (2M sq ft) on track for completion end of 2026; ~250K sq ft expected by mid-calendar 2026 (CEO, prepared)
Share repurchase: 12,000 shares at avg. $387/share for $5M; $169M remaining under program (CFO, prepared)
Official guidance (Q3 FY2026): Revenue $1.15B–$1.2B (~35% YoY growth at midpoint); non-GAAP EPS $3.45–$3.60 (~40% YoY growth at midpoint) (CFO, prepared)

Mgmt quotes

“Revenue and earnings significantly exceeded our guidance ranges, with multiple large key strategic programs across our business all contributing to our strong performance.” (CEO)
“Our remarkable top-line performance also represents 16% growth from the prior quarter.” (CEO)
“We continue to aggressively pursue new opportunities across all areas of our business.” (CEO)
“We are confident that our first HPC program will continue to grow rapidly and is on track to be fully ramped over the next two quarters.” (CFO)
“We are well positioned to extend our track record of success into the third quarter.” (CFO)

Metric	Value	Speaker/Context
Total Revenue	$1.13B	Q2 FY2026 record; CFO prepared
Optical Communications Revenue	$833M	+29% YoY, +11% QoQ; CFO prepared
Telecom Revenue (within Optical)	$554M	Record; +59% YoY, +17% QoQ; CFO prepared
DCI Module Revenue	$142M	+42% YoY, +3% QoQ; CFO prepared
Datacom Revenue	$278M	-7% YoY, +2% QoQ; CFO prepared
Non-Optical Communications Revenue	$300M	+61% YoY, +30% QoQ; CFO prepared
HPC Revenue (in Non-Optical)	$86M	vs. $15M in Q1; CFO prepared
Automotive Revenue	$117M	+12% YoY, -slight QoQ; CFO prepared
Industrial Laser Revenue	$41M	+10% YoY, +4% QoQ; CFO prepared
Non-GAAP Gross Margin	12.4%	+10 bps QoQ; CFO prepared
Non-GAAP Operating Margin	10.9%	+30 bps QoQ and YoY; CFO prepared
Non-GAAP EPS	$3.36	Record; includes $0.09 FX loss; CFO prepared
Cash & Short-Term Investments	$961M	Down $7M QoQ; CFO prepared
CapEx	$52M	Above maintenance levels; CFO prepared
Free Cash Flow	-$5M	Outflow; CFO prepared
Q3 FY2026 Revenue Guidance	$1.15B–$1.2B	~35% YoY growth midpoint; CFO prepared
Q3 FY2026 Non-GAAP EPS Guidance	$3.45–$3.60	~40% YoY growth midpoint; CFO prepared

Topic: HPC项目（AWS）规模与CPO/OCS新机会
Key points:
- 当前HPC项目全面启动后收入预计超过1.5亿美元；目前已超过一半进度（约86万美元季度收入）
- 运营两条全自动生产线，正认证更多产线，目标在未来几个季度达到该运行率
- CPO已有三个客户项目（非唯一客户），收入目前较小；OCS（光学电路交换）也有多个项目在推进
Mgmt stance: bullish（对HPC规模翻倍及CPO/OCS技术领先地位表达强烈信心）

Topic: 数据中心产品供应约束及电信（含卫星通信/DCI）增长
Key points:
- 200Gbps/lane产品（800G和1.6G）持续供不应求，但已获准第二家EML激光器供应商，预计本季度起缓解
- 数据中心业务增长主要由DCI驱动（400ZR和800ZR模块），电信整体（含卫星通信）增长稳健
- 卫星通信业务持续增长，但未单独披露；DCI增长尤其强劲
Mgmt stance: bullish（对数据中心供给改善及电信/DCI长期需求乐观）

Topic: CPO供应链参与及DCI市场动态
Key points:
- 公司参与CPO交换机及客户相关产品供应链，但未披露具体内容
- DCI模块业务年增59%，主要来自400ZR和800ZR模块及嵌入式相干模块
- 800ZR新品存在设计/组件

Topic: DCI需求、800G与1.6T产品组合、数据中心可见性
Key points:
- DCI业务非常强劲，增长主要来自DCI，需求看起来非常持久，且不限于Sienna，涉及多个客户。
- 产品几乎全部基于200G每通道，1.6T和800G的具体组合由客户决定，公司不特别关注，因为两者在同一生产线上生产，产品非常相似。
- 公司目前可见性为历史最高，正在加速产能扩张：将Pinehurst园区的办公和仓储空间转为制造空间；加速建设Chonburi园区的200万平方英尺Building 10，其中25万平方英尺将于2026年6月完成，其余部分预计2026年1月/2月（即2026年初）准备就绪。
Mgmt stance: 非常乐观（需求强劲，产能扩张加速，可见性历史最高）

Topic: Building 10建设进展、产能填充前景
Key points:
- Building 10建设进展顺利，无材料供应延迟；25万平方英尺将于2026年6月完成并准备入驻，其余部分预计2027年1月完成。
- 客户需求强劲且持续增强，公司对填充工厂持乐观态度；Building 8（55万平方英尺）和Building 9（100万平方英尺）已几乎填满。
- 同一园区还有Building 11和Building 12的空间，产能扩展空间充足。
Mgmt stance: 乐观（建设顺利，客户需求强劲，历史填充记录良好）

Topic: 产能扩张驱动因素、Pinehurst产能规模、HPC增长趋势、分部门指引
Key points:
- Chonburi 25万平方英尺产能提前6-8个月，驱动因素包括：电信业务（DCI及新客户赢单）和数通业务（主要客户增长及新客户赢单，包括商用量子和超大规模直连）。
- Building 10资本支出约1.3亿美元，新增200万平方英尺产能，基于当前产品组合，产能收入潜力略高于此前提到的25亿美元；下行风险极小（若产能未快速填充，全年毛利率仅影响约15个基点），上行机会巨大（ROIC约40%）。
- HPC增长不呈直线，因新产品导致增长可能波动，仅有两个季度数据点；第三财季HPC预计实现双位数增长，但不会像上季度那样环比增长7100万美元。
- 第三财季指引：所有部门（除汽车外）均预期增长；电信中DCI增速将快于上季度；数通预期增长；汽车预期下降。
Mgmt stance: 乐观（产能扩张决策基于低风险高回报，需求强劲，ROIC高）