“Today, we reported strong fiscal first quarter financial performance. We delivered revenue of $1.43 billion in the quarter, our highest ever and at the top end of our guidance.”（CEO）
“Demand is incredibly strong with exceptional order activity in the quarter.”（CEO）
“We believe 2025 will ultimately stand out as one of our strongest years of market share gains, and we believe it will be even stronger in 2026.”（CEO）
“We expect demand will continue to outstrip supply, at least for the next several quarters.”（CFO）
“Backlog has increased by approximately $2 billion this quarter to exit Q1 at approximately $7 billion.”（CFO）
Prepared Metrics
指标
数值
来源/说明
季度收入
14.3亿美元
历史新高，同比增长33%（CEO/CFO）
调整后毛利率
44.7%
高于预期（CEO）
调整后每股收益
1.35美元
同比翻倍（CEO）
调整后营业利润率
17.9%
较指引中点高190bp（CFO）
经营活动现金流
2.28亿美元
（CFO）
资本支出
7400万美元
约为过去12季均值2–3倍（CFO）
期末积压订单
约70亿美元
环比增加约20亿美元（CFO）
库存周转率
3.2倍
（CFO）
现金余额
14亿美元
期末（CFO）
Q&A Batch (1-5 of 9)
Q1 — Amit Daryanani
Topic: Gross margin drivers, pricing, and 800G pluggables positioning
Key points:
Q1 gross margin 44.7%, driven by customers (hyperscalers and service providers) increasing capacity and infill rates, plus engineering cost reductions.
Price increases announced at end of last year have not fully kicked in until second half of the year, creating additional tailwinds.
Pluggable revenue increased period over period; interconnect business doubled from 2024 to 2025, aspiration to triple in 2025, on track.
In 800-gig, company is first to market, unlike 400-gig where being not first mover cost share and margin dollars.
Topic: Backlog composition, pluggables revenue, MOFN percentage, and RPO
Key points:
Backlog: roughly 80% products and software, rest services.
Pluggable revenue percentage not disclosed; expects to triple year on year, on track for 800G ramp.
MOFN (Multi-Operator Fiber Network) is about 10%–15% of service provider business; service provider growth in Q1 was 22%, with MOFN a big contributor.
RPO as a percent of orders taken in Q1: roughly 60%.
Mgmt stance: Neutral — provides specific backlog and RPO metrics; no directional commentary on outlook.
Q3 — Sahid Singh
Topic: Backlog growth from $5B to $7B, demand drivers, and pricing in backlog
Key points:
Backlog increased from $5B (Q4) to $7B (Q1); 80% products/software applies to entire $7B.
Demand broad: service providers, submarine, MOFN, hyperscalers (multiple applications: submarine, long-haul, metro, data center, DCOM).
Three hyperscalers deploying for training; very early stages.
Demand expected to outstrip supply capacity through the year; backlog expected to end larger than current despite capacity ramp.
Pricing increases on new orders; most will show up in Q3 and Q4.
Mgmt stance: Bullish — broad demand across all segments, demand outstripping supply, backlog growing.
Q4 — Meta Marshall
Topic: OpEx levers and 10% customers
Key points:
OpEx flat year on year due to: (1) resetting prior year’s incremental OpEx guidance and reinvesting, (2) savings from a 4%–5% RIF, (3) ceasing 25-gig PON investment.
Three 10% customers in Q1: two hyperscalers and one Tier 1 North America service provider exposed to MOFN.