Lumentum Holdings Inc (LITE) 2025 Q4 法說會逐字稿

Good day everyone and welcome to the Lumentum Holdings fourth quarter fiscal year 2025 earnings call. (Operator Instructions)At this time I would like to turn the conference call over to Kathryn Ta, Vice President of Investor Relations. Ms. Ta, please go ahead.

大家好，歡迎參加 Lumentum Holdings 2025 財年第四季財報電話會議。（操作員指示）現在，我想將電話會議轉給投資者關係副總裁 Kathryn Ta。Ta小姐，請說。

Thank you, [Reagan], and welcome to Lumentum's fiscal fourth quarter and full year 2025 earnings call. This is Kathryn Ta, Lumentum's Vice President of Investor Relations. Joining me today are Michael E. Hurlston, President and Chief Executive Officer; Wajid Ali, Executive Vice President and Chief Financial Officer; and Wupen Yuen, President Cloud and Networking.

謝謝你，[雷根]，歡迎參加 Lumentum 2025 財年第四季和全年財報電話會議。我是 Lumentum 投資者關係副總裁 Kathryn Ta。今天與我一起出席的還有總裁兼執行長 Michael E. Hurlston、執行副總裁兼財務長 Wajid Ali 以及雲端和網路總裁 Wupen Yuen。

Today's call will include forward-looking statements including without limitation, statements regarding our future operating results, strategies, trends, and expectations for our products and technologies that are being made under the Safe Harbor of the Security and Litigation Reform Act of 1995.

今天的電話會議將包括前瞻性陳述，包括但不限於根據 1995 年《安全和訴訟改革法案》的安全港條款做出的有關我們未來經營業績、戰略、趨勢以及對我們的產品和技術的期望的陳述。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations, particularly the risk factors set forth in our SEC filings under risk factors and elsewhere. We encourage you to review our most recent filings with the SEC, particularly the risk factors described in our most recent 10-Q and in our 10-K for the fiscal year ended June 28, 2025, to be filed by lamenting with the FCC.

這些聲明受到風險和不確定性的影響，可能導致實際結果與我們目前的預期有重大差異，特別是我們在美國證券交易委員會 (SEC) 的文件中風險因素和其他部分中列出的風險因素。我們鼓勵您查看我們最近向美國證券交易委員會 (SEC) 提交的文件，特別是我們最近的 10-Q 和截至 2025 年 6 月 28 日的財政年度的 10-K 文件中描述的風險因素，這些文件將透過向美國聯邦通信委員會 (FCC) 提交的方式提交。

The forward-looking statements provided during this call are based on Lumentum 's reasonable beliefs and expectations as of today. Lumentum undertakes no obligation to update or revise these statements, except as required by applicable law.

本次電話會議中提供的前瞻性陳述是基於 Lumentum 截至今天的合理信念和預期。除非適用法律要求，否則 Lumentum 不承擔更新或修改這些聲明的義務。

Please also note that unless otherwise stated, all financial results and projections discussed in this call are non-GAAP. Non-GAAP financials have inherent limitations and are not to be considered in isolation from or as a substitute for or superior to financials prepared in accordance with debts.

另請注意，除非另有說明，本次電話會議中討論的所有財務結果和預測均為非 GAAP。非公認會計準則財務報表具有固有的局限性，不能孤立地看待或取代根據債務編制的財務報表，也不能優於根據債務編制的財務報表。

You can find a reconciliation between non-GAAP and GAAP measures and information about our use of non-GAAP measures and factors that could impact our financial results in our press release and our filings with the SEC.

您可以在我們的新聞稿和向美國證券交易委員會提交的文件中找到非公認會計準則和公認會計準則指標之間的對帳以及有關我們使用非公認會計準則指標的資訊以及可能影響我們財務結果的因素。

Lumentum's press release with the fiscal fourth quarter in full fiscal year results and accompanying supplemental slides are available on our website at www.lumentum.com under the industrial section.

Lumentum 的新聞稿包含第四季度的完整財年業績以及隨附的補充幻燈片，可在我們的網站 www.lumentum.com 的工業部分找到。

We encourage you to review these materials carefully. With that, I'll call, I'll turn the call over to Michael.

我們鼓勵您仔細閱讀這些資料。這樣，我就打電話，把電話轉給麥可。

Thank you, Kathy, and good afternoon, everyone. Lumentum is at the forefront of the cloud and AI revolution, which is driving rapid growth in the advanced photonics markets we serve. As AI becomes central to our customers' business strategies, demand for optical hardware and bandwidth is growing dramatically.

謝謝你，凱西，大家下午好。Lumentum 處於雲端運算和人工智慧革命的前沿，推動著我們所服務的先進光子學市場的快速成長。隨著人工智慧成為我們客戶業務策略的核心，對光學硬體和頻寬的需求正在急劇增長。

Our innovation is driving the next generation of AI infrastructure with technologies such as 200GB EMLs, 1.6T transceivers, optical circuit switches, and ultra-high power lasers for co-packaged optics, all of which are essential for building scalable, energy efficient systems.

我們的創新正在推動下一代人工智慧基礎設施的發展，採用 200GB EML、1.6T 收發器、光路交換機和用於共封裝光學元件的超高功率雷射等技術，所有這些技術對於建造可擴展、節能的系統都至關重要。

Our years of optical engineering leadership provide us with a significant competitive advantage as AI architecture is involved. These new technologies are projected to become multi-billion dollar markets within five years.

我們多年的光學工程領導地位為我們在涉及人工智慧架構方面提供了顯著的競爭優勢。預計這些新技術將在五年內形成數十億美元的市場。

With a uniquely differentiated portfolio, Lumentum is positioned to capture significant value from this inflection, driving strong revenue growth, expanding margins, increasing profitability, all of which are elements of the long-term financial model we laid out in April.

憑藉獨特的差異化產品組合，Lumentum 能夠從這一轉折點中獲取巨大價值，推動強勁的收入成長、擴大利潤率、提高獲利能力，所有這些都是我們在四月份制定的長期財務模型的要素。

Cloud revenue is growing well over 20% annually. Company gross margins are set to surpass 40%, and through a combination of high value products and discipline cost management, we are targeting operating margins above 20%. The slope of our cloud facing revenue is increasing. We now expect to surpass $600 million in quarterly revenue by the June 2026 quarter or earlier.

雲端運算收入每年的成長率遠超20%。公司毛利率將超過 40%，透過高價值產品和嚴格的成本管理，我們的目標是營業利潤率達到 20% 以上。我們的雲端運算收入的斜率正在增加。我們預計到 2026 年 6 月季度或更早，季度營收將超過 6 億美元。

Let's turn to our fourth quarter results. In early June, we raised our fourth quarter revenue and EPS outlook. Our cloud and networking performance drove Q4 revenue above even the high end of our revised expectations.

讓我們來看看第四季的業績。6月初，我們上調了第四季營收和每股收益預期。我們的雲端和網路效能推動第四季度的收入甚至超過了我們修訂後的預期的高端。

Fourth quarter revenue from our cloud and networking segment increased 16% sequentially, and 67% year over year, led by exceptional demand from hyperscale cloud customers. The performance was largely driven by our cloud-facing components and transceiver product lines. In components, we achieved an all-time high in EML shipments, nearly doubling the revenue compared to our June quarter, 2024 baseline.

受超大規模雲端客戶龐大需求的帶動，我們的雲端和網路部門第四季營收季增 16%，年增 67%。這項業績主要得益於我們面向雲端的組件和收發器產品線。在組件方面，我們的 EML 出貨量創下了歷史新高，與 2024 年 6 月季度基準相比，收入幾乎翻了一番。

Our r wafer fab expansion is progressing on schedule, enabling us to support higher volumes of EMLs and other indium phosphide-based devices, including CW lasers and coherent components. Recently, we received a substantial order for 200 gig laser EML chips, which we expect to fulfill in the December quarter.

我們的晶圓廠擴建工程正在按計劃進行，使我們能夠支援更大產量的 EML 和其他基於磷化銦的設備，包括 CW 雷射和相干組件。最近，我們收到了一份 200G 雷射 EML 晶片的大量訂單，預計將在 12 月季度完成。

Overall, we expect 2026 to be a breakout year for laser chip sales of both 100GB and 200 gig lane speeds. Shipments of our narrow line with lasers, which are critical components for ZR and ZR plus modules, have now grown for six consecutive quarters. While our manufacturing capacity for these laser assemblies continues to ramp, demand is outpacing supply and is expected to do so through the rest of fiscal 2026.

總體而言，我們預計 2026 年將成為 100GB 和 200 GB 通道速度雷射晶片銷售的突破之年。作為 ZR 和 ZR plus 模組的關鍵零件，我們的窄頻雷射出貨量已連續六季成長。雖然我們的雷射組件製造能力不斷提升，但需求仍超過供應，預計這種情況將持續到 2026 財年剩餘時間。

In addition, we saw sequential growth in shipments of other coherent components for long haul data transmission, as well as in pump lasers for pump lasers in terrestrial applications. This momentum in our components business reflects the accelerating global buildout of cloud infrastructure and highlights Lumentum 's key role in powering that expansion.

此外，我們還看到用於長途數據傳輸的其他相干組件以及用於地面應用的泵浦雷射的出貨量連續增長。我們的組件業務的這一勢頭反映了全球雲端基礎設施建設的加速，並凸顯了 Lumentum 在推動這一擴張方面發揮的關鍵作用。

We are also positioning ourselves for longer term growth, particularly in three significant areas cloud modules, optical circuit switching, and co-packaged optics. In cloud modules, we surpassed our goal to grow revenue by 50% quarter over quarter. This contributed approximately half of the sequential revenue growth in the period.

我們也為長期成長做好了準備，特別是在雲端模組、光路交換和共封裝光學三個重要領域。在雲端模組方面，我們超額完成了營收季增 50% 的目標。這貢獻了該期間連續收入成長的約一半。

We ship cloud modules to all three of our major hyperscale customers, and we expect shipments to grow sequentially in the coming quarters. In optical circuit switches or OCS, we recognize our first revenue in the quarter with shipments to two hyperscale customers. Not only is our overbook expanding with these two customers, but we now have a third hyperscale customer committed to deploy our OCS product in calendar 2026.

我們向所有三個主要超大規模客戶運送雲端模組，我們預計未來幾季的出貨量將持續成長。在光電路交換機或OCS方面，我們透過向兩家超大規模客戶出貨實現了本季的第一筆收入。我們的超額預訂量不僅隨著這兩位客戶的出現而擴大，而且現在我們還有第三個超大規模客戶承諾在 2026 年部署我們的 OCS 產品。

Our leadership and optical performance, particularly in 300 by 300 form factors, has allowed us to capture volume opportunities earlier than competitors. As a result, we are accelerating the expansion of our in-house OCS manufacturing capacity to meet the high level of demand.

我們的領先地位和光學性能，特別是在 300 x 300 的尺寸方面，使我們能夠比競爭對手更早抓住批量機會。因此，我們正在加速擴大內部 OCS 製造能力，以滿足高水準的需求。

Our commitment to co-packaged optics, or CPO, is stronger than ever. We just received the largest single purchase commitment in company history for our ultra-high power lasers, and we have already announced additional investment in our US based Indian phosphide way for FA to support it.

我們對共封裝光學元件（CPO）的承諾比以往任何時候都更加堅定。我們剛剛收到了該公司歷史上最大的單筆超高功率雷射採購承諾，我們已經宣布對位於美國的印度磷化物工廠進行額外投資，以便為FA提供支援。

Our investments in this facility will position us for a significant revenue ramp in CPO by the second half of calendar 2026. We expect to continue to make vital contributions to US technology competitiveness through leadership and optical innovation, strategic partnerships with hyper scales, and contribution to domestic AI infrastructure.

我們對該工廠的投資將使我們在 2026 年下半年的 CPO 收入大幅增加。我們希望透過領導力和光學創新、與超大規模的戰略合作夥伴關係以及對國內人工智慧基礎設施的貢獻，繼續為美國的技術競爭力做出重要貢獻。

Now we move to our industrial tech segment. Industrial tech segment revenue decreased 6% sequentially but was up 6% from the same quarter last year. Industrial laser declined quarter over quarter. 3D sensing declined as well, following expected seasonal trends.

現在我們轉向工業技術領域。工業技術部門營收季減 6%，但比去年同期成長 6%。工業雷射環比下降。3D 感應也出現下降，符合預期的季節性趨勢。

In Q4, ultrafast laser shipments held steady at near record levels, driven primarily by strong demand from a leading tool supplier supporting high volume solar cell manufacturing. In the quarter, we launched the Piccadilly core ultra-fast laser platform, which enables infrared, green, and ultraviolet wavelengths within a compact form factor for industrial micro machining applications.

第四季度，超快雷射出貨量穩定在接近歷史最高水平，主要由支援大批量太陽能電池製造的領先工具供應商的強勁需求推動。本季度，我們推出了 Piccadilly 核心超快雷射平台，可在緊湊的尺寸內實現紅外線、綠光和紫外線波長，適用於工業微加工應用。

Despite the revenue decline in industrial tech, segment profitability improved primarily due to cost reduction initiatives we announced a quarter ago. With these actions and more focus on the core business, we expect to see improved profit margin in this segment over the next handful of quarters.

儘管工業科技部門的收入下降，但部門獲利能力有所提高，這主要得益於我們一個季度前宣布的成本削減措施。透過採取這些行動並更加關注核心業務，我們預計未來幾季該部門的利潤率將會提高。

In summary, Lumentum is entering a period of sustained growth driven by the rapid adoption of AI. Our strong T4 performance highlights the effectiveness of our strategy, operational resilience, and the differentiated value of our optical solutions.

總而言之，Lumentum 正進入由人工智慧快速應用推動的持續成長時期。我們強勁的 T4 表現凸顯了我們策略的有效性、營運彈性以及光學解決方案的差異化價值。

Today, our components business is a key foundation of our success, and we are well positioned for significant growth in our cloud modules business and to lead in emerging technologies like OCS and CPO. As we scale production, expand capacity, and intensify our focus on high growth, high margin opportunities, we are confident in our ability to deliver continued top line growth, margin expansion, and long term shareholder value.

如今，我們的組件業務是我們成功的重要基礎，我們已做好準備，實現雲端模組業務的顯著成長，並在 OCS 和 CPO 等新興技術領域處於領先地位。隨著我們擴大生產規模、擴大產能並加強對高成長、高利潤機會的關注，我們有信心實現持續的收入成長、利潤率擴大和長期股東價值。

Now, I'll hand the call over to Wajid.

現在，我將把電話交給 Wajid。

Thank you, Michael. Fourth quarter revenue of $480.7 million and non-GAAP EPS of $0.88 for both above the high end of our revised guidance ranges. GAAP gross margin for the fourth quarter was 33.3%, GAAP operating loss was 1.7%, and GAAP net income per share was $2.96.

謝謝你，麥可。第四季營收為 4.807 億美元，非公認會計準則每股收益為 0.88 美元，均高於我們修訂後的指導範圍的高端。第四季 GAAP 毛利率為 33.3%，GAAP 營業虧損為 1.7%，GAAP 每股淨收益為 2.96 美元。

Turning to our non-GAAP results, fourth quarter non-GAAP gross margin was 37.8%, which was up 260 basis points sequentially, and up 1,000 basis points year on year due to better manufacturing utilization and favorable product mix as a result of increased data com laser shipments.

談到我們的非公認會計準則 (non-GAAP) 業績，第四季度非公認會計準則毛利率為 37.8%，比上一季度增長 260 個基點，比去年同期增長 1,000 個基點，這歸因於數據通信雷射器出貨量增加帶來的製造利用率提高和產品組合有利。

Fourth quarter non-GAAP operating margin was 15%, which was up 420 basis points sequentially and up over 2000 basis points year on year, primarily driven by improved cloud and networking profitability. Fourth quarter non-GAAP operating profit was $72.3 million and adjusted EBITDA was $98.7 million.

第四季非公認會計準則營業利潤率為 15%，比上一季成長 420 個基點，比去年同期成長 2,000 多個基點，主要得益於雲端和網路獲利能力的提高。第四季非公認會計準則營業利潤為 7,230 萬美元，調整後 EBITDA 為 9,870 萬美元。

Fourth quarter non-GAAP operating expenses totaled $109.3 million or 22.7% of revenue, an increase of $5.9 million from the third quarter and an increase of $7.9 million from the same quarter last year. This growth reflects annual employee cash incentives tied to company performance along with ongoing investments to scale our operations in support of expanding cloud opportunities.

第四季非公認會計準則營運費用總計 1.093 億美元，佔營收的 22.7%，較第三季增加 590 萬美元，較去年同期增加 790 萬美元。這一增長反映了與公司業績掛鉤的年度員工現金獎勵以及為擴大業務規模以支持不斷擴大的雲端計算機會而進行的持續投資。

Q4 non-GAAP SG&A expense was $41.7 million, non-GAAP R&D expense was $67.6 million. Interest in other income was $3.5 million on a non-GAAP basis. Fourth quarter non-GAAP net income was $63.3 million and non-GAAP diluted net income per share was $0.88. Our fully diluted share count for the fourth quarter was $72 million shares on a non-GAAP basis.

第四季非公認會計準則銷售、一般及行政費用為 4,170 萬美元，非公認會計準則研發費用為 6,760 萬美元。以非公認會計準則計算，其他收入利息為 350 萬美元。第四季非公認會計準則淨利為6,330萬美元，非公認會計準則每股攤薄淨利0.88美元。第四季非公認會計準則完全稀釋股份總數為7,200萬股。

Turning to the full year results, fiscal '25 net revenue was $1.65 billion which was up 21% from fiscal '24. GAAP gross margin for fiscal '25 was 28%. GAAP operating loss was 10.9% and GAAP diluted net income per share was $0.37. Full year fiscal 25% non-GAAP gross margin was 34.7%, which was 450 basis points up relative to fiscal '24 due to higher overall demand and factory utilization.

展望全年業績，25 財年淨收入為 16.5 億美元，較 24 財年成長 21%。25 財年的 GAAP 毛利率為 28%。GAAP 營業虧損為 10.9%，GAAP 稀釋每股淨利為 0.37 美元。全年非 GAAP 毛利率為 34.7%，較 24 財年上升 450 個基點，這得益於整體需求和工廠利用率的提高。

Fiscal year '25 non-GAAP operating margin was 9.7%, Up 10,030 basis points from fiscal '24 due to higher gross margin and improved operating leverage. Fiscal '25 non-GAAP operating income was $160.1 million and adjusted EBITDA was $264.2 million.

25 財年非 GAAP 營業利益率為 9.7%，由於毛利率提高和營業槓桿率提高，較 24 財年上升 10,030 個基點。25 財年非 GAAP 營業收入為 1.601 億美元，調整後 EBITDA 為 2.642 億美元。

For fiscal '25, our fully diluted share count on a non-GAAP basis. For $71.2 million shares, non-GAAP net income was $146.4 million and non-GAAP diluted net income per share was $2.06. Turning to our balance sheet.

對於 25 財年，我們的完全稀釋股份數量是基於非 GAAP 基礎。每股收益7,120萬美元，非公認會計準則淨利為1.464億美元，非公認會計準則每股攤薄淨利2.06美元。接下來是我們的資產負債表。

During the fourth quarter, our cash and short-term investments increased by $10 million to $877 million. Our inventory levels increased sequentially to support the expected growth in our cloud and networking revenue. In Q4, we invested $59 million in CapEx, primarily focused on manufacturing capacity to support cloud customers.

第四季度，我們的現金和短期投資增加了 1,000 萬美元，達到 8.77 億美元。我們的庫存水準連續增加，以支持雲端和網路收入的預期成長。第四季度，我們投資了 5,900 萬美元的資本支出，主要用於支援雲端客戶的製造能力。

Turning to segment details, fourth quarter cloud and networking segment revenue at $424.1 million increased 16% sequentially and 67% year on year. Cloud and networking segment profit at 23.6% increased 360 basis points sequentially and increased 1,350 basis points year on year on higher revenue and favorable product mix.

談到分部細節，第四季雲端和網路分部營收為 4.241 億美元，季增 16%，年增 67%。雲端和網路部門利潤為 23.6%，季增 360 個基點，較去年同期成長 1,350 個基點，得益於更高的收入和有利的產品組合。

Our four-quarter industrial tech segment was at $56.6 million, which was down 6% sequentially and up 6% year on year. Fourth quarter industrial tech segment profit of 6% increased sequentially on stringent cost initiatives despite lower revenue. Industrial tech segment profit increased year on higher revenue and the benefit of these cost initiatives.

我們四個季度的工業技術部門的營收為 5,660 萬美元，較上季下降 6%，較去年同期成長 6%。儘管收入下降，但第四季度工業技術部門利潤因嚴格的成本舉措而環比增長 6%。由於收入增加和這些成本措施的效益，工業技術部門的利潤比去年同期有所增長。

Now let me move to our guidance for the first quarter of fiscal '26, which is on a non-GAAP basis and is based on our assumptions as of today. We anticipate net revenue for the first quarter of fiscal '26 to be in the range of $510 million to $540 million. The midpoint of this range represents a new all-time quarterly revenue record for Lumentum.

現在，讓我談談我們對 26 財年第一季的指導，該指導是基於非 GAAP 基礎並基於我們今天的假設。我們預計 26 財年第一季的淨收入將在 5.1 億美元至 5.4 億美元之間。該範圍的中點代表了 Lumentum 的歷史季度收入新高。

Our Q1 revenue forecast reflects the following expectations cloud and networking expected to be up sequentially, with strong growth across our portfolio of products, addressing cloud and AI applications and industrial tech to be approximately flat sequentially with a modest decline in industrial lasers offset by a seasonal uptick in 3D sensing.

我們對第一季營收的預測反映了以下預期：雲端和網路預計將環比成長，我們的產品組合將實現強勁成長，解決雲端和人工智慧應用以及工業技術將環比持平，工業雷射的適度下降將被 3D 感測的季節性上升所抵消。

We project first quarter non-GAAP operating margin to be in the range of 16% to 17.5% and diluted net income per share to be in the range of $0.95 to $1.10. Our non-GAAP EPS guidance is based on a non-GAAP annual effective tax rate of 16.5%. These projections also assume an approximate count of $75 million shares.

我們預計第一季非公認會計準則營業利潤率將在16%至17.5%之間，每股攤薄淨利潤將在0.95美元至1.10美元之間。我們的非公認會計準則每股收益指引是基於16.5%的非公認會計準則年度有效稅率。這些預測還假設股票數量約為 7500 萬美元。

With that, I'll turn the call back to Kathy to start the Q&A session. Kathy?

說完這些，我將把電話轉回給凱西，開始問答環節。凱西？

Thank you, Martin. To allow as many as possible an opportunity to ask questions, please speak to one question and one follower. Now [Reagan], let's begin the Q&A session.

謝謝你，馬丁。為了讓盡可能多的人有機會提問，請針對一個問題和一位追隨者發表演講。現在，[雷根]，讓我們開始問答環節。

(Operator Instructions)

（操作員指示）

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

Thanks for taking the question. First one, I wanted to talk a little bit about the OCS award. My recollection is that you previously suggested you'd see first revenue in the December quarter. So this is two quarters earlier than what we're thinking and we're thinking one customer, not two.

感謝您回答這個問題。首先，我想談談 OCS 獎。我記得您之前曾表示您會在 12 月季度看到第一筆收入。因此，這比我們預想的要早兩個季度，而且我們考慮的是一個客戶，而不是兩個。

So I, I'd love to get an update of how to think about the trajectory. In that should we be envisioning a very gradual ramp? How should we think about the trajectory and the potential of this new product category? Thank you.

所以我，我很想了解如何思考軌跡的最新情況。那麼我們是否應該設想一個非常緩慢的成長過程？我們該如何看待這個新產品類別的發展軌跡和潛力？謝謝。

Hey Simon, thanks for the question. Yeah, I think we're doing a bit better than we expected certainly in the customer account and now, with the third customer coming online we feel pretty good about things. The way I would characterize it is I think the current quarter, next quarter, and the December quarter are still ramping. We're ramping because we're building our capacity in Thailand to support the customers.

嘿，西蒙，謝謝你的提問。是的，我認為我們在客戶帳戶方面做得比預期要好一些，現在，隨著第三個客戶的上線，我們對情況感覺很好。我對此的看法是，我認為本季、下一季和 12 月季度仍將保持成長勢頭。我們正在加大產能，因為我們正在泰國建立產能以支持客戶。

I think that we'll start to see more meaningful revenue meaning very significant revenues in Q1, Q2, and then certainly in the back half of calendar 2026. So it is a ramp, there's some gradualness to it. There's a couple of inflection points. The first inflection point is probably early in '26, but then a more meaningful inflection point in the back half of '26.

我認為我們將開始看到更有意義的收入，這意味著在第一季、第二季以及在 2026 年下半年將會出現非常可觀的收入。所以它是一個斜坡，有一定的漸進。有幾個轉折點。第一個拐點可能是在 26 年初，但更有意義的轉折點將在 26 年下半年出現。

Right now we're honestly limited by how many we can build, right? We're trying to ramp this thing very quickly. We see a tremendous level of demand, but we are limited by how much we can supply.

現在我們能建造的數量確實受到限制，對嗎？我們正在努力快速推進這項進程。我們看到了巨大的需求，但我們的供應量卻有限。

Thanks. And then as a follow up, wanted to check in on the CPO opportunity as well. So that sounds like it's progressing. Last we spoke, it sounded like you were the only approved supplier in the ecosystem for the high-powered laser. Wondering how you're thinking about your position in that market in terms of quantifying as well as your ability to remain a sole source supplier. How's the competitive landscape? Thank you.

謝謝。然後作為後續行動，也想檢查 CPO 機會。聽起來事情正在取得進展。上次我們談話時，聽起來您是生態系統中唯一獲得批准的高功率雷射供應商。想知道您如何看待自己在該市場中的量化地位以及保持唯一供應商地位的能力。競爭格局如何？謝謝。

Yeah, Simon, you and I talked about it. We feel good about our ability to maintain a competitive mode here for two reasons. One, there's a unique power level that this laser throws off, but more importantly is the reliability, and we're able to translate a lot of what we've done from undersea lasers and ramen pumps into this particular product line.

是的，西蒙，你和我談論過這件事。我們對自己能夠在這裡保持競爭模式感到滿意，原因有二。首先，這種雷射具有獨特的功率水平，但更重要的是可靠性，我們能夠將我們在海底雷射和拉麵泵方面取得的許多成果應用到這個特定的產品線中。

It's develop it. It's leveraging a lot of the same developments concepts that we had there. So we feel good about the competitive mode. You called it out well. I think we said in the prepared remarks we would expect meaningful revenue from this again in the second half of calendar 2026.

正在開發它。它利用了我們在那裡擁有的許多相同的開發概念。所以我們對競爭模式感到滿意。你說得很好。我想我們在準備好的發言中說過，我們預計在 2026 年下半年將再次從中獲得可觀的收入。

We are seeing, we talked about the order, a very significant order. We are seeing early shipments, so at least as far as we know, we're sole sourced. We believe we have a good competitive mode that will keep us in that position.

我們看到、我們討論過這個命令，一個很重要的命令。我們看到的是早期發貨，所以至少據我們所知，我們是唯一貨源。我們相信我們擁有良好的競爭模式，可以讓我們保持這個地位。

Tom O'Malley, Barclays.

巴克萊銀行的湯姆·奧馬利。

Hey guys. Thanks. Hey guys, thanks for taking my question. So it sounds like the trajectory to the $600 million is moving a little bit forward to the fourth fiscal quarter. Maybe you could walk through the contributions to the $600 million. In the quarter, EMLs were a bit better, but modules were also good as well. Maybe walk through the moving parts of where you see the upside to get you to that $600 million.

嘿，大家好。謝謝。嘿夥計們，謝謝你們回答我的問題。因此，聽起來 6 億美元的軌跡正在向第四財季稍微推進。也許您可以介紹一下這 6 億美元的捐款情況。本季度，EML 表現稍好，但模組也同樣出色。也許，您可以瀏覽一下那些您認為有好處的行動部分，從而獲得那 6 億美元。

Yeah, Tom, I mean, I think, number one, we actually expect continued strength in our components business. Our components business carried us pretty significantly this quarter, and we actually are pretty excited about that over the balance of the fiscal year. The cloud modules will definitely be a step up. I think we had a really big step up this quarter, a 50% sequential gain in terms of top line.

是的，湯姆，我的意思是，我認為，首先，我們實際上預計我們的零件業務將繼續保持強勁。我們的零件業務在本季度為我們帶來了顯著的貢獻，我們對本財年的剩餘時間感到非常興奮。雲端模組肯定會有一個進步。我認為本季我們的業績有了很大的進步，營業額比上一季成長了 50%。

I think we'll hit a little bit of an ad here in the next quarter, but then we'll see a pretty dramatic acceleration in cloud modules in our December quarter, March quarter, and June quarter. As we said a second ago, we also expect OCS to layer in, we start to see revenue, meaningful revenue contributions in the first half, significant revenue contributions from OCS in the second half.

我認為我們會在下個季度推出一些廣告，但隨後我們將在 12 月季度、3 月季度和 6 月季度看到雲端模組的顯著加速。正如我們剛才所說，我們也預期 OCS 將會加入進來，我們開始看到收入，上半年有顯著的收入貢獻，下半年 OCS 的收入貢獻顯著。

Still strength in our transport business. So it's multifaceted, but if I was going to pick the two or three areas, it would certainly start with components, cloud modules will be strong, and then I think we're going to see that that revenue contribution from the optical circuit switch.

我們的運輸業務依然強勁。所以它是多方面的，但如果我要選擇兩個或三個領域，那肯定會從組件開始，雲端模組將會很強大，然後我認為我們會看到光電路交換器的收入貢獻。

Helpful and then I kind of wanted to address a little bit of an off top. I do. So I just wanted to address a press release that came out in the last week. So Apple is talking about investment in the US, and there was a press release specifically out with one of your competitors with their lasers out of a US manufacturing site.

很有幫助，然後我想解決一些無關的問題。我願意。所以我只是想談談上週發布的一份新聞稿。因此，蘋果公司正在談論在美國的投資，並且有一份新聞稿專門提到了你們的某個競爭對手在美國的一個製造基地生產雷射。

Traditionally, you guys have always been kind of first to innovate there. I was curious, do you guys see a future in which that type of business becomes more significant for you, or do you think that this is an announcement that kind of is talking about existing infrastructure that's in place versus new opportunities that are kind of burgeoning? Thank you.

傳統上，你們一直是該領域創新的先驅。我很好奇，你們是否認為未來這種類型的業務對你們來說會變得更加重要，或者你們認為這是一個談論現有基礎設施與正在蓬勃發展的新機會的聲明？謝謝。

Yeah, I mean, it's an interesting one. We, in the macro, I think face ID and 3D sensing will be a minimal part of our business on a go forward basis. The main story, Tom, as you well know, is everything we're doing in the data center with Wupen's business.

是的，我的意思是，這很有趣。從宏觀角度來看，我認為人臉辨識和 3D 感應在未來將只占我們業務的一小部分。湯姆，如你所知，主要故事是我們在資料中心為 Wupen 的業務所做的一切。

That being said, interestingly, we feel like we're picking up share and decent gross margins on this cycle and then there's some design changes that are happening in the next couple of calendar years and to your point, we feel like we have an innovation lead.

話雖如此，有趣的是，我們感覺我們在這個週期中正在獲得市場份額和不錯的毛利率，然後在接下來的幾年裡會發生一些設計變化，正如你所說，我們感覺我們在創新方面處於領先地位。

So you know I was on the other side of this, as in in Sherman, and you're right, Lumentum has a history about innovating and as long as we kind of keep that innovation engine up, I feel better than I have in a while in terms of gaining share in that business and actually increasing top line and margin in that business.

所以你知道我站在謝爾曼的立場上，你是對的，Lumentum 有著創新的歷史，只要我們保持創新引擎的運轉，我就會比以前感覺更好，因為我在該業務中獲得了份額，實際上增加了該業務的營收和利潤。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Yeah. Hi, thanks for taking my questions and congrats on the results here. Maybe for my first one, Michael, if I can press you a bit on the timing of the $600 million revenue guide here for fiscal 2Q '26 because, you did have a strong sort of $50 million plus quarter over quarter increase into the June quarter and now you're guiding it for September to like a 40 million increase at the midpoint, 40 million or more.

是的。你好，感謝您回答我的問題，並祝賀您所取得的成果。邁克爾，也許這是我的第一個問題，我是否可以向您稍微施壓一下，關於 2026 財年第二季度 6 億美元收入指南的時間，因為，你們在 6 月份季度的環比增長確實強勁，達到了 5000 萬美元以上，現在你們預測 9 月份的收入中點將增加 4000 萬美元，4000 萬美元，4000 萬美元或更多。

And I'm just wondering, given your comments about acceleration in terms of data com chips with more capacity coming on and there's the cloud line business as well accelerating into December and March, is there any other part of the business that necessarily slows down to sort of push that timeline to the June quarter, or is there a potential of achieving that target in the March quarter itself, kind of a follow up?

我只是想知道，鑑於您關於數據通信晶片方面加速發展的評論，隨著更多產能的增加，雲線路業務也將在 12 月和 3 月加速發展，其他業務部分是否必然會放緩，以將時間表推遲到 6 月季度，或者是否有可能在 3 月季度就實現這一目標，這是一種後續行動？

Yeah, I good, very good question. I think there was a very key parenthetical phrase that we had saying the June quarter or earlier. That was, that's an important phrase. Look, we feel pretty good about the business across the board. I think we're still in the early innings of our cloud module business. We feel like we're just beginning to scratch the surface in terms of picking up share on that.

是的，我問得非常好。我認為我們有一個非常關鍵的括號短語，說的是六月季度或更早。這是一個重要的短語。看，我們對整個業務都感覺很好。我認為我們的雲端模組業務仍處於早期階段。我們感覺我們在獲取市場份額方面才剛開始觸及皮毛。

We talked about OCS and some of the previous questions, we really feel good about that business. You called out in your comments on components, that's going gangbusters, outside of our industrial tech business which is obviously had some headwinds in in Wupen's platform.

我們討論了 OCS 和一些先前的問題，我們對這項業務確實感覺很好。您在評論中提到，除了我們的工業技術業務之外，零件業務也正在蓬勃發展，而工業技術業務在 Wupen 平台上顯然遇到了一些阻力。

I don't think there's a single sector right now that I could point to that say it said we're going to be down. So, our slope is definitely up and you can kind of draw your own conclusions as to where you think we end up, but we definitely are on a pretty good run at the moment.

我認為目前沒有一個產業可以預測我們的經濟將會下滑。因此，我們的斜率肯定是上升的，您可以得出自己的結論，知道我們最終會走向何方，但目前我們肯定處於相當不錯的狀態。

Got it. And for my follow up. Yeah, yes, please, and, my follow up was really on sort of any thoughts you have on the semiconductor tariffs or section 232 investigation, whatever you want to call it, and in relation to sort of speculation around 100% tariffs on semiconductors given your fabs in Japan.

知道了。並進行後續跟進。是的，是的，請問，我的後續問題實際上是關於您對半導體關稅或第 232 條調查（無論您想怎麼稱呼它）有何看法，以及考慮到您在日本的晶圓廠，對半導體徵收 100% 關稅的猜測。

And I did see you made an announcement of additional investment here in the US advanced optics and how you're thinking about the likelihood of being exempted from any potential tariffs on the semiconductor side given your location of fabs any thoughts on that would be useful. Thank you.

我確實看到您宣布對美國先進光學領域進行額外投資，以及考慮到您的晶圓廠所在地，您如何看待在半導體方面獲得任何潛在關稅豁免的可能性，對此的任何想法都會很有用。謝謝。

Yeah, I mean, some, as you can see and appreciate during the quarter, the tariff situation is pretty fluid, and there's a lot has happened even after we announced our updated guidance in June. But having said that, we've gone back and taken a look at the new regulations that have come out and taken a look at the exempted categories that have that are in the appendix to that new guideline, and we've determined that our products are exempted from any of the tariffs that would be applicable in that new guidance.

是的，我的意思是，正如您在本季度看到和體會到的那樣，關稅情況相當不穩定，即使在我們 6 月份宣布了更新後的指引之後，也發生了很多事情。但話雖如此，我們回過頭來研究了已經出台的新法規，並查看了新指南附錄中的豁免類別，我們確定我們的產品不受新指南中適用的任何關稅的約束。

So, we're fairly comfortable that we will not be impacted, but like I said, things are fluid. We thought at the beginning of Q4, we would have 100 basis point, up to 100 basis point negative impact from tariffs and yet, in Q4 we actually had, minimal impact of tariffs.

因此，我們相當放心不會受到影響，但就像我說的，事情是不斷變化的。我們在第四季初就認為，關稅將為我們帶來 100 個基點，甚至高達 100 個基點的負面影響，但實際上，在第四季度，關稅的影響微乎其微。

Even if you want in Q1, we put in a little bit just in case something new pops up, in the remaining part of August and September, and we'll see, at the end of the quarter where that ends up. But for now, no material changes in our business operations or the impact from tariffs would be our view.

即使你想要在第一季度，我們也會投入一點，以防在八月剩餘的時間和九月出現新情況，我們會在本季度末看到結果。但就目前而言，我們認為我們的業務營運不會發生重大變化，也不會受到關稅的影響。

Blayne Curtis, Jefferies.

布萊恩‧柯蒂斯，傑富瑞集團。

Hi Ezrawina, I'm for Blayne. Thanks for taking my question. I guess a two parter instead of a follow up, but first you talked about a big 200g EML order in December, and then also discussed that you're going to see a big ramp next year in 100G and 200g.

你好，Ezrawina，我支持 Blayne。感謝您回答我的問題。我想分兩部分而不是後續內容，但首先您談到了 12 月份的 200g EML 大訂單，然後還討論了明年您將看到 100G 和 200g 的大幅增長。

Can you talk a little bit about what you're seeing timing wise between the two of those in that transition? And then the follow up question is kind of your lead times and visibility into both demand in those ramps and kind of inventory for both of those.

您能否稍微談談您對這兩者之間轉變時間的看法？然後接下來的問題是您的交貨週期以及對這些坡道的需求和庫存的可見性。

Yeah, I'll take that and then I'll have Wupen add some color. So, first thing that I would say is obviously the 100 gig is run rate. We're shipping that right now. It primarily goes into 800 gig transceivers, and we feel like that is continuing to go well. We're seeing those numbers climb. We're seeing our EML shipments on a 100 gig continue to climb.

是的，我會接受這個，然後讓 Wupen 添加一些顏色。因此，我想說的第一件事顯然是 100 千兆是運行率。我們現在就出貨。它主要用於 800 千兆收發器，我們感覺它正在繼續順利發展。我們看到這些數字正在攀升。我們看到 100 千兆的 EML 出貨量持續攀升。

A 200gig is more associated with the 1.6T, and we're starting to see the early ramp of 1.6T. So this now is related to our components business. I think our module business as it pertains to 1.6T would feather in next year, but we are starting to see early shipments of 200 gig per lane into the 1.6T transceivers.

200GB 更接近 1.6T，而我們正開始看到 1.6T 的早期產能提升。所以這現在與我們的零件業務息息相關。我認為我們的 1.6T 模組業務明年會發展順利，但我們開始看到 1.6T 收發器每通道 200 千兆的早期出貨量。

That's additive business, so we see that on top of what we already have for the 100 gig. The 100 gigs will continue to climb, and then the 200 gig will layer in on top of that. So, we talked about through the questions and even in the prepared remarks, the strength in our components business.

這是附加業務，因此我們認為這是在現有的 100G 業務基礎上的附加業務。100 千兆位元組的數量將繼續攀升，然後 200 千兆位元組的數量將在此基礎上增加。因此，我們透過問題甚至在準備好的發言中討論了我們的零件業務的優勢。

We have a baseline of 100 gig. We have a nice layering of 200gig per lane, and then we layer on top of that this co-packaged optics opportunity which we feel really strongly about. So, there's a nice effect here in our components business that is obviously a nice margin driver for us. Ruin, you want to comment a little bit on the dynamics?

我們的基線是 100G。我們有每條通道 200gig 的良好分層，然後我們在此基礎上進行分層，這是我們非常重視的共同封裝光學機會。因此，我們的零件業務取得了良好的效果，這顯然為我們帶來了良好的利潤驅動力。Ruin，你想對動態發表一點評論嗎？

Yeah, thank you, Michael. Yeah, definitely, I think it's really important to keep in mind that there's no transition, down and up kind of situation is, it's layered on top of. So, 80gig is running very strong. Most hydro scalers are still on the 800G platform and for probably the next couple of years at a minimum. 1.60 just getting started. So it's really additive to our revenue going forward and then our visibility into the future business actually is really good.

是的，謝謝你，麥可。是的，我認為一定要記住，沒有過渡，沒有上下的情況，而是層層疊加。因此，80gig 運行非常強勁。大多數水力除垢器仍然使用 800G 平台，並且至少在未來幾年內都會如此。 1.60 才剛起步。因此，這確實會增加我們未來的收入，並且我們對未來業務的可視性實際上非常好。

We have, six to nine months of visibility, not longer and then in the general consensus, what we can see in the market is that we are in a supply, constraint, situation. And therefore, we would anticipate the basic demand will continue to be very strong and will continue to see very good visibility, going forward. And of course, given that situation, inventory is very low and, we're basically shipping everything that we can make and try to keep our customers, satisfied, for their deployment.

我們有六到九個月的可見性，不會更長，然後在普遍的共識中，我們在市場上可以看到的是，我們正處於供應受限的狀況。因此，我們預計基本需求將繼續保持強勁，並將繼續保持良好的可見度。當然，考慮到這種情況，庫存非常低，我們基本上運送了我們能生產的所有產品，並試圖讓我們的客戶對他們的部署感到滿意。

Hey, did you have a follow up question?

嘿，你還有後續問題嗎？

No, that was it. As my two.

不，就是這樣。就像我的兩個一樣。

Okay. All right. Thanks, Ezra. Reagan we'll take our next question, please.

好的。好的。謝謝，埃茲拉。雷根，請回答我們的下一個問題。

Christopher Roland, SIG

克里斯多福羅蘭（SIG）

Hi, this is Erin Avill in for Chris Roland. Thanks for taking my question. On the EML competitive landscape, there are a few EML players out of Japan in addition to your largest competitor. How do you believe you're positioned to retain your edge and leadership here?

大家好，我是 Erin Avill，代替 Chris Roland。感謝您回答我的問題。在 EML 競爭格局中，除了最大的競爭對手之外，還有一些來自日本的 EML 參與者。您認為您如何才能保持自己的優勢和領導地位？

Yeah, look, I think there are two dimensions in the EML business. One is certainly performance, and I think if you look at our design, it is the best performing and where that translates is in module yield. Our customers typically report a significantly higher yield on their cloud modules using our EMLs over competitors.

是的，我認為 EML 業務有兩個維度。第一個當然是性能，我認為如果你看一下我們的設計，它的性能是最好的，而這體現在模組產量上。我們的客戶通常報告稱，使用我們的 EML 後，其雲端模組的收益明顯高於競爭對手。

That allows us some pricing latitude which has been super favorable. Wupen's been able to use that to great effect. We feel like we talked about 200 gig. We feel like we're leading on technology innovations, 200 gig CPO, as Wupen described in the last call, these are all layering on top of each other.

這給了我們一些非常有利的定價空間。Wupen 已經能夠很好地利用這一點。我們感覺我們談論的是 200 千兆。我們感覺我們在技術創新方面處於領先地位，200gig CPO，正如 Wupen 在上次電話會議中所描述的那樣，這些都是相互疊加的。

The second element is obviously capacity, and we are the biggest supplier in terms of capacity. We have our fad in Japan is outputting more EMLs than I think any other location. So, we really feel good about our ability not only to lead technically, but also to lead operationally and that's giving us a pretty nice tailwind as we head into the next handful of quarters.

第二個要素顯然是產能，就產能而言，我們是最大的供應商。我認為，我們在日本的 EML 產量比其他任何地方都多。因此，我們對自己不僅在技術上領先的能力感到非常滿意，而且在營運上也同樣領先，這為我們進入接下來的幾季提供了相當不錯的順風。

Did you have a follow up?

你有後續行動嗎？

Yeah. At your investor briefing at OFC you had a slide where you showed your segment mix at over $500 million of revenue and at that level, Telecom and Datacom both represented 45% and given the September guide, how are you tracking to that mix?

是的。在 OFC 的投資者簡報會上，您用一張幻燈片展示了您的分部組合，其收入超過 5 億美元，而在這個水平上，電信和數據通信均佔 45%，根據 9 月份的指南，您如何跟踪這一組合？

We're tracking pretty well in line. Datacom is probably running a little bit ahead of Telecom, not really demand determined, more related to some of the supply constraints we have on the telecom side where we, that we are looking to close on.

我們的進程進展順利。數據通訊可能比電信稍微領先一點，這並不是由需求決定的，更多的與我們在電信方面的一些供應限制有關，我們正在尋求解決這些限制。

So I think from a demand standpoint, the 45 and 45 are correct, but in terms of what we're actually shipping, we're a little bit more tuned to Datacom because some of the capacity improvements on the telecom side, still need to happen for us.

因此我認為從需求的角度來看，45 和 45 是正確的，但就我們實際的出貨量而言，我們更關注數據通信，因為電信方面的一些容量改進仍然需要我們來實現。

But there is a underlying, the demands really mostly coming from the hyper scalars and on the cloud. So even though the customers are traditional telecom customers, the source of demand is really is from the cloud. I think that's very important that dynamics, that we should consider our business, going forward.

但有一個潛在的問題，需求其實主要來自超標量和雲端。因此，儘管客戶是傳統電信客戶，但需求來源實際上來自雲端。我認為這種動態非常重要，我們應該考慮我們未來的業務。

That's a good point. Well said, yeah.

這是一個很好的觀點。說得好，是的。

Okay, thank you. Regan, I think we'll take our next question.

好的，謝謝。雷根，我想我們可以回答下一個問題了。

Meta Marshall, Morgan Stanley

摩根士丹利的 Meta Marshall

Great thanks. Apologies for the background noise. Just a couple of questions for me and I'll, say them both at once. Just in terms of kind of the, you had a lead customer on the transceiver side. You clearly talked about kind of supplying the additional two customers this order. Just how should we think about kind of the ramp of additional customers, just given kind of how strong the demand the customer one has been?

非常感謝。抱歉造成背景噪音。我只有幾個問題，我會同時回答。就類型而言，您在收發器方面有一個主要客戶。您清楚地談到了為另外兩位客戶提供此訂單。考慮到客戶需求有多強勁，我們該如何考慮增加更多客戶？

And then maybe just as a second question, particularly strong, gross margins this quarter, just trying to get a sense of like directionally is that more mixed, is it more yield improvement just how to kind of think about, kind of capacity for that to increase further.

然後也許只是第二個問題，本季的毛利率特別高，只是想了解一下方向，是不是更加混合，是不是有更多的收益提高，如何考慮，是否有能力進一步提高。

Yeah, Meta. Thanks for the question. Look, on cloud modules we're obviously trying to be disciplined. We're continuing to focus on opportunities that yield the highest margins for us, and we also are somewhat constrained in terms of our ability to produce. So, we are focused on these three customers. Our capture rate of additional customers probably in the near term will be modest.

是的，Meta。謝謝你的提問。瞧，在雲端模組上我們顯然試圖保持紀律。我們將持續關注能為我們帶來最高利潤的機會，但我們的生產能力也受到一定限制。因此，我們專注於這三位客戶。我們在短期內對額外客戶的獲取率可能不高。

I think we're going to continue to look at these three guys, both in terms of the high value skews that we can deliver to them, and again just because our capacity both from an engineering capacity and for manufacturing capacity is somewhat constrained. That being said, we still expect to grow and actually grow very significantly in that business over the coming handful of quarters.

我認為我們將繼續關注這三個人，一方面是因為我們能夠為他們提供高價值的產品，另一方面是因為我們無論是在工程能力還是製造能力方面都受到了一定限制。話雖如此，我們仍然預計未來幾季該業務將會成長，而且實際上會實現顯著成長。

The second part of the question was on gross margin on gross margins. Yeah, look, I, it's a big focus for us. I think we saw improvement on mix, mixed with some of it because of the components business, but a lower piece of our business, lower margin piece of the business and cloud modules contributed about half the growth and still we showed margin improvement and we continue to be on that trajectory.

問題的第二部分是關於毛利率的毛利率。是的，看，這對我們來說是一個重點。我認為我們看到了產品組合的改善，其中一些是由於零件業務的改善，但我們業務的份額較低，利潤率較低的業務和雲端模組貢獻了約一半的成長，但我們的利潤率仍然有所提高，並且我們將繼續沿著這一軌跡發展。

We're spending a lot of time. Wait and I, together with Wupen and his general managers are very focused on cost improvements of all of our products, pricing when we can apply leverage when it's appropriate, and we would expect to see some more significant gross margins set up, step ups in the ensuing quarters, but this is a big area of focus for us.

我們花了很多時間。我和 Wait 與 Wupen 以及他的總經理們都非常注重我們所有產品的成本改進，在適當的時候應用槓桿進行定價，我們預計在接下來的幾個季度中，毛利率將有更顯著的提升，但這是我們關注的一個重點領域。

Thank you Meta. Regan, I think we'll take our next question.

謝謝你，Meta。雷根，我想我們可以回答下一個問題了。

Ryan Koontz, Needham & Company LLC.

Ryan Koontz，Needham & Company LLC。

Great thanks. I want to ask about the telecoms side of the world obviously ZR is the main driver there. I wonder if you have any commentary on how fast you think that market's growing. Can you expand on your opportunities in that market from a component perspective and how you think about that business, over the next 12, 18 months? Thank you.

非常感謝。我想問一下電信領域的情況，顯然 ZR 是那裡的主要推動者。我想知道您對該市場成長速度有何評論。您能否從零件的角度擴展您在該市場中的機會，以及您對未來 12 至 18 個月該業務的看法？謝謝。

Yeah, I mean, it's been a big story for us. I'll let the Wupen will add color here, but obviously our narrow line with lasers, which are a key component in in ZR and ZR+ modules have done very well. We said in the prepared remarks were capacity limited. We are, we're sold out for really the balance of the fiscal year, to be honest with you at this point.

是的，我的意思是，這對我們來說是一個大故事。我會讓 Wupen 在這裡添加顏色，但顯然我們的窄線雷射（ZR 和 ZR+ 模組中的關鍵組件）表現得非常好。我們在準備好的發言中說過，容量有限。說實話，目前我們在本財政年度的剩餘時間裡，我們的庫存已經全部售罄。

So, that has been where we played. Our actual modules have not done as well when we've actually tried to sell ZR, ZR+ modules ourselves, we've not done as well. It's definitely a margin hit to the company, so we are focusing where we can on selling components into the DCI market. I don't know, you want to add some color on how you're thinking about it?

這就是我們比賽的地方。當我們真正嘗試自己銷售 ZR、ZR+ 模組時，我們的實際模組表現並不好，我們做得併不好。這對公司的利潤率肯定會造成影響，因此我們正專注於向 DCI 市場銷售零件。我不知道，你想對你的想法添加一些色彩嗎？

Sure. First of all, I think the market is growing very rapidly. There's a very, I would say a general trend now, for most of the hyper skitters to resort to the DR kind of architecture, moving away from the traditional transponder-based architectures.

當然。首先，我認為市場成長非常迅速。現在我認為有一個普遍的趨勢，即大多數超級滑行飛機都採用 DR 類型的架構，而不再採用傳統的基於應答器的架構。

So we think that as a market, the VR pluggable modules, is a long-term trend that continue to go up. From the growth rate perspective, we're seeing, we're forecasting roughly 30% volume annual growth rate, number one, number two, that with the DCI traffic now growing rapidly to carry the AI traffic, we see the 800 VR now are starting to be of interest to multiple hyper scalers.

因此我們認為，作為一個市場，VR可插拔模組是一個持續上升的長期趨勢。從成長率的角度來看，我們看到，我們預測年增長率約為 30%，首先，其次，隨著 DCI 流量現在快速增長以承載 AI 流量，我們看到 800 VR 現在開始引起多個超大規模企業的興趣。

And as Michael said, we're not so focused on the module side, but we're definitely looking for opportunities on the component side to participate continuously, going forward in the 800 VR market as well.

正如邁克爾所說，我們並不太關注模組方面，但我們肯定會在組件方面尋找機會持續參與，並繼續在 800 VR 市場中前進。

Thanks Brian, did you have a follow up?

謝謝 Brian，你有後續消息嗎？

Yeah. Just a quick question about transceivers and you know share for EM email designs versus, Vixel and Silicon Photonics and do you pick up any share shifts from a demand perspective going on with this migration to higher speeds, maybe due to do to the AI infrastructure? Thank you.

是的。問一個關於收發器的簡單問題，您知道 EM 電子郵件設計與 Vixel 和矽光子的份額如何嗎？從需求角度來看，隨著向更高速度的遷移，您是否發現份額發生了任何變化，這可能是由於 AI 基礎設施造成的？謝謝。

Yeah, I mean, again, I'll have Wupen add color here, Ryan, but we we're, we keep hearing noise of this and frankly we're not seeing it. I mean we are sold out on our EMLs again for the balance of the year when we're, customers are coming to us for allocation, we're actually just trying to pick and choose because we only have so much capacity and it's actually sold out.

是的，我的意思是，我會讓 Wupen 在這裡添加顏色，Ryan，但是我們，我們一直聽到有關這方面的聲音，坦率地說，我們沒有看到它。我的意思是，當客戶來找我們分配時，我們今年的 EML 又一次銷售一空，我們實際上只是在挑選，因為我們的容量有限，而且實際上已經售罄了。

The silicon photonics is doing well. There's no doubt about it. It's layering in in the transceivers into the data center, but it has not impinged on EML demand in any way. I mean, how are you thinking about it as you think about 1.6% and beyond, how are you thinking about these two things feathering?

矽光子學表現良好。毫無疑問。它位於資料中心的收發器層中，但不會以任何方式影響 EML 需求。我的意思是，當您考慮 1.6% 及以上時，您是如何看待這兩件事的？

Yeah. Thank you, Michael. So I think number one, as we talked about earlier, there is a major supply constraint. So, in the sense that sitting photonics versus EML, it depends on what laser you can get, that would dictate your solutions, that you would be able to deploy. So that's actually really happening now in the 100g per lane speed, products.

是的。謝謝你，麥可。因此我認為，首先，正如我們之前所討論的，存在著嚴重的供應限制。因此，從坐式光子學與 EML 的意義上來說，這取決於您可以獲得什麼樣的激光，這將決定您能夠部署的解決方案。因此，這實際上正在每通道速度 100g 的產品中發生。

Now, going forward, 200 per lane, 1.60 is just getting started. Certainly, there are equal among the EML based design and photonics space design and I think a similar dynamics will play out. I think we're very early. Phase of 1.60. I would say that probably at this point, it's both technologies are being deployed. So again, I think the supply situation will determined to a large extent what technology will be used in reality.

現在，每條車道 200 個，1.60 個才剛開始。當然，基於 EML 的設計和光子空間設計是相同的，我認為會出現類似的動態。我認為我們還很早。1.60階段。我想說，可能在這一點上，兩種技術都正在部署。所以，我認為供應情況將在很大程度上決定實際上將使用什麼技術。

Thanks, Ryan. I think Regan we'll take our next question.

謝謝，瑞安。我想雷根我們會回答下一個問題。

David Vogt, UBS Equities

瑞銀股票部門 David Vogt

Great. Thanks, guys, for taking my question. I have two questions. Thank you. So maybe, guys, can you talk about where you actually stand from an EML wafer fab capacity? I know in the past you've talked about expanding capacity but I think upwards of 40%, and I think I just heard Michael say that we're completely sold out.

偉大的。謝謝大家回答我的問題。我有兩個問題。謝謝。那麼，各位，您能否談談您在 EML 晶圓廠產能方面的實際立場？我知道您過去曾談到擴大產能，但我認為會超過 40%，而且我剛剛聽到邁克爾說我們已經完全售罄了。

So where do we stand today, and how do you think that kind of plays out? And then along those lines, the second question is related. When you think about the pricing dynamics, given the limited supply of wafer chips going forward, how much should we think about that being an impact on gross margin going forward from a pricing perspective?

那我們今天的立場是什麼呢？您認為這將如何發展？沿著這個思路，第二個問題就相關了。當您考慮定價動態時，考慮到未來晶圓晶片的供應有限，從定價角度來看，我們應該考慮這對未來的毛利率有多大影響？

Obviously you need to be careful in terms of how you price, but just try to get a sense for how should we think about that as we go into fiscal '26. Thanks.

顯然，你需要謹慎定價，但只是試著了解一下在進入 26 財年時我們應該如何考慮這個問題。謝謝。

Yeah, I think, let me talk a little bit about the capacity. We are still transitioning from three inch to four-inch wafers, so that's something that's undergoing. We think we can bump our capacity in completing that transition and that will give us another leg up in terms of capacity.

是的，我想，讓我來談談容量。我們仍在從三英寸晶圓過渡到四英寸晶圓，所以這是正在進行的事情。我們認為，我們可以提高產能，完成這項轉變，這將使我們在產能方面再佔優勢。

We definitely feel like the economics are in our favor, right? There's limited supply, there's a lot of demand, and we do feel like there's a price lever. We've been very careful because there's only a handful of customers that are there.

我們確實覺得經濟狀況對我們有利，對嗎？供應有限，需求卻很大，我們確實感覺到存在價格槓桿。我們非常小心，因為那裡只有少數顧客。

But as we think about the situation over the next handful of quarters, I do think Wait and Wupen are thinking about how to make this work out more equitably, right, given that we have finite capacity and a lot of demand, price, I do think will become more of a meaningful discussion in the next handful of quarters.

但當我們考慮未來幾季的情況時，我確實認為 Wait 和 Wupen 正在考慮如何讓這一問題更加公平地解決，對吧，考慮到我們的產能有限，需求又很大，我認為價格問題將在未來幾個季度成為更有意義的討論。

And David, just to be clear, those pricing discussions are not incorporated into Michael's earlier comments around 40% gross margins, as well as our comments about achieving $600 million of quarterly revenue. Pricing increases would be upside to that.

大衛，需要明確的是，這些定價討論並未納入邁克爾先前關於 40% 毛利率的評論中，以及我們關於實現 6 億美元季度收入的評論中。價格上漲將帶來好處。

And I will also comment that with capacity ramping continues, we have made an investment into the fast side, and we believe in strategic investment for us. So, we are looking at, a few times of the capacity over the next several years as we transition also over to the six-inch wave in the box by substrates as well.

我還要評論的是，隨著產能不斷提升，我們已經在快速方面進行了投資，我們相信這對我們而言是戰略投資。因此，我們正在考慮在未來幾年內將產能提高幾倍，同時我們也將透過基板過渡到箱體中的六英寸波。

Kathy, can I sneak one more in?

凱西，我可以再偷偷帶一個嗎？

Sure, yeah, why don't you go ahead.

當然，是的，你為什麼不繼續呢？

Yeah, just on OCS, obviously it's exciting to hear about a second customer and then a third customer coming online. How should we think about sort of the arc of the profitability of that particular product offering as it expands from one hyperscale or a two to three into next year? Is this kind of a corporate average kind of product cycle and just trying to think how we should think about what the impact is in '26 and '27 from OCS?

是的，僅在 OCS 上，聽到第二個客戶和第三個客戶上線的消息顯然是令人興奮的。當該產品明年從一個超大規模或兩個超大規模擴展到三個超大規模時，我們應該如何看待該產品的獲利能力曲線？這是否是企業平均的產品週期？我們只是想思考一下，我們應該如何看待 OCS 在 26 年和 27 年的影響？

Yeah, it's significantly above corporate margin averages. So it will be most definitely be a creative and there's some, with any factory you've got ramps and how we absorb the factory, but assuming a reasonable level of volume and reasonable level of volume as we've described, starts really in the first half of calendar 2026, this will be a creative to our margin line.

是的，它明顯高於企業利潤率平均值。因此，這絕對會是一個創意，而且有一些，任何工廠都有坡道，以及我們如何吸收工廠，但假設合理的產量水平和合理的產量水平，正如我們所描述的，真正開始於 2026 年上半年，這將是我們利潤線的一個創意。

Great. Thanks Michael.

偉大的。謝謝邁克爾。

Okay, we'll go to the next question, please.

好的，請我們進入下一個問題。

George Notter, Wolfe Research.

喬治·諾特（George Notter），沃爾夫研究公司。

Hi guys. Thanks very much. I was curious about just the capacity expansion down at the Nava facility. Any insights you can give us there on in terms of scale, capacity, new additions, would be great.

嗨，大家好。非常感謝。我對 Nava 工廠的產能擴張感到好奇。如果您能就規模、容量、新增功能向我們提供任何見解，那就太好了。

Yeah, we are obviously we still, we built a new building in Nava. That building has three floors. We've actually started to outfit the first floor, and we feel like even given the volumes that we're seeing from our hyper scale customers in dealing with that first floor that should be able to one, meet the demand levels that we're seeing, and two, give us some flexibility as George.

是的，我們顯然仍在納瓦建造一座新建築。那棟樓有三層樓。實際上，我們已經開始裝備一樓，我們覺得，即使考慮到我們的超大規模客戶在處理一樓時所看到的數量，這應該能夠滿足我們看到的需求水平，其次，給我們一些靈活性。

Right now a lot of our cloud modules are coming from China that will give us some flexibility from a manufacturing footprint to move to Thailand and you know help should the tariff situation change. So, it is early innings. We'd expect that to come online sometime next year where we'd have that additional capacity available to us from a manufacturing standpoint.

目前，我們的許多雲端模組都來自中國，這將為我們將製造業務轉移到泰國提供一定的靈活性，如果關稅情況發生變化，這將有所幫助。所以，現在只是早期階段。我們預計該生產線將於明年某個時候投產，屆時我們將從製造角度獲得額外的產能。

Got it. Super. And then one other quick one, I think you mentioned at one point you were looking at doing some portfolio clean up or adjustments. Is that something that you are indeed looking at? Is there any timelines or things you might be particularly focused on there? Thanks.

知道了。極好的。然後再問一個簡單的問題，我想您曾經提到您正在考慮進行一些投資組合清理或調整。那確實是你正在看的東西嗎？是否有任何時間表或您可能特別關注的事情？謝謝。

Yeah, we'll, we announced some changes, I think in my first earnings call around metrology, X-ray and spectroscopy. We shut some of those businesses down. This is an ongoing process. We actually, as we're just starting our fiscal year. Wajid and I have set the AOP.

是的，我想，在我的第一次收益電話會議上，我們會宣布一些與計量、X 光和光譜相關的變化。我們關閉了其中一些企業。這是一個持續的過程。事實上，我們的財政年度才剛開始。Wajid 和我已經設定了 AOP。

There will be some portfolio management that'll be part of that, and we'll be talking about that, I think in subsequent calls, but it's an important tenet of our strategy is to really try to focus on our cloud networking business under Wupen as much as possible and really figure out the parts of his portfolio they're going to be the most profitable and lead to the longest term growth.

其中會涉及一些投資組合管理，我想我們會在後續電話會議中討論這個問題，但我們策略的一個重要原則是盡可能專注於 Wupen 領導下的雲端網路業務，並真正找出投資組合中哪些部分最賺錢，並帶來最長期的成長。

So, we will have some discussions I think in the next couple of calls around some portfolio management moves that we are in the middle of at the moment.

因此，我認為我們將在接下來的幾次電話會議中討論我們目前正在進行的一些投資組合管理舉措。

Thank you.

謝謝。

Thank you, George. And Megan, we'll take our next question?

謝謝你，喬治。梅根，我們可以回答下一個問題了嗎？

Vivek Arya, BofA Global Research.

美國銀行全球研究部的 Vivek Arya 說。

Thanks for taking my question. Michael, how large is the cloud module business now and how large does it need to be for your quarterly sales to get to $600 million and at that point, will it be levered to a single customer or will it have multiple customers?

感謝您回答我的問題。邁克爾，現在雲端模組業務的規模有多大？要達到 6 億美元的季度銷售額，它的規模需要達到多大？到那時，它會只面向單一客戶，還是會面向多個客戶？

Yeah. I mean, I, I'll let Waj and Kathy sort of describe the size. I mean, I think we've, we discussed it with you back at the last conference. This the number went up 50%, and we would expect it to continue to grow as we said in the prepared remarks, I think that from here it doesn't actually need to grow a whole lot for us to get to the $600 million number.

是的。我的意思是，我會讓 Waj 和 Kathy 來描述一下尺寸。我的意思是，我想我們在上次會議上已經和你們討論過這個問題了。這個數字成長了 50%，我們預計它會繼續成長，正如我們在準備好的評論中所說的那樣，我認為從現在開始，我們實際上不需要成長很多就能達到 6 億美元的數字。

Previous caller said, look, you guys are at 525 at the mid, right? It's another $75 million of incremental growth and we've said that we would expect components to contribute to that. We would expect OCS to contribute to that. So I do think that this cloud business will grow. It is continuing to grow.

之前打電話的人說，你看，你們在中間的 525 處，對嗎？這是另外 7500 萬美元的增量增長，我們已經說過，我們希望零件能夠為此做出貢獻。我們希望 OCS 能夠為此做出貢獻。所以我確實認為雲端業務將會成長。它還在繼續增長。

We are being disciplined about it. Wupen is being super smart about which opportunities he takes and which he doesn't. We are expecting revenue contributions from our largest customer, from our second largest customer, and frankly from our third largest customer, but I think it was me that asked. At least right now for the next handful of quarters, we do not expect to add customers beyond these three.

我們正在對此進行嚴懲。伍彭非常聰明，知道哪些機會是可以抓住的，哪些是不能。我們期望我們最大的客戶、第二大客戶以及第三大客戶能夠貢獻收入，但我想這是我提出的要求。至少就目前而言，在接下來的幾個季度裡，我們預計不會增加這三家以外的客戶。

Does that give you a follow up question?

這是否給你一個後續問題？

Yes, thank you, Kathy. So follow up on, gross margins, Wajid, how are you thinking about gross margins heading into September and then when you do get to the $600 million quarterly run rate, do you think gross margins can get close to 40%, or is there a different mix that we should be thinking about? Thank you.

是的，謝謝你，凱西。那麼，請繼續關注毛利率，Wajid，您認為 9 月的毛利率如何？當您達到 6 億美元的季度運行率時，您認為毛利率可以接近 40% 嗎？或者我們應該考慮其他組合嗎？謝謝。

Yeah, no Vivek, so we've been able to improve our gross margins sequentially for the last number of quarters. The most recent quarter we were at 37.8%. We'll probably see a little bit of a nudge up to that moving into Q1 as we approach the $600 million of revenue like Michael mentioned, we don't actually need a lot of growth in cloud modules to get there.

是的，沒有 Vivek，所以我們能夠在過去幾個季度中連續提高毛利率。最近一個季度的比例為 37.8%。正如麥可所提到的那樣，隨著我們接近 6 億美元的收入，我們可能會在第一季看到一點小幅上漲，實際上我們不需要雲端模組的大量成長就能實現這一目標。

Probably in the range of $20 or $25 million is about all we need in order to be able to get to the $600 million target. So because of that and the focus really being on the components business getting us to $600 million we should see a nudge up again on gross margins, getting us close to the 40% that we outlined in the April OFC presentation where we said that we thought at $600 million would be between 37% and 40% and just given the mix that we're seeing in front of us, we should be at the higher end of that range when we get to $600 million.

為了達到 6 億美元的目標，我們大概需要 2,000 萬到 2,500 萬美元。因此，由於這一點以及我們真正關注的是零部件業務，使我們的銷售額達到 6 億美元，我們應該會看到毛利率再次上升，使我們接近 4 月份 OFC 演示文稿中概述的 40%，當時我們說，我們認為 6 億美元的毛利率將在 37% 到 40% 之間，並且僅考慮到我們的高端組合，當我們面前達到 6 億美元，當我們達到 6 億美元之間，並且僅考慮到我們面前的高端組合。

You you've got to remember Vivek, one of the things that's actually a headwind to our margins right now is that we're spending about 150 basis points every quarter just on NPI. And so as we're ramping the second and third customers that we're not recognizing revenue for at this point in time, both in cloud modules and OCS, there's a significant amount of NPI costs that are not being absorbed by inventory right now.

你必須記住，維韋克，目前對我們的利潤率造成阻礙的因素之一是，我們每個季度僅在 NPI 上就要花費大約 150 個基點。因此，隨著我們正在擴大第二和第三個客戶，我們目前尚未確認收入，無論是在雲端模組還是 OCS，目前都有大量 NPI 成本尚未被庫存吸收。

And so as the business grows, some of that NPI cost as a percentage of revenue should come down. So that'll certainly help us as well.

因此，隨著業務的成長，部分 NPI 成本佔收入的百分比應該會下降。這肯定也會對我們有幫助。

Thanks for that. I think we have time for one more question, Reagan. So you can squeeze in one more question and then pass the call back to me.

謝謝。我想我們還有時間再問一個問題，雷根。所以你可以再問一個問題，然後將電話轉回給我。

Alek Valero, Loop Capital

路通資本管理公司（Loop Capital）的阿列克·瓦萊羅（Alek Valero）

Yeah. Thanks guys appreciate it. I guess maybe this could be Michael and watch it just kind of sticking there. Is there is there a sort of theoretical mix of transceivers of modules relative to components that you think about as you've seen Michael the last handful of months, sort of this new model.

是的。謝謝大家的讚賞。我猜這也許就是邁克爾，看著它就停留在那裡。是否存在相對於組件的模組收發器的理論組合，正如您在過去幾個月看到的 Michael 所說的那樣，這是一種新模型。

How they come into shape, would love to get any thoughts there and recognize it could change over time, but just whatever your current thoughts are. Thanks.

它們是如何形成的，我很想得到任何想法，並認識到它可能會隨著時間而改變，但無論你現在的想法是什麼。謝謝。

Yeah, I mean I don't know that we think about it that way. What I would say is, we are going to continue to be selective in the cloud modules that we take on. We are limited to these three customer engagements we have and within those customer engagements we've asked Wupen to be very smart about which of these opportunities he prosecutes.

是的，我的意思是我不知道我們是否這樣想。我想說的是，我們將繼續選擇性地採用雲端模組。我們僅限於這三種客戶合作，在這些客戶合作中，我們要求 Wupen 非常明智地選擇利用其中的哪些機會。

So, we expect to continue to grow this business and I would say grow it relatively significantly throughout this fiscal year and as Wajid just elucidated, we do expect to grow gross margins as well. This will be a gross margin drag. I mean, I think in our best case we've said to people we expect this business to be maybe pushing 30% gross margin in the asymptote.

因此，我們預計這項業務將繼續成長，而且我認為在整個財年，這項業務將實現相對顯著的成長，正如 Wajid 剛才所闡明的，我們確實預期毛利率也會成長。這將拖累毛利率。我的意思是，我認為在最好的情況下，我們已經告訴人們，我們預計這項業務的毛利率最終可能會達到 30%。

We will see a drag from it. So, we want to limit how much we do there. We want to focus on the components, focus on OCS, focus on the CPO opportunity, beyond that, obviously Wupen is keenly focused on scale up, which is another component opportunity.

我們將會看到它帶來的拖累。所以，我們想限制我們在那裡做的事情。我們希望專注於組件、專注於 OCS、專注於 CPO 機會，除此之外，Wupen 顯然非常注重擴大規模，這是另一個組件機會。

But we do think that this can help us from a cash flow perspective and from a revenue growth perspective at least for the next four to eight quarters. Wajid, do you have any additional color?

但我們確實認為，從現金流和收入成長的角度來看，這至少可以在未來四到八個季度內為我們提供幫助。Wajid，你還有其他顏色嗎？

No, I think that's right, at least as it relates to the $600 million a quarter, thinking about it as being about 15% to 20% of company revenues is probably the right level, and then network interconnect, or sorry, cloud interconnect or datacom chip business really growing with our supply and so as the supply improvements happen three inch deforms that Michael talked about, as well as some new CapEx that we've got coming in both in our fiscal in Q4.

不，我認為這是對的，至少就每季度 6 億美元而言，將其視為公司收入的 15% 到 20% 左右可能是正確的水平，然後網絡互連，或者抱歉，雲互連或數據通信芯片業務隨著我們的供應而真正增長，因此隨著供應的改善，邁克爾談到的三英寸的資本以及我們在第四季度財政年度支出也隨之增加的資本。

That business should naturally grow along with the 200 GEML. So the cloud interconnect business, the Datacom laser business will be larger as part of the $600 million mix than our cloud module business will be.

該業務應會隨著 200 GEML 的自然成長而成長。因此，雲端互連業務、數據通訊雷射業務在這 6 億美元的業務組合中所佔比例將比我們的雲端模組業務更大。

And also, right, I think the component business is not just the cloud, chip business, right? It's also other laser business which is also going to grow meaningfully, right? So I think the future of the growth is again in the context of $20 million will be some portion coming out of the module as what you talked about.

而且，對，我認為組件業務不僅僅是雲端、晶片業務，對嗎？其他雷射業務也會顯著成長，對嗎？因此，我認為未來的成長將再次在 2000 萬美元的背景下，其中一部分將來自您談論的模組。

And I could talk about, but also a meaningful chunk of coming from component, not just cloud component per se, but also so-called telecom components that goes into DCI that also supports the AI machine and growth. So all these areas are going to be growing and then give you just a uplift of growth margins.

我可以談論，但也有來自組件的有意義的部分，不僅僅是雲端組件本身，還有進入 DCI 的所謂電信組件，它也支援 AI 機器和成長。因此，所有這些領域都將成長，從而提高成長利潤率。

Thank thanks now. Do you have one quick follow up that we can.

現在謝謝謝謝。您能否為我們提供一個快速的跟進？

Thank you. But I guess the quick one would be just OCS in terms of materiality. I think Michael made comments back at OFC that in some context, that it could be a noticeable product, product line. Just wanted to sort of get his context about how noticeable it could be over time. Thanks.

謝謝。但我想，從實質方面來說，最快的就是 OCS。我認為邁克爾在 OFC 上曾表示，在某些情況下，這可能是一個引人注目的產品、產品線。只是想了解隨著時間的推移這種現象會變得多麼明顯。謝謝。

Yeah, I mean, look, we are very optimistic that this will be a multi $100 million contributor for us. So, what in what time frame, it's becoming increasingly sharplingly clear that it's sooner rather than later, but we haven't put a time frame on that, but certainly the opportunity for us is measured in multiple $100 millions, and we feel pretty good about that, just being able to step into that TAM in a meaningful way.

是的，我的意思是，我們非常樂觀，這將為我們帶來數億美元的貢獻。那麼，在什麼時間範圍內，越來越明顯的是，宜早不宜遲，但我們還沒有設定一個時間框架，但對我們來說，機會肯定是以數億美元來衡量的，我們對此感覺很好，能夠以有意義的方式進入這個 TAM。

All right. Thanks so much.

好的。非常感謝。

Great, that's all the time we have for questions. Thank you. We look forward to connecting with you at upcoming investor conferences and meetings this quarter. And with that, I'd like to thank you all for joining us today.

太好了，我們回答問題的時間就這麼多了。謝謝。我們期待在本季即將舉行的投資者會議和會議上與您聯繫。最後，我要感謝大家今天的出席。

Thank you. That'll conclude today's call. Thank you for your participation. You may now disconnect your line.

謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。