Lumentum Holdings Inc (LITE) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to the Lumentum Holdings first-quarter fiscal year 2026 earnings call. (Operator Instructions)

大家好，歡迎參加 Lumentum Holdings 2026 財年第一季財報電話會議。（操作說明）

Please also note today's event is being recorded for replay purposes. (Operator Instructions) At this time I would like to turn the conference call over to Kathy Ta, Vice President of Investor Relations. Ms. Ta, please go ahead.

另請注意，今天的活動將被錄製，以便回放。（操作員指示）現在，我將把電話會議交給投資者關係副總裁凱西·塔。塔女士，請繼續。

Thank you, and welcome to Lumentum's first quarter of fiscal year 2026 earnings call. This is Kathryn Ta, Lumentum's Vice President of Investor Relations. Joining me today are Michael Hurlston, President and Chief Executive Officer; Wajid Ali, Executive Vice President and Chief Financial Officer; and Wupen Yuen, President, Global Business Units.

謝謝，歡迎參加 Lumentum 2026 財年第一季財報電話會議。這是 Lumentum 公司投資者關係副總裁 Kathryn Ta。今天與我一同出席的有：總裁兼執行長 Michael Hurlston；執行副總裁兼財務長 Wajid Ali；以及全球業務部門總裁 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 Securities Litigation Reform Act of 1995.

今天的電話會議將包含前瞻性聲明，包括但不限於有關我們未來經營業績、策略、趨勢以及對我們產品和技術的預期的聲明，這些聲明是根據 1995 年證券訴訟改革法案的安全港條款作出的。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations, particularly the risks set forth in our SEC filings under Risk Factors and elsewhere.

這些聲明存在風險和不確定性，可能導致實際結果與我們目前的預期有重大差異，特別是我們在提交給美國證券交易委員會的文件「風險因素」部分及其他部分中列出的風險。

We encourage you to review our most recent filings with the SEC, particularly the risk factors described in our 10-K for the fiscal year ended June 28, 2025, and in our most recent 10-Q to be filed by Lumentum with the SEC.

我們建議您查看我們最近向美國證券交易委員會提交的文件，特別是截至 2025 年 6 月 28 日的財政年度的 10-K 表格以及 Lumentum 向美國證券交易委員會提交的最新 10-Q 表格中描述的風險因素。

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 截至今日的合理信念和預期。除適用法律要求外，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 GAAP.

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財務結果。非公認會計準則財務數據有固有的局限性，不應脫離公認會計準則所編製的財務數據單獨考慮，也不應替代或優於公認會計準則編制的財務數據。

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提交給美國證券交易委員會的文件中找到非GAAP指標與GAAP指標之間的調節表，以及有關我們使用非GAAP指標和可能影響我們財務表現的因素的資訊。

Lumentum's press release with the fiscal first quarter results and accompanying supplemental slides are available on our website at www.lumentum.com under the Investors section. We encourage you to review these materials carefully.

Lumentum 的第一季財報及相關補充投影片可在本公司網站 www.lumentum.com 的「投資者」欄位下查看。我們建議您仔細閱讀這些資料。

With that, I'll turn the call over to Michael.

接下來，我將把電話交給麥可。

Thank you, Kathy, and good afternoon, everyone. In Q1, revenue surged more than 58% year-over-year, while operating margins expanded by over 1,500 basis points. $533 million represents the highest revenue achieved in a single quarter in the company's 10-year history by significant margin.

謝謝你，凱西，大家下午好。第一季度，公司營收年增超過58%，營業利益率提升超過1500個基點。 5.33億美元的營收是該公司10年歷史上單季營收的最高紀錄，且增幅顯著。

Our growth is powered by AI demand spanning our laser chips and optical transceivers inside data centers as well as the interconnect and long-haul networks that link them. In fact, we estimate that over 60% of our total company revenue now comes from cloud and AI infrastructure, driven both directly by hyperscale customers and indirectly through network equipment and optical transceiver manufacturers that embed Lumentum components in their solutions.

我們的成長得益於人工智慧的需求，涵蓋了資料中心內的雷射晶片和光收發器，以及連接它們的互連和長途網路。事實上，我們估計，目前公司總收入的 60% 以上來自雲端和人工智慧基礎設施，這既直接得益於超大規模客戶的推動，也間接得益於將 Lumentum 組件嵌入其解決方案中的網路設備和光收發器製造商。

There is a growing convergence between telecom infrastructure and AI data center-driven networking as our customers align traditional network equipment with the needs of intensive inferencing workloads. Having built the company on telecommunication subsystems, Lumentum has evolved into a leading provider of optics for scaling AI compute.

隨著我們的客戶將傳統網路設備與密集型推理工作負載的需求相匹配，電信基礎設施與人工智慧資料中心驅動的網路之間的融合日益加深。Lumentum 公司最初以電信子系統起家，如今已發展成為人工智慧運算擴展光學元件的領先供應商。

On our last earnings call, we projected crossing $600 million in quarterly revenue by the June 2026 quarter or earlier. Today, our Q2 outlook shows that we expect to surpass this milestone well ahead of schedule, with the guidance calling for a revenue midpoint of approximately $650 million, two quarters earlier than we previously targeted. As a reminder, we have identified three major drivers of future growth: cloud transceivers, optical circuit switches and co-packaged optics.

在上次財報電話會議上，我們預測到 2026 年 6 月季度或更早，季度營收將超過 6 億美元。今天，我們的第二季展望顯示，我們預計將提前遠遠超過這一里程碑，預計營收中位數約為 6.5 億美元，比我們之前的目標提前了兩個季度。再次提醒大家，我們已經確定了未來成長的三大主要驅動因素：雲端收發器、光路開關和共封裝光元件。

Of these, within our Q2 outlook, we are not yet expecting meaningful contributions from optical circuit switches and co-packaged optics. In cloud transceivers, we are set to resume sustained growth in fiscal Q2, and this upward trajectory should accelerate over the next four to five quarters.

在我們的第二季展望中，我們預期光路開關和共封裝光學元件不會做出實質貢獻。在雲端收發器領域，我們預計在第二財季恢復持續成長，而這一成長動能將在未來四到五個季度加速。

Before discussing our first quarter results in more detail, I want to address an important change in how we report our financial results. We will now discuss our financials as a single reportable segment, aligning with our current organizational structure. After several months with the company, I decided to reorganize in order to react more quickly to market and technology changes and move resources to the highest value opportunities.

在更詳細地討論我們第一季的業績之前，我想先談談我們在報告財務表現方面的一個重要變化。現在我們將把財務狀況作為一個單獨的報告分部進行討論，這與我們目前的組織結構相一致。在公司工作幾個月後，我決定進行重組，以便更快地應對市場和技術變化，並將資源轉移到最有價值的機會上。

In that context, Wupen Yuen, who many of you know, is now the Head of Global Business Units, owning all product road map decisions. While this shift simplifies our reporting framework, it also gives investors more insight into our numbers by breaking the cloud and networking business down a bit.

在這種情況下，許多人認識的袁武鵬現在是全球業務部門負責人，負責所有產品路線圖的決策。這項轉變簡化了我們的報告框架，同時也透過對雲端運算和網路業務進行一些細分，讓投資人更深入地了解我們的財務數據。

In that vein, we will provide revenue breakouts in our quarterly reports and commentary for two product types, components and systems. We define components as the individual building blocks that enable larger solutions such as laser chips, laser subassemblies, line subsystems and wavelength management subsystems. Systems in contrast are complete stand-alone products that deliver full functionality to the end customer, including optical transceivers, optical circuit switches and industrial lasers.

基於此，我們將在季度報告和評論中提供兩種產品類型（組件和系統）的收入明細。我們將組件定義為構成更大解決方案的各個組成部分，例如雷射晶片、雷射子組件、線路子系統和波長管理子系統。相較之下，系統是完整的獨立產品，可為最終客戶提供完整的功能，包括光收發器、光路開關和工業雷射。

We provide historical views of those two product types in our earnings deck that can be found on our Investor Relations website. Using this breakout, components revenue in the quarter was $379 million, which was up over 18% sequentially and up 64% from the same quarter last year.

我們在投資者關係網站上的收益報告中提供了這兩種產品類型的歷史數據。根據這項細分數據，該季度零件營收為 3.79 億美元，季增超過 18%，比去年同期成長 64%。

Our components products delivered strong broad-based growth across our laser chip, laser assembly and line subsystem product lines, driven by robust demand inside the data center and from data center interconnects and long-haul applications.

受資料中心內部以及資料中心互連和長途應用的強勁需求驅動，我們的組件產品在雷射晶片、雷射組件和生產線子系統產品線方面實現了強勁的全面成長。

We achieved another record in EML laser shipments, driven primarily by 100-gig line speeds and supported by an increase in 200-gig shipments. We also initiated CW laser deliveries for 800-gig transceiver manufacturers, marking an important milestone in our product road map.

我們在 EML 雷射器出貨量方面再次創下紀錄，這主要得益於 100 千兆線速的推動，以及 200 千兆出貨量的增長。我們也開始向 800G 收發器製造商交付 CW 雷射器，這標誌著我們產品路線圖上的一個重要里程碑。

As we've shared before, our indium phosphide-based wafer fab has been fully allocated due to robust customer demand. However, I'm pleased to report that we have made better-than-expected progress on yields and throughput and now see line of sight to add approximately 40% more unit capacity over the next few quarters, setting the stage for calendar 2026 to be another breakout year for laser chip shipments and solidifying our leadership in indium phosphide-based light sources for the data center.

正如我們之前分享過的，由於客戶需求強勁，我們的磷化銦晶圓廠已全部投入使用。不過，我很高興地報告，我們在良率和吞吐量方面取得了超出預期的進展，現在預計將在未來幾個季度增加約 40% 的單位產能，為 2026 年成為雷射晶片出貨量又一個突破性的一年奠定基礎，並鞏固我們在資料中心磷化銦光源領域的領先地位。

Although still small in absolute terms, we saw sequential growth in our ultra-high power laser shipments as we continue the initial phase of our production ramp. we still expect a significant increase in shipment volumes in the second half of calendar 2026 as adoption continues to accelerate, and we are seeing opportunities to expand our customer base.

儘管從絕對數量來看，我們的超高功率雷射出貨量仍然較小，但隨著我們產能爬坡初期階段的持續推進，出貨量呈現環比增長。我們預計，隨著市場應用不斷加速，2026年下半年出貨量將顯著成長，同時我們也看到了拓展客戶群的機會。

We are seeing strong sustained momentum in our data center interconnect or DCI components, which support not only optical links within campuses, but also connections spanning up to 100 kilometers in scale across architectures.

我們看到資料中心互連或 DCI 組件市場呈現強勁的持續成長勢頭，這些組件不僅支援園區內的光纖鏈路，還支援跨架構的 100 公里規模的連接。

Shipments of our narrow line width laser assemblies for DCI transmission grew for the seventh consecutive quarter, rising over 70% year-over-year, demonstrating both robust market demand and our continued success in scaling manufacturing capacity.

我們用於 DCI 傳輸的窄線寬雷射組件的出貨量連續第七個季度增長，同比增長超過 70%，這表明市場需求強勁，也表明我們在擴大製造能力方面持續取得成功。

Shipments of our line subsystems for data transport also delivered strong sequential and year-over-year growth, benefiting from the same macro trend. We also saw sequential and year-over-year growth in coherent components for long-haul data transmission and achieved a record quarter for pump lasers supporting subsea and terrestrial networks.

由於同樣的宏觀趨勢，我們用於數據傳輸的線路子系統的出貨量也實現了強勁的環比和同比增長。我們還看到用於長途數據傳輸的相干組件實現了環比和同比增長，並且支援海底和陸地網路的泵浦雷射也實現了創紀錄的季度銷售。

Finally, we saw a sequential rise in 3D sensing products, consistent with the seasonality of a new smartphone launch. Even in our Q1 historically peak shipment quarter, these products contribute less than 5% of total company revenue, underscoring that the broad strength of our components portfolio is driven almost entirely by the accelerating global build-out of cloud infrastructure and highlighting Lumentum's essential role in powering that expansion.

最後，我們看到 3D 感測產品逐年成長趨勢，這與新款智慧型手機的發布季節性相符。即使在我們歷史上出貨量最高的第一季度，這些產品也只占公司總收入的不到 5%，這凸顯了我們組件組合的廣泛優勢幾乎完全是由全球雲端基礎設施的加速建設所驅動的，並突顯了 Lumentum 在推動這一擴張方面發揮的關鍵作用。

In Systems, revenue was $155 million, down 4% sequentially, but up 47% year-over-year. Cloud transceiver revenue was roughly flat to the prior quarter as we used the quarter to increase manufacturing capability in Thailand to meet increasing customer demand. From this point forward, we expect to see the end of the fits and starts in production capability we have experienced in this product area, and we now forecast a period of sustained revenue growth.

系統業務收入為 1.55 億美元，季減 4%，但年增 47%。由於我們利用本季在泰國提高了生產能力，以滿足不斷增長的客戶需求，雲端收發器收入與上一季基本持平。從現在開始，我們預計該產品領域生產能力的斷斷續續的情況將結束，我們現在預測將迎來一段持續的收入增長期。

Our guidance into Q2 provides our first proof point that as new 800 gig and 1.6T products ramp in future quarters, we expect to see the revenue layering benefits that our larger transceiver competitors have experienced. Our initial ramp of optical circuit switches from Thailand is progressing well, and we remain on track for a rapid acceleration in manufacturing expansion over the coming quarters.

我們對第二季的預測提供了第一個證據，表明隨著新的 800 G 和 1.6T 產品在未來幾季逐步推出，我們預計將看到我們的大型收發器競爭對手所經歷的收入分層收益。我們在泰國的初期光路開關產能爬坡進展順利，我們仍有望在未來幾季加快生產擴張步伐。

As expected, we saw a sequential decline in industrial laser shipments, reflecting the continued softness in the broader industrial market. Looking ahead to the fiscal second quarter, we expect approximately half of our sequential revenue growth in absolute dollars to come from our components products, driven by broad-based strength across product lines serving cloud applications.

正如預期的那樣，我們看到工業雷射出貨量環比下降，反映出整個工業市場持續疲軟。展望第二財季，我們預計環比收入成長（以美元計）的約一半將來自我們的組件產品，這得益於服務於雲端應用的各產品線的全面強勁表現。

The other half is expected from our systems products serving cloud customers, primarily reflecting the ramp of high-speed optical transceivers for data center applications and to a lesser extent, the early phase of our optical circuit switch ramp.

另一半預計將來自我們服務於雲端客戶的系統產品，主要反映了資料中心應用的高速光收發器的快速成長，以及在較小程度上反映了我們光路交換器快速成長的早期階段。

As I highlighted at the start of my remarks, we are only at the beginning of our growth journey in cloud and AI infrastructure. Lumentum story has many chapters ahead, and we are entering a period of sustained expansion, fueled by the accelerating adoption of AI and the optical technologies that enable it.

正如我在演講開始時所強調的那樣，我們在雲端運算和人工智慧基礎設施領域的成長之旅才剛剛開始。Lumentum 的發展歷程還有許多篇章，我們正進入一個持續擴張的時期，這得益於人工智慧及其相關光學技術的加速普及。

Our components products will remain the cornerstone of both revenue growth and profitability, while our systems products are scaling rapidly with cloud transceivers, optical circuit switches and other high-performance solutions. With expanded manufacturing capacity and the ramp of new products, we are confident in our ability to drive continued top line growth, margin expansion and long-term shareholder value.

我們的組件產品仍將是營收成長和獲利能力的基石，而我們的系統產品正隨著雲端收發器、光路交換器和其他高效能解決方案的出現而迅速擴展。隨著生產能力的擴大和新產品的投產，我們有信心推動營收持續成長、利潤率擴大和股東價值的長期提升。

Now I'll hand the call over to Wajid.

現在我把電話交給瓦吉德。

Thank you, Michael. First quarter revenue of $533.8 million and non-GAAP EPS of $1.10 were at the high end of our guidance ranges. GAAP gross margin for the first quarter was 34%, GAAP operating margin was 1.3%. GAAP net income was $4.2 million and GAAP net income per share was $0.05. Turning to our non-GAAP results.

謝謝你，麥可。第一季營收為 5.338 億美元，非 GAAP 每股收益為 1.10 美元，均處於我們預期範圍的高端。第一季 GAAP 毛利率為 34%，GAAP 營業利益率為 1.3%。以美國通用會計準則（GAAP）計算，淨利為 420 萬美元，每股淨利為 0.05 美元。接下來來看看我們的非美國通用會計準則（non-GAAP）表現。

First quarter non-GAAP gross margin was 39.4%, which was up 160 basis points sequentially and up 660 basis points year-on-year due to better manufacturing utilization and favorable product mix as a result of increased data center laser chip shipments.

第一季非GAAP毛利率為39.4%，季增160個基點，較去年同期成長660個基點，這得益於資料中心雷射晶片出貨量增加，從而提高了生產利用率，並帶來了有利的產品組合。

First quarter non-GAAP operating margin was 18.7%, which was up 370 basis points sequentially and up 1,570 basis points year-on-year, primarily driven by revenue growth in components products. First quarter non-GAAP operating profit was $99.8 million and adjusted EBITDA was $127.6 million.

第一季非GAAP營業利潤率為18.7%，季增370個基點，較去年同期成長1570個基點，主要得益於零組件產品收入的成長。第一季非GAAP營業利潤為9,980萬美元，調整後EBITDA為1.276億美元。

First quarter non-GAAP operating expenses totaled $110.5 million or 20.7% of revenue, an increase of $1.2 million from the fourth quarter and an increase of $10.1 million from the same quarter last year. This year-over-year growth reflects annual employee cash incentives tied to company performance, along with ongoing investments to scale our operations in support of expanding cloud opportunities.

第一季非GAAP營運支出總計1.105億美元，佔營收的20.7%，比第四季增加120萬美元，比去年同期增加1,010萬美元。這一年的成長反映了與公司業績掛鉤的年度員工現金獎勵，以及為擴大營運規模以支持不斷增長的雲端機會而進行的持續投資。

Q1 non-GAAP SG&A expense was $41.5 million. Non-GAAP R&D expense was $69 million. Interest and other income was $3.7 million on a non-GAAP basis. First quarter non-GAAP net income was $86.4 million and non-GAAP net income per share was $1.10. Our fully diluted share count for the first quarter was 78.3 million shares on a non-GAAP basis.

第一季非GAAP銷售、管理及行政費用為4,150萬美元。非GAAP研發費用支出為6900萬美元。以非GAAP準則計算，利息和其他收入為370萬美元。第一季非GAAP淨利為8,640萬美元，非GAAP每股淨利為1.10美元。第一季非GAAP完全稀釋後的股份數量為7830萬股。

During the first quarter, our cash and short-term investments increased by $245 million to $1.12 billion. Our cash position benefited from a convertible notes transaction completed during the quarter, which contributed $306 million in net proceeds.

第一季度，我們的現金和短期投資增加了 2.45 億美元，達到 11.2 億美元。本季完成的一筆可轉換債券交易使我們的現金狀況受益，該交易貢獻了 3.06 億美元的淨收益。

Our inventory levels increased sequentially to support the expected growth in our cloud and AI revenue. In Q1, we invested $76 million in CapEx, primarily focused on manufacturing capacity to support cloud and AI customers. Turning to revenue details.

為支援雲端運算和人工智慧收入的預期成長，我們的庫存水準逐週增加。第一季度，我們在資本支出方面投資了 7,600 萬美元，主要用於提升製造能力，以支援雲端和人工智慧客戶。接下來來看看收入詳情。

First quarter components revenue at $379.2 million increased 18% sequentially and 64% year-on-year. Our first quarter systems revenue at $154.6 million was down 4% sequentially and up 47% year-on-year. Now let me move to our guidance for the second quarter of fiscal year '26, which is on a non-GAAP basis and is based on our assumptions as of today. We anticipate net revenue for the second quarter of fiscal year '26 to be in the range of $630 million to $670 million. The midpoint of this range would represent a new all-time quarterly revenue record for Lumentum.

第一季零件營收為 3.792 億美元，季增 18%，年增 64%。我們第一季的系統營收為 1.546 億美元，季減 4%，年增 47%。現在讓我來談談我們對 2026 財年第二季的業績指引，該指引採用非 GAAP 準則，並基於我們截至目前的假設。我們預計 2026 財年第二季的淨收入將在 6.3 億美元至 6.7 億美元之間。該區間的中點將代表 Lumentum 創下新的季度營收紀錄。

Our Q2 revenue forecast reflects the following expectations: Components expected to be up sequentially with strong growth across our portfolio of products addressing cloud and AI applications and systems to also be up sequentially with strong growth from cloud transceivers and progress in the early phases of our optical circuit switch ramp.

我們第二季的營收預測反映了以下預期：組件業務預計將環比成長，我們面向雲端和人工智慧應用的產品組合將實現強勁成長；系統業務也將環比成長，雲端收發器業務將實現強勁成長，光路交換機產能爬坡的早期階段也將取得進展。

We project second quarter non-GAAP operating margin to be in the range of 20% to 22% and diluted net income per share to be in the range of $1.30 to $1.50. Our non-GAAP EPS guidance is based on a non-GAAP annual effective tax rate of 16.5%. These projections also assume an approximate share count of 83.5 million shares. With that, I'll turn the call back to Kathy to start the Q&A session.

我們預計第二季非GAAP營業利潤率將在20%至22%之間，稀釋後每股淨收益將介於1.30美元至1.50美元之間。我們的非GAAP每股盈餘預期是基於16.5%的非GAAP年度有效稅率計算的。這些預測也假設股票數量約為 8,350 萬股。接下來，我將把電話轉回給凱西，開始問答環節。

Kathy?

凱西？

Thank you, Wain. To allow as many as possible an opportunity to ask questions, please keep to one question and one follow-up.

謝謝你，韋恩。為了讓盡可能多的人有機會提問，請每人只提一個問題，並可提出一個後續問題。

Now Kevin, let's begin the Q&A session.

凱文，現在我們開始問答環節。

(Operator Instructions)

（操作說明）

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Just making sure. Can you hear me?

只是確認一下。你聽得到我嗎？

Yeah, we can hear you.

是的，我們能聽到你說話。

Getting used to the new system. So thank you, strong results. Congrats on the outlook as well. Maybe on the transceiver side, high confidence in relation to sustaining that growth going forward, and you're calling for a pretty sizable growth into the next quarter as well. Maybe just talk a bit about what's driving that confidence, maybe more in addition to the capacity ramp that you talked about?

正在適應新系統。謝謝，結果非常理想。恭喜你對前景的樂觀態度。或許在收發器方面，對未來保持成長充滿信心，而且您也預測下一季將實現相當大的成長。或許可以稍微談談是什麼因素促成了這種信心，除了您剛才提到的產能提升之外，還可以談談其他方面？

Is there more diversification on the customer front as well. That's giving you visibility into that consistent growth? And what's in particular driving the strong increase of about $60 million or so, I think that's what you're guiding to for the quarter-over-quarter sort of into the next December quarter? And I have a follow-up.

客戶群方面是否也更加多元化了？這讓你能夠看到這種持續成長的跡象嗎？那麼，究竟是什麼因素推動了約 6,000 萬美元的強勁成長呢？我想，這應該是您對下一個 12 月季度環比成長的預期吧？我還有一個後續問題。

Yeah, this is Michael. I think we've highlighted this for the last couple of quarters. Our improvements in execution is beginning to bear fruit. If you remember, we said that we've been really missing the front part of customer ramps due to some execution challenges. And that seems to have corrected off where we now are participating in the very early part of customer ramps.

是的，這是邁克爾。我認為我們在過去幾個季度已經重點強調了這一點。我們在執行上的改進開始取得成效。如果你還記得的話，我們說過由於一些執行上的挑戰，我們一直很想念顧客坡道的前端部分。這種情況似乎已經得到糾正，我們現在正參與客戶成長的早期階段。

We have expectation to be shipping 1.6T transceivers sometime middle-ish of next year. and those will be at the early part of the customer ramp as well. So for the first time, we're getting this layering effect where we're not seeing a dip in revenue as we sort of see one cycle ramp down and the next one ramp up. We're getting this layering effect that I talked to in the call. That's predominantly with our largest customer, but we are seeing revenue from the two customers that we've talked about previously as well.

我們預計將於明年年中左右開始出貨1.6T收發器，並且這些產品也將在客戶訂單量成長的早期階段交付。因此，我們第一次看到了這種分層效應，即我們沒有看到收入下降，而是看到一個週期逐漸減少，下一個週期逐漸增加。我們正在產生我在電話裡提到的那種層次感效果。這主要來自我們最大的客戶，但我們也從之前提到的兩位客戶那裡獲得了收入。

But pretty much the majority of all of this is coming from our largest customer.

但幾乎​​絕大部分都來自我們最大的客戶。

Got it. Got it. And for my follow-up, Michael, you talked about the 40% increase in capacity for datacom chips. Wondering if you can just help me think through what that means on a revenue basis? I would assume the mix would tilt more towards 200-gig EMLs, but what is generally the plan in terms of usage of that capacity? And how should we translate that maybe into terms of what it means for revenue increases? Thank you.

知道了。知道了。邁克爾，我的後續問題是，你提到了數據通訊晶片產能成長了 40%。我想知道您能否幫我分析一下，從收入角度來看，這代表什麼？我估計產品組合會更傾向於 200G EML，但就該容量的使用而言，整體計劃是什麼？那麼，我們該如何將其轉化為對收入成長的意義呢？謝謝。

Yeah. I think you have two effects, and those two effects will ultimately layer on top of each other. One is just the raw output, and we'd expect to see this 40% increase over the next couple of quarters. But then to your question, we also see a second effect, and that is that the 200 gig lasers will start to layer in. We talked about shipping 200 gig lasers in the last quarter.

是的。我認為你有兩種影響，這兩種影響最終會相互疊加。一是原始產量，我們預計在接下來的幾季中會看到 40% 的成長。但回到你的問題，我們還看到了第二個影響，那就是 200 吉巴雷射將會開始層層疊加。我們上個季度討論了出貨 200 吉巴雷射的計劃。

There's more in the guide. We'd expect to see about 10% of our mix in the early part of 2026, calendar 2026 be from 200 gig lasers. So you're going to get those two effects now sort of adding to one another, the fact that our capacity is increasing. And then the second issue is the fact that we would expect to see 200-gig lasers become a much more meaningful part of our mix in calendar 2026.

指南中還有更多內容。我們預計到 2026 年初，200 吉瓦雷射將占我們產品組合的 10% 左右。所以現在這兩個效應會相互疊加，因為我們的能力正在提高。第二個問題是，我們預計到 2026 年，200 吉瓦雷射將成為我們產品組合中更重要的一部分。

Okay, great. Thank you. Thanks for taking my questions.

好的，太好了。謝謝。謝謝您回答我的問題。

Well, thanks, Sonic. Kevin, I think we'll take our next question.

謝謝你，索尼克。凱文，我想我們接下來討論下一個問題。

Ryan Koontz, Needham & Co.

Ryan Koontz，Needham & Co.

Great, thanks. I wanted to ask about the continuous laser output, how -- that's a new product for you, how you think about that market opportunity. Is that something you're targeting for your own optical transceivers and what sort of customers lined up for that? Thank you.

太好了，謝謝。我想問關於連續雷射輸出的問題，這是你們的新產品，你們如何看待這個市場機會。這是你們打算在自家光收發器上開發的方向嗎？目前有哪些客戶正在等待購買？謝謝。

Yeah, Ryan. I mean, we've talked about the CW lasers for a bit here. We have a 70-millowatt CW laser that really started meaning shipping in this quarter will be a reasonable part of our mix next quarter. We've characterized that as sort of a pipe cleaner, shipping to other customers in an effort to eventually bring CW lasers into our own transceivers. So we have a 100-millowatt CW laser that we'd expect.

是的，瑞恩。我的意思是，我們已經討論過一段時間的連續波雷射了。我們有一台 70 毫瓦的連續波雷射器，這意味著本季的出貨量將在下個季度成為我們產品組合中相當重要的一部分。我們將其比作管道清潔器，將其運送給其他客戶，最終目的是將 CW 雷射引入我們自己的收發器中。所以，我們得到了一台符合預期的 100 毫瓦連續波雷射。

We're actually sampling it this month. We'd expect to be in full production in the middle of the year of 2026. That 100-millowatt CW laser is what we're going to use really in our internal transceivers. So as we've stated in previous discussions, we'd expect to be manufacturing the CW laser specifically to use it in our own transceivers, and that should happen sometime second quarter-ish of calendar 2026.

我們本月正在進行樣品測試。我們預計 2026 年中全面投產。那台 100 毫瓦的連續波雷射正是我們將在內部收發器中真正使用的。正如我們在先前的討論中所述，我們預計會專門製造 CW 雷射器，以便在我們自己的收發器中使用，這應該會在 2026 年第二季度左右發生。

That's great. Exactly what I was hoping to hear. So -- and then shifting gears maybe to narrow line width lasers for the DCI element. Is that a different set of competitors? Obviously, a different set of customers, but can you kind of educate us a little bit on the competitive environment for the narrow linewidth lasers for Coherent? Thank you.

那太棒了。這正是我希望聽到的。所以——然後或許可以轉變思路，採用窄線寬雷射來滿足 DCI 元件的需求。這是另一批競爭對手嗎？顯然，客戶群有所不同，但您能否為我們簡要介紹一下相干公司窄線寬雷射的競爭環境？謝謝。

Yeah. I'll maybe give some comments and then throw it to Wupen. We are -- we have very strong market share here, right? I think our competitive landscape is more limited perhaps in this area than many of those we participate in. To your point, Ryan, the customer base is different.

是的。我可能會提一些意見，然後把問題交給 Wupen。我們——我們在這裡擁有非常強大的市場份額，對吧？我認為，在這個領域，我們的競爭格局可能比我們參與的許多領域都要有限。瑞恩，你說得對，客戶群確實不同。

These are more of the traditional telecom guys that now have shifted and pivoted their business toward the hyperscalers. And so we're providing solutions to all of those guys in our narrow linewidth offering. But we have, Wupen correct me if I'm wrong, very, very high market share there and a strong competitive position.

這些是更多傳統的電信公司，它們現在已經將業務重心轉移到了超大規模資料中心。因此，我們在窄線寬產品線中為所有這些用戶提供解決方案。但是，如果我沒記錯的話，我們在那裡的市場份額非常非常高，並且擁有強大的競爭地位。

Yeah. Thank you, Michael. I think that's definitely true. I think that's a business we've had for the last 10, 15 years as a company. And then the challenge that laser capacity is not easy.

是的。謝謝你，麥可。我認為這絕對沒錯。我認為這是我們公司過去 10 到 15 年來一直在從事的業務。雷射能力面臨的挑戰並不容易。

And we have actually mastered that over the last 10 years or so. And you can see our continued progress in our revenue quarter-over-quarter. We're strongly positioned there. We do see some competition there, but again, the technology is going to be difficult. So we expect we're going to continue the strong market share position going forward.

在過去的十年左右時間裡，我們已經真正掌握了這項技術。您可以從我們的營收季度環比成長中看到我們的持續進步。我們在那裡擁有強大的優勢。我們確實看到這方面存在一些競爭，但同樣，技術方面仍有困難。因此，我們預計未來將繼續保持強勁的市場份額地位。

I appreciate that very much.

我非常感謝。

Thanks, Ryan. Let's take your next question?

謝謝你，瑞恩。我們來回答您的下一個問題吧？

Mike Genovese, Rosenblatt Securities

Mike Genovese，Rosenblatt Securities

So as you increase indium phosphide capacity, the output of that, how should we think about the split between that going into components or that going into systems? Like what's the framework there?

因此，隨著磷化銦產能的提高，其產量也會增加，我們應該如何考慮將其用於組件還是用於系統？它的框架是什麼？

Yeah. No, the vast majority of our output will be sold into the external market. We are shifting our mix toward 200-gig EMLs. Wupen has been in the middle of that. And as I said, about 10% of our mix in the first quarter of calendar 2026, the March quarter, we'd expect to see at 200 gig.

是的。不，我們絕大部分的產品都將銷往國外市場。我們正在將產品組合轉向 200G EML。伍彭一直身處其中。正如我所說，我們預計在 2026 年第一季（即 3 月的季度）的產品組合中，約有 10% 的產品將達到 200 G。

We will continue to sell the majority of our capacity out to external customers. The small amount of capacity that we've allocated to CW lasers just to prove that we can do it and as I say, pipe clean a little bit, we will probably end up reallocating that to internal consumption. And that percentage, again, is relatively modest, right? We'll sell most of our capacity into the external market.

我們將繼續把大部分產能出售給外部客戶。我們為連續波雷射器分配的少量產能只是為了證明我們能夠做到，而且正如我所說，也是為了稍微清理一下管道，我們最終可能會將這些產能重新分配給內部消耗。而且，這個比例相對較低，對吧？我們將把大部分產能出售到海外市場。

So I guess given that, and I realize this is a tough question to answer, but $1.40 outlook for EPS at the midpoint, it's a really impressive number. But it also -- could it even be higher I mean if we've got a really high-margin product leading to growth?

所以，有鑑於此，我知道這是一個很難回答的問題，但每股收益預期中位數為 1.40 美元，這確實是一個非常令人印象深刻的數字。但是，如果產品利潤率很高，能夠帶來成長，那麼利潤率甚至可能更高。

Yeah. Look, I mean, we feel like we have a very dominant position here. I think in our last call, we talked about being sold out. That is absolutely the case. The demand far exceeds even as we continue to add laser capacity, demand is far outstripping our ability to supply.

是的。你看，我的意思是，我們感覺我們在這裡佔據了非常有利的地位。我想在我們上次通話中，我們談到了售罄的問題。情況確實如此。即使我們不斷增加雷射產能，需求仍然遠遠超過我們的供應能力。

And so our challenge right now is making these allocation decisions. We're trying to allocate the capacity to the highest dollar value components we have and the highest margin components we have to your point, Mike.

因此，我們目前面臨的挑戰是如何做出這些資源分配決定。正如你所說，麥克，我們正在努力將產能分配給我們擁有的最高美元價值組件和最高利潤組件。

And that in order is 200-gig EMLs, 100-gig EMLs and then CW lasers for internal consumption. And we're going to mix as much as we can to 200 gig. The demand is certainly there 100-gig EMLs. We're going to continue to allocate as much as we can to that. And then to the extent we can cleave a little bit off to improve our transceiver business, we'll do that as well.

依序分別是 200 吉赫 EML、100 吉赫 EML，然後是用於內部消耗的 CW 雷射。我們將盡可能地把所有素材混合在一起，達到 200 兆位元組。100G EML 的需求是毋庸置疑的。我們將繼續盡我們所能為此投入資金。然後，如果能從中抽調一些資金來改善我們的收發器業務，我們也會這樣做。

And Mike, just -- it's Wajid here. Just to add a little bit to that. So that 40% increase in indium phosphide capacity is focused on laser chips, which has, as you know, higher gross margins than many more of our other product lines.

還有麥克，這裡是瓦吉德。再補充一點。因此，磷化銦產能增加的 40% 將用於雷射晶片，正如您所知，雷射晶片的毛利率比我們許多其他產品線都要高。

So as that flows through in the coming quarters, that will have a positive effect on our earnings per share. What you're seeing this quarter is without that increased capacity and increase gross margin contribution from the indium phosphide capacity we talked about in our prepared remarks.

因此，隨著這一趨勢在接下來的幾季逐步顯現，這將對我們的每股盈餘產生正面影響。本季你們所看到的業績，並沒有像我們在事先準備好的發言稿中提到的那樣，因磷化銦產能的增加而帶來的產能提升和毛利率貢獻的提高。

Thank you, gentlemen. Appreciate it.

謝謝各位先生。謝謝。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

So congratulations, particularly on the guide, that was -- that's pretty incredible. And congratulations to Wupen couldn't have happened to a smarter guy. But in terms of the transceivers and that market, it's my understanding that 102 switches are not really ramping until next year. In fact, they won't have like qualified ASICs in a box until early next year. That's the precursor to qualifying 1.6T transceivers.

所以恭喜你，特別是那位導遊，真是太棒了。恭喜伍彭，這真是他這種聰明人應得的。但就收發器和該市場而言，據我了解，102 交換器要到明年才會真正開始大規模生產。事實上，他們要到明年年初才能擁有合格的ASIC礦機。這是對 1.6T 收發器進行資格認證的前期步驟。

So perhaps for Michael, as you see this playing out, I guess my first question is, are you going to strategically use your -- what seems like market-limited EML supply to drive new customers and new qualifications on the transceiver side. It sounds like maybe yes. And secondly, on the EML side, as in the first half of the year, would you expect customers to stockpile these ahead of these qualifications? Is this something that you see in the first half even before 1.6 starts ramping?

所以，邁克爾，隨著事態的發展，我想我的第一個問題是，你是否會策略性地利用你——看起來市場有限的 EML 供應——來推動收發器方面的新客戶和新資格。聽起來好像是的。其次，就 EML 而言，就像今年上半年一樣，您是否預期客戶會在這些資格認證之前囤積這些產品？這種情況在上半場，甚至在 1.6 版本開始加速之前就已經出現了嗎？

Yeah, Chris, first, thanks for the kind words, and I fully agree. Wupen is the smartest guy in the industry. We're very lucky to have them. Look, a couple of remarks. Maybe first on the last piece of it, which is the stockpiling for right now, what we're seeing happen is demand, as we said on the last call, is far outstripping supply.

是的，克里斯，首先感謝你的讚揚，我完全同意。吳彭是業界最聰明的人。我們很幸運能擁有他們。有幾點要補充說明。或許首先來說說最後一點，也就是目前的囤貨情況，正如我們在上次電話會議上所說，我們看到的現像是需求遠遠超過了供應。

Even as we add this extra capacity, we're in a situation where we are making allocation decisions almost on a daily basis. And it's really putting a lot of strain both on the business unit and on Wupen as we try to make those calls.

即使我們增加了這些額外的產能，我們仍然面臨著幾乎每天都要做出分配決定的情況。這確實給業務部門和 Wupen 都帶來了很大的壓力，因為我們需要做出這些決定。

In that regard, honestly, Chris, we're actually probably shedding customers rather than adding. We're trying to make our bets on the folks that we think are going to be good partners. We've gone out and worked a series of long-term agreements and the folks that are willing to step up and help us, we really want to help them.

坦白說，克里斯，就這一點而言，我們實際上可能是在流失客戶而不是增加客戶。我們努力把賭注押在那些我們認為會成為好夥伴的人身上。我們已經制定了一系列長期協議，對於那些願意站出來幫助我們的人，我們真心希望能夠幫助他們。

And so what we've actually tried to do is maybe counter to your question a bit, and that's consolidate supply and consolidate our customer base around a couple of folks that we think are going to be long-term winners.

因此，我們實際嘗試做的事情可能與你的問題有點相反，那就是將供應和客戶群集中在我們認為會成為長期贏家的幾個人身上。

Those customers in return have given us multiyear commitments that give us a lot of confidence that our business is going to be sustainable even as we continue to ramp capacity through the next probably six or eight quarters. So that's kind of the dynamic. Do you want to speak a little bit about 200 gig and the dynamic there because not all of it is 1.6T.

作為回報，這些客戶給予了我們多年的承諾，這讓我們非常有信心，即使我們在接下來的六到八個季度繼續提高產能，我們的業務也將是可持續的。這就是事情的大致情況。你想稍微談談 200 GB 以及它的動態範圍嗎？因為並非所有數據都是 1.6T。

Correct. Thank you, Michael. Again, thanks for the comments. I really appreciate your kind words as well. So on the 1.6T front, right, you're correct, 102.4 switch until really, I would say, late Q2 next year calendar.

正確的。謝謝你，麥可。再次感謝您的評論。我非常感謝您的鼓勵和讚揚。所以關於 1.6T 方面，沒錯，你說得對，102.4 切換要等到明年第二季末才能真正實現。

And today, applications are actually mostly to the customers or through the customers who do not rely on that switch to take place. And there are two customers today can use the 200-gig EMLs optics in their systems today.

如今，應用程式實際上大多是面向客戶或透過客戶提供的，而這些客戶並不依賴這種切換。目前已有兩家客戶可以在他們的系統中使用 200G EML 光模組。

And certainly, I think you have a good point there that are we going to leverage our laser supply position to increase our 1.6 module opportunities. We will say that the customer already know that we have such a laser in our portfolio. And therefore, I believe that they will have thought about it when they engage us on the module side.

當然，我認為您說的很有道理，我們將利用我們的雷射供應地位來增加我們的 1.6 模組機會。我們會說，客戶已經知道我們的產品組合中有這樣一款雷射。因此，我相信他們在與我們討論課程模組時會考慮到這一點。

But again, like Michael said earlier, we will allocate our laser capacity based on the profitability metric more than to try to broaden our transceiver opportunities in 1.6T using our laser.

但正如邁克爾之前所說，我們將根據盈利能力指標來分配我們的雷射產能，而不是試圖利用我們的雷射來擴大我們在 1.6T 收發器領域的機會。

Very helpful, Wupen. And back to you, Michael, at OFC, I remember you were somewhat reticent to put on more indium phosphide capacity. And so as I think about the industry more largely, competitors are ramping 6-inch indium phosphide kind of as we speak. And it does seem like the early market is going to be for EMLs here, which are a large die because you put the modulators on there. But as we move to CW, it's a smaller die.

Wupen，你幫了我很大的忙。邁克爾，回到你身上，我記得在OFC的時候，你對增加磷化銦容量有些猶豫。因此，從更宏觀的角度來看待整個行業，競爭對手們正在加緊生產 6 英寸的磷化銦焊盤。而且看起來早期的市場將會是 EML，這是一個大型晶片，因為調製器就安裝在上面。但隨著我們轉向 CW，骰子就變小了。

And I'm just wondering do you think we might end up in an overcapacity situation, particularly when we -- competitors ramp and eventually we move to SiPho and CW. And what do you think the timing might be around that? And just putting all of this together into your decision to put more capacity on, what made you change your mind?

我只是想知道，你認為我們最終會不會面臨產能過剩的情況，特別是當我們的競爭對手擴大產能，最終我們轉向 SiPho 和 CW 時。你認為時間上大概會是什麼時候？綜合考慮所有這些因素，是什麼促使你決定增加產能？是什麼讓你改變了主意？

Yeah. I mean, look, I think there's a couple of things, Chris. One, we're actually been able to squeeze more out of the capacity we have and the remarks that we had in the prepared remarks, we talked a lot about improvements in throughput and improvements in yield. And that's really what's helped us. We are still transitioning between our 3-inch and 4-inch.

是的。我的意思是，你看，我覺得有兩件事，克里斯。第一，我們實際上已經能夠從現有產能中榨取更多價值，正如我們在準備好的發言稿中所說，我們談到了很多關於提高吞吐量和提高產量的內容。而這確實對我們有幫助。我們仍在從 3 英寸過渡到 4 英寸。

We made a decision to really focus on 4-inch as a sweet spot here at least in the near term. And that's what's led to most of the improvements you can see here. So we've not put a lot of additional capital into our fabs to expand output, that's number one. Number two, I think on the battle between CW and EML, it appears to us that CW is going to ramp with 1.6T but so will EML. And so the slope of the two ramps was hard for us to call but it looks like no matter how you slice it, the numbers will increase.

我們決定至少在短期內將重點放在 4 英寸這個最佳尺寸上。而這正是促成您在這裡看到的諸多改進的原因。所以，我們沒有向晶圓廠投入大量額外資金來擴大產能，這是第一點。第二，我認為在 CW 和 EML 的競爭中，CW 的產能將達到 1.6T，但 EML 的產能也將達到 1.6T。因此，我們很難確定這兩個斜坡的斜率，但看起來無論怎麼分析，數字都會增加。

So even if the mix shifts away from EML-based transceivers at 1.6T, the absolute numbers seem to be stratospherically high. And at least in the near term, we see no end in sight. We watch it every day, Chris, just like you're sort of cautioning but I think for the next six quarters, we're completely sold out, and we have long-term agreements, as I said, that we've worked out with our customers to ensure that they're going to take any capacity -- that the additional capacity we've got online.

因此，即使在 1.6T 時，基於 EML 的收發器組合有所減少，但絕對數量似乎仍然非常高。至少在短期內，我們看不到結束的跡象。克里斯，我們每天都在關注，就像你剛才提醒的那樣。但我認為在接下來的六個季度裡，我們的產能已經完全售罄。正如我所說，我們已經與客戶簽訂了長期協議，以確保他們能夠充分利用我們新增的產能。

So we obviously think about it every single day, but I'd have to say, right now, our concern is not when will this roll over. It's how do we get and service the customer base that we have and the demand profile we're looking at.

所以我們當然每天都在考慮這個問題，但我必須說，現在我們關心的不是這種情況何時會結束。關鍵在於我們如何取得並服務於我們現有的客戶群以及我們所關注的需求概況。

And just one last comment in addition to what Michael said, right? The capacity we have in place are interchangeable between lasers and EMLs. No matter how the market share of these lasers change over time, we're able to serve the overall market. So that's also part of our investment decision in fab and kind of implementation decision along the way.

除了麥可剛才說的，我還有最後要補充一點，對吧？我們現有的產能可以在雷射和電磁雷射產生器之間互換。無論這些雷射的市場份額如何隨時間變化，我們都能服務於整個市場。所以這也是我們在晶圓廠投資決策的一部分，也是我們在過程中所做的實施決策的一部分。

Yeah. understood. Thank you guys, good strategy and congrats.

嗯，明白了。謝謝各位，策略很棒，恭喜！

Thanks, Chris.

謝謝你，克里斯。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Great, thank you. I wanted to first ask about the OCS opportunity. I know you said that it's currently a fairly small market. But coming out of the ECOC show, it certainly sounded like the industry as a community was more upbeat. And I've heard second or third hand that you've suggested that this could be $100 million by your December '26 quarter. Now I don't know that, that's true.

太好了，謝謝。我想先諮詢軍官候選學校（OCS）的機會。我知道你說過目前這是一個相當小的市場。但從 ECOC 展會來看，整個產業似乎都更樂觀了。我從二手或三手頻道聽說，你曾表示，到 2026 年 12 月季度末，這個數字可能會達到 1 億美元。現在我不知道，這是真的。

So I wanted to hear directly from you how you see this market evolving? And then I've got a quick follow-up.

所以我想直接聽聽您對這個市場未來發展的看法？然後我還有一個後續問題。

Yes, Simon. Look, I would say, if anything, our confidence has increased that we will ramp through the calendar year to that $100 million a quarter target in December of 2026. Our engagement level with customers on this product is super high. Wupen and I are spending probably more time in this product category than any other. The number of use cases we're seeing coming from customers and potential customers is growing.

是的，西蒙。我認為，如果有什麼變化的話，那就是我們更有信心在今年年底前實現每季 1 億美元的目標，並在 2026 年 12 月達到這個目標。我們與客戶對這款產品的互動程度非常高。Wupen和我可能在這個產品類別上花費的時間比其他任何產品類別都多。我們看到現有客戶和潛在客戶的使用案例數量正在增加。

And the virtues that you and I have talked about on a number of different occasions are really playing forward. So we are -- make no mistake, we are more confident in this market than we were probably last quarter at this time, and that confidence is building every single day.

你我曾在不同場合多次談到的那些美德，如今正在真正發揮作用。所以，毫無疑問，我們現在對這個市場比上個季度同期更有信心，而且這種信心每天都在增強。

Thanks. And then just as a follow-up, in the prepared remarks, you described the outlook for the December quarter as broad-based improvement. I would like to see if you could rank order, what does the biggest dollar increase come from sequentially in December versus September relative -- thinking about the datacom transceivers, the telecom devices, the datacom chipsets, where is the biggest dollar contribution coming from in your forecast?

謝謝。然後，作為後續問題，您在準備好的演講稿中將 12 月季度的前景描述為全面改善。我想請您按順序排列一下，12 月份相對於 9 月份，美元增幅最大的產品是什麼——考慮到數據通信收發器、電信設備、數據通信晶片組，在您的預測中，美元貢獻最大的產品是什麼？

Yeah. Look, this is broad-based. I mean I think the thing that probably caught us flat-footed is the width of the customer demand. It's touching everything. We talked about pump lasers. We talked about narrow linewidth. We talked about the transceivers. We talked about even coherent components. So it is very, very broad-based. And every single one of our segments is up.

是的。你看，這是個大問題。我的意思是，我認為讓我們措手不及的可能是客戶需求的廣度。它影響著一切。我們討論了泵浦雷射。我們討論了窄線寬的問題。我們討論了收發器。我們甚至討論了連貫的組成部分。所以它的基礎非常非常廣泛。我們所有的業務板塊都已恢復正常。

Every single one of our segments is contributing to the growth that you see. If I was to specifically answer the question, Simon, I would say it is the transceivers. The transceivers are coming off the mat. We had, as we characterized, I think in the prepared remarks, fits and starts of the transceiver business. We finally see that turning a corner.

我們每一個業務板塊都為你們所看到的成長做出了貢獻。西蒙，如果我要具體回答這個問題，我會說是收發器。收發器正在從墊子上取下來。正如我們在準備好的發言稿中所描述的那樣，收發器業務的發展斷斷續續。我們終於看到情況開始好轉了。

I think last reported quarter, we got back to the level that we had when we bought Cloud Light in the guide, that number is up significantly. But the thing that we expected people to ask is just given not only exceeding $600 million, but doing so by a pretty wide margin in the guide, we had expected more questions on, hey, what happened here? Why are you guys so surprised?

我認為在上個財季，我們已經恢復到了我們在指南中買入 Cloud Light 時的水平，這個數字有了顯著增長。但我們預料人們會問的是，鑑於不僅超過了 6 億美元，而且在指南中領先幅度相當大，我們原本以為會有更多人問，嘿，這裡發生了什麼？你們為什麼這麼驚訝？

And what really did happen was just the width of the demand that we saw -- and our ability to service it, quite frankly, our execution has improved. I think Wupen's team has done a really, really good job getting in there and figuring out how to deliver these products.

而實際發生的情況是，我們看到了需求的廣度——坦白說，我們滿足這種需求的能力，以及我們的執行力，都提高了。我認為 Wupen 的團隊在深入研究並弄清楚如何交付這些產品方面做得非常出色。

As we think about the forward look, that's going to be a challenge. Supply chain will be a big challenge. But it is -- has been a surprisingly, surprisingly broad-based demand signal.

展望未來，這將是一個挑戰。供應鏈將是一大挑戰。但這確實是一個出乎意料的、範圍廣泛的需求訊號。

Great. I'm surprised too. Thank you.

偉大的。我也很驚訝。謝謝。

Papa Sylla, Citi.

Papa Sylla，花旗銀行。

Thank you for taking my question and Congrats on the very strong results. I just wanted to kind of -- it was asked differently, but I just wanted to double check on the supply-demand imbalance for EML specifically. I think it's very clear kind of demand is running ahead of supply. But I guess, how would you characterize the supply-demand this quarter versus last quarter, for instance? I understand you kind of increased investment and yield improve.

感謝您回答我的問題，並祝賀您取得了非常優異的成績。我只是想——雖然問題問得不太一樣，但我只是想再次確認 EML 的供需失衡情況。我認為很明顯，目前的需求超過了供應。但我想問的是，例如，您會如何描述本季與上季相比的供需？我明白你的意思，增加投資可以提高收益。

But on the other side as well, it seems like CapEx is going up across the board. Just if you could help us understand kind of how has that balance changed from last quarter to now?

但另一方面，資本支出似乎也全面上升。您能否幫我們了解一下，從上個季度到現在，這個比例發生了什麼樣的變化？

Yeah. I mean I'll have Wupen give some color, pop-up. But I would say the following. I mean, in our -- in the guide our supply is going up more than 10%. So we definitely have some pretty good additive supply even into the guide.

是的。我的意思是，我會讓 Wupen 來增添一些色彩，營造一些亮點。但我還要補充一點。我的意思是，根據我們的指南，我們的供應量增加超過 10%。所以，即使在指南中，我們也絕對有一些相當不錯的添加劑供應。

What I'd say, though, is the demand signal has -- the demand supply imbalance has increased. Last quarter, I think we characterized it as roughly a 20% shortfall relative to total customer demand even with this add, even with the add in supply, I would say that number has increased to 25% to 30%. We are quite a bit short right now relative to the customer demand.

不過，我想說的是，需求訊號已經──供需失衡的情況已經加劇。我認為上個季度，即使增加了供應，相對於總客戶需求，我們仍然將其描述為大約 20% 的缺口；而現在，即使增加了供應，我認為這個數字已經增加到 25% 到 30%。目前我們的庫存與客戶需求相比還有相當大的缺口。

And again, we'll kind of have you talk to it a bit, right? You're making bets on who you think is winning and trying to consolidate through LTAs and other vehicles who our customer base will be as we look out in the next six, seven quarters.

我們再說一遍，我們會讓你跟它對話一會兒，對吧？你們正在押注你們認為誰會獲勝，並試圖透過長期協議和其他工具來鞏固我們未來六、七個季度的客戶群。

Yeah. Thank you, Michael. Absolutely true. I would echo that the demand and supply mismatch has increased in the last three to four months. It's getting worse.

是的。謝謝你，麥可。完全正確。我同意過去三、四個月來供需不匹配的情況加劇。情況越來越糟了。

And we're seeing that all these newly announced projects that you see throughout the last several weeks, that results in extended horizon of the supply-demand mismatch as we can see. And that's the reason why we're able to sign up the long-term agreements with our leading customers.

我們看到，在過去幾周里，所有這些新宣布的項目都導致了供需不匹配狀況的持續惡化。正因如此，我們才能與主要客戶簽訂長期協議。

And we're also trying to be very careful in making sure that our devices are supporting the key hyperscaler customers, too. So those are the key kind of thoughts going into the allocation process. And we realize that we cannot make everybody happy, but we try to make sure that we strategically maximize our shipment to the most important customers.

同時，我們也在努力確保我們的設備也能為主要的超大規模資料中心客戶提供支援。所以，這些就是分配過程中需要考慮的關鍵因素。我們意識到我們不可能讓每個人都滿意，但我們會努力確保我們能夠策略性地最大限度地向最重要的客戶發貨。

Got it. No, that's very clear. And just for my follow-up on margins. obviously, this quarter kind of very strong improvement. But I guess going into the December quarter, and if my math is right, given the sales guidance you provided and the operating margin you provided, you could be very close to what you gave out previously in terms of your longer-term target.

知道了。不，這一點很清楚。關於利潤率，我再補充一點。顯然，本季利潤率有了非常強勁的改善。但我認為，進入 12 月季度，如果我的計算沒錯，考慮到您提供的銷售指引和營業利潤率，您在長期目標方面可能會非常接近您之前給出的預期。

I guess, is that kind of the right way to think about it going into the December quarter? And just for kind of a quick follow-up to the supply-demand imbalance, we've now kind of demand further outstripping supply, kind of what's your approach in terms of pricing at this point? Do you have now more levered to even increase further pricing on EML and further expense margin as well?

我想，在進入十二月季度之前，這樣思考是不是比較適合的呢？關於供需失衡的問題，目前需求進一步超過了供應，那麼在定價方面，你們採取了什麼策略呢？現在您是否擁有更多槓桿，可以進一步提高EML的價格和費用利潤率？

Yes. Let me have Wajid talk to the gross margins. I mean, in short, you're right. I think we're moving the margin line up. Pricing, obviously, is a lever.

是的。讓我讓瓦吉德談談毛利率。簡而言之，你是對的。我認為我們要提高利潤率上限。價格顯然是一個槓桿。

And when you look at that very, very carefully. I think what you see in the guide is sub-pricing, very targeted price increases happening. I think as you look out next year in 2026, our agreements with customers will include more pricing, more broad-based price increases, just given the supply-demand imbalance. We're still obviously trying to do we can to work with customers and make sure that they are happy with us as a supplier. But we are using this demand, supply imbalance to impact of the pricing.

當你非常非常仔細地觀察它的時候。我認為你在指南中看到的是細分定價，是有針對性的價格上漲。我認為，展望 2026 年，鑑於供需失衡，我們與客戶的協議將包括更多定價、更廣泛的價格上漲。我們當然仍在盡我們所能與客戶合作，確保他們對我們作為供應商感到滿意。但我們正在利用這種供需失衡來影響價格。

Wajid, do you want to talk a little bit about the margin?

瓦吉德，你想稍微談談利潤率嗎？

Yeah. So I mean, our margins are certainly benefiting from the improved manufacturing utilization that comes with the increased revenue base. As we move into Calendar '26, we're expecting margins to continue to nudge up in line with the OFC model that we had provided, not just the pricing impact, but also what Michael talked about earlier with 200G EMLs becoming a larger proportion of our overall unit mix as our capacity improves on indium phosphide.

是的。所以我的意思是，隨著收入基礎的擴大，生產利用率的提高，我們的利潤率也肯定因此受益。隨著我們進入 2026 年，我們預計利潤率將繼續按照我們提供的 OFC 模型小幅上升，這不僅是價格的影響，而且正如 Michael 之前提到的，隨著我們在磷化銦方面的產能提高，200G EML 在我們整體單元組合中所佔的比例將越來越大。

And then as our growth drivers come into play in Calendar 2026, 1.6T, OCS and CPO, all of those product lines will contribute to improving our gross margins once again. So we're set up very nicely as revenues are expected to improve next year with these new product lines and increase capacity to further improve our gross margins and our non-GAAP operating margins.

然後，隨著我們的成長動力在 2026 年日曆年中發揮作用，1.6T、OCS 和 CPO 所有這些產品線都將再次有助於提高我們的毛利率。因此，我們已經做好了非常充分的準備，預計明年隨著這些新產品線的推出，收入將有所提高，產能也將增加，從而進一步提高我們的毛利率和非GAAP營業利潤率。

Got it very clear. And congrats again on the from you.

明白了。再次恭喜你。

Thank you, Papa.

謝謝爸爸。

George Notter, Wolfe Research.

喬治諾特，沃爾夫研究公司。

Hey guys, this is [Tron] on for George. I just wanted to double click on CPO. What do you guys see in terms of the demand outlook there? I mean, compared to the last few quarters? And then how is -- how or if -- how is that customer and market expanding, if at all?

大家好，我是喬治，我是[Tron]。我只是想雙擊 CPO。你們覺得那裡的需求前景如何？我的意思是，與過去幾季相比呢？那麼，這個客戶群和市場究竟是如何擴張的呢？或者說，它們是否正在擴張？

Yeah. Let me take it and again, I'll have Wupen add a little color. What -- I think between our last discussion and this one, two things are true. One, I think demand is stronger than we initially forecast. So we feel pretty good about the numbers in the second half of Calendar 2026.

是的。讓我來，我再讓伍彭加點顏色。什麼——我認為，從我們上次的討論到這次的討論，有兩件事是成立的。第一，我認為需求比我們最初預測的還要強勁。因此，我們對 2026 年下半年的數據感覺相當樂觀。

Remember, the ramp that we basically talked about is early stages Q3 of the calendar quarter -- calendar year. And then a more meaningful contribution in the fourth quarter of the calendar year. So the demand, the forecast seems to be getting better, timing is same, so no real change in the timing, but the forecast is better.

請記住，我們剛才討論的爬坡階段是指日曆年第三季的早期階段。然後在第四季做出更有意義的貢獻。所以需求方面，預測似乎越來越準確，時間安排不變，所以時間安排上沒有真正的變化，但是預測更準確了。

The second thing that I'd say is that our customer conversations have magnified and multiplied. So we're getting engaged now not only with the priority customer, right, that's launching our Switch product, really taking advantage of CPO, but other customers as well.

第二點我想說的是，我們與客戶的對話數量和規模都顯著增加。所以我們現在不僅與優先客戶（即推出我們的 Switch 產品並真正利用 CPO 的那位）互動，而且還與其他客戶互動。

So we feel really good about the demand signal, no change in timing signal and the number of customer engagements has gone up since we last talked. Wupen, just overall on the technology, how are you seeing things?

因此，我們對需求訊號感到非常滿意，時間訊號沒有變化，而且自上次我們談話以來，客戶互動次數有所增加。Wupen，就技術整體而言，您如何看待現狀？

Yes. Thank you, Michael. Definitely, we feel that the demand and interest has really increase in last quarter. Most recently in the OCP, that's a couple of weeks ago, that was a major topic of conversation during that conference. And to facilitate our engagement with our customers, we've been using this pluggable module or tunable SFP module, to conveniently engage also different applications or different customer sets across the supply chain to kind of broaden our visibility and engagement into that portfolio.

是的。謝謝你，麥可。可以肯定的是，我們感覺上個季度市場需求和興趣確實有所增長。最近一次是在 OCP 會議上，也就是幾週前，那次會議上的主要討論主題就是這個。為了方便我們與客戶的互動，我們一直在使用這種可插拔模組或可調 SFP 模組，以便方便地與供應鏈中的不同應用或不同客戶群互動，從而擴大我們對該產品組合的可見度和參與度。

And we're seeing now much heightened interest in that area, which we believe that later will translate into even more demand for our ultra-high power laser chips going forward. And we are more optimistic than last quarter on the general or industry-wide adoption of the CPO solution, including our lasers.

我們現在看到人們對這個領域的興趣大大增加，我們相信，這以後會轉化為對我們超高功率雷射晶片的更大需求。與上個季度相比，我們對 CPO 解決方案（包括我們的雷射）的普遍或行業普及程度更加樂觀。

Alright, thanks.

好的，謝謝。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Great, thanks. Maybe following up on Simon's question. Just as you guys ramp the OCS business to kind of that $100 million. Just trying to get a sense of kind of what are some of the milestones you're looking for. Or the -- is it kind of getting through their labs? Is it testing the hardware?

太好了，謝謝。或許可以接著西蒙的問題繼續討論。就像你們把OCS業務發展到1億美元。我只是想了解一下，你們希望達到哪些里程碑。或者──它是不是通過了他們的實驗室？這是在測試硬體嗎？

Is it the software? Just kind of what are some of the key milestones we should be looking at over the next year?

是軟體問題嗎？那麼，在接下來的一年裡，我們該關注哪些關鍵里程碑呢？

Meta, let me just give you restate sort of how we see the revenue and then talk technically a little bit about the milestones. We've outlined sort of a revenue ramp of kind of mid-single-digit millions here in the December quarter, getting to double digit -- very, very low double digits in the March quarter and then accelerating to kind of mid $50 million, $60 million in the middle of the year and then getting all the way to that $100 million mark in the December quarter.

Meta，讓我先簡單回顧一下我們對收入的看法，然後再從技術角度談談里程碑。我們已經大致規劃了營收成長路線，12 月季度達到幾千萬美元，3 月季度達到兩位數（非常非常低的兩位數），然後加速增長到年中 5000 萬到 6000 萬美元，最終在 12 月季度達到 1 億美元。

As I said to Simon, we feel increasingly confident just given the level of customer engagement that, that revenue ramp will be there and perhaps there's even upside to it. What's going on right now? I mean the hardware is generally qualified.

正如我跟西蒙說的那樣，鑑於客戶參與度如此之高，我們越來越有信心，收入成長將會實現，甚至可能還有成長空間。現在發生了什麼事？我的意思是，硬體總體上是合格的。

We've got -- we talked about three different customers with our OCS products. In all three, that product is in their labs. We feel very good about the hardware piece of it and being through all the major gates relative to hardware qualification. Software is more difficult, right? There's a lot more software with this product than there is with anything that we've done in the past.

我們已經和三位不同的客戶談過我們的 OCS 產品。這三家公司的實驗室裡都有這種產品。我們對硬體部分非常滿意，並且已經通過了所有與硬體認證相關的主要關卡。軟體開發更難，對吧？與我們過去開發的任何產品相比，這款產品包含的軟體要多得多。

We are on multiple, multiple calls with our customers working side by side to get the software in. But I would say that's the thing that keeps me up at night more than anything else is just getting our software right and getting that software qualified by the customer.

我們正在與客戶進行多次通話，並肩合作，以盡快完成軟體的安裝。但要說最讓我夜不能寐的，莫過於確保我們的軟體正確無誤，並通過客戶的驗收。

We would expect to be qualified probably fully by both of our major customers in the first quarter, in the March quarter and then the third customer probably in the middle of the year. So we've got some more work to do on software, but that shouldn't the revenue ramp that I just laid out.

我們預計在第一季（3 月）將獲得兩大客戶的全面認證，然後第三位客戶可能要等到年中才能完成認證。所以我們在軟體方面還有一些工作要做，但這不應該影響到我剛才提到的營收成長速度。

Got it. And then -- just in terms of the transceiver business, understanding kind of the ramp of that is primarily going to the first and major customer. But just is the expectation that kind of the vast majority of this ramp going forward will only include that kind of primary customer? Or just how should we think about any of the ramps of the additional customers of Cloud line at this point?

知道了。然後－就收發器業務而言，了解其發展路徑主要在於爭取第一個也是最大的客戶。但人們是否預期，未來這種成長動能的大部分只會惠及這類主要客戶？或者說，我們現在應該如何看待 Cloud Line 新增客戶的任何成長路徑？

Yeah. Look, I think we're still ramping the second and third customers as we've talked about. We're engaged with more customers now. But what we're really trying to do is bound this business. And when we talk about this, again, we've sort of said, hey, we see this being a $250 million a quarter opportunity for us -- and we think we can do that with reasonable margin by being somewhat selective.

是的。你看，我認為我們仍在逐步增加第二和第三位客戶的數量，正如我們之前討論的那樣。我們現在與更多客戶互動。但我們真正想做的是約束這個產業。當我們再次談到這一點時，我們說過，我們認為這是一個每季 2.5 億美元的機會——而且我們認為，透過一些選擇性的策略，我們可以以合理的利潤率實現這一目標。

So Wupen's team is out talking to a good handful of customers looking for the most margin-rich opportunities that might be TRO type where the technical challenge is higher. 1.6T, obviously, the technical challenge is higher.

因此，Wupen 的團隊正在與不少客戶洽談，尋找利潤最豐厚的機會，這些機會可能是 TRO 類型的，技術挑戰性更高。顯然，1.6T 的技術挑戰更大。

And we think we can build on the success that we've had with our primary customer, add on here and there where we need to. But to sort of get to $250 million a quarter, we have line of sight to that. And we think we can do that more profitably than we have in the past simply by choosing the most margin-rich opportunities to go after.

我們認為，我們可以鞏固與主要客戶合作的成功，並在需要的地方進行擴展。但要達到每季 2.5 億美元的目標，我們有希望實現。我們認為，只要選擇利潤最高的投資機會，就能比以往更有效地獲利。

Yeah. Meta, 1.6T margins are going to be significantly better than 800G margins. That's our expectation. And so a lot of that $250 million a quarter that Michael is talking about is going to come from the ramp of 1.6T products, which will have a materially better margin profile than our 800G products. So that will help us from both ends.

是的。Meta，1.6T 的裕量將比 800G 的裕量好得多。這是我們的預期。因此，麥可所說的每季 2.5 億美元的收入很大一部分將來自 1.6T 產品的量產，這些產品的利潤率將比我們的 800G 產品高得多。這樣對我們兩方面都有幫助。

Great. Thank you so much.

偉大的。太感謝了。

Thank you, Meta. Kevin, I think we have time for just 1 more analyst question.

謝謝你，Meta。凱文，我想我們還有時間再回答一個分析師的問題。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Yes, thank you. Michael or Wajid, you noted that your growth of transceivers should accelerate over the next four to five quarters. Is that comment sequential or year-over-year?

是的，謝謝。Michael 或 Wajid，你們提到收發器業務的成長將在未來四到五個季度加速。這則評論是按時間順序還是按年計算的？

And then is there a way to frame the quarterly opportunity of transceivers among your three hyperscaler providers versus your initial expectations of $250 million a quarter? And how does your fab capacity build out in Thailand support that?

那麼，能否將您三家超大規模資料中心供應商的收發器季度機會與您最初預期的每季 2.5 億美元進行比較呢？你們在泰國的晶圓廠產能擴張如何支持這一點？

Yeah. I mean we obviously have line of sight to the opportunities in front of us are -- certainly lead to the $250 million a quarter. So we can see that. And what we're trying to do, as I said, is really balance it out now among the customer opportunities, which one to choose such that we can really get the highest margin profile out of the business. There's no question that the leading customer today will be the leading customer tomorrow and into the future.

是的。我的意思是，我們顯然看到了擺在我們面前的機會——這肯定能帶來每季 2.5 億美元的收入。所以我們可以看到這一點。正如我所說，我們現在努力的目標是在各種客戶機會之間找到平衡，選擇能夠真正從業務中獲得最高利潤率的客戶。毫無疑問，今天的領先客戶明天以及未來很長一段時間內仍將是領先客戶。

They really partnered up with us well. We're better understanding that working cadence and understanding the road map and really trying to gear our road map to that. But that doesn't preclude us from continuing to look and engage customers two and three and actually beyond customers two and three. But Karl and you and I have had this chat a couple of times, I don't expect this business to run away, right? We don't expect this thing to grow unbounded.

他們和我們合作得非常好。我們對工作節奏和路線圖有了更深入的了解，並且正在努力使我們的路線圖與此相匹配。但這並不妨礙我們繼續關注並吸引第二、第三類客戶，甚至超越第二、第三類客戶。但卡爾、你和我已經討論過好幾次了，我不認為這家公司會倒閉，對吧？我們並不認為這件事會無限增長。

We want to grow in a margin-rich profitable fashion, and we have enough other growth drivers and the confidence in our co-packaged optics and our optical circuit switch is increasing at this point. So yes, we want to grow our transceivers.

我們希望以利潤豐厚的方式成長，我們有足夠的其他成長動力，目前我們對共封裝光學元件和光路開關的信心也在不斷增強。是的，我們希望擴大收發器規模。

We think there's a great opportunity to do that. We think we can do that profitably as why you just said to the last questioner. But we're not -- we could take on a lot more of this business than we have if we went after it in an unbridled fashion.

我們認為這是一個絕佳的機會。我們認為這樣做有利可圖，就像你剛才對最後一個提問者所說的。但我們並沒有──如果我們放開手腳去爭取，我們本來可以承接比現在多得多的業務。

You asked in the last part of your remarks on sort of our fab capacity. The transceivers, as you know, is really manufacturing capacity. And we've added manufacturing capacity in Thailand to support that kind of sort of bounded number. We could add a lot more, as I said, the customer opportunity we're seeing is not dissimilar to the lasers is very, very strong. But our general view is let's limit it for now and let these other major growth drivers play out.

您在發言的最後部分詢問了我們工廠的產能狀況。如你所知，收發器實際上取決於生產能力。我們已在泰國增加了生產能力，以滿足這種有限數量的生產需求。我們還可以添加更多，正如我所說，我們看到的客戶機會與雷射技術非常非常強勁。但我們的總體看法是，目前應該限制這種做法，讓其他主要的成長驅動因素發揮作用。

And that -- the three growth drivers are on top of this broad-based growth you're seeing in all facets of our business. I mean everything seems to be firing right now. And I think we're not being given credit for the additional growth drivers that will layer into just the fact that the broad-based business is doing so very, very well.

而且，這三大成長驅動因素是在我們業務各個方面都呈現全面成長的基礎上形成的。我的意思是，現在一切似乎都很順利。我認為，我們沒有因為其他成長動力而獲得應有的認可，而這些成長動力將疊加在業務整體表現非常出色這一事實之上。

Thank you.

謝謝。

Thank you so much, Carl.

非常感謝你，卡爾。

And this concludes the Q&A session. I will now turn the call back to Kathy Ta for closing remarks.

問答環節到此結束。現在我將把電話轉回給凱西·塔，請她作總結發言。

Thanks, Kevin. Thank you. That is all the time we have for questions. We look forward to connecting with you at upcoming investor conferences and at meetings this quarter. With that, I would like to thank you for joining us today.

謝謝你，凱文。謝謝。我們提問時間到此結束。我們期待在本季即將舉行的投資者會議和會議上與您交流。最後，感謝各位今天蒞臨我們的節目。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。