Research Reports

Prepared Highlights

Q4 2025 total revenue was a record $134.3M, up 34% YoY and 13% sequentially, in line with guidance of $125M–$140M (CEO, CFO, prepared).
Data center revenue in Q4 was $74.9M, up 69% YoY and 70% sequentially; 100G sales +54% YoY, 400G sales +141% YoY (CEO, CFO, prepared).
CATV revenue in Q4 was $54.0M, up 3% YoY but down 24% sequentially from record Q3, in line with expectations of $50M–$55M (CEO, CFO, prepared).
Full-year 2025 total revenue was a record $456M, up 83% vs. 2024; data center $196M (+32% YoY), CATV $245M (nearly tripled) (CEO, CFO, prepared).
Non-GAAP gross margin in Q4 was 31.4%, above guidance range of 29%–31% and up from 31% in Q3 2025 and 28.9% in Q4 2024 (CEO, CFO, prepared).
Non-GAAP net loss in Q4 was $0.6M ($0.01 per share), narrower than guidance of loss $9M–$2.8M (loss $0.13–$0.04 per share) (CFO, prepared).
Capital investments in Q4 were $84M, primarily for 400G/800G capacity expansion; full-year 2025 CapEx was $209M, above prior projection of $120M–$150M (CFO, prepared).
Ended Q4 with $216M in total cash, equivalents, short-term investments, and restricted cash; total debt (ex-convertible) $67.3M; inventory $183.1M (CFO, prepared).
800G capacity at year-end 2025 was ~90,000 units per month, with ~31% based in the U.S.; target of 100,000 units per month nearly reached (CFO, prepared).
By end of 2026, expect capacity of over 500,000 pieces of 800G/1.6T products per month, with ~25% from Texas (CFO, prepared).
Q4 direct tariff impact on income statement was $1.2M; on capital equipment was $3.1M (CFO, prepared).
Official guidance: Q1 2026 revenue $150M–$165M; non-GAAP gross margin 29%–31%; non-GAAP net income loss $7M–$0.3M; non-GAAP EPS loss $0.09–breakeven; weighted average basic shares ~76.4M (CFO, prepared).
Full-year 2026 outlook: expect revenue over $1.0B and non-GAAP operating profit over $120M; sustainable non-GAAP profitability expected beginning Q2 2026 (CFO, prepared).

Mgmt quotes

“We are pleased to deliver record fourth quarter results that were in line with or better than our expectations, and which came off the strongest year in our company history.” (CEO)
“Forecast demand for 800G modules are projected to exceed our production capacities to mid-2027, and we are working to add additional capacity to meet this demand.” (CEO)
“We believe that by mid-2027, 100G and 400G revenue will be approximately $90,000,000 monthly, 800G revenue will be approximately $217,000,000 monthly, and 1.6 terabit revenue will be approximately $71,000,000 monthly.” (CFO)
“We expect to generate over $1,000,000,000 in revenue this year, with a non-GAAP operating profit of over $120,000,000. This revenue level is limited by our production capacity and supply chain, not market demand.” (CFO)
“We remain committed to our long-term objective of returning non-GAAP gross margins to around 40%, and we believe that this goal is achievable as our mix shifts toward higher-margin products.” (CFO)

Prepared Metrics

Metric	Value	Speaker/Context
Q4 2025 Total Revenue	$134.3M	Record; +34% YoY, +13% QoQ (CEO, CFO, prepared)
Q4 Data Center Revenue	$74.9M	+69% YoY, +70% QoQ (CEO, CFO, prepared)
Q4 CATV Revenue	$54.0M	+3% YoY, -24% QoQ (CEO, CFO, prepared)
Q4 Non-GAAP Gross Margin	31.4%	Above guidance 29%–31% (CEO, CFO, prepared)
Q4 Non-GAAP Net Loss	$0.6M ($0.01/sh)	Narrower than guidance loss $9M–$2.8M (CFO, prepared)
Q4 CapEx	$84M	For 400G/800G capacity expansion (CFO, prepared)
Full-Year 2025 Revenue	$456M	Record; +83% YoY (CEO, CFO, prepared)
Full-Year 2025 CapEx	$209M	Above prior projection $120M–$150M (CFO, prepared)
800G Capacity (year-end 2025)	~90,000 units/month	~31% U.S.-based (CFO, prepared)
Q1 2026 Revenue Guidance	$150M–$165M	Sequential increase in CATV and data center (CFO, prepared)
Q1 2026 Non-GAAP Gross Margin Guidance	29%–31%	(CFO, prepared)
Q1 2026 Non-GAAP EPS Guidance	Loss $0.09–breakeven	Weighted avg shares ~76.4M (CFO, prepared)
Full-Year 2026 Revenue Outlook	Over $1.0B	Limited by capacity, not demand (CFO, prepared)
Full-Year 2026 Non-GAAP Operating Profit Outlook	Over $120M	(CFO, prepared)

Q&A Batch (1-5 of 5)

Q1 — Simon Matthew Leopold

Topic: 800G收入澄清、毛利率目标、激光自产比例、有线电视前景
Key points:
- 800G季度收入略低于400万美元（未精确拆分），因固件延迟部分转至Q1。
- 管理层预计2027年Q2（非2026）单月收发器收入达3.78亿美元，届时综合毛利率35%-38%；40%毛利率目标在2027年Q3/Q4实现。
- 年底超过95%激光将为AI激光；公司宣布投资3亿美元在德州扩产三倍以上激光产能，以满足收发器需求。
- 有线电视业务：大运营商资本支出转向外部放大器（公司所在领域），且新客户贡献将显著增加。
Mgmt stance: 看涨——需求远大于产能限制，激光自给率提升和扩产计划支撑中长期毛利率改善。

Q2 — Michael Edward Genovese

Topic: 800G ramp关键里程碑、订单预期、产能地域分布
Key points:
- 800G固件问题预计在下月中旬解决，之后将释放ramp；硬件无问题。
- 短期（1-3个月）将收到超1亿美元800G收发器订单及超2亿美元1.6T收发器订单；已有至少2-3个客户要求购买全部产能。
- 产能扩张：德州投资占80%-85%；预计年底美国制造占比超55%（1.6T可达60%-65%）。
Mgmt stance: 强烈看涨——需求非限制因素，产能是唯一瓶颈；订单即将大量涌入。

Q3 — George Notter

Topic: 关税影响与潜在回收
Key points:
- 公司对关税走向无确定预期；当前IEEPA关税部分可能通过法律途径回收。
- 上季度已支付关税约460万美元，全年总计700-800万美元。
- 美国本土制造可完全规避关税，这是长期解决方案。
Mgmt stance: 中性偏乐观——关税回收有潜力但不会大幅改变整体财务；扩产美国将降低风险。

Q4 — Ryan Boyer Koontz

Topic: 400G与800G对比、激光产能扩张、有线电视新客户
Key points:
- 400G将持续增长，但800G预计从2025年Q2起成为数据中心最大收入板块（超400G）。
- 铟磷（InP）激光产能计划在2026年中前扩至三倍，所需设备已订购或明确路径。
- 有线电视新增一家大型美国客户（1.8 GHz DOCSIS 4.0），虽不及最大客户，但合计将贡献可观收入。
Mgmt stance: 看涨——产能扩张有序推进，有线电视客户基础拓宽带来增量。

Q5 — Tim Savageaux

Topic: Q1数据中心增长驱动、近期毛利率、800G Q2收入规模、2026年客户集中度
Key points:
- Q1数据中心收入增长主要来自400G（800G尚未大幅ramp），整体毛利率因产品组合（400G利润率较低）与有线电视改善而基本持平。
- Q2 800G收入预计超过2500万-3000万美元（受产能限制，客户需求可达3500万-4000万）。
- 2026年10亿美元收入目标中，有线电视约3亿美元；剩余7亿美元将主要由两个大超大规模客户贡献（规模接近），另有一个第三大客户占比超10%（可能更高）。
Mgmt stance: 看涨——需求远超公司制造能力，管理层对收入及客户结构高度乐观。