Lumentum Holdings Inc. (LITE): Business Model Canvas [Dec-2025 Updated]

You're looking to understand how Lumentum Holdings Inc. is positioning itself in the massive AI buildout, and honestly, it's a fascinating pivot from traditional optics. As someone who's spent two decades mapping these tech shifts, I can tell you their Business Model Canvas shows a clear move up the value chain: they are now a critical AI infrastructure play, focusing on high-speed 800G and 1.6T modules, backed by proprietary Indium Phosphide (InP) technology. This vertical integration, from chip to module, is defintely their moat. With Fiscal Year 2025 net revenue hitting $1,645.0 million and optical communications driving about 88% of Q4 revenue, the question isn't if they are important, but how sustainable this growth is as they expand InP capacity by 40% to feed demand. Dive below to see the nine blocks that define their strategy right now.

Lumentum Holdings Inc. (LITE) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Lumentum Holdings Inc. relies on to deliver its high-speed optical components, especially as the AI supercycle drives demand. These aren't just vendor agreements; they are deep technical collaborations.

Strategic relationships with contract manufacturers for high-volume production.

Lumentum Holdings Inc. is actively scaling its global footprint to meet the massive demand from cloud and AI customers, which represented 88% of its revenue in the fourth quarter of fiscal year 2025. A key part of this is diversifying manufacturing outside of China, a strategic move Lumentum has been executing. The company engages with over 700 direct suppliers and several core contract manufacturers.

The expansion in Southeast Asia is significant, with Lumentum Holdings Inc. quadrupling its production capacity in Thailand, positioning this site to support a projected $4 billion in revenue potential. To keep pace with the need for Externally Modulated Lasers (EMLs), Lumentum Holdings Inc. was on track to increase EML production capacity by 40% from June 2024 to June 2025, with plans for another 40% increase by the end of calendar 2025.

Overdriven MEMS suppliers for Optical Circuit Switch (OCS) components.

Lumentum Holdings Inc. is pushing next-generation Optical Circuit Switches (OCS) for AI cluster interconnects, like the R300 OCS, which is sampling with hyperscale cloud customers and slated for availability in the second half of 2025. This technology relies on specialized switching elements. The MEMS-based optical switching in the R300 OCS is built upon a foundation of over a trillion-field mirror operating hours and is protected by hundreds of patents.

Co-development and qualification partnerships with hyperscale customers for next-gen products.

Lumentum Holdings Inc. is selling components and transceivers to all three major hyperscalers, which are Amazon/AWS, Microsoft Azure, and Google Cloud. The company secured an additional hyperscale transceiver customer with initial volume orders in the first quarter of fiscal year 2025, with volume production shipments expected to ramp through the first half of calendar 2025. The focus is on next-generation products; for instance, the External Laser Source (ELS) modules in the ELSFP pluggable form factor, designed for Co-Packaged Optics (CPO) architectures, are expected to start sampling in calendar Q1 2026, following delivery of initial units to key customers for evaluation.

The company also demonstrated 1.6T DR8 TRO OSFP pluggable transceiver modules, leveraging internal Lumentum manufacturing, which are currently ramping into volume production.

Supply chain agreements for critical components like specialized DACs.

Demand for Lumentum Holdings Inc.'s high-end components, like Externally Modulated Laser (EML) chips, is outpacing supply, with strong EML demand projected to outpace supply at least into calendar year 2026. The company is scaling up deployments of 200G EMLs across multiple clients, aiming to double this business by the end of 2025 compared to 2024 levels.

Lumentum Holdings Inc. is working with suppliers to qualify alternatives to mitigate supply chain constraints, which have been particularly noted in hermetic packages for telecom products. The firm is also supplying specialized laser sources for silicon photonics transceivers.

• The 1.6T module shipment forecast suggests 4.2 million units in 2025.
• The datacom optical component market is projected to exceed $16 billion in revenue in 2025.
• Lumentum Holdings Inc. is sticking to its deadline for shipping 1.6T transceivers in the fourth quarter of fiscal year 2025.

Lumentum Holdings Inc. (LITE) - Canvas Business Model: Key Activities

You're looking at the core engine driving Lumentum Holdings Inc.'s recent stock performance-the day-to-day, high-stakes work that translates R&D into market share. Honestly, for a company like Lumentum, Key Activities are all about scaling up the most advanced photonics technology before the competition catches up.

The primary manufacturing focus is on delivering the highest-speed optical transceivers needed for AI and cloud build-outs. Lumentum is actively demonstrating its 1.6T DR8 TRO OSFP pluggable transceiver module, which delivers 8x200 Gbps data connectivity over 500 meters of single-mode fiber, and this product is currently ramping into volume production. This push is part of a broader roadmap that includes supporting the 3.2T generation of optical transceivers. To give you context on the market shift, 800G variants are projected to make up over 25% of port shipments in high-performance computing clusters by late 2025.

Meeting this demand requires aggressive internal capacity expansion, particularly for the critical Indium Phosphide (InP) components. Lumentum is executing a major capacity expansion at its US-based semiconductor facility in San Jose, California, which designs and produces InP-based ultra-high-power (UHP) lasers. Furthermore, laser chip shipment strength is anticipated due to the planned addition of 40% more capacity over the next few quarters at the InP-based wafer fab. This is directly tied to the Externally Modulated Laser (EML) chip business; Lumentum recently received a substantial order for 200 Gb/s lane speed EML chips, which they expect to fill in December. The company projects that these 200-gig EMLs will represent 10% of the sales mix in early calendar 2026.

Research and development (R&D) is heavily weighted toward solving the next-generation thermal and density challenges in AI clusters. A key activity is advancing Co-Packaged Optics (CPO) architectures, showcased through their development of ELSFP External Laser Source Modules. These modules incorporate ultra-high-power (UHP) 1310nm lasers and are designed to shift the laser source to the system faceplate for better thermal management, with sampling expected in Q1 2026. The company is directing significant R&D spending toward CPO to maintain its leadership in this area.

Integration of acquired expertise is also a core activity, especially for long-haul networks. NeoPhotonics, which Lumentum acquired as of 2022, brings specialized knowledge in lasers and photonic components, which is now contributing to next-gen coherent transceivers and pluggables for telecom. To support the long-haul and metro markets, Lumentum is sampling its extended C+L ultrawideband nano-iTLA, which covers 12.4 THz across both bands.

Managing a complex global manufacturing footprint is critical to fulfilling these orders, with the Thailand site being a central pillar of this strategy. Lumentum is actively upgrading its Thai facility to serve as a global flagship manufacturing site. The plan is to quadruple the production capacity at this location within two years. This expansion is backed by significant capital, with a recent investment valued at over THB2.3 billion (US$63 million) approved by the Board of Investment. The operational scale-up is evident in the workforce: staff grew from 3,000 to over 6,000 employees in just nine months, with plans to grow to 11,000. The financial impact is already material: exports from the Thai base reached THB14 billion in 2024 and are projected to more than double this year (2025). Lumentum projects the output value from Thailand will hit USD 4 billion by 2028-2029. This manufacturing activity is complemented by the expansion of the US-based semiconductor facility in San Jose, California.

Here's a quick look at the scale of the manufacturing and capacity expansion efforts:

The company is also ramping up production of high-speed transceivers, which is reflected in their financial guidance. Lumentum projected first-quarter sales between $510 million to $540 million, with an expectation to surpass $600 million in quarterly revenue by June 2026. For fiscal Q4 2025, net revenue was projected between $465 million and $475 million.

Lumentum Holdings Inc. (LITE) - Canvas Business Model: Key Resources

You're looking at the core assets Lumentum Holdings Inc. (LITE) relies on to power its business, especially as AI data center demand accelerates. These aren't just assets on a balance sheet; they are the unique capabilities that keep them ahead in the photonics race.

The foundation of Lumentum Holdings Inc.'s resource strength is its Proprietary Indium Phosphide (InP) laser chip and EML technology. This isn't just theoretical; their indium phosphide capacity was reported as fully subscribed to at least the end of calendar 2025, meaning demand outstripped current supply until expansion efforts caught up. You see this technology in their industry-leading 100G EML transmitter components, which were shipping in record volumes, and in their push toward the next generation. For instance, Lumentum Holdings Inc. showcased 448 Gbps data transmission using a 224 GBaud PAM4 externally modulated laser (EML) technology, signaling readiness for future speeds. Also, they are driving volume production readiness for the future 400G per lane generation of optical interconnects, alongside more efficient 200G per lane optical interconnects. The ultra-high-power (UHP) laser, an ultra-reliable indium phosphide product, is another key component, essential for Co-Packaged Optics (CPO) platforms foundational to modern AI data centers. This technology leadership is a direct result of their deep expertise.

This technological lead is supported by Global R&D and manufacturing facilities, including U.S.-based InP fabrication. Lumentum Holdings Inc. announced a major capacity expansion at its U.S.-based semiconductor facility in San Jose, California, specifically for the UHP laser production at the Rose Orchard Way site. This move is about strengthening the U.S. position in the global AI supply chain. Furthermore, they are aggressively scaling operations outside the U.S., with a significant capacity expansion in Thailand, which they are positioning as a global flagship facility to support a projected $4 billion in revenue potential. This dual focus on domestic high-end production and international scale is a critical operational resource, defintely a key advantage.

The company's Intellectual property portfolio covering optical communications and commercial lasers is vast, underpinning their market-leading position in EMLs and UHP lasers. This IP portfolio is what allows them to be a primary supplier to the industry for these critical components. The focus on controlling the core technology is best illustrated by their Vertically integrated production capabilities from chip to module. Western optical firms, including Lumentum Holdings Inc., have doubled down on this vertical integration, controlling the 'crown jewels' of the supply chain: the lasers and photonic integrated circuits (PICs). This control offers margin resilience and supply security, which is a major selling point to risk-averse hyperscalers.

From a purely financial standpoint, the balance sheet provides a significant buffer and funding source for these expansions. As of the end of the fourth quarter of fiscal year 2025, Lumentum Holdings Inc. held $877.1 million in total cash, cash equivalents, and short-term investments. This represents an increase of $10.4 million from the end of the third quarter of fiscal year 2025.

Here's a quick look at how key operational metrics tied to these resources performed in the most recent reported quarter:

The company's performance in Q4 FY 2025 saw particular strength in components like EML chips, pump lasers, and narrow linewidth laser assemblies for data center interconnect, alongside 800G modules. They also secured the largest single purchase commitment for ultra-high power lasers in their history, which directly ties into the capacity expansion at the San Jose fab.

Lumentum Holdings Inc. (LITE) - Canvas Business Model: Value Propositions

You're looking at the core offerings Lumentum Holdings Inc. is pushing to the market right now, late in 2025. It's all about speed and density for the AI build-out, frankly.

High-Speed Optical Interconnects and Energy Efficiency

The value here centers on enabling the massive data movement required by hyperscalers. Lumentum Holdings Inc. is positioned as the only supplier shipping 200 Gbps-per-lane Electro-Absorption Modulated Lasers (EMLs) at scale, which are the engine for 800G and 1.6T optics. This leadership helps customers reduce fiber counts and improve power efficiency, which is critical as the optical interconnect market is valued at USD 19.39 billion in 2025.

The focus on higher speeds is clear in the numbers:

• Cloud module revenue surpassed the 50% quarter-on-quarter growth target in the fourth quarter of fiscal year 2025.
• Revenue from narrow-linewidth lasers for Data-Center Interconnect (DCI) grew for a sixth consecutive quarter, with demand outpacing supply.
• The company is expanding capacity in Thailand to support 800G, 1.6T and eventually 3.2T transceivers.
• The transition to 1.6T Datacom optics began in 2025, though volume for the year was projected to remain under 1M units.
• Lumentum Holdings Inc. expects quarterly revenue to surpass $600 million by June 2026 or earlier.

The Cloud & Networking segment, which houses these products, generated $1,410.8 million in revenue for the full fiscal year 2025, representing a 30% rise year-over-year.

Precision Commercial Lasers and 3D Sensing

The Industrial Tech segment shows a different story, though it still holds value for specialized manufacturing. For the full fiscal year 2025, this segment brought in $234.2 million, which was a 14.6% fall from the prior year. Still, profitability improved, with the segment profit margin reaching 6% in Q4 fiscal year 2025, up from just 0.4% a year prior. The value proposition here is shifting, as 3D sensing, which was a key component supplier for facial security systems, is now expected to be a "minimal" part of the firm's business in the future.

Here's a quick look at the segment performance for the full fiscal year 2025:

Optical Circuit Switches (OCS)

Optical Circuit Switches are being positioned as a long-term growth engine alongside cloud modules. The Systems business, which includes OCS, reached roughly $155 million in a recent quarter (Q3 FY2026 context). This technology supports dynamic, high-capacity network virtualization, which is essential as AI clusters scale.

You can see the overall financial shift in the business mix:

• Cloud & Networking revenue was 88.2% of total revenue in Q4 fiscal year 2025, at $424.1 million.
• The company expects Q1 fiscal year 2026 revenue to hit a record of $510-$540 million.

Finance: draft 13-week cash view by Friday.

Lumentum Holdings Inc. (LITE) - Canvas Business Model: Customer Relationships

You're managing a portfolio heavily weighted toward high-growth tech, so you know that for Lumentum Holdings Inc., customer relationships aren't one-size-fits-all. The strategy is clearly bifurcated: deep, embedded engineering support for the giants, and transactional efficiency for everyone else.

Dedicated sales and engineering support for top hyperscale customers

The relationship with the largest cloud and AI infrastructure players is intensely collaborative. These top-tier relationships are the engine room; over 60% of Lumentum Holdings Inc.'s total revenue now flows from this cloud and AI segment. This concentration demands white-glove treatment, which you see reflected in the product roadmap. For instance, the R300 Optical Circuit Switch (OCS), a 300x300 port solution, was sampling with hyperscale cloud customers in the second half of calendar 2025. This level of engagement means Lumentum Holdings Inc. shipped cloud modules to all three of its major hyperscale customers in the fourth quarter of fiscal year 2025. That's not just selling components; that's designing the future together.

Long-term customer agreements and selective product allocation due to supply constraints

Demand is outpacing Lumentum Holdings Inc.'s ability to supply, which is a great problem to have, but it forces tough customer prioritization. Because demand continues to significantly outstrip supply, the company is relying on long-term customer agreements and selective allocation to manage fulfillment. To address this, Lumentum Holdings Inc. is increasing its laser chip capacity by 40% over the next few quarters. Still, capacity constraints mean the company is more tuned to Datacom shipments than Telecom in the near term as telecom capacity improvements are still pending. This dynamic reinforces the power of those long-term commitments.

Co-innovation model for next-generation products like OCS and CPO

The co-innovation model is where Lumentum Holdings Inc. locks in future revenue streams by solving the hardest problems today. The Optical Circuit Switch (OCS) is a prime example; the company recognized its first OCS revenue with two hyperscale customers in Q4 FY2025, and a third is committed for calendar 2026. Management expects OCS revenue to ramp toward $100 million quarterly by December 2026. Furthermore, Lumentum Holdings Inc. secured its largest-ever purchase commitment for ultra-high-power lasers specifically supporting Co-Packaged Optics (CPO). This signals deep, multi-year integration with key partners on technologies that will define the next generation of AI infrastructure.

The contrast in relationship intensity is stark, defining how resources are deployed:

Automated self-service for standard product orders and technical documentation

For the remaining portion of the business, which still contributed to a full fiscal year 2025 revenue of $1.65 billion, the focus shifts to efficiency. While direct numbers on self-service adoption aren't public, the operational necessity is clear: managing the high-touch relationships for the cloud segment requires that standard product ordering and documentation access be streamlined. This keeps the engineering teams focused on the complex, high-margin co-innovation projects rather than routine fulfillment. Honestly, you can't scale a 40% capacity increase without automating the simple stuff.

Finance: draft 13-week cash view by Friday.

Lumentum Holdings Inc. (LITE) - Canvas Business Model: Channels

You're looking at how Lumentum Holdings Inc. gets its products-the lasers and optical components-into the hands of its customers as of late 2025. The focus is clearly on the high-growth, high-touch direct sales motion supporting AI infrastructure.

Direct sales force targeting hyperscale cloud providers and major telecom NEMs.

This is where the action is. The Cloud & Networking segment is the engine, making up 88.2% of the $480.7 million in net revenue Lumentum Holdings Inc. recorded in the fourth quarter of fiscal year 2025. Direct cloud provider revenue specifically surged 94% year-over-year (YOY) in that same quarter, now accounting for 40% of total revenue. Lumentum Holdings Inc. confirms shipments to all three announced hyperscale customers during Q4 FY2025, with cloud module revenue surpassing the 50% quarter-on-quarter growth target. The company is aggressively scaling capacity, aiming for another 40% growth in 200G EML capacity by the end of 2025.

The shift in channel priority is stark when you look at the segment contribution:

The full fiscal year 2025 net revenue for Lumentum Holdings Inc. hit $1,645.0 million.

Direct sales to large industrial and consumer electronics OEMs (e.g., Apple).

The Industrial Tech segment, which includes industrial lasers and 3D sensing, is a smaller part of the revenue mix. For the full fiscal year 2025, this segment brought in $234.2 million. In the second quarter of fiscal year 2025 (ended December 28, 2024), this segment represented 15.7% of total revenue. Lumentum Holdings Inc. launched the PicoBlade Core ultrafast laser platform for industrial micro-machining applications.

Global network of distributors and sales representatives for smaller customers.

While the hyperscale cloud business drives the top-line growth, the remaining revenue, which includes the Industrial Tech segment and smaller telecom/networking customers, is managed through a broader network. The company is expanding production capacity outside of China, with operations noted in Thailand. Lumentum Holdings Inc. is also advancing its technology roadmaps to enable customers to scale future generations of data center architectures in a more cost-effective manner.

Online technical support and product documentation portal.

Lumentum Holdings Inc. maintains its website at www.lumentum.com for investor relations and general information. The company provides investor contact via email at investor.relations@lumentum.com.

Lumentum Holdings Inc. (LITE) - Canvas Business Model: Customer Segments

You're looking at the core buyers driving Lumentum Holdings Inc.'s financial results as of late 2025. The business model is heavily weighted toward the digital infrastructure build-out, which is clear when you look at the revenue split for the fiscal year ended June 28, 2025.

For the full fiscal year 2025, Lumentum Holdings Inc. reported total net revenue of $1645 million, a significant jump from the $1359.2 million reported in fiscal year 2024. The vast majority of this revenue now flows from the Cloud & Networking segment.

The Cloud & Networking segment revenue grew by 30% year-over-year for the full fiscal year 2025, reaching $1410.8 million. This segment's strength is the primary story; in the fourth quarter of fiscal 2025, this segment alone accounted for $424.1 million, or 88.2% of the total quarterly revenue of $480.7 million.

Here's how the specific customer groups map to Lumentum Holdings Inc.'s focus areas:

• Hyperscale Cloud Providers (Amazon, Microsoft, Google): Shipments of cloud modules surpassed a 50% quarter-over-quarter growth target in Q4 FY2025, with shipments delivered to all three announced hyperscale customers. Revenue from Electro-absorption Modulated Laser (EML) chips nearly doubled compared to the Q4 FY2024 baseline.
• Network Equipment Manufacturers (NEMs) like Cisco and Ciena: Demand for narrow linewidth lasers, critical components for Data Center Interconnect (DCI) modules, grew for a sixth consecutive quarter.
• Consumer Electronics OEMs utilizing 3D sensing technology: This falls under the Industrial Tech segment, which saw revenue decline by 14.6% for the full fiscal year 2025, though Q4 FY25 revenue was up 6% year-over-year, with 3D sensing following its typical seasonal pattern.
• Industrial Manufacturing and Automotive companies requiring precision lasers: Ultrafast laser demand remained steady, supported by high-volume solar cell manufacturing. Lumentum Holdings Inc. launched the PicoBlade Core ultrafast laser platform for micromachining applications.
• Telecom Service Providers for long-haul and metro networks: This group drives demand for coherent components for long-haul data transmission and pump lasers used in subsea terrestrial transmission.

The company's forward guidance for the first quarter of fiscal 2026 suggests continued momentum, with expected revenue in the range of $510 million to $540 million. The consensus estimate for full fiscal year 2026 revenue is pegged at $2.57 billion, suggesting growth of about 56.01% from the fiscal 2025 reported figure. Finance: draft 13-week cash view by Friday.

Lumentum Holdings Inc. (LITE) - Canvas Business Model: Cost Structure

You're looking at the cost side of Lumentum Holdings Inc.'s business, which is heavily weighted toward investment in future capacity and technology. This structure reflects a company building out the physical and intellectual foundation for high-speed optical growth.

The cost structure is characterized by high fixed costs, particularly in Research and Development (R&D) and Capital Expenditures (CapEx) necessary for wafer fabrication and advanced component manufacturing. For the full fiscal year 2025, Lumentum Holdings reported annual Research and Development expenses of $0.304B, or $304 million. This sustained investment is key to maintaining leadership in EML chips and next-generation transceivers.

The manufacturing intensity drives significant Cost of Goods Sold (COGS) due to the complexity of component manufacturing. While COGS itself isn't explicitly broken down here, the gross margin performance reflects this cost base. For instance, Non-GAAP Gross Margin in Q4 FY 2025 was 37.8%, indicating that 62.2% of revenue went to COGS and related costs in that quarter.

Operating expenses show the ongoing overhead. For the first quarter of fiscal year 2025 (Q1 FY 2025), Non-GAAP Operating Expenses totaled $100.4 million, representing 29.8% of the quarter's revenue. This figure bundles the essential R&D and Selling, General, and Administrative (SG&A) costs. To give you a sense of the GAAP breakdown for that same period, GAAP Research and Development was $74.3 million and GAAP Selling, General and Administrative was $76.3 million, with Total Operating Expenses at $160.3 million.

Capital investment is a major fixed cost component. Lumentum Holdings invested $59 million in CapEx during the fourth quarter of fiscal year 2025 (Q4 FY 2025), which was explicitly focused on supporting cloud customers' manufacturing capacity needs. This investment is part of a broader strategy, as CapEx in the preceding quarter (Q1 FY 2025) was $74 million, covering high-speed transceiver capacity and Indium Phosphide wafer production.

The cost structure also includes expenses related to strategic growth through M&A. Lumentum Holdings executed major transactions to build out its portfolio, which carry integration costs and amortization expenses. The acquisition of Cloud Light Technology was valued at approximately $750 million, and the earlier acquisition of NeoPhotonics was for a total equity value of approximately $918 million. The amortization of acquired developed intangibles was $22.5 million in Q1 FY 2025, reflecting the ongoing cost of these past investments.

Here is a snapshot of key cost-related metrics from the recent periods:

The company is actively managing these costs while expanding capacity. For example, Non-GAAP Operating Margin improved to 15.0% in Q4 FY 2025, up from 3.0% in Q1 FY 2025, showing that as revenue scales, the fixed cost base is being absorbed more effectively. The EML wafer fab transition from three-inch to four-inch wafers is underway, which is a key driver for future CapEx and efficiency gains.

Lumentum Holdings Inc. (LITE) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for Lumentum Holdings Inc.'s revenue generation as of late 2025. The story here is a significant pivot toward AI-driven data center demand, which is reshaping the revenue mix.

The total top-line figure for the full Fiscal Year 2025 was reported at $1,645.0 million. This represents a substantial increase year-over-year, driven by the strength in optical components.

When you break down the most recent quarter, Fiscal Fourth Quarter (Q4) FY 2025, the revenue was $480.7 million. This quarter clearly shows the current weighting of the business.

Here's how the revenue streams looked in Q4 FY 2025:

• Sales of Optical Communications products, representing approximately 88% of Q4 FY 2025 revenue.
• Sales of Commercial Lasers and Industrial Tech products, representing approximately 12% of Q4 FY 2025 revenue.

The backbone of this revenue is the Cloud & Networking segment, which is where the bulk of the Optical Communications products fall. For the full Fiscal Year 2025, this segment brought in $1,410.8 million, while the Industrial Tech segment contributed $234.2 million.

The margin profile is improving because of the mix shift. You see strength in specific, high-value components. Revenue from high-margin component sales, specifically EML chips and pump lasers, saw record performance in Q4 FY 2025, with EML revenue nearly doubling from the prior year's Q4 baseline. Also, shipments of narrow linewidth lasers for DCI (Data Center Interconnect) applications grew for a sixth straight quarter.

A new, albeit initial, revenue stream started flowing in Q4 FY 2025. Initial revenue from new products like Optical Circuit Switches (OCS) was recognized with two hyperscalers, and management expects OCS to eventually be a multi-$100 million contributor.

To give you a clearer picture of the segment scale based on the latest full fiscal year and quarter data:

The focus on these core optical products is clear; the company secured its largest-ever purchase commitment for ultra-high-power lasers supporting CPO (Co-Packaged Optics) applications, which signals future revenue visibility.

You should also note the performance drivers that are shaping these revenue streams:

• Record shipments of EML chips in Q4 FY 2025.
• Strong sequential growth in 800G modules.
• Continued sequential growth in shipments of coherent components for long-haul data transmission.
• First revenue recognized from Optical Circuit Switches (OCS) in Q4 FY 2025.

Finance: draft 13-week cash view by Friday.