Lumentum Holdings Inc.（LITE） 2025 年第四季度财报电话会议记录

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2025-08-13 23:21 · 新加坡

$Lumentum Holdings Inc.(LITE)$ $Fabrinet(FN)$ $英伟达(NVDA)$

Lumentum Holdings Inc. (NASDAQ:#/symbol/LITE#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link" title="Lumentum Holdings Inc.">LITE) Q4 2025 Earnings Conference Call August 12, 2025 5:00 PM ET

Company Participants

Kathryn Ta - Vice President of Investor Relations
Michael E. Hurlston - President, CEO & Director
Wajid Ali - Executive VP & CFO
Wupen Yuen - President of Cloud & Networking

Kathryn Ta – 投资者关系副总裁 Michael E. Hurlston – 总裁、首席执行官兼董事 Wajid Ali – 执行副总裁兼首席财务官 Wupen Yuen – 云计算与网络事业部总裁

Conference Call Participants

Ananda Prosad Baruah - Loop Capital Markets LLC, Research Division
David Vogt - UBS Investment Bank, Research Division
Ezra Gabriel Weener - Jefferies LLC, Research Division
George Charles Notter - Wolfe Research, LLC
Meta A. Marshall - Morgan Stanley, Research Division
Ryan Boyer Koontz - Needham & Company, LLC, Research Division
Samik Chatterjee - JPMorgan Chase & Co, Research Division
Simon Matthew Leopold - Raymond James & Associates, Inc., Research Division
Thomas James O'Malley - Barclays Bank PLC, Research Division
Vivek Arya - BofA Securities, Research Division

Ananda Prosad Baruah - Loop Capital Markets LLC，研究部 David Vogt - UBS 投资银行，研究部 Ezra Gabriel Weener - Jefferies LLC，研究部 George Charles Notter - Wolfe Research, LLC Meta A. Marshall - 摩根士丹利，研究部 Ryan Boyer Koontz - Needham & Company, LLC，研究部 Samik Chatterjee - 摩根大通公司，研究部 Simon Matthew Leopold - 雷蒙德·詹姆斯联合公司（Raymond James & Associates, Inc.），研究部 Thomas James O'Malley - 巴克莱银行（Barclays Bank PLC），研究部 Vivek Arya - 美国银行证券公司（BofA Securities），研究部

Operator

Good day, everyone, and welcome to the Lumentum Holdings Fourth Quarter Fiscal Year 2025 Earnings Call. [Operator Instructions] Please also note today's event is being recorded for replay purposes.

大家好，欢迎参加Lumentum Holdings 2025财年第四季度的财报电话会议。[操作说明] 请注意，今天的活动将被录音，以便后续回放。

[Operator Instructions]

[操作员说明]

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.

此时，我将电话会议交给投资者关系副总裁Kathy Ta女士。Ta女士，请开始。

Kathryn Ta

Thank you, Reagan, and welcome to Lumentum's Fiscal Fourth Quarter and Full Year 2025 Earnings Call. This is Kathy 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, Cloud & Networking.

谢谢，Reagan，欢迎各位参加Lumentum 2025财年第四季度及全年业绩电话会议。我是Kathy Ta，Lumentum投资者关系副总裁。今天与我一同参会的有Michael Hurlston，公司总裁兼首席执行官；Wajid Ali，执行副总裁兼首席财务官；以及Yuen Wupen，云与网络业务总裁。

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 and Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations, particularly the risk factors set forth in our SEC filings under Risk Factors and elsewhere. We encourage you to review our most recent filings with the SEC, particularly the risk factors described in our most recent 10-Q and in our 10-K for the fiscal year ended June 28, 2025, to be filed by Lumentum with the SEC.

今天的电话会议将包含前瞻性声明，包括但不限于根据1995年《证券诉讼改革法案》的安全港条款所做出的关于我们未来经营成果、战略、行业趋势以及对公司产品和技术的预期等方面的声明。这些声明涉及风险和不确定性，可能导致实际结果与我们目前的预期存在重大差异，尤其是我们向美国证券交易委员会（SEC）提交的文件中所列示的风险因素及其他相关内容。我们鼓励您查阅我们最近向SEC提交的文件，特别是截至2025年6月28日财年年度报告（10-K）及最近的季度报告（10-Q）中描述的风险因素。该10-K报告将由Lumentum向SEC提交。

The forward-looking statements provided during this call are based on Lumentum's reasonable beliefs and expectations as of today. Lumentum undertakes no obligation to update or revise these statements except as required by applicable law. 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 that. 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. Lumentum's press release for the fiscal fourth quarter and full fiscal year results look and accompanying supplemental slides are available on our website at 网页链接 under the Investors section. We encourage you to review these materials carefully.

本次电话会议中提供的前瞻性声明基于Lumentum截至今日的合理信念和预期。除法律要求外，Lumentum不承担更新或修改这些声明的义务。还请注意，除非另有说明，本次电话会议中讨论的所有财务结果和预测均为非美国通用会计准则（Non-GAAP）口径。非美国通用会计准则财务数据具有内在局限性，不应单独考虑，也不应视为替代或优于按照美国通用会计准则（GAAP）编制的财务数据。您可在我们的新闻稿以及向美国证券交易委员会（SEC）提交的文件中，找到非美国通用会计准则与美国通用会计准则指标之间的调节表、关于我们使用非美国通用会计准则指标的信息，以及可能影响我们财务结果的因素。Lumentum有关财年第四季度及整个财年业绩的新闻稿以及相关的补充演示材料可在我们的网站网页链接的“投资者”栏目中找到。我们鼓励您仔细查阅这些资料。

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

就此，我把电话会议交给迈克尔。

Michael E. Hurlston

Thank you, Kathy, and good afternoon, everyone. Lumentum is at the forefront of the cloud and AI revolution, which is driving rapid growth in the advanced photonics markets we serve. As AI becomes central to our customers' business strategies, demand for optical hardware and bandwidth is growing dramatically. Our innovation is driving the next generation of AI infrastructure with technologies such as 200-gig EMLs, 1.6T transceivers, optical circuit switches and ultra-high power lasers for co-packaged optics, all of which are essential for building scalable, energy-efficient systems.

谢谢您，Kathy，大家下午好。Lumentum 处于云计算和人工智能革命的最前沿，这推动了我们所服务的先进光子市场快速增长。随着人工智能成为客户业务战略的核心，对光硬件和带宽的需求正在大幅增长。我们的创新正在推动下一代人工智能基础设施的发展，相关技术包括200千兆 EML（EML：外调制激光器）、1.6T 收发器、光路开关以及用于共封装光学器件的超高压激光器等，所有这些都是构建可扩展、节能系统的关键组成部分。

Our years of optical engineering leadership provide us with a significant competitive advantage as AI architectures evolve. These new technologies are projected to become multibillion-dollar markets within 5 years. With a uniquely differentiated portfolio, Lumentum is positioned to capture significant value from this inflection, driving strong revenue growth, expanding margins, increasing profitability, all of which are elements of the long-term financial model we laid out in April. Cloud revenue is growing well over 20% annually. [Combi] gross margins are set to surpass 40%. And through a combination of high-value products and disciplined cost management, we are targeting operating margins above 20%. The slope of our cloud-facing revenue is increasing. We now expect to surpass $600 million in quarterly revenue by the June 2026 quarter or earlier.

我们多年来在光学工程领域的领导地位，使我们在AI架构不断演进的过程中拥有了显著的竞争优势。这些新技术预计将在五年内成长为价值数十亿美元的市场。凭借高度差异化的业务组合，Lumentum正处在能够从这一转折点中获取重大价值的位置，推动强劲的收入增长、扩大利润率、提升盈利能力。所有这些都是我们在今年四月所提出的长期财务模型中的关键要素。面向云市场的收入正以每年超过20%的速度增长。[Combi]产品的毛利率即将超过40%。通过高附加值产品与严格的成本管理相结合，我们的目标是实现超过20%的运营利润率。我们面向云市场的收入增长趋势正在加速。我们现在预计将在2026年6月财季或更早实现季度收入突破6亿美元。

Let's turn to our fourth quarter results. In early June, we raised our fourth quarter revenue and EPS outlook. Our cloud and networking performance drove Q4 revenue above even the high end of our revised expectations. Fourth quarter revenue from our Cloud & Networking segment increased 16% sequentially and 67% year-over-year, led by exceptional demand from hyperscale cloud customers. The outperformance was largely driven by our cloud-facing components and transceiver product lines. In Components, we achieved an all-time high in EML shipments, nearly doubling the revenue compared to our June quarter 2024 baseline.

让我们来看看我们的第四季度业绩。在6月初，我们上调了第四季度的收入和每股收益（EPS）预期。由于我们在云计算和网络业务方面的出色表现，第四季度的收入甚至超过了我们修正后预期的上限。我们的云计算与网络（Cloud & Networking）部门第四季度收入环比增长16%，同比增长67%，这主要得益于超大规模云计算客户（hyperscale cloud customers）的强劲需求。此次超出预期的表现，主要来自于我们面向云计算的产品组件和光模块（transceiver）产品线的优异表现。在组件（Components）业务方面，我们实现了EML器件（EML shipments）出货量的历史新高，其收入几乎达到了2024年6月季度基准水平的两倍。

Our wafer fab expansion is progressing on schedule, enabling us to support higher volumes of EMLs and other indium phosphide- based devices, including CW lasers and coherent components. Recently, we received a substantial order for 200-gig lane speed EML chips, which we expect to fulfill in the December quarter. Overall, we expect 2026 to be a breakout year for laser chip sales of both 100-gig and 200-gig lane speeds. Shipments of our narrow linewidth lasers, which are critical components for ZR and ZR+ modules have now grown for 6 consecutive quarters. While our manufacturing capacity for these laser assemblies continues to ramp, demand is outpacing supply and is expected to do so through the rest of fiscal 2026. In addition, we saw sequential growth in shipments of other coherent components for long-haul data transmission as well as in pump lasers for subsea and terrestrial applications. This momentum in our components business reflects the accelerating global build-out of cloud infrastructure and highlights Lumentum's key role in powering that expansion.

我们的晶圆厂扩建项目正在按计划推进，使我们能够支持更多EML及其他基于磷化铟的器件（包括连续波长激光器（CW激光器）和相干组件）的生产。最近，我们收到了一笔大量200G每通道速率EML芯片的订单，预计将在12月季度完成交付。总体而言，我们预计2026年将成为我们100G和200G每通道速率激光芯片销售的突破之年。我们的窄线宽激光器出货量目前已连续六个季度增长，这些激光器是ZR和ZR+模块的关键组件。尽管这些激光器组件的生产能力持续提升，但需求仍然超过供应，并预计在2026财年剩余时间内仍将如此。此外，我们在面向长距离数据传输的其他相干组件以及用于海底和陆地应用的泵浦激光器的出货量也出现了环比增长。我们组件业务的这一增长势头反映了全球云计算基础设施建设的加速，也突显了Lumentum在推动这一扩展中的关键作用。

We are also positioning ourselves for longer-term growth particularly in 3 significant areas: cloud modules, optical circuit switching and co-packaged optics. In cloud modules, we surpassed our goal to grow revenue by 50% quarter-over-quarter. This contributed approximately half of the sequential revenue growth in the period. We shipped cloud modules to all 3 of our major hyperscale customers, and we expect shipments to grow sequentially in the coming quarters.

我们也在为更长期的增长进行布局，特别是在以下三个重要领域：云计算模块、光路交换和共封装光学器件。在云计算模块方面，我们实现了季度环比收入增长50%的目标，甚至有所超出。这部分业务的增长在本季度对整体收入的环比增长贡献了约一半的比例。我们已向全部三大主要超大规模客户出货了云计算模块，并预计在未来几个季度中出货量将实现连续增长。

In optical circuit switches or OCS, we recognized our first revenue in the quarter with shipments to 2 hyperscale customers. Not only is our order book expanding with these 2 customers, but we now have a third hyperscale customer committed to deploy our OCS product in calendar 2026. Our leadership in optical performance, particularly in 300x300 form factors has allowed us to capture volume opportunities earlier than competitors.

在光路交换机（OCS）领域，我们在本季度首次确认了收入，已向两家超大规模客户出货。不仅我们的订单簿在这两家客户方面不断扩大，我们现在还获得了一家新的超大规模客户的承诺，将在2026年部署我们的OCS产品。我们在光性能方面的领先地位，尤其是300x300封装尺寸上的优势，使我们比竞争对手更早地抓住了市场机会。

As a result, we are accelerating the expansion of our in-house OCS manufacturing capacity to meet a high level of demand. Our commitment to co-packaged optics or CPO is stronger than ever. We just received the largest single purchase commitment in company history. For our ultra high-power lasers, we have already announced additional investment in our U.S.-based indium phosphide wafer fab to support it.

因此，我们正在加快扩展自有的OCS制造能力，以满足高水平的市场需求。我们对共封装光学（CPO）的承诺比以往任何时候都更加坚定。我们刚刚收到了公司历史上最大的单笔采购承诺。对于我们的超高功率激光器，我们已经宣布了追加投资，用于支持位于美国的磷化铟晶圆制造厂的扩建。

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

我们对这一工厂的投资将使我们能够在2026年日历年的下半年实现CPO业务收入的显著增长。我们希望继续通过在光子创新方面的领导地位、与超大规模企业的战略合作关系以及对国内人工智能基础设施的贡献，为提升美国的技术竞争力做出重要贡献。

Now let me move to our Industrial Tech segment. Industrial Tech segment revenue decreased 6% sequentially, but was up 6% from the same quarter last year. Industrial laser declined quarter-over-quarter. 3D sensing decline as well following expected seasonal trends. In Q4, ultrafast laser shipments held steady at near record levels, driven primarily by strong demand from a leading tool supplier supporting high-volume solar cell manufacturing.

现在我来谈谈我们的工业技术（Industrial Tech）业务板块。工业技术板块的收入环比下降了6%，但与去年同期相比增长了6%。工业激光业务较上一季度有所下滑，3D传感业务也出现了下降，这符合预期的季节性趋势。在第四季度，超快激光器（ultrafast laser）的出货量保持稳定，接近历史最高水平，这主要得益于一家领先的工具供应商对高效能太阳能电池制造的支持所带来的强劲需求。

In the quarter, we launched the PicoBlade Core ultrafast laser platform, which enables infrared, green and ultraviolet wavelengths within a compact form factor for industrial micromachining applications. Despite the revenue decline in Industrial Tech, segment profitability improved primarily due to cost reduction initiatives we announced a quarter ago. With these actions and more focus on the core business, we expect to see improved profit margin in this segment over the next handful of quarters.

本季度，我们推出了PicoBlade Core超快激光平台，该平台在紧凑的设计中实现了红外、绿光和紫外波长，适用于工业微加工应用。尽管工业科技板块的收入有所下降，但由于我们一个季度前宣布的成本削减措施，该板块的盈利能力仍得到了提升。通过这些举措以及对核心业务更加集中的关注，我们预计在接下来的几个季度中，该板块的利润率将有所改善。

In summary, Lumentum is entering a period of sustained growth, driven by the rapid adoption of AI. Our strong Q4 performance highlights the effectiveness of our strategy, operational resilience, and the differentiated value of our optical solutions. Today, our components business is a key foundation of our success, and we are well positioned for significant growth in our cloud modules business and to lead in emerging technologies like OCS and CPO. As we scale production, expand capacity and intensify our focus on high-growth, high-margin opportunities, we are confident in our ability to deliver continued top line growth, margin expansion and long-term shareholder value.

总而言之，Lumentum 正在进入一个持续增长的阶段，这一趋势主要由人工智能的快速普及所推动。我们强劲的第四财季表现凸显了公司战略的有效性、运营的韧性以及我们的光解决方案所具备的差异化价值。目前，我们的元器件业务是我们成功的关键基石，同时我们在云模块业务方面也具备了显著增长的良好条件，并将在OCS和CPO等新兴技术领域中发挥领导作用。随着我们扩大生产规模、拓展产能并更加专注于高增长、高利润的机会，我们有信心持续实现营收增长、利润率提升以及为股东创造长期价值。

Now I'll hand the call over to Wajid.

现在我把电话转交给Wajid。

Wajid Ali

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

谢谢，Michael。第四季度营收为4.807亿美元，非GAAP每股收益为0.88美元，均超过我们修正后指导范围的上限。第四季度GAAP毛利率为33.3%，GAAP运营亏损率为1.7%，GAAP每股净收益为2.96美元。

Turning to our non-GAAP results. Fourth quarter non-GAAP gross margin was 37.8%, which was up 260 basis points sequentially and up 1,000 basis points year-on-year due to better manufacturing utilization and favorable product mix as a result of increased Datacom laser shipments. Fourth quarter non-GAAP operating margin was 15%, which was up 420 basis points sequentially and up

接下来介绍我们的非GAAP业绩。第四季度非GAAP毛利率为37.8%，环比上升260个基点，同比上升1,000个基点，这主要得益于更好的生产利用率以及由于数据通信激光器出货量增加所带来的有利产品组合。第四季度非GAAP运营利润率为15%，环比上升420个基点，

over 2,000 basis points year-on-year, primarily driven by improved Cloud & Networking profitability. Fourth quarter non-GAAP operating profit was $72.3 million, and adjusted EBITDA was $98.7 million.

同比增长超过2,000个基点，主要得益于云计算与网络业务盈利能力的提升。第四季度非美国通用会计准则（non-GAAP）运营利润为7,230万美元，调整后息税折旧及摊销前利润（EBITDA）为9,870万美元。

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

第四季度的非美国通用会计准则（Non-GAAP）运营费用总计为1.093亿美元，占收入的22.7%，相比第三季度增加了590万美元，相比去年同期增加了790万美元。这一增长反映了与公司业绩挂钩的员工年度现金激励，以及为了支持不断扩展的云业务机会而持续加大对运营规模的投资。

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

第四季度的非公认会计准则（non-GAAP）销售、一般及行政费用（SG&A）为4170万美元，非GAAP研发费用为6760万美元。非GAAP基础上的利息及其他收入为350万美元。第四季度非GAAP净利润为6330万美元，非GAAP摊薄每股净利润为0.88美元。以非GAAP基础计算，我们第四季度的完全摊薄股份数为7200万股。

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

接下来回顾全年业绩。财年2025年的净营收为16.5亿美元，较财年2024年增长了21%。财年2025年的GAAP毛利率为28%。GAAP运营亏损率为10.9%，GAAP摊薄后每股净收益为0.37美元。财年2025年全年非GAAP毛利率为34.7%，相比财年2024年提升了450个基点，这主要得益于整体需求的上升以及工厂利用率的提高。

Fiscal year '25 non-GAAP operating margin was 9.7%, up 1,030 basis points from fiscal '24 due to higher gross margin and improved operating leverage. Fiscal '25 non-GAAP operating income was $160.1 million, and adjusted EBITDA was $264.2 million. For fiscal '25, our fully diluted share count on a non-GAAP basis was 71.2 million shares. Non-GAAP net income was $146.4 million and non- GAAP diluted net income per share was $2.06.

2025财年的非美国通用会计准则（non-GAAP）运营利润率为9.7%，相比2024财年上升了1,030个基点，主要得益于更高的毛利率和运营杠杆的改善。2025财年非美国通用会计准则的运营收入为1.601亿美元，调整后息税折旧摊销前利润（EBITDA）为2.642亿美元。2025财年，我们基于非美国通用会计准则的完全摊薄股份数为7,120万股。非美国通用会计准则净利润为1.464亿美元，非美国通用会计准则摊薄每股净收益为2.06美元。

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

来看我们的资产负债表。在第四季度，我们的现金和短期投资增加了1,000万美元，达到8.77亿美元。为了支持预期的增长以及云计算与网络业务的收入，我们的库存水平环比上升。在第四季度，我们投入了5,900万美元的资本支出，主要用于提升制造产能，以支持云客户的需求。

Turning to segment details. Fourth quarter Cloud & Networking segment revenue at $424.1 million increased 16% sequentially and 67% year-on-year. Cloud & Networking segment profit at 23.6%, increased 360 basis points sequentially and increased 1,350 basis points year-on-year on higher revenue and favorable product mix. Our fourth quarter Industrial Tech segment was at $56.6 million, which was down 6% sequentially and up 6% year-on-year.

接下来是业务板块的详细情况。第四季度云与网络业务板块收入达到4.241亿美元，环比增长16%，同比增长67%。云与网络业务板块利润率为23.6%，环比提升360个基点，同比增长1,350个基点，主要得益于收入增长和产品组合优化。我们第四季度工业科技业务板块收入为5,660万美元，环比下降6%，同比增长6%。

Fourth quarter Industrial Tech segment profit of 6% increased sequentially on stringent cost initiatives despite lower revenue. Industrial Tech segment profit increased year-on-year on higher revenue and the benefit of these cost initiatives.

第四季度工业科技业务部门利润率为6%，尽管收入下降，但由于严格的成本控制措施，利润较上一季度有所增长。受益于收入增长及成本控制措施的实施，工业科技业务部门利润较去年同期实现增长。

Now let me move to our guidance for the first quarter of fiscal '26, which is on a non-GAAP basis and is based on our assumptions as of today. We anticipate net revenue for the first quarter of fiscal '26 to be in the range of $510 million to $540 million. The midpoint of this range represents a new all-time quarterly revenue record for Lumentum. Our Q1 revenue forecast reflects the following expectations.

现在我来谈谈我们对2026财年第一季度的业绩指引，该指引基于非美国通用会计准则（non-GAAP），并以我们今日为止的假设为基础。我们预计2026财年第一季度的净收入将在5.1亿美元至5.4亿美元之间。该区间中点标志着Lumentum创下新的季度收入历史纪录。我们对第一季度收入的预测反映了以下预期。

Cloud & Networking expected to be up sequentially with strong growth across our portfolio of products addressing cloud and AI applications and Industrial Tech to be approximately flat sequentially with a modest decline in industrial lasers, offset by a seasonal uptick in 3D sensing.

云计算与网络业务预计将在本季度实现环比增长，这得益于我们面向云计算和人工智能应用的产品组合的强劲增长；工业科技业务预计本季度将环比基本持平，尽管工业激光业务将出现小幅下滑，但这一下滑将被3D传感业务的季节性上升所抵消。

We project first quarter non-GAAP operating margin to be in the range of 16% to 17.5% and diluted net income per share to be in the range of $0.95 to $1.10. Our non-GAAP EPS guidance is based on a non-GAAP annual effective tax rate of 16.5%. These projections also assume an approximate count of 75 million shares. With that, I'll turn the call back to Kathy to start the Q&A session. Kathy?

我们预计第一季度非美国通用会计准则（non-GAAP）运营利润率将在16%至17.5%之间，摊薄后每股净收益将在0.95美元至1.10美元之间。我们的非美国通用会计准则每股收益（EPS）指引基于16.5%的非美国通用会计准则年度有效税率。这些预测还假设股份数量约为7500万股。说到这里，我将把电话会议交还给Kathy以开始问答环节。Kathy？

Question-and-Answer Session

Kathryn Ta

[Operator Instructions] Reagan, let's begin the Q&A session.

[操作员说明] 里根，我们开始问答环节吧。

Operator

[Operator Instructions] Our first question comes from Simon Leopold of Raymond James.

[操作员说明] 我们第一个问题来自Raymond James的Simon Leopold。

Simon Matthew Leopold

First one, I wanted to talk a little bit about the OCS award. My recollection is that you previously suggested you'd see first revenue in the December quarter. So this is 2 quarters earlier than what we were thinking and we're thinking one customer, not two. So I'd love to get an update on how to think about the trajectory in that should we be envisioning a very gradual ramp? How should we think about the trajectory and the potential of this new product category?

首先，我想稍微谈一下OCS奖项的事情。我记忆中你之前曾提到过，预计首次收入会在12月财季实现。所以这次比我们原先设想的时间提前了两个财季，并且我们当时考虑的是两个客户，而不是一个。因此，我很希望了解最新情况，关于这一产品类别的未来发展轨迹，我们应该如何看待？是应该设想成一个非常缓慢的逐步上升过程吗？我们应该如何评估这一新产品的轨迹和潜力？

Michael E. Hurlston

Simon, thanks for the question. Yes, I think we're doing a bit better than we expected, certainly in the customer count. And now with the third customer coming online, we feel pretty good about things. The way I would characterize it is, I think these current quarter, next quarter and the December quarter are still ramping. We're ramping because we're building our capacity in Thailand to support the customers. I think that we'll start to see more meaningful revenue, meaning very, very significant revenues in Q1, Q2 and then certainly in the back half of calendar 2026. So it is a ramp. There's some gradualness to it. There's a couple of inflection points. The first inflection point is probably early in '26, but then a more meaningful inflection point in the back half of '26. Right now, we're honestly limited by how many we can build, right? We're trying to ramp this thing very quickly. We see a tremendous level of demand, but we are limited by how much we can supply.

Simon，感谢你的提问。是的，我认为我们的表现比预期要好一些，尤其是在客户数量方面。随着第三个客户上线，我们对目前的情况感觉相当不错。我想这样来描述一下：我认为本季度、下个季度以及12月所在的季度仍处于爬坡阶段。我们正在逐步提升产能，因为我们正在泰国建设产能以支持客户的需求。我想我们将在2026年第一季度、第二季度以及当然2026年日历年下半财年，开始看到更具实质意义的收入，也就是非常、非常可观的收入。因此这是一个逐步上升的过程，有一些转折点。第一个转折点可能是在2026年初，但更显著的转折点应该会在2026年下半年出现。目前，老实说，我们的产能受限于我们能生产多少。我们正试图快速扩大这个规模。我们看到了巨大的市场需求，但目前我们的产能供应仍有限制。

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