Lumentum Holdings Inc.(LITE)讨论照亮未来的网络和行业会议记录
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2026年3月17日 美国东部时间下午1:15
Company Participants
Company Participants
Kathryn Ta - Vice President of Investor Relations
Michael E. Hurlston - President, CEO & Director
Wupen Yuen - President of Global Business Units
Wajid Ali - Executive VP & CFO
凯瑟琳·塔——投资者关系副总裁
迈克尔·E·赫尔斯顿——总裁、首席执行官兼董事
吴鹏远——全球业务单元总裁
瓦吉德·阿里——执行副总裁兼首席财务官
Conference Call Participants
Conference Call Participants
Samik Chatterjee - JPMorgan Chase & Co, Research Division
Karl Ackerman - BNP Paribas, Research Division
Simon Leopold - Raymond James & Associates, Inc., Research Division
Christopher Rolland - Susquehanna Financial Group, LLLP, Research Division
Papa Sylla - Citigroup Inc., Research Division
George Notter - Wolfe Research, LLC
Vijay Rakesh - Mizuho Securities USA LLC, Research Division
Meta Marshall - Morgan Stanley, Research Division
Ryan Koontz - Needham & Company, LLC, Research Division
萨米克·查特吉——摩根大通公司，研究部
卡尔·阿克曼——法国巴黎银行，研究部
西蒙·利奥波德——雷蒙德·詹姆斯联合公司，研究部
克里斯托弗·罗兰德——苏斯奎哈纳金融集团有限责任合伙公司，研究部
帕帕·西拉——花旗集团，研究部
乔治·诺特——沃尔夫研究公司
维贾伊·拉凯什——瑞穗证券美国有限责任公司，研究部
梅塔·马歇尔——摩根士丹利，研究部
瑞安·昆茨——内德姆公司，研究部
Presentation
Presentation
Kathryn TaVice President of Investor Relations
凯瑟琳·塔——投资者关系副总裁
We're going to get started in about 2 minutes. Just a brief advertisement. If you want to have WiFi, we didn't pay for extra WiFi here. So you can use the OFC one and the password is on the back of your badge for OFC. So we're being economical here at Lumentum as always. Everyone quieted down really quickly there. So I guess we can go ahead and get started.
我们大约两分钟后开始。先简短地做个说明：如果需要使用无线网络，本次会议未额外付费开通WiFi，大家可以使用OFC提供的网络，密码印在您的参会证背面。因此，正如一贯以来的作风，Lumentum此次也秉持着节约高效的原则。刚才大家已迅速安静下来，那我们就正式开始吧。
So my name is Kathy Ta. I'm the Vice President of Investor Relations here at Lumentum. Really, really glad to see you all here, see a lot of familiar and friendly faces. And as expected, a packed room with everyone sitting around the periphery. I don't see anyone standing just yet, but I think that will happen as people leave to some of the other events. So today, we're going to be talking with you about illuminating the networks of tomorrow.
大家好，我叫凯西·塔（Kathy Ta），现任Lumentum公司投资者关系部副总裁。非常高兴今天见到各位，看到许多熟悉而亲切的面孔！不出所料，现场座无虚席，大家已围坐在会议室四周。目前暂未见有人站立，不过随着部分参会者陆续前往其他活动，稍后可能会出现站席。今天，我们将与各位共同探讨“点亮未来网络”这一主题。
I'm super excited to be doing this event right after yesterday's event at NVIDIA. I'm sure you all have questions about what you heard at the GTC keynote. I think we'll be able to clarify a lot of those questions in today's presentation, especially in Wupen's presentation. So a few brief remarks. I won't read this whole thing, but I need to read part of it.
我非常激动能紧接在昨天英伟达（NVIDIA）的活动之后举办本次活动。相信大家对GTC大会主题演讲中所听到的内容还有很多疑问。我相信，今天的分享——尤其是吴鹏的演讲——将帮助大家厘清其中的许多问题。下面，我先作几点简要说明。整段文字我不会全部念完，但需要朗读其中一部分。
Today's presentation will include forward-looking statements that are being made under the safe harbor of the Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that are set forth in our filings with the SEC and are based on our reasonable beliefs and expectations as of today, and we undertake no obligation to update or revise these statements.
今天的演示将包含前瞻性陈述，这些陈述依据的是《1995年证券诉讼改革法案》所规定的“安全港”条款。此类陈述受制于各种风险与不确定性，相关内容已在我们向美国证券交易委员会（SEC）提交的文件中予以披露；上述陈述系基于我们截至今日的合理信念与预期，我们不承担更新或修订此类陈述的义务。
So as I mentioned, we will have Wupen Yuen as one of our speakers. But first, we will have Michael Hurlston take the stage and introduce our topics for today and give us a state of the union on the industry. Then we'll have Wupen talk about all things CPO and OCS. Then we'll have Wajid at the end, so make sure to stay until the very end, the last slide should be exciting as well.
正如我之前提到的，我们将邀请吴鹏远作为本次会议的演讲嘉宾之一。但首先，迈克尔·赫尔斯顿将登台，为我们介绍今天的会议主题，并就行业现状发表“国情咨文”式演讲。随后，吴鹏远将围绕CPO（首席产品官）与OCS（运营指挥系统）等话题展开分享。最后，瓦吉德将压轴登场——请大家务必留到最后，最后一张幻灯片同样令人期待！
And then after our prepared presentation, we will have a Q&A session. At that time, it will be about an hour from now. I'll invite people to line up behind this center microphone here and then you can state your name and your firm and ask your question. So we'll all in all, take about 1.5 hours of your time. And with that, I would like to invite Michael to the stage.
随后，在我们完成准备好的演讲后，将进入问答环节。该环节将在约一小时后开始。届时，我将邀请各位依次到台前中央的这支麦克风处排队，依次报上您的姓名和所属公司，并提出您的问题。整个活动预计总共占用各位约一个半小时的时间。
接下来，我谨邀请迈克尔登台。
Michael E. HurlstonPresident, CEO & Director
迈克尔·E·赫尔斯顿
总裁、首席执行官兼董事
Thank you very much. How is everybody doing? Everybody is good. Everyone is going to have to sit through Wupen and I to get to the last slide. That's what Kathy basically said. We're filler. Wupen, did you know that? We're filler. We're just waiting for Wajid. Is that true? Okay. Well, Wajid, it's all up to you, Buddy. The model, that's anybody ever cares about. All right. Look, we want to just give you some sense of where we are as a company. I think that there are sort of 4 building blocks that often don't get recognized. Of course, we have a deep networking knowledge.
非常感谢！大家最近怎么样？
大家都很好。
接下来，各位得先听完吴鹏和我的分享，才能看到最后一页幻灯片——凯西基本上就是这个意思。我们只是“填充内容”。吴鹏，你之前知道吗？我们就是“填充内容”！我们只是在等瓦吉德上场而已。是这样吗？
好的，那么瓦吉德，接下来就全看你的啦，老兄！至于那个模型嘛……反正也没几个人真关心它。
好，言归正传——我们想简单向各位介绍一下公司目前所处的发展阶段。
我认为，公司实力通常由四大基石构成，但这些往往未被外界充分认识。
当然，首当其冲的，是我们深厚的网络技术积累。
What we have done with our products, if you think about it, is we've evolved. We've taken technology that started in telecom from our telecom heritage, and we've now evolved those into data center and hyperscaler applications. So we've really upped the ante and taken existing technology and evolved it. And that's why I think we have a really big lead because we've spent years and years perfecting these technologies.
我们对产品所做的工作，若仔细思考，实际上是一种演进。我们从电信领域的技术起步——这源于我们深厚的电信行业积淀，如今已将这些技术成功演进并应用于数据中心及超大规模云服务商（hyperscaler）场景。因此，我们实质上提升了技术门槛，对既有技术进行了持续升级与演进。正因如此，我认为我们拥有显著的领先优势——因为我们已投入多年时间，不断打磨和完善这些技术。
And now here we are in a position to ship them to hyperscalers in different ways, shapes and forms. And that's given us, I think, a pretty big defensible moat. Of course, lasers, right, we're going to spend a lot of time and Wupen is going to talk a lot about our laser technology. This is something very fundamental to us. Most of our business is component-driven, semiconductor-driven. And as such, we expect to continue to evolve our margins towards semiconductor-like margins.
如今，我们已具备能力，以多种形态、多种形式将产品交付给各类超大规模云服务商。我认为，这为我们构筑了一道相当可观的、具有防御性的护城河。当然，激光技术——没错，我们将投入大量精力，吴鹏也将重点介绍我们的激光技术。这项技术对我们而言至关重要。目前，我们的业务主要由元器件驱动，尤其是半导体驱动。因此，我们预计自身的利润率将持续向半导体行业的典型利润率水平演进。
One area that's a big example of this evolution of our technology is the optical circuit switch. And Wupen is going to describe this in detail in his remarks. But if you think about the OCS, it's really based fundamentally on a WSS block that we've perfected for years in our telecom applications, right? That is something very, very much that we've done, and we've taken that and reapplied that to the OCS. And then finally, we've got indium phosphide capacity.
这一技术演进的典型代表之一是光电路交换机（OCS）。吴鹏将在他的发言中对此进行详细介绍。但就光电路交换机而言，其核心基础实际上是我们多年来在电信应用中不断完善的波长选择开关（WSS）模块，对吧？这正是我们长期深耕并取得显著成果的领域；而我们正是将这一成熟技术重新应用于光电路交换机。最后，我们还具备磷化铟（InP）芯片的制造能力。
We probably have more capacity than any company on the planet. So as we think about these various ramps that we're going to talk about, EMLs, CW lasers, ultra-high-powered lasers for scale-up and scale-out, it's coming on the backs of a capacity that we've built and we've continued to build upon during the 10 and 15 years that Lumentum has been in existence, okay? So that's kind of the basis of our company. Speaking of the indium phosphide capacity, Kathy went back and looked at this for us.
我们可能拥有全球范围内任何公司中最大的产能。因此，当我们讨论接下来将要介绍的各类产品扩产计划时——包括EML（电吸收调制激光器）、连续波（CW）激光器，以及面向规模化生产与横向扩展应用的超高功率激光器——这些进展都是建立在我们已构建并持续扩充的产能基础之上的；而这一产能建设历程，贯穿了Lumentum成立至今的10至15年时间。这正是我们公司发展的根基所在。
至于磷化铟（InP）产能，凯西（Kathy）已为我们重新梳理并核查了相关情况。
And the first data point that she gave was sometime in 2023, where we were still a little bit in the doldrums of this telecom crisis. We were sort of bottoming out, probably coming down in terms of revenue as a company. And we gave our first data point on EML capacity, okay? Since that time, since FY '23, we've increased our EML output by 8x. We've been very, very successful and continue to be successful in terms of ramping our indium phosphide capability.
她提供的第一个数据点是在2023年的某个时间，当时我们仍略处于此次电信行业危机的低谷期，公司营收很可能已触底并趋于下行。当时，我们首次公布了EML（电吸收调制激光器）产能的数据。自那以来，即自2023财年以来，我们的EML产量已增长了8倍。我们在提升磷化铟（indium phosphide）产能方面取得了极大成功，并持续保持这一良好势头。
If you look at this metric, right, which is a new data point, we are saying that we are going to increase -- further increase our indium phosphide output by 50% as measured from the last quarter of the calendar '25 until the last quarter of calendar '26, we will be up by another 50%, which is a remarkable achievement. We've talked about 40% over the last 3 quarters. We're now up in the ante to say we are going to increase this indium phosphide capacity by an additional 50% on top of what's already the industry's largest base, okay?
如果您关注这一指标——这是一项新数据，我们宣布：从2025年第四季度至2026年第四季度，我们的磷化铟（InP）产能将再提升50%。这是一项非凡的成就。此前，我们已提到过去三个季度实现了40%的增长；如今，我们进一步提高目标，承诺在目前已是业界最大产能基数的基础上，再额外提升50%的磷化铟产能。
Despite that, despite that and despite our ability to continue to evolve our indium phosphide capacity, we are still undershipping the market. And frankly, that gap is growing as this chart shows. So we see the lanes increasing by 85% on a compounded basis. Our output is increasing something less than that. So even as we talk about additional adds to our indium phosphide capacity, we are falling further behind.
尽管如此，尽管如此，且尽管我们有能力持续扩充磷化铟产能，我们仍无法满足市场需求。坦率地说，如图表所示，这一缺口正在不断扩大。因此，我们看到相关产线的产能正以85%的复合年增长率提升，而我们的实际产出增速则低于该水平。因此，即便我们正在讨论进一步增加磷化铟产能，我们与市场需求之间的差距仍在持续拉大。
The demand is significantly outstripping our ability to supply. We've given the figure of merit that we are undershipping the market today by about 25% to 30% and as I say, we see that gap growing considerably over the next couple of years, primarily driven by the demand on our ultra-high-powered lasers for optical scale-out and optical scale-up, as we'll talk about here in a minute. So we're increasing our capacity.
需求已显著超出我们的供应能力。我们给出的指标显示，目前市场供应缺口约为25%至30%；如我前面所述，未来几年这一缺口还将大幅扩大，主要原因在于市场对我们超大功率激光器的需求激增——这些激光器被广泛应用于光互连的横向扩展（optical scale-out）和纵向扩展（optical scale-up），稍后我们将就此展开讨论。因此，我们正在扩充产能。
We're doing everything we can from a leadership position, the leader in indium phosphide capacity, but we are still undershipping the market significantly. Okay. So we've talked about this repeatedly. Wajid, Wupen and I have been on the road with Kathy, and we've talked about our 4 growth drivers that exist in Lumentum that are sort of separate from what's happening in the hyperscaler market in general.
我们正以领导者的身份竭尽全力——作为磷化铟产能领域的领军企业，但我们目前的出货量仍远低于市场需求。好的。这一点我们已反复讨论过。瓦吉德、吴鹏和我近期一直与凯西一同出差，我们探讨了朗美特公司所拥有的四大增长驱动力，这些驱动力在某种程度上独立于整体超大规模数据中心市场的发展态势。
These 4 drivers are cloud transceivers, our optical circuit switch, our scale-out, CPO for scale-out and CPO for scale-up. These are the 4 major drivers. And I'm going to try to update all 4. So on our cloud transceiver business, we do feel like we've turned the corner. If you look out on the floor, we are one of the very few companies that's showing a 400G per lane demo, an optical transceiver that is capable of doing 3.2T, 8x400. We are in the lead pack now of transceiver companies delivering 1.6T.
这四大驱动力分别是：云光收发器、我们的光路交换机、横向扩展（scale-out）方案、面向横向扩展的共封装光学（CPO）技术，以及面向纵向扩展（scale-up）的共封装光学（CPO）技术。这四大领域构成了我们当前的主要增长引擎。接下来，我将逐一更新这四个方向的最新进展。
在云光收发器业务方面，我们确信已迎来拐点。若您参观展会现场，便会发现：我们是全球极少数能够展示单通道400G光收发器样机的厂商之一；该收发器可支持3.2T总带宽（即8×400G）。目前，我们在1.6T光收发器的量产交付方面，已跻身行业第一梯队。
So we feel like we're ahead, and we're now executing very well from an engineering standpoint. Our profit margin is improving. This has been a real struggle for us. We've actually not done a great job with this business, as I've told you many times, but we're now starting to really see cash flow coming out of the business. Our 1.6T shipments start this summer. So we'll start seeing our first 1.6T shipments, which we expect to see improved gross margin on.
因此，我们感觉已处于领先位置，目前在工程执行方面表现非常出色。我们的利润率正在提升——这对我们而言曾是一大挑战。正如我多次向各位指出的那样，我们在这一业务上此前确实表现不佳；但现在，我们开始真正看到该业务产生正向现金流。我们的1.6T产品将于今年夏季开始出货，这将是我们首批1.6T产品的交付，预计也将带来毛利率的提升。
And then our vertical integration, bringing our own lasers to help with the margin will start happening in the summertime. So we're starting to see a lot of good signs. From an engineering perspective, we're executing a lot better than we have. And from a manufacturing side, we're starting to turn the corner. We're really starting to execute and see better margins, better deliveries and improved revenue generally coming from our cloud transceiver business.
随后，我们的垂直整合战略——即自主生产激光器以提升利润率——将于夏季开始落地实施。因此，我们已开始看到诸多积极信号。从工程角度看，我们的执行效率已显著高于以往；在制造端，我们正迎来拐点，切实提升了执行能力，整体利润率、交付能力均有所改善，云光模块业务的收入也实现了稳步增长。
The second growth driver, and this is an important update. We've talked to you guys about $400 million of revenue shipping in the back half of the calendar year. We just closed yesterday a new multi-year, multibillion-dollar agreement with a large OCS consumer. We are really excited about this. We believe that this will lead to multiple years of revenue growth and revenue enhancement on our OCS line. Our OCS line has been something that we think is performing remarkably well.
第二个增长动力——这是一项重要更新。此前我们曾向各位介绍过，预计在本财年下半年将实现4亿美元的收入。就在昨天，我们刚刚与一家大型OCS终端消费者签署了一份新的多年期、金额达数十亿美元的合作协议。对此我们倍感振奋。我们认为，该协议将推动OCS业务线在未来多年持续实现收入增长和收入提升。目前，我们的OCS业务线表现极为出色。
We're well ahead of competition, as we've said, particularly on the 300x 300, the high-radix switch. This is another proof point that we lead here. Our revenues are coming up, and we're seeing now engagements and LTAs we'll be able to fashion by virtue of the position that we have in our OCS market. We are very much on track to be shipping this $400 million of backlog in the second half of this calendar year. We like where we are from a reliability standpoint.
正如我们之前所言，我们在竞争中遥遥领先，尤其是在300×300高基数交换芯片领域。这再次印证了我们在该领域的领导地位。我们的营收持续增长，目前正积极推进客户合作并签署长期供货协议（LTAs），而这正是得益于我们在光互连交换（OCS）市场所占据的有利地位。我们完全有望在今年下半年如期交付总计4亿美元的在手订单。从产品可靠性角度看，我们当前的表现也令人满意。
Our MEMS-based solution that Wupen will go into some detail, we think is field hardened and has given us a competitive advantage, a moat that is going to be very difficult for competition to overcome. We think our design, right? If you open our box as opposed to other boxes that might be shipping, we feel that we have, by far, the most elegant manufacturable design that leads to better margins that ultimately will lead to better throughput on the manufacturing line.
我们基于微机电系统（MEMS）的解决方案——伍鹏将对此展开详细介绍——我们认为该方案已实现野外环境加固，为我们带来了显著的竞争优势，构筑了一道竞争对手极难逾越的护城河。我们认为，我们的设计非常出色：若您打开我们的设备机箱，与当前市场上其他同类产品相比，我们会发现，我们的设计无疑是迄今为止最精巧、最具可制造性的方案；这不仅有助于提升毛利率，最终还将显著提高生产线的制造效率。
And then one thing that Kathy put down is it's important to recognize our solution is future-proof because we can ship -- we're agnostic to any wavelength. It simply mirrors. All we're doing is reflecting light. So any wavelength that comes in can go right back out. And that is important as people think about different bands that they may want to use the OCS product in. Okay. Our capacity, right? We're going to talk a little bit more about this, particularly on UHP. So there's been tons of discussion.
接着，凯西提出的一点是：必须认识到我们的解决方案具有面向未来的优势，因为我们可支持——且对任何波长均保持中立。它只是起到镜像作用，即仅反射光。因此，任何入射波长的光均可原路返回。这一点至关重要，因为用户在考虑将光电路交换（OCS）产品应用于不同波段时，需要这种灵活性。
好的，接下来谈谈我们的容量问题。稍后我们将进一步展开讨论，尤其是超高性能（UHP）方面。目前已有大量相关讨论。
There was discussion yesterday from NVIDIA around optical scale-up. We'll go into that in some detail. I guess Alexis was talking a little bit about it today. Rafik was just showing me a slide. It does seem like there's a lot of conversation now on scale-up. But in order to meet that opportunity, we really have to build capacity. And what you're going to see from us in the next couple of slides is what's the plan? How are we going to actually get there?
昨天，英伟达围绕光互连扩展（optical scale-up）展开了一些讨论，我们接下来将对此进行较详细的介绍。我想亚历克西斯今天也略微提及了这一话题。拉菲克刚才还向我展示了一张幻灯片。目前，业界确实就扩展能力（scale-up）展开了大量讨论。但要抓住这一机遇，我们真正需要的是提升产能。在接下来的几张幻灯片中，您将看到我们的具体规划：我们究竟打算如何实现这一目标？
The first thing that we're doing is we're ramping our UHP lasers in our San Jose fab, and that actually is going well. We're already shipping, as I reported many times, we're actually shipping our UHP lasers for optical scale-out applications. Then in 2027, we expect another step-up in capacity for our UHP lasers as we start shipping out of our United Kingdom fab in Caswell. And we will continue to build that, as it says, and I'll describe that in the next slide.
我们首先开展的工作是提升位于圣何塞工厂的超高功率（UHP）激光器产能，目前进展顺利。正如我多次汇报的那样，我们已开始出货用于光互连扩展（optical scale-out）应用的UHP激光器。此外，预计到2027年，随着我们在英国卡斯韦尔（Caswell）工厂启动UHP激光器出货，其产能将实现新一轮提升。后续我们还将持续扩充该产能——具体规划将在下一张幻灯片中详细说明。
And right now, one of the things we're doing, we obviously had this engagement with NVIDIA. You saw the output of working to presell this capacity. We had a $2 billion investment from NVIDIA. We are going out, Wupen, Wajid, I don't know if John Bagatelos is here, our sales guy, Sri, who runs this business, are now working with other customers to sign up long-term agreements and capacity arrangements whereby we would sell the rest of our capacity.
目前，我们正在推进的一项工作是：此前我们已与英伟达（NVIDIA）开展合作。您已看到我们在预售这部分算力资源方面所取得的成果——英伟达向我们投资了20亿美元。接下来，吴鹏（Wupen）、瓦吉德（Wajid），还有我们的销售负责人约翰·巴加泰洛斯（John Bagatelos）——不知他今天是否在场——以及负责此项业务的斯里（Sri），正积极与其他客户接洽，推动签署长期合作协议及算力容量安排，以售出我们剩余的全部算力资源。
I mean we are already close to sold out on all of our UHP in spite of the fact that NVIDIA basically took almost everything that we can make. We still have a little bit of room, and we're trying to figure out how to go and sell that. To help the project, we're announcing today, we finally closed our fifth indium phosphide fab. This indium phosphide fab is in Greensboro, North Carolina. It's an old Qorvo fab that we just closed literally this morning. The agreement was closed this morning.
我的意思是，尽管英伟达几乎拿走了我们所能生产的全部超高功率（UHP）产品，目前我们的UHP产品仍已接近售罄。我们尚有少量余量，正努力研究如何将这部分产品销售出去。为支持该项目，我们今天宣布：我们终于完成了第五座磷化铟（InP）晶圆厂的收购。这座磷化铟晶圆厂位于北卡罗来纳州格林斯伯勒，原为Qorvo公司的旧厂，我们就在今天上午刚刚完成交割，相关协议也是于今晨正式签署。
That will up our capacity very, very significantly and allow us, we think, to be able to meet the demand that we see from NVIDIA and from our other customers on optical scale-up and optical scale-out. So we expect to be shipping out of this Greensboro fab by 2028, right? That's when -- how long it's going to take. It's a nice fab and the fact that it's a brownfield. It's already staffed. It's already operational.
这将极大、极大地提升我们的产能，使我们有望满足英伟达及我们其他客户在光互连规模扩展（optical scale-up）和光互连规模外扩（optical scale-out）方面的需求。因此，我们预计将于2028年起从格林斯伯勒（Greensboro）晶圆厂开始出货，对吗？这就是整个建设周期所需的时间。该工厂条件优越，且属于“棕地”（brownfield）项目——即原有厂房已配备人员并处于正常运营状态。
In fact, the trick we're going to have is move out some of the Qorvo products that they're shipping out of that fab and bring in our own reactors, our own epi reactors and bring it online for what we need for indium phosphide. But the great news is there's already a clean room there, already fully staffed, already fully operational, which gives us a running start into being able to produce in 2028. So this is a really big step for us, a commitment that we're going to continue to invest in our indium phosphide capacity.
事实上，我们计划采取的措施是：将部分Qorvo公司目前在该晶圆厂生产的产品逐步迁出，腾出空间安装我们自己的反应炉——特别是我们自有的外延反应炉，并使其投入运行，以满足我们在磷化铟（InP）领域的产能需求。令人振奋的是，该晶圆厂已配备完备的洁净室，人员配置齐全，且整套设施已全面投入运营，这使我们得以快速启动建设，确保2028年如期实现量产。因此，这对我们而言是一个重大进展，也彰显了我们持续加大磷化铟产能投资力度的坚定承诺。
Okay. Optical scale-out, right? As I say, we are already shipping optical scale-out product. Jensen talked a lot about it yesterday at GTC. We're doing extremely well. We're sole sourced at the moment. We expect competition to come in. But the reality is this market is huge. This market is very, very significant. We have set expectations that we'll have our first $100 million revenue quarter in the end of 2026, calendar 2026 and then deliver on this multi-hundred-million-dollar commitment that we talked about in our last earnings call in early 2027. So we really see some good things.
好的。光学横向扩展，对吧？正如我之前所说，我们目前已在出货光学横向扩展产品。黄仁勋昨天在GTC大会上对此做了大量介绍。我们的业务表现极为出色。目前该产品由我们独家供应。预计未来将出现竞争对手，但现实情况是，这一市场体量巨大，意义十分重大。我们已对外明确预期：到2026年日历年年末，我们将实现首个单季度1亿美元（即一亿美元）营收；随后，将在2027年初兑现我们在上一次财报电话会议中所提出的、达数亿美元（即数亿美元）规模的营收承诺。因此，我们确实看到了诸多积极的发展前景。
It's been a surprise to us how well the optical scale-out product from NVIDIA has done and how well customers are receiving it. It's been a pleasant surprise, surprise enough to us that we got additional backlog, and we believe that we'll be able to execute to that and deliver incremental revenue in the first half of '27. Similar to what you'll see here in a minute on optical scale-up, one of the important vehicles we have is this external light source, being able to pull together a turnkey package to enable customers beyond our lead customer.
NVIDIA 的光互连横向扩展（optical scale-out）产品表现之佳，以及客户对其的积极反响，都令我们颇感意外。这确实是一个令人欣喜的意外，惊喜程度之高，甚至使我们获得了额外的积压订单。我们相信，我们有能力如期执行，并在2027年上半年实现增量收入。
与稍后您将看到的光互连纵向扩展（optical scale-up）情况类似，我们的一项重要手段是采用外部光源方案，借此整合出一套即装即用的整体解决方案，从而将客户范围从目前的头部客户进一步拓展至更广泛的客户群体。
That's a critical tool because there's just not the optical engineering that you see anywhere else NVIDIA, Google, these 2 companies have incredible optical engineering departments. The rest of the market, not so much. So in order to engage them, we need something a little more turnkey, and this is what this ELS does, right? And that will give us about 2x the top line that we see today. For every ELS that we ship, it's about 2x the revenue.
这是一项关键工具，因为目前市场上几乎没有其他公司具备像英伟达、谷歌这样卓越的光学工程能力——这两家公司的光学工程部门实力极为雄厚。而市场上的其他企业，在这方面则远未达到同等水平。因此，为了有效吸引并服务这些客户，我们需要提供一种更即插即用（开箱即用）的解决方案，而这正是这款ELS（增强型光学子系统）的价值所在，对吧？该产品将使我们的营收规模提升约两倍，即每交付一套ELS，带来的收入约为当前单套产品的两倍。
Margins come down a bit, but it's still very, very profitable above our gross margin, above the gross margin target that Wajid is going to share with you in a minute. And we really like it because strategically, it's an enabler. It really enables us to engage the rest of the customer base. Okay. Optical scale-up, right? This is the big story, I think, and there's a lot of debate around optical scale-up. It's definitely happening. Does it mean that copper goes away? No, of course, not. It doesn't mean that.
利润率略有下降，但依然非常高，远高于我们的毛利率，也远高于瓦吉德待会儿将向各位介绍的毛利率目标。我们对此非常满意，因为从战略角度看，它是一项关键赋能因素，能切实帮助我们触达并服务更广泛的客户群体。
好的，接下来谈谈光模块的规模扩张，我认为这是当前最大的亮点。围绕光模块规模扩张，业界存在诸多讨论，但可以肯定的是，这一趋势确实在发生。但这是否意味着铜缆将被取代？当然不是，绝非如此。