Quarterly guidance

Revenue
$730 million to $750 million
Non-GAAP Gross Margin
Approximately 72%
Non-GAAP Operating Expenses
$194 million to $200 million
Non-GAAP Operating Margin
Approximately 45%
Non-GAAP Diluted EPS
$1.62 to $1.66

Annual guidance

Annual guidance
No annual guidance was given.

Outlook

AI Infrastructure Demand
Demand continues to strengthen, though physical inputs like wafer capacity and power remain tightly constrained.
Optical Connectivity
Initial revenue contribution from NPO products is expected in late 2027, with fully integrated optical engines targeted for 2030.
Custom Solutions
Initial shipments for custom fabric and memory solutions are expected to commence in late 2027, ramping to volume in 2028.
Memory Solutions
LEO 2 products are shipping in preproduction with high-volume ramp projected for mid-2027.
Orion Platform
Initial shipments are expected to begin in 2027, with revenue contribution to be detailed in future calls.
Operating Expenses
The long-term target is around 30% of revenue, though current spending is higher to support rapid growth.