Quarterly guidance

Revenue
$2.55 billion to $2.75 billion
Non-GAAP Gross Margin
40% to 42%
Non-GAAP Operating Expenses
$430 million to $450 million
Non-GAAP Tax Rate
18% to 20%
Non-GAAP Diluted EPS
$2.28 to $2.48

Annual guidance

Revenue Growth
Full year pro forma revenue growth rate to exceed 60%.
Gross Margin
Expect to achieve first quarter with gross margin above 45% before the end of calendar 2028.

Outlook

Data Center Demand
Near-term demand remains strong and visibility into long-term demand continues to improve.
PhotonLink
Expect PhotonLink revenue to exceed $100 million in the March quarter and exceed $250 million per quarter before the end of calendar 2027.
Indium Phosphide
On track to more than double internal indium phosphide output capacity by the end of calendar 2027.
Industrial Segment
Expect growth to resume in the current quarter, driven by semiconductor capital equipment, AI infrastructure, and fusion energy.
Capital Expenditures
Expect capital expenditures to increase sequentially again in the second quarter.
Scale Across
Expect quarterly scale across revenue to roughly double from the Q1 level by the end of calendar 2027.