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12:30
Jul 29 ◎

FLEX FY2027 Q1 Watch

Flex Ltd. (FLEX) FY2027 Q1 Earnings Call

CRBR NVDA ▾

Revathi Advaithi

The partnership is expanding and scaling well, indicating strong demand for Cerebris's AI accelerator systems and validating Flex's ability to support advanced AI hardware manufacturing.

"expanding our partnership with Cerebris to scale manufacturing of the CS3, one of the world's most advanced AI accelerator systems right here in the United States."

CRBR WATCH

Revathi Advaithi

The partnership with NVIDIA on a modular platform underpins future growth for Flex's cloud business, as it integrates power, cooling, and compute solutions for next-generation AI infrastructure.

"we announced with Nvidia a few months ago in terms of developing an overall modular platform which encompasses everything that we do is a good example of a customer who's thinking about it and moving it in that direction."

NVDA WATCH

HIGH

12:30
May 06 ◎

FLEX FY2026 Q4 Watch

Flex Ltd. (FLEX) FY2026 Q4 Earnings Call

FLEX VRT GOOGL ▾

Kevin Krum

Guidance is strongly positive with a 32% EPS growth midpoint, driven by the accelerating CPI segment, offset by a one-time capex increase.

"For fiscal 27, our expectations are the following. Revenue to be between 32.3 and $33.8 billion, up 18% at the midpoint."

FLEX WATCH

Revathy Advisey

Management has 'line of sight' into FY28/29 capex requirements and expects FY27's elevated capex ($1.4-1.6B vs $625M in FY26) to be temporary, normalizing in FY28. — The heavy short-term capex is a bottleneck for the AI data center build-out; suppliers and investors should watch for a potential capacity glut if other players make similar moves.

"We have line of sight into fiscal year 28 and 29 requirements and expect CapEx to normalize in fiscal year 28."

VRT WATCH

Revathy Advisey

CPI revenue is guided to grow 65-75% in FY27 and 80%+ in FY28, but Q1 growth is only 20-30%, implying a very back-half-loaded ramp as new capacity comes online. — The shape of the guide means nearly all upside to the growth outlook is concentrated in the second half, making the pace of capacity additions the key swing factor.

"we've recently secured substantial incremental business with several hyperscaler and data center customers, including Google."

GOOGL WATCH

HIGH

13:30
Feb 04 ◎

FLEX FY2026 Q3 Watch

Flex Ltd. (FLEX) FY2026 Q3 Earnings Call

NVDA LGLD.Y EQIX AMZN FLEX ▾

Revathi Advaithi

Flex is partnering with NVIDIA on modular data center systems, positioning Flex to capture more of the AI data center build-out and potentially gaining preferred status with NVIDIA's ecosystem.

"We announced the development of modular data center systems with NVIDIA to reimagine deployment for speed and scale"

NVDA WATCH

Revathi Advaithi

LG's partnership with Flex on thermal management for gigawatt-scale data centers signals growing demand for liquid cooling and power infrastructure, benefiting both parties through scale.

"a partnership with LG to advance thermal management solutions designed for gigawatt-scale data centers"

LGLD.Y WATCH

Revathi Advaithi

Flex's deployment at Equinix's co-innovation facility demonstrates its solution in real-world environments, suggesting an expanding relationship with Equinix for high-density data center deployments.

"We also deployed our advanced rack-level vertically integrated liquid cooling solution at the Equinix co-innovation facility"

EQIX WATCH

Kevin

Flex explicitly said the Amazon warrant deal was not material to FY26 revenue, implying the significant revenue ramp is expected in FY27 and beyond. — Signals that Amazon's AI data center build-out with Flex is a late-FY26/FY27 event, and that current growth is coming from other programs.

"the warrants are not incremental, nor were they expected to be material incremental to FY26"

AMZN WATCH

Revathi Advaithi

Management has a clearly positive outlook, citing strong data center growth, margin expansion, a raised full-year EPS guide, and expectations for continued profitable growth into FY27.

"Looking ahead, we believe in the strategic choices we have made to support both near and long-term success for Flex and our customers"

FLEX WATCH

Revathi Advaithi

Flex sees a technology shift to 800V DC and 1MW+ rack power deployments in embedded power, a space with only a small set of competitors. — Highlights a critical inflection point in data center power architecture, positioning Flex as a leader in a niche market with high barriers to entry, potentially taking share from legacy power players.

"it is going through a huge technology shift with what is happening in the 800 volt DC category, larger one megawatt deployments"

VRT WATCH PWFL WATCH

Revathi Advaithi

Flex's growth in its Agility segment is being driven by high-speed networking and NIC card deployments, which are not included in its reported data center numbers. — Indicates robust demand for AI networking infrastructure beyond compute, with Flex as a key manufacturer, implying strength for networking chip suppliers.

"we don't include those end markets in our data center business, but these are data center-related infrastructure deployments"

AVGO WATCH MRVL WATCH

Revathi Advaithi

While memory prices are skyrocketing, Flex is insulated as most memory is procured by customers directly, though it bakes allocation into forecasts. — Confirms that memory suppliers are prioritizing allocation to data centers, and that raw memory price inflation is not a major direct margin headwind for contract manufacturers like Flex.

"volume of memory is procurement is happening by our customers directly from the memory suppliers"

MU WATCH

HIGH

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