Revenue expected to exceed $3 billion per quarter by end of fiscal 2027
Coherent delivered a strong beat-and-raise quarter, with record revenue of $2.05B (+42% YoY pro forma) and non-GAAP EPS of $1.74 (+74% YoY). Management guided Q1 FY27 revenue to $2.2-2.4B and expects to hit a $3B quarterly revenue run rate by end of FY27, driven by insatiable AI datacenter demand. The company emphasized it is capacity-constrained, not demand-constrained, with Internal indium phosphide laser production up 80% YoY as the key gating factor. Management pushed back on fears of CPO delays, saying demand is being pulled in. Revenue: Q4 FY26 revenue $2.05B (+13% QoQ, +34% YoY), exceeding prior guidance of $1.92-2.01B.
Buzzberg 분석Revenue expected to exceed $3 billion per quarter by end of fiscal 2027Coherent delivered a strong beat-and-raise quarter, with record revenue of $2.05B (+42% YoY pro forma) and non-GAAP EPS of $1.74 (+74% YoY). Management guided Q1 FY27 revenue to $2.2-2.4B and expects to hit a $3B quarterly revenue run rate by end of FY27, driven by insatiable AI datacenter demand. The company emphasized it is capacity-constrained, not demand-constrained, with Internal indium phosphide laser production up 80% YoY as the key gating factor. Management pushed back on fears of CPO delays, saying demand is being pulled in. Revenue: Q4 FY26 revenue $2.05B (+13% QoQ, +34% YoY), exceeding prior guidance of $1.92-2.01B.전체 분석 보기분석 접기
Coherent delivered a strong beat-and-raise quarter, with record revenue of $2.05B (+42% YoY pro forma) and non-GAAP EPS of $1.74 (+74% YoY). Management guided Q1 FY27 revenue to $2.2-2.4B and expects to hit a $3B quarterly revenue run rate by end of FY27, driven by insatiable AI datacenter demand. The company emphasized it is capacity-constrained, not demand-constrained, with Internal indium phosphide laser production up 80% YoY as the key gating factor. Management pushed back on fears of CPO delays, saying demand is being pulled in. Revenue: Q4 FY26 revenue $2.05B (+13% QoQ, +34% YoY), exceeding prior guidance of $1.92-2.01B.
EPS: Q4 FY26 non-GAAP EPS $1.74 (up 23% QoQ, up 74% YoY), beating guidance of $1.45-1.55.
CPO revenue to begin ramping in fiscal Q2 with NVIDIA partnership laser
Management highlighted that AI data center demand is driving exceptional growth, with data center and communications revenue up 59% year-over-year in Q4 and expectations for continued acceleration. They emphasized multiple new revenue streams ramping, including optical circuit…
04
AI
OCS TAM raised to over $4 billion, demand expanding to scale-up
Management highlighted that AI data center demand is driving exceptional growth, with data center and communications revenue up 59% year-over-year in Q4 and expectations for continued acceleration. They emphasized multiple new revenue streams ramping, including optical circuit…
AI, 자본지출 및 수요 분석
AI
플랫폼 및 수익화
Management highlighted that AI data center demand is driving exceptional growth, with data center and communications revenue up 59% year-over-year in Q4 and expectations for continued acceleration. They emphasized multiple new revenue streams ramping, including optical circuit switching, co-packaged optics, and multi-rail systems, and expressed no signs of demand attenuation with orders extending
수요
수주 및 전환
Bookings were at record levels again in Q4, with order coverage extending through calendar 2027 and into 2028. Customer long-term agreements now extend through the end of the decade, and management sees no signs of demand attenuation.
자본지출
투자 및 생산능력
Capital expenditures increased significantly to $556 million in Q4, up from $290 million the prior quarter, and are expected to increase sequentially in Q1. Investments are focused on expanding data center and communications capacity, particularly indium phosphide production, with an estimated 18-month payback period.
톤 · Bullish
Management repeatedly emphasized accelerating growth, record bookings, rapid capacity expansion, and multiple new product ramps, projecting a $3 billion revenue quarter by end of fiscal 2027.
병목
Manufacturing capacitypersistent
Indium phosphide production capacity is a key constraint; management is doubling capacity but demand still outpaces supply.
Capacity expansion directly drives revenue growth and margin expansion, with expected doubling of internal output.
Coherent's internal indium phosphide laser production grew 80% YoY in June quarter, and management expects datacenter revenue growth to exceed 80% YoY in the current quarter, implying a tight supply/demand balance for EMLs and CW lasers.
“Those are the lasers that go specifically into our 800 gig transceivers and our 1.60 transceivers. And so that sort of 80% growth year over year... we would expect our data center growth for instance this quarter on a year-over-year basis…”
Coherent is now planning capacity expansion beyond its current plan to more than double indium phosphide capacity by end of CY27, driven by LTA commitments through end of decade with take-or-pay clauses, providing visibility beyond near-term orders.
“These strategic investments are expected to yield excellent financial returns. For example, the investments we are making in the data center business have a roughly 18-month payback period.”
Management stated there has been 'no push out of CPO demand' and seen an increase in demand over the last 3-6 months, with MPO engagements ramping, directly countering the recent market narrative of CPO delays or a shift to NPO.
“First of all, we've seen absolutely no push out of CPO demand. In fact, it's been the opposite. We've seen demand increase and demand request from customers, demand getting pulled in.”
Management stated there has been 'no push out of CPO demand' and seen an increase in demand over the last 3-6 months, with MPO engagements ramping, directly countering the recent market narrative of CPO delays or a shift to NPO. — Confirms that the immediate growth vector for optics is still pluggable transceivers/800G/1.6T, but the follow-on CPO/NPO wave is building. For Nvidia, which is promoting CPO for future racks, this is a positive signal.
“Our Texas facility has also begun ramping our ultra-high power CW laser for CPO solutions, including those covered by our NVIDIA partnership, with revenue expected to begin ramping in fiscal Q2.”
… end of the current quarter, one quarter ahead of our original plan. This ramp contributed meaningfully to our data center revenue growth in Q4, and we expect it to remain an important growth driver in Q1. Looking further ahead, we remain on track to more than double our internal indium phosphide output capacity again by the end of calendar 27. We've secured the substrates and other critical inputs required to support this ramp. Given the strength of customer demand, We are planning additional capacity beyond 2027. Our capacity expansion is being driven by the transition to 6-inch Indium Phosphide production. Our 6-inch lines in Texas and Sweden are producing EMLs, CW lasers, and photodiodes with yields that continue to exceed our 3-inch lines. We remain on track to begin 6-inch production in Zurich during the first half of calendar 2027, further extending what we believe is a meaningful manufacturing advantage. Our Texas facility has also begun ramping our ultra-high power CW laser for CPO solutions, including those covered by our NVIDIA partnership, with revenue expected to begin ramping in fiscal Q2. Turning to OCS, revenue increased in Q4 as we continue to ramp production. Given strong customer demand across our 320x320 platform and other system sizes, we expect OCS revenue to grow significantly through fiscal 27. We continue to estimate that OCS represents more than $4 billion of addressable market opportunity across data center interconnect, scale out, and scale up networks. As we expand production across two manufacturing locations, we expect OCS to become an increasingly meaningful contributor to revenue growth and margin expansion. CPO, NPO, and other forms of integrated optics represent a tremendous growth opportunity for Coherent. These technologies enable the transition from copper to optical connectivity and represent more than $15 billion of incremental addressable market opportunity over the coming years. At the EECOC industry event in September, we plan to unveil Coherent Photon Link, our new platform for integrated optics. Photon Link spans the complete optical signal chain, from light generation and beam shaping through transmission, detection, and conversion back to an electric signal for the XPU or switch chip. The platform supports CPO, NPO, and other forms of optical integration. Photon Link leverages the breadth of Coherent's photonic …
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