| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q4'26 | August 12, 2026 | 7/12 | 1 high, 2 medium, 1 low flags | 0 | 0 | Call sheet → |
| Q3'26 | May 6, 2026 | 11/12 | 1 medium, 5 low flags | 6 | 0 | Call sheet → |
| Q2'26 | February 4, 2026 | 8/12 | 3 medium, 4 low flags | 6 | 0 | Call sheet → |
| Q1'26 | November 6, 2025 | 9/12 | 3 medium, 3 low flags | 5 | 0 | Call sheet → |
| Q4'25 | August 13, 2025 | 6/12 | 4 medium, 3 low flags | 6 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q3'26 | Delivered | Strong sequential revenue growth in June quarter Q4 guidance midpoint of $1.98B vs Q3 $1.8B implies 10%+ sequential growth. |
| Q3'26 | Pending | Industrial segment improving demand with semi-cap translating to June quarter growth Still expecting June quarter industrial growth but Q3 was down - timeline intact but challenging. |
| Q3'26 | Exceeded | Communications business to grow sequentially in current quarter as well as June Q3 delivered 16% sequential vs 9% prior quarter - massive acceleration beyond promise. |
| Q3'26 | Delivered | OCS revenue to grow sequentially in current quarter and coming quarters OCS contributing to Q4 sequential growth as promised, production capacity resolved. |
| Q3'26 | Delivered | Sequential growth in data center in both March and June quarters Q3 delivered 13% sequential growth, Q4 guidance implies continued sequential growth. |
| Q3'26 | Delivered | Initial CPO revenue toward the end of this calendar year Refined to 'second half of this calendar year' - more specific and pulled forward slightly. |
| Q3'26 | Exceeded | Double internal indium phosphide production by the fourth quarter of this calendar year Now expecting to hit this target one quarter EARLY (Q4 vs Q1). Massive execution win. |
| Q2'26 | Delivered | Six-inch indium phosphide production to begin at second site Confirmed production began at Jarfalla, Sweden facility, ramping in parallel with Sherman, Texas |
| Q2'26 | Exceeded | Industrial business to be stable to slightly up sequentially in Q2 Industrial grew 4% sequentially versus stable to slightly up guidance |
| Q2'26 | Delivered | Communications business to grow sequentially in Q2 and through balance of fiscal year Communications grew 9% sequentially, though only reconfirmed through June quarter |
| Q2'26 | Delivered | OCS revenue and backlog to grow sequentially in Q2 Both OCS revenue and backlog grew sequentially as promised |
| Q2'26 | Delivered | External EML supply to increase sequentially in Q2 and throughout calendar year Confirmed external EML supply increased sequentially in Q2 |
| Q2'26 | Pending | Double internal indium phosphide production by fourth quarter of calendar year On track with wafer starts at 80% of target, but still 10 months to go |
| Q2'26 | Exceeded | Data center growth to accelerate to approximately 10% sequential growth in Q2 Delivered 14% sequential growth, well above the ~10% promised |
| Q1'26 | Delivered | Aerospace & Defense divestiture to close in Q4 with proceeds for debt paydown Closed early in Q1, $400M proceeds used for debt reduction as planned |
| Q1'26 | Delivered | Communications business to continue recovering with new product introductions 5th consecutive quarter of sequential growth at 11% sequential, 55% YoY |
| Q1'26 | Pending | OCS revenue to ramp through remainder of calendar year and contribute meaningfully in calendar '26 Revenue and backlog growing but still no quantification of 'meaningful' |
| Q1'26 | Exceeded | Continue to expand indium phosphide production capacity over coming quarters Now ramping at two sites in parallel vs original single-site plan |
| Q1'26 | Exceeded | 1.6T transceivers to ramp throughout balance of calendar year with meaningful revenue contribution in calendar '26 1.6T now driving significant portion of Q2 growth, ahead of timeline |
| Q1'26 | Delivered | Begin production this month of 6-inch indium phosphide line in Sherman, Texas Started production in Q1 as promised with better-than-expected yields |
| Q4'25 | Missed | Gross margin progress toward 40%+ target Gross margin declined 43 bps sequentially to 38.1% |
| Q4'25 | Exceeded | Telecom sequential growth continuation Communications grew 11% sequentially vs 2% in Q3 |
| Q4'25 | Delivered | Indium phosphide capacity expansion Maintained 3x year-over-year growth rate |
| Q4'25 | Delivered | Continue sequential growth in datacom Grew 3% sequentially but significantly slowed from 11% in Q3 |
| Q4'25 | Exceeded | 6-inch InP production next quarter (Q4) Started production in August, ahead of expectations |
| Q4'25 | Delivered | OCS initial revenue in calendar 2025 Confirmed initial revenue began in Q4 |
| Q4'25 | Delivered | 1.6T revenue to start in calendar 2025 Confirmed initial revenue shipments in Q4, though volumes not disclosed |
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