Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q2'26 → | B+ | A |
| Q3'26 → | A- | B+ |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q3'26 | ✅ | Better transceiver yields and lower scrap rates Confirmed improvement, though margins still challenging | delivered |
| Q3'26 | ⏳ | 200-gig EMLs to be 25% of mix by end of calendar 2026 At 5% in Q3, more than doubled sequentially | pending |
| Q3'26 | ✅ | $750M quarterly revenue by mid-2026 Hit $808M in Q3, well ahead of timeline | exceeded |
| Q3'26 | ✅ | OCS $10M quarter targeted for fiscal Q3 Cleared $10M three months early in Q2 | exceeded |
| Q3'26 | ⏳ | Material CPO shipment inflection in H2 calendar 2026 Still on track, confirmed in Q3 commentary | pending |
| Q3'26 | ✅ | Front-loaded 40% fab capacity expansion target - delivered over half in Q2 Actually got ~20% in Q2 alone, ahead of plan | exceeded |
| Q2'26 | ✅ | 200 gig EMLs about 5% of mix in Q2 Achieved 5% unit mix, 10% of revenue as expected | delivered |
| Q2'26 | ❌ | CW laser production by second quarter 2026 Pushed out 2-3 months to late Q2/early Q3 2026 | missed |
| Q2'26 | ✅ | Sustained transceiver growth ending fits and starts $50M sequential increase, guidance shows continued momentum | delivered |
| Q2'26 | ⏳ | Material CPO shipment inflection second half calendar 2026 Reaffirmed timeline, added multi-$100M order for 2027 | pending |
| Q2'26 | ✅ | 40% indium phosphide capacity increase over next few quarters Front-loaded >20% in Q2 alone, ahead of timeline | delivered |
| Q2'26 | ✅ | First $10M OCS quarter in fiscal Q3 Cleared $10M three months early in Q2, now targeting much higher run rate | exceeded |
| Q2'26 | ✅ | Cross $600M quarterly revenue by June 2026 or earlier Hit $665.5M in Q2, well ahead of June target with Q3 guiding $805M midpoint | exceeded |
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