| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q4'26 | August 5, 2026 | 9/12 | 1 high, 4 medium, 3 low flags | 8 | 0 | Call sheet → |
| Q3'26 | April 29, 2026 | 3/12 | 3 high, 4 medium, 1 low flags | 0 | 1 | Call sheet → |
| Q2'26 | January 28, 2026 | 9/12 | 3 medium, 3 low flags | 3 | 2 | Call sheet → |
| Q1'26 | October 29, 2025 | 4/12 | 1 high, 5 medium, 2 low flags | 1 | 0 | Call sheet → |
| Q4'25 | August 7, 2025 | 4/12 | 3 high, 3 medium, 2 low flags | 3 | 2 | Call sheet → |
| Q3'25 | May 1, 2025 | 5/12 | 2 high, 4 medium, 1 low flags | 2 | 1 | Call sheet → |
| Q2'25 | January 30, 2025 | 6/12 | 1 high, 5 medium, 2 low flags | 3 | 0 | Call sheet → |
| Q1'25 | October 31, 2024 | 3/12 | 2 high, 3 medium, 1 low flags | 1 | 0 | Call sheet → |
| Q4'24 | August 9, 2024 | 7/12 | 2 high, 4 medium, 1 low flags | 2 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q4'26 | Pending | $500M quarterly revenue target framed as realistic 'over kind of the next kind of up cycle', not immediate next fiscal year Timeline has been pulled forward to 'sometime in calendar 2027', a positive revision but still unresolved. |
| Q4'26 | Pending | OCS/CPO ramp expected to begin ramping in 'two to three quarters' Timeline has since been restated more vaguely as 'the next several quarters' for OCS specifically; no firm actual ramp figure given. |
| Q4'26 | Pending | A&D growth trend expected 'to continue through the calendar year' Period not yet ended; management has since extended the framing to 'multi-year', a revision rather than a resolution. |
| Q4'26 | Pending | Data center ecosystem revenue momentum expected 'to continue through the calendar 2026' Calendar 2026 period has not ended; current commentary supports continuation but actual full-period result not yet stated on the call. |
| Q4'26 | Delivered | Spirent expected to normalize to 'just shy of the 50 million, maybe 48 million' for the June quarter Actual Spirent revenue was $47.7M, essentially matching the estimate. |
| Q4'26 | Exceeded | Q4 FY26 EPS guidance of 29-31 cents Actual EPS was $0.34, though $0.02 came from a tariff refund and lower interest expense. |
| Q4'26 | Exceeded | Q4 FY26 OSP operating margin guidance of 38.4% +/-40bps Actual OSP operating margin was 40.0%. |
| Q4'26 | Exceeded | Q4 FY26 NSE operating margin guidance of 18.7% +/-50bps Actual NSE operating margin was 20.0%. |
| Q4'26 | Exceeded | Q4 FY26 operating margin guidance of 22.7% +/-50bps Actual operating margin was 24.0%. |
| Q4'26 | Exceeded | Q4 FY26 OSP revenue guidance of $87-89M Actual OSP revenue was $89.2M, slightly above the high end. |
| Q4'26 | Exceeded | Q4 FY26 NSE revenue guidance of $340-348M Actual NSE revenue was $353.9M. |
| Q4'26 | Exceeded | Q4 FY26 revenue guidance of $427-437M Actual came in at $443.1M, above the high end. |
| Q3'26 | Pending | Service provider seasonally stronger in June Maintained this seasonal pattern expectation |
| Q3'26 | Pending | Restructuring to be substantially completed by December 2026 No update provided, silence is concerning |
| Q3'26 | Missed | Spirent $200M annual run rate Q3 annualized at $217M but Q4 guide implies only $192M annualized |
| Q3'26 | Pending | $30M annual savings from restructuring Not mentioned this quarter at all, concerning omission |
| Q3'26 | Pending | Aerospace and defense trend to continue through rest of calendar year Maintained language from Q2, still on track so far |
| Q3'26 | Pending | Data center ecosystem revenue momentum to continue through calendar 2026 Reiterated this quarter but still vague on specific growth rates |
| Q2'26 | Delivered | Convertible note refinancing to reduce dilution Successfully refinanced at 0.625% vs 1.625% |
| Q2'26 | Delivered | OSP seasonally lower in Q2 Revenue down 6.4% QoQ as expected |
| Q2'26 | Missed | Service provider gradual recovery in fiber Now calling it 'stable' not recovering; quietly walked back |
| Q2'26 | Delivered | Aerospace & defense to continue strong growth throughout fiscal 2026 Mix increased to 15% as promised, driven by autonomous systems |
| Q2'26 | Pending | Strong momentum to continue throughout fiscal 2026 Q2 delivered but restructuring announcement suggests concerns |
| Q2'26 | Missed | Spirent to deliver $45-55M in first partial quarter Only delivered $43M, blamed on timing but no color on what shifted |
| Q1'26 | Pending | OSP to see gradual growth with new segments Revenue up slightly but margins deteriorating on mix |
| Q1'26 | Delivered | Wireless infrastructure test to remain sluggish medium term Correctly called continued weakness, now pushing recovery to calendar 2026 |
| Q1'26 | Pending | Spirent to be accretive within 12 months Tracking ahead on revenue at $200M vs $188M expected |
| Q1'26 | Pending | Gradual recovery in field instruments to accelerate during fiscal year Some evidence with hyperscaler demand but telco side still weak |
| Q1'26 | Pending | Data center ecosystem to continue driving growth in fiscal '26 Q1 showing strength but too early to confirm full year |
| Q1'26 | Pending | NSE operating margin to move into mid to high teens then 20s longer term At 7.5% currently, up from 4.7% but still far from target |
| Q4'25 | Delivered | Continue to assess global tariff impact on demand Provided $1.5M impact estimate, though credibility questionable |
| Q4'25 | Delivered | Anti-counterfeiting demand supply equilibrium emerging OSP revenue up 16.6% YoY with margin expansion |
| Q4'25 | Missed | Wireless field instruments as leading indicator for 5G buildout Admitted infrastructure test remains sluggish medium-term |
| Q4'25 | Missed | Service provider recovery continuing through calendar 2025 Now talking about 'anticipated' spending, not actual |
| Q4'25 | Pending | Tariff impact assessment and mitigation within 6 months Claimed 'more than mitigated' but margins suggest otherwise |
| Q4'25 | Delivered | Q4 revenue guidance of $278-290M Hit high end at $290.5M |
| Q3'25 | Missed | Continue recovery momentum through rest of fiscal 2025 Flat Q4 guide contradicts 'continued momentum' narrative |
| Q3'25 | Delivered | Inertial Labs to contribute high single-digit millions in Q3 Confirmed in line with $50M annual run rate |
| Q3'25 | Pending | Anti-counterfeiting to reach demand-supply equilibrium within next two quarters Pushed out timeline, now saying 'by middle of year' |
| Q3'25 | Pending | Gradual wireless recovery to continue during first half of calendar 2025 Still maintaining this but hedging with tariff concerns |
| Q3'25 | Pending | Fiber lab and production to drive significant growth for remainder of fiscal 2025 Q3 was strong but Q4 guide implies pause, making full-year promise uncertain |
| Q3'25 | Delivered | Q3 to be seasonally stronger across broad base of product portfolio NSE grew to $208.2M from $199.9M, though some aided by acquisition |
| Q2'25 | Pending | Significant growth in fiber lab for remainder of fiscal '25 Mentioned continued 800G demand but no specific growth metrics |
| Q2'25 | Delivered | Signs of recovery and normalization starting Q2 Operating margin expanded 490 bps sequentially |
| Q2'25 | Delivered | OSP seasonally weaker Q2 mainly on anticounterfeiting OSP down to $70.9M as predicted |
| Q2'25 | Pending | Continued gradual recovery momentum in second half Q3 guide supports this but mix concerns remain |
| Q2'25 | Pending | Wireless recovery in second half of fiscal '25 Now saying first half of calendar '25, effectively pushed out |
| Q2'25 | Delivered | NSE seasonally stronger Q2 across all product segments NSE revenue $199.9M beat high end of $192M guide |
| Q1'25 | Pending | AI Ops to be growth driver for FY25 and beyond SE revenue down 12.7% YoY with no AI revenue quantification |
| Q1'25 | Pending | Fiscal '25 OSP demand similar to fiscal '24 Now warning of H1 weakness due to inventory, suggesting downside risk |
| Q1'25 | Exceeded | Conservative spend to persist remainder of calendar '24 Operators 'came out of hibernation' earlier than expected per Oleg |
| Q1'25 | Pending | Achieve $25M annualized cost savings run rate by end of FY25 No update on restructuring progress or realized savings to date |
| Q1'25 | Pending | Gradual recovery in demand in second half of fiscal year Q1 was supposed to be start of recovery but NSE declined 12.5% sequentially |
| Q4'24 | Delivered | AvComm/PNT business to continue strong momentum Confirmed Mil/Aero as 'bright spot' with YoY growth |
| Q4'24 | Pending | OSP demand to rebound in H1 FY25 Guiding Q1 OSP up sequentially to $76M |
| Q4'24 | Delivered | SE business to have better second half after Q3 pushouts SE revenue up to $23.7M from $18.1M, returned to YoY growth |
| Q4'24 | Pending | Lab business should be getting better in second half with next technology nodes Mentioned 1.6 terabit and PCI Express 6.0 but no revenue confirmation yet |
| Q4'24 | Missed | Significant uptick in cable expected in second half Cable players pulled back, spreading upgrades over multiple quarters |
| Q4'24 | Pending | Conservative spend environment to persist for remainder of calendar 2024 Maintained this view, now extending into H1 2025 |
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