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President & CEO Saleel Awsare disclosed that the average selling price (ASP) for its solutions in the drone market is approximately $500 per device. He elaborated that individual customer opportunities could represent $4 million to $5 million in annualized revenue. Looking further out, Awsare suggested that the drone business has the potential to grow to 10-15% of Lantronix's total revenue by fiscal 2027, highlighting the significant long-term opportunity.

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President and CEO Saleel Awsare clarified that the double-digit growth forecast for fiscal 2026 is based on the current business run rate and does not include any significant revenue contribution from Gridspertise. He attributed the expected growth to design activity, the Qualcomm relationship, new industrial IoT products, and a new out-of-band solution. Awsare also confirmed that Lantronix is still the single-source supplier for Gridspertise, a status he verified as of a month prior to the call.

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CEO Saleel Awsare stated that the company expects to grow around a 12% rate, with potential for acceleration from Edge AI initiatives and the recent NetComm acquisition. CFO Brent Stringham reiterated that near-term margins are expected to be slightly higher, after which Saleel added that the longer-term goal is to improve margins toward the 45% level, driven by a focus on supply chain.

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CTO Christopher Progler and President of PDMC Frank Lee identified high-end processors, edge AI, EVs, and memory as key end markets for the 6-8nm expansion, noting it represents a market share gain opportunity. CEO George Macricostas projected a three-year period of elevated CapEx for technology upgrades and end-of-life tool replacements. Frank Lee confirmed the company is well-positioned for Gen 8.6 FPD growth. CFO Eric Rivera stated that while the company has evaluated dividends, share repurchases remain the preferred method for returning cash to shareholders, though internal investment is the current priority.

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CEO John Kibarian confirmed Intel is an important and growing customer, noting their recent joint appearance at an Intel event signaled the strengthening relationship. He explained that the focus on SAP and the SecureWise acquisition stems from a growing customer need to orchestrate the entire enterprise for AI deployment. As customers deploy AI models at scale, they realize the necessity of connecting engineering data (Exensio) with enterprise systems (ERP/MES) to manage the supply chain, a need that partnerships with SAP and platforms like SecureWise directly address. The Advantest partnership remains ongoing for tester connectivity.

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Executive John Kibarian stated that the Advantest partnership generates ongoing revenue through joint selling and Advantest's own use of PDF's systems, and he expects the relationship to continue. He noted that for most partnerships, including with SAP, the model is collaborative, with each company typically selling its own part of an integrated solution. Kibarian emphasized that PDF has learned to run partnerships effectively and often handles its own sales to best capture value.

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CEO John Kibarian affirmed that while not providing a specific number, the company's strong Q4 growth trajectory sets the stage for 2025. He described the outlook for 2025 as "robust" and stated that Q4 is more representative of future potential than the 2024 average. He suggested growth in 2025 should be in the "zip code" of the 20% long-term target, or potentially better.

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President & CEO Ed Meyercord responded that it's a combination of factors. He emphasized that Extreme sells solutions, not just products, with differentiation coming from software and management platforms like the newly launched Extreme Platform One. He also noted that competitive disruption, such as the HPE-Juniper merger and Cisco's strategic shifts away from traditional networking, is creating opportunities and helping Extreme get more 'at bats' with large customers.

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President and CEO Ed Meyercord attributed large customer wins to the company's unique campus fabric technology, which provides significant advantages in automation, security via micro-segmentation, and resilience. He also highlighted the new AI for networking capabilities of Platform ONE. Regarding WiFi 7, Meyercord noted adoption is progressing as planned, with CFO Kevin Rhodes adding that adoption is in the teens.

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CEO Ed Meyercord responded that Wi-Fi 7 is starting to ramp, highlighting its enhanced reliability for mission-critical enterprise applications and noting that Extreme was among the first to market. CFO Kevin Rhodes added that Wi-Fi 7 already constitutes about 12% of their access point sales and cited a Gartner forecast that nearly half of all APs sold in 2027 will be Wi-Fi 7.

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CFO Kevin Rhodes affirmed that the company's long-term view is to achieve double-digit growth once the market fully normalizes, driven by high single-digit product growth and low-teens subscription growth. He also confirmed that achieving a 20% operating margin is the target, noting that the company will see sequential improvement throughout the current fiscal year and will continue to gain operating leverage as revenue grows.

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President & CEO Fusen Chen identified several key product areas for market share expansion. These include clip attach and pin welders for the high-power semiconductor market; advanced dispense solutions featuring differentiated micro-dispensing technology; vertical wire, which is set to be adopted in next-generation DRAM; and thermal compression bonding (TCB), where the company is focused on driving adoption and gaining traction in new applications.

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CEO Fusen Chen detailed several key areas for market share gains. These include clip attach and pin welder products for the high-power semiconductor market, differentiated advanced dispense solutions with micro-dispensing capabilities, vertical wire technology for next-generation DRAM, and the company's leading Thermal Compression Bonding (TCB) solutions for both logic and HBM applications.

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President & CEO Fusen Chen identified several key product areas for market share gains. These include clip attach and pin welders for the growing high-power semiconductor market; advanced dispense solutions, where K&S has a differentiated and cost-competitive platform; vertical wire, which is set to be adopted in DDR5 and offers a significant bandwidth increase; and Thermal Compression Bonding (TCB), where the company is focused on gaining traction.

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President and CEO Fusen Chen explained that utilization rates in Taiwan and China are high enough to potentially trigger capacity buys, whereas Southeast Asia's utilization is lower and more exposed to the automotive sector, which is sensitive to tariff uncertainty. On TCB, Chen confirmed the 'fully booked' status is due to being capacity constrained, with plans underway to increase capacity from a target of 60 systems per year. He projected TCB revenue to grow from about $70 million this year to over $100 million next year, partly driven by growth from foundry customers.

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President, CEO & Board Chair Dhrupad Trivedi clarified that current AI-related growth comes from customers building new data centers for AI traffic, making it difficult to precisely quantify the AI-specific portion. He noted that direct revenue from solutions like AI firewalls is expected in 2026 and beyond, as those customer engagements are in earlier stages. The company will explore ways to quantitatively address this exposure in the future.

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Executive Dhrupad Trivedi confirmed that A10 is currently comfortable with the high single-digit revenue growth expectation for the year, barring any significant, unforeseen macroeconomic shifts. On the competitive front, he stated that the dynamic for AI data centers is not substantially different from traditional build-outs. A10 leverages its existing relationships with large service providers, and its established technology differentiation continues to be its key advantage against the usual competitors.

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CEO Dhrupad Trivedi explained it is too early to quantify AI revenue as current products are already being used in AI applications, but they will explore how to communicate this in the future. While noting a positive growth trajectory, he remained cautious about committing to growth above targets for 2025 due to macro uncertainties. CFO Brian Becker clarified that Q4 OpEx was not a new run rate and that spending would increase in 2025 to fund investments in cybersecurity and AI, consistent with their long-term margin goals.

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Executives Brian Becker and Dhrupad Trivedi confirmed that security-led revenue grew 10% on a year-to-date basis. Becker added that a 10% to 12% growth rate is a reasonable near-term expectation. On M&A, Trivedi stated that A10 is actively but cautiously evaluating both consolidation and technology-accelerating opportunities, emphasizing a disciplined approach to capital deployment to balance growth acceleration with defending the long-term business model.

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SVP & CFO Tim Santo stated that the company is largely naturally hedged on an EPS basis and does not anticipate material currency movements in the next three months. CEO & Chairman Tom Stanton confirmed that ADTRAN has already started shipping to multiple former BCS customers, primarily in the US, and expects a positive, material impact on revenue.

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CFO Timothy Santo confirmed that the company is now actively exploring currency hedging options. CEO Thomas Stanton characterized the European market as 'really hot' with strong booking rates, while describing the U.S. market as more 'hit and miss,' with continued strength in the Tier 2 space and signs of a recovery among Tier 3 customers.

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CFO Ulrich Dopfer stated that the company's goal is to increase inventory turns from the current 2.1-2.2x range to approximately 4x, which will involve a gradual reduction in inventory levels throughout the year. CEO Thomas Stanton added that the 4x turns level is a comfortable target that balances efficiency with customer service. Regarding full-year growth, Stanton reiterated that ADTRAN does not provide annual guidance and, while trends are positive, it's too early to commit to a specific growth figure.

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President, CEO & Director Russell Low explained that while not formally forecasting 2026, new memory capacity is expected to come online in late 2025 or early 2026 as HBM demand consumes existing DRAM capacity. He clarified that any revenue growth in 2025 would be driven by the power segment, as the general mature market remains in a digestion period.

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CEO Russell Low confirmed that transitions to trench and super junction devices increase implant intensity, particularly for high-energy tools, which plays to Axcelis's strengths. He noted most customers are moving towards trench architecture for better performance and yield. CFO James Coogan added that for inorganic growth, the company is keeping a wide aperture, looking to leverage its global footprint and expertise, but will assess opportunities against other capital return options.

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EVP and CFO James Coogan and President and CEO Russell Low clarified they don't track revenue by final end market (auto/industrial) as they don't receive that data from customers. Low stated that most automotive-grade SiC devices are currently supplied by European, North American, and Japanese customers, not domestic Chinese firms. Regarding investments, they are broad-based, covering upgrades and new product development for power and memory. On the long-term target, Low affirmed the strategy remains intact, but the timing for reaching the $1.6B goal is now uncertain due to the current downturn.

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CEO Russell Low clarified that Axcelis's business is driven by wafer capacity, not layer count, making DRAM more impactful. He noted that HBM adoption is absorbing DRAM capacity, driving demand for new tools for advanced nodes like DDR5. While Q4 will see more activity, the major CapEx will come from new fabs. CFO James Coogan cautioned that the exact timing and scale of the memory recovery remain uncertain.

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CEO Jeffrey Andreson reaffirmed that the 20% gross margin target is still attainable but stressed that reaching it depends on the successful commercialization of high-margin proprietary products, like the newly qualified flow controller. He indicated the main risk to near-term margins remains operational execution, including hiring and achieving product cost targets, with some products not expected to reach target cost until early next year.

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Executive Jeffrey Andreson estimated the Scotland operation's revenue was around $20 million in 2023, declining thereafter, with its closure impacting the full-year outlook by about $10 million. To reach the 18-20% gross margin target, he explained it would require significant adoption of their next-generation gas panel, which includes their proprietary flow controller, on top of the progress being made with passive components.

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Executive Greg Swyt clarified that the company expects a full-year 2025 gross margin of 16%, with an exit run rate north of 16%. Executive Jeffrey Andreson added that the company's long-term model targets 19-20% gross margins. He believes they can get 'pretty close' to that target in 2026, provided WFE continues to grow and quarterly revenue run rates surpass the $300 million level, which would allow for better absorption of infrastructure costs.

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Executive Jeffrey Andreson confirmed the goal is to outperform WFE growth by approximately 5% and to achieve even faster profitability growth. Regarding the NAND transition, he noted that while Ichor has a position in moly applications, he does not see it as a unique driver, expecting broader growth across multiple applications as the NAND market recovers.

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CEO Michael Slessor indicated that the company is working hard to ensure exposure to these trends, particularly looking toward the latter part of 2025 and into 2026. He noted that success in the custom ASIC space will largely depend on the success of their hyperscaler customers' own product roadmaps, but sees it as a great opportunity to diversify the Foundry and Logic business away from the slower PC and mobile markets.

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CEO Mike Slessor agreed the PC refresh assumption is valid for a potential F&L rebound, but noted that tariff uncertainty casts a shadow on that outlook. Regarding Advantest, he described the investment as a statement of commitment to an open ecosystem, emphasizing that close collaboration with ATE partners is crucial for tackling the complexity of advanced packaging, which creates competitive barriers.

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CEO Mike Slessor confirmed this is a fair assumption. He explained that the move to HBM4 involves more layers and higher test speeds, which increases both test intensity and probe card complexity and value. This dynamic should enable FormFactor to grow faster than the overall HBM market during its high-growth ramp phase.

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CEO Mike Slessor confirmed HBM3E's 2025 dominance but noted FormFactor's business leads bit shipments. He affirmed they already ship to all three major DRAM makers, though revenue is indexed to the market leader. For the Blackwell-related business, Slessor expects revenue will be attributed to the foundry partner, which could be driven into the double-digit customer range in 2025 by advanced packaging opportunities.

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Answering as Cheryl, VP of Marketing Cheryl Kneffler stated that with several fabs expected to come online, 2026 WFE could see high single-digit to low double-digit growth. She affirmed that UCTT expects to outperform WFE, citing the company's product mix, share gains, and alignment with customer technology roadmaps in DRAM and Foundry, which are now expected to grow with the overall market.

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CFO Sheri Brumm confirmed a comprehensive review of costs, including headcount and footprint, is underway but declined to provide a specific OpEx target, noting reductions have started but are not at a level requiring a formal announcement. Interim CEO Clarence Granger affirmed that while customers dislike cost increases, they are obligated for tariff costs on components they specify, making the net impact manageable for UCT. Granger also clarified the Q1 miss was due to specific customer technical issues, not broader demand pushouts.

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CFO Sheri Brumm clarified that the company currently projects a "somewhat flat" first half but is not providing a full-year outlook, though they are hopeful for a stronger second half. Cheryl Knepfler, Head of Marketing, identified high-bandwidth memory (HBM) and the industry's transition to gate-all-around (GAA) at the 2-nanometer node as key growth drivers due to increased process complexity.

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CEO James Scholhamer reaffirmed a positive outlook for 2025 WFE growth, maintaining an estimate in the 10% to 14% range. He clarified that the final number depends on the 2024 baseline but expressed confidence that UCT would grow faster than the overall WFE market.

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President, CEO & Director Bruce McClelland confirmed that ongoing FX headwinds are the primary reason full-year gross margin and EBITDA are trending toward the lower end of the guidance range. Regarding Verizon, he reiterated that it is a multi-year program, currently one year into a three-year initial phase, and expressed confidence in a strong 2026, with additional potential from the integration of Frontier's network.

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CEO Bruce McClelland explained that Ribbon benefits from copper retirement by providing call servers for lines moving to fiber/IP, and more directly by supplying media gateways and software to transition services from copper to IP, either at the central office or the network edge. He reiterated the Q2 forecast, projecting Cloud & Edge sales to grow approximately 20% year-over-year and IP Optical to grow 5% to 10% year-over-year.

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CEO Bruce McClelland declined to give a specific figure for the AT&T opportunity but confirmed the Verizon program is on a run rate greater than $100 million annually and is expected to grow. He also affirmed that the Metaswitch replacement opportunity, with deals ranging from hundreds of thousands to millions of dollars, could total around $200 million, aligning with the analyst's estimate.

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Bruce McClelland, CEO, explained that the Metaswitch opportunity is substantial, citing public filings that show an ongoing maintenance revenue stream of around $75 million. He noted that while some customers will continue operations, Ribbon is highly focused on capturing this footprint. Regarding the BEAD program, McClelland stated the revenue ramp would be gradual, with modest impact in the first half of 2025, accelerating in the second half, as Ribbon's involvement in the Middle Mile portion occurs later in the project cycle.

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CFO Cory Sindelar confirmed the expectation for double-digit growth in 2026 with improving margins. CEO Michael Weening affirmed that AgenTeq AI will positively impact long-term growth by helping the existing base and opening new markets. He elaborated that the new platform architecture removes data sovereignty as a barrier to entry in new international geographies like the EU.

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CEO Michael Weening highlighted the company's overall strength, including a simplified SKU count of 150 and manufacturing diversity, as key advantages. CFO Cory Sindelar added that while U.S. manufacturing provides capacity to handle potential reciprocal tariffs, it comes at a higher cost, and the company will continue to optimize its global supply chain to minimize costs.

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CFO Cory Sindelar stated that the company has not provided a specific multi-year outlook beyond its Target Financial Model, which suggests a 10% to 15% growth range. Regarding BEAD funding, Sindelar confirmed Calix received its first small order from Louisiana and expects customer turnups and more significant deliveries to occur in the second half of the year, aligning with their expectations.

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CFO Cory Sindelar reiterated the guidance for 1-5% sequential growth, expecting to be at the low end of the range for the next several quarters and exit 2025 at the mid-point, but noted it was too early to forecast the slope for 2026. He also explained that while lead times are stable, customer inventory levels have normalized at a slightly higher level than pre-pandemic, establishing a 'new normal' for ordering patterns.

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President & CEO Gayn Erickson confirmed the slide lists current customers, not prospects, including those from the InCal acquisition. He stated that due to new SEC rules, 10% customers will no longer be named. Erickson elaborated that the AI market opportunity is projected to be three to five times larger than the silicon carbide market for Aehr, driven by the complexity and multi-step testing requirements for advanced AI processors.

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Gayn Erickson, an executive at Aehr Test, explained that while the company does not provide multi-year forecasts, they are seeing significant growth opportunities in new markets like AI processors, GaN, and flash memory, which are now materializing. He expressed confidence that these new segments, alongside a potential recovery in silicon carbide, will drive future growth, with more specific guidance for fiscal 2026 to be provided in July.

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CEO Gayn Erickson explained that the silicon carbide pipeline includes both previously identified customers with shifted timelines and two to three new engagements. He stated these customers are planning initial system purchases in late 2024 or early 2025, with production ramps in the second half of 2025, and confirmed they have the potential to become as large as Aehr's current top customer. Regarding the AI opportunity, Erickson noted the evaluation is progressing well and the Incal acquisition positions Aehr to serve both wafer-level and package-level testing needs, giving them a "front row seat" with major AI players.

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Executive Gayn Erickson explained that the new silicon carbide customer prospects include both previously anticipated customers whose timelines shifted and new engagements. He projects initial orders of one to two systems within the fiscal year, with ramps in the second half of calendar 2025, noting these customers could become as significant as their current largest. For the AI processor opportunity, Erickson stated it is substantial and that the Incal acquisition provides deeper capabilities for both wafer-level and package-level testing, reinforcing the value proposition for testing complex multi-chip AI modules at the wafer level.

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CFO Keith Bassano confirmed the M&P work is expected to be substantially complete by year-end 2025 and that the $2.3 billion new core backlog will increasingly drive results, though risk on remaining legacy work persists. President and CEO Frankie S. Renda added that large transportation projects are ramping up to replace legacy work. Regarding the balance sheet, Bassano stated that Southland has ample liquidity, with Q1 2025 unrestricted cash more than double the prior year's level, supplemented by access to a delayed draw facility.

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Frank Renda, President & CEO, expressed confidence, stating that the critical infrastructure work Southland performs benefits communities across the political spectrum and is unlikely to be impacted. He noted that the Infrastructure Investment and Jobs Act (IIJA) provides a multi-year tailwind for the business. Renda also saw potential benefits from administrative efforts to reduce project red tape and highlighted that Southland's in-house manufacturing capabilities could be an advantage regarding tariff policies.

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President and CEO Frank Renda quantified the revenue impact from timeline shifts at approximately $60 million, which is delayed, not lost. He explained that the growing contribution from new, profitable core work is expected to overshadow the remaining zero-to-low margin legacy backlog. He expressed excitement for both the Civil and Transportation markets, anticipating a return to profitability in 2025 as the strong backlog begins to contribute more significantly.

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CFO Cody Gallarda noted that while the exact number of projects is undisclosed, the City of Charlotte dispute is one of the largest, and they expect to convert their recorded contract assets into cash. CEO Frankie S. Renda confirmed the bidding environment has improved with less competition and that their disciplined approach remains a core competency. Both executives expressed optimism for future growth driven by healthy markets and the IIJA.

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CEO Paul Travers confirmed his enthusiasm for the Quanta partnership remains high, stating that multiple programs are progressing well and at least two should be rolling before the end of 2025. Regarding the investment, Travers noted that Vuzix is ahead of schedule on performance milestones and expects to receive both remaining tranches, totaling $10 million, before the end of calendar year 2025.

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CEO Paul Travers and CFO Grant Russell clarified that the M400 inventory represents approximately $9 million in cash potential at cost, with expectations to earn a margin on top of that. Travers added that strong customer rollouts could even necessitate building more M400 units. Regarding the Quanta partnership, Travers explained that Vuzix will supply waveguides at a competitive sub-$50 price point in high volumes. He also noted that white-labeled products, with higher margins and selling prices, are expected to enter production before the end of 2025, with a significant ramp anticipated in 2026.

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CEO Babak Taheri asserted that the business fundamentals remain strong, citing Silvaco's market position in TCAD and growth in IP and EDA. He pointed out that the high end of the 2025 revenue guidance ($70 million) represents 17% growth, falling within the target range. He attributed the conservative forecast to macro uncertainty and the company's learning process as a newly public entity. Interim CFO Keith Tainsky added that the expanded customer base from acquisitions presents significant cross-selling opportunities.

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President and CEO Luis Müller stated he could not share specifics on the HBM generation. He clarified the silicon carbide solution is for singulated die burn-in, which is a lower-cost replacement for, not complementary to, wafer-level burn-in because it avoids processing known bad dies. Müller confirmed the business is seeing broad demand improvement, driven by both market recovery and new product wins. CFO Jeffrey Jones added that it has been over a year since the company felt confident enough to provide two quarters of directional guidance.

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The company detailed several multi-year design wins: a $100-200M ICE7 subsea deal, a $200-300M GX open line system deal, a $100-200M ICE6 solution, a $200-300M GX systems win, a $300-700M 800-gig pluggable win, and a 400-gig pluggable opportunity potentially worth $300-400M. They also confirmed they expect to receive initial orders from a major U.S. service provider and a U.S. MSO during the current quarter (Q2), which would then scale into the second half of the year and 2025.

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