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    Richard Shannon • Craig-Hallum

    Richard Shannon's questions to Blaize Holdings Inc (BZAI) leadership

    Richard Shannon's questions to Blaize Holdings Inc (BZAI) leadership • Q2 2025

    Question

    Richard Shannon of Craig-Hallum Capital Group LLC inquired about the expected level of the upcoming gross margin dip, the sales mix from the two large contracts, the status of the previously announced UAE MOU for defense applications, and the composition of the expanded $725 million pipeline.

    Answer

    CFO Harminder Sehmi stated the gross margin dip will depend on the product mix, as the Starshine contract includes lower-margin third-party hardware, but noted future software license revenue could provide an offset. CEO Dinakar Munagala clarified that the UAE project is now targeted for a 2026 deployment, with current priority on the Starshine and South Asia orders to recognize near-term revenue. Sehmi added that the $725M pipeline is separate from the $176M in new contracts and that $300M of the pipeline is in late-stage discussions for expected 2026 deployment.

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    Richard Shannon's questions to MACOM Technology Solutions Holdings Inc (MTSI) leadership

    Richard Shannon's questions to MACOM Technology Solutions Holdings Inc (MTSI) leadership • Q3 2025

    Question

    Richard Shannon of Craig-Hallum Capital Group LLC asked for a breakdown of revenue between the industrial and defense portions of the I&D segment, the percentage of sales from GaN products, and relative growth expectations for fiscal 2026.

    Answer

    SVP and CFO John Kober estimated the Industrial and Defense split is now approximately 65% defense and 35% industrial, a shift from previous years, but declined to break out GaN revenue specifically. President and CEO Stephen Daly stated it was too early to discuss 2026 segment growth in detail but noted the company's overall secular trends are intact and that MACOM should achieve over 30% growth in fiscal 2025.

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    Richard Shannon's questions to MACOM Technology Solutions Holdings Inc (MTSI) leadership • Q2 2025

    Question

    Richard Shannon inquired about the drivers of the strong defense business, asking if large programs were key and if the I&D segment could lead growth into fiscal 2026. He also asked for the timing of new Data Center products like CW lasers and LPO.

    Answer

    President and CEO Stephen Daly confirmed that a refresh cycle in radar systems, driven by counter-drone applications, is a major growth driver and that MACOM's strategy to bring more optical and mixed-signal technology to defense is succeeding. For new Data Center products, Daly was reluctant to predict which would have the biggest impact but reiterated strong interest in developing a competitive CW laser offering, though significant work remains.

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    Richard Shannon's questions to MACOM Technology Solutions Holdings Inc (MTSI) leadership • Q4 2024

    Question

    Richard Shannon asked for a characterization of the potential contribution from 1.6T solutions, photodetectors, and CW lasers in fiscal 2025. He also inquired if the guided increase in operating expenses for Q1 represented a decision to 'open the spigot' on spending.

    Answer

    CEO Stephen Daly identified 1.6T (200G per lane) solutions as one of the fastest-growing areas for fiscal 2025 and said photodetector and CW laser components could have a 'meaningful contribution.' CFO John Kober confirmed the step-up in OpEx, attributing it to investments in design capabilities (including the ENGIN-IC acquisition), employee merit increases, and other activities to support growth, while assuring that spending is managed carefully and allocated to growth areas.

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    Richard Shannon's questions to IONQ Inc (IONQ) leadership

    Richard Shannon's questions to IONQ Inc (IONQ) leadership • Q2 2025

    Question

    Richard Shannon inquired about the technical specifics of recent acquisitions, including LightSync's operating temperature, the integration plan for IonQ and Oxford Ionics processors, the potential for parallel gate execution, the number of deployed QPUs, and plans for securing data at rest.

    Answer

    SVP of Engineering & Technology Dean Kassmann explained that LightSync's technology requires mild cryogenic temperatures and that the IonQ and Oxford Ionics technology stacks are being fully integrated to scale out. CEO & Chairman Niccolo de Masi noted that all systems ever made have been sold and that demand is high. President & GM of Quantum Networking Jordan Shapiro clarified that their QKD solutions secure data in transit, a key vulnerability. Kassmann concluded that the new electronic gate control allows for a massive increase in parallelism and gate speed, driving throughput and improving unit economics.

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    Richard Shannon's questions to IONQ Inc (IONQ) leadership • Q4 2024

    Question

    Richard Shannon of Craig-Hallum Capital Group LLC asked about the market timing and revenue impact of the networking acquisitions, plans for ID Quantique's product expansion, expectations for gross margin and OpEx, and the typical cadence of contract revenue recognition.

    Answer

    Executive Chair Peter Chapman noted the ID Quantique deal's full impact would be more significant in the following year due to its closing timeline. He stated it was too early for specific product expansion plans but highlighted the strategic value of IDQ's global footprint. An executive explained that while specific margin guidance isn't provided, margins are expected to improve with more enterprise sales, while government contracts currently offset R&D costs. Contract revenue recognition varies from 6 to 48 months depending on the project type and system delivery lead times.

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    Richard Shannon's questions to Navitas Semiconductor Corp (NVTS) leadership

    Richard Shannon's questions to Navitas Semiconductor Corp (NVTS) leadership • Q2 2025

    Question

    Richard Shannon asked about the catalyst for shifting away from the mobile market and inquired about the near-term gross margin trajectory.

    Answer

    CEO Gene Sheridan explained that the decision was driven by a continuing trend of aggressive pricing and poor margin profiles in the price-sensitive, lower-power mobile segments in China. CFO Todd Glickman added that gross margin is expected to be flat near-term at around 38.5%, as the benefit of exiting low-margin business is offset by tariff pressures on SiC. A margin inflection will require revenue growth from other sectors.

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    Richard Shannon's questions to Navitas Semiconductor Corp (NVTS) leadership • Q1 2025

    Question

    Richard Shannon asked for the expected timing of the solar microinverter ramp, Navitas's competitive position, and the relative dollar growth contribution from key end markets like EV, solar, and data center in 2026.

    Answer

    CEO Eugene Sheridan confirmed the solar ramp will begin in H2, with more significant revenue in Q4 and 2026. He expressed confidence in Navitas's position due to its first-to-market GaN bidirectional switch (BDS). Regarding 2026 growth, he indicated it would be well-distributed across mobile, EV, AI data centers, and solar, rather than being dominated by a single market.

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    Richard Shannon's questions to Navitas Semiconductor Corp (NVTS) leadership • Q4 2024

    Question

    Richard Shannon asked about the relative 2025 sales outlook for GaN versus silicon carbide, the quarterly revenue needed to reach EBITDA breakeven, the dynamics behind the Q4 acceleration in data center design wins, and the impact of the current geopolitical environment.

    Answer

    CEO Gene Sheridan expects healthy growth for both GaN and SiC, as they are often used in combination in key growth markets like data center and EV onboard chargers. CFO Todd Glickman stated the new OpEx level brings the quarterly revenue for EBITDA breakeven to the high $30 million range. Sheridan attributed the data center acceleration to market momentum and share gains, and noted Navitas is well-positioned geopolitically with its US manufacturing and 'China for China' strategy.

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    Richard Shannon's questions to Navitas Semiconductor Corp (NVTS) leadership • Q3 2024

    Question

    Richard Shannon asked about the company's strategy for the solar market, given its exclusion from the newly emphasized core markets. He also requested more details on the origin and revenue timeline for the dual-sourcing partnership with Infineon.

    Answer

    CEO Eugene Sheridan explained that while solar is not a primary strategic focus, Navitas will continue to pursue opportunities, particularly in the solar microinverter niche where its bidirectional GaN is on track for a mid-2025 ramp. Regarding the Infineon deal, he stated it has been in development for months to address the strong demand for dual-sourcing in AI data centers. He announced that Navitas will begin sampling its low-voltage GaN in Q4 2024, with production ramps expected in late 2025.

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    Richard Shannon's questions to Tower Semiconductor Ltd (TSEM) leadership

    Richard Shannon's questions to Tower Semiconductor Ltd (TSEM) leadership • Q2 2025

    Question

    Richard Shannon of Craig-Hallum Capital Group LLC inquired about the new silicon photonics capability for receive functions, the drivers of the RF mobile recovery, the company's progress toward its long-term $2.7B revenue model, and expectations for depreciation and free cash flow.

    Answer

    CEO Russell Ellwanger explained the new SiPho receive function could grow its served market by ~20% for a specific application and that 2026 SiPho demand is forecasted to double Q4 2025 levels. He attributed the RF mobile rebound to inventory burn-off and customer market share gains. He also affirmed the 2028-2029 timeline for the $2.7B revenue target. CFO Oren Shirazi added that depreciation should remain stable at $65-75M quarterly and that while CapEx will stay high, improving cash from operations will support free cash flow.

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    Richard Shannon's questions to Tower Semiconductor Ltd (TSEM) leadership • Q1 2025

    Question

    Richard Shannon asked about the competitive dynamics in Silicon Photonics, the revenue outlook for the 1.6T generation, and fab utilization for SiGe and SiPho. He also requested a ranking of long-term growth drivers, clarification on the expected RF Mobile business snapback, and a timeline for the New Mexico fab's qualification, production, and depreciation.

    Answer

    CEO Russell Ellwanger estimated Tower's SiPho market share at around 80% and stated the 1.6T ramp is underway. He confirmed that SiGe and SiPho capacity is expanding, leading to expected sequential revenue growth throughout 2025. Ellwanger ranked RF infrastructure as the top growth and margin driver, followed by Power Management. He attributed the expected RF Mobile snapback in 2026-27 to new customer wins and re-engagement with larger players. He anticipates production shipments from the New Mexico fab in H2 2025, which will trigger depreciation.

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    Richard Shannon's questions to Tower Semiconductor Ltd (TSEM) leadership • Q4 2024

    Question

    Richard Shannon inquired about the growth outlook for RF infrastructure, the revenue mix shift in RF SOI from 200mm to 300mm, the full-year depreciation load, and the net growth expectation for the Power Management business unit.

    Answer

    CEO Russell Ellwanger projected the RF SOI revenue mix would shift heavily towards 300mm in 2025 (approximately 4/5 300mm vs 1/5 200mm) and confirmed the overall Power Management business is targeted to grow year-over-year, despite a decline in the discrete sub-segment. CFO Oren Shirazi stated that the quarterly depreciation run rate would be stable at around $65 million, with no significant impact from the New Mexico facility expected in 2025.

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    Richard Shannon's questions to Tower Semiconductor Ltd (TSEM) leadership • Q3 2024

    Question

    Richard Shannon from Craig-Hallum Capital Group asked about the timing for 1.6T silicon germanium revenue becoming a material contributor. He also questioned the lower-than-expected gross margin fall-through despite strong silicon photonics performance, sought a framework for 2025 growth expectations, and inquired about the company's strategy for cash usage and potential M&A.

    Answer

    CEO Russell Ellwanger projected that 1.6T revenue would become material in the second half of 2025. CFO Oren Shirazi explained that the strong margin contribution from silicon photonics was offset by weaker-than-expected performance in the high-margin CIS (image sensor) business. For 2025, Russell Ellwanger expects strong growth in infrastructure (SiGe/SiPho) and power, with imaging remaining stable. He also confirmed the company is actively but cautiously evaluating M&A opportunities, prioritizing deals that are accretive to shareholders.

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    Richard Shannon's questions to Aeva Technologies Inc (AEVA) leadership

    Richard Shannon's questions to Aeva Technologies Inc (AEVA) leadership • Q2 2025

    Question

    Richard Shannon from Craig-Hallum asked for details on the automotive pipeline, the reasons why some OEMs may not have engaged with Aeva yet, and the company's perspective on FMCW becoming the end-state technology for LiDAR.

    Answer

    CEO Soroush Salehian stated that Aeva is engaged in nearly every active RFQ from OEMs for Level 3+ automation. He cited the new Bendix collaboration as an example of a previously unannounced engagement. He acknowledged that Aeva might not win programs with very near-term SOPs where its technology was not mature at the time of selection. Salehian also emphasized the role of the strategic partnership with LG Innotek in leveraging established relationships to pursue broader opportunities, and reiterated that Aeva's focus extends beyond automotive to industrial and other markets.

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    Richard Shannon's questions to Vicor Corp (VICR) leadership

    Richard Shannon's questions to Vicor Corp (VICR) leadership • Q2 2025

    Question

    Richard Shannon sought details on the recent patent litigation settlement, including its structure and the counterparty. He also asked about the go-forward IP enforcement strategy, the sources of the 'wide range of outcomes' for the year, and the expected near-term impact of new products.

    Answer

    CEO Patrizio Vinciarelli declined to provide specific details of the settlement but emphasized that no license was granted in connection with the action. He reiterated a crystal-clear strategy of enforcing IP against the entire supply chain to end the practice of copying. Vinciarelli clarified that the primary source of near-term uncertainty is the licensing and litigation practice, not product revenue, and that new products will contribute in H2 but not 'move the needle big time' this year.

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    Richard Shannon's questions to Vicor Corp (VICR) leadership • Q1 2025

    Question

    Richard Shannon probed whether a former licensee's new product is considered infringing, the path back to licensing revenue growth, and the drivers of product growth across different end markets.

    Answer

    CEO Patrizio Vinciarelli confirmed the unlicensed product is viewed as infringing and that future growth will come from both increased product revenues and licensing income. VP Philip Davies highlighted broad-based product growth opportunities across HPC, Defense & Aerospace, and Industrial segments. Management declined to provide specific gross margin guidance but noted that one-time pressures from the Q1 SAP implementation have abated.

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    Richard Shannon's questions to Vicor Corp (VICR) leadership • Q4 2024

    Question

    Richard Shannon of Craig-Hallum Capital Group questioned if the 2025 "uncertainty and opportunity" is mainly concentrated in HPC, asked for details on the Gen 2 VPD's new ASIC, inquired about the ChiP fab's operational readiness, and asked if licensing talks now include point-of-load products.

    Answer

    CEO Patrizio Vinciarelli confirmed the 2025 outlook is primarily tied to AI/HPC opportunities. He stated the new ASIC is a broadly applicable component for the entire 5G product line. He detailed the fab's progress with improved cycle times and high yields, noting readiness involves perfecting the entire system solution for various customers. He also explained that licensing discussions can be broad, covering the entire IP portfolio, or narrow, depending on the licensee.

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    Richard Shannon's questions to Vicor Corp (VICR) leadership • Q3 2024

    Question

    Richard Shannon of Craig-Hallum sought to understand the scale of the opportunity for the Gen 5 VPD product, asking if management could quantify its pipeline. He also inquired about customer perception of Vicor's Gen 5 supply chain robustness and whether Vicor expects to be a sole-source supplier for initial engagements.

    Answer

    Corporate VP Philip Davies described the HPC pipeline as a 'rebuild' with high interest in Gen 5 VPD. CEO Patrizio Vinciarelli expressed confidence in the supply chain, stating that for the next 1-1.5 years, customers recognize the Vicor foundry as the primary source for these high-performance products. He added that second and third foundries are expected beyond that timeframe to add capacity and robustness.

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    Richard Shannon's questions to Credo Technology Group Holding Ltd (CRDO) leadership

    Richard Shannon's questions to Credo Technology Group Holding Ltd (CRDO) leadership • Q4 2025

    Question

    Richard Shannon asked for details on a significant 800G DSP win, including its size and whether it was a full DSP or LRO solution, and also inquired about the long-term outlook for Credo's IP business.

    Answer

    CEO Bill Brennan confirmed the 800G win is a full DSP implementation and described it as likely the company's largest optical revenue opportunity to date, given the 100G per lane rate. On the IP business, Brennan explained that due to rapid product revenue growth, IP is now less than 5% of total revenue. Going forward, the IP business will be viewed strategically, used to enable larger system-level solutions with key customers rather than as a primary revenue driver.

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    Richard Shannon's questions to Credo Technology Group Holding Ltd (CRDO) leadership • Q3 2025

    Question

    Richard Shannon asked for an update on the competitive landscape in the AEC space, particularly regarding customer efforts to dual-source. He also inquired if other hyperscalers are close to adopting Credo's AECs for back-end network applications and the potential timing.

    Answer

    CEO William Brennan acknowledged the natural desire for dual-sourcing but emphasized Credo's strategy is to be the best partner by delivering innovation, reliability, and predictable production ramps first. He stated there are no significant changes on the competitive front. For new customers, he said adoption plays out similarly to existing ones: starting with one project and expanding. He cited a new customer that started with a switch rack project and quickly expanded to two more SKUs for future AI clusters at 100-gig lane speeds.

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    Richard Shannon's questions to Credo Technology Group Holding Ltd (CRDO) leadership • Q1 2025

    Question

    Richard Shannon asked if the AEC product line achieved record revenue in the quarter and requested the revenue concentration for the two 10% customers. He also asked for more detail on the trend of AI clusters shifting from optics to active copper solutions.

    Answer

    CFO Dan Fleming confirmed AECs were a large driver but did not specify if it was a record. He disclosed the first AEC hyperscaler was at 10% of revenue, while the second was the largest customer. CEO William Brennan explained the shift to AECs is driven by a need for higher network quality to avoid costly 'link flap' issues common with laser-based optics. This, combined with denser racks, is making rack-to-rack AECs more viable and expanding the TAM.

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    Richard Shannon's questions to Luminar Technologies Inc (LAZR) leadership

    Richard Shannon's questions to Luminar Technologies Inc (LAZR) leadership • Q1 2025

    Question

    Richard Shannon of Craig-Hallum asked about the dynamics required to achieve positive gross profit and sought an update on the stability of autonomy roadmaps across major OEMs, questioning if timelines were firming up or being pushed out.

    Answer

    CFO Tom Fennimore explained that achieving sustainable positive gross margin will likely require the launch of the Halo platform, as current Iris volumes are too low. On OEM roadmaps, he noted that while pushouts have been common, he has seen some 'early signs' of timelines being pulled in recently, though he cautioned it is not yet a definitive trend.

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    Richard Shannon's questions to Rigetti Computing Inc (RGTI) leadership

    Richard Shannon's questions to Rigetti Computing Inc (RGTI) leadership • Q1 2025

    Question

    Richard Shannon asked about the importance of optical signaling for scaling quantum computers and when this technology might realistically enter Rigetti's product roadmap. He also inquired about the expected revenue recognition timeline for the NQCC and Air Force contracts.

    Answer

    CEO Subodh Kulkarni described optical signaling as crucial for scaling to tens of thousands of qubits, as it overcomes the physical space and thermal load limitations of current coax and future flex cables. He projected that fiber optics would enter the roadmap in about three to four years. CFO Jeffrey Bertelsen stated that the NQCC revenue would be recognized over the next year, while the Air Force contract would see about $1 million in revenue over the next year as part of a three-year agreement.

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    Richard Shannon's questions to Rigetti Computing Inc (RGTI) leadership • Q4 2024

    Question

    Richard Shannon of Craig-Hallum asked for clarification on the technical approach to reaching 100+ qubits, questioning if it relied on the new tiling method or the existing monolithic design. He also inquired about how the joint research with Qphox and Qblox accelerates the roadmap and asked for details on the process and potential revenue from the DARPA benchmarking opportunity.

    Answer

    CEO Subodh Kulkarni confirmed that the primary path to 100+ qubits is through tiling, building on the 4x9 qubit demonstration planned for mid-year. He explained that the research with Qphox and Qblox is critical for long-term scaling, enabling a transition from bulky coax cables to flex cables and eventually fiber optics, which is necessary for systems with thousands of qubits. Regarding DARPA, he described it as a 'moonshot' project to build a utility-scale quantum computer by 2033 with a budget over $300 million, and he expressed confidence in Rigetti's competitive position to win a significant role.

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    Richard Shannon's questions to Maxlinear Inc (MXL) leadership

    Richard Shannon's questions to Maxlinear Inc (MXL) leadership • Q1 2025

    Question

    Richard Shannon inquired about the confidence in the wireless infrastructure ramp for later this year and the strategy for gaining market share with the Keystone and Rushmore optical DSPs.

    Answer

    CEO Kishore Seendripu expressed confidence in doubling the wireless business revenue this year, driven by a recovery in backhaul and new content growth from Sierra radio products and E-Band millimeter-wave solutions. For optical DSPs, he clarified that near-term revenue growth is anchored on the Keystone (800G) platform, targeting a 20% market share and a $200-$300 million revenue opportunity over 3-4 years. The Rushmore (1.6T) product is aimed at later ramps in non-NVIDIA markets.

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    Richard Shannon's questions to Maxlinear Inc (MXL) leadership • Q3 2024

    Question

    Richard Shannon asked for an update on the wireless infrastructure business, seeking visibility on bookings and the timing of a potential recovery. He also inquired about progress toward the previously stated $50-$75 million revenue goal for the Panther storage business by 2026.

    Answer

    CEO Kishore Seendripu described the wireless business as horribly down but now showing signs of steady booking improvements and recovery through 2025, driven by 5G upgrades in developing markets. Regarding storage, he said the timeline for the revenue goal might shift out slightly due to customer-side inventory delays, but the long-term view of the market size for Panther remains unchanged.

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    Richard Shannon's questions to D-Wave Quantum Inc (QBTS) leadership

    Richard Shannon's questions to D-Wave Quantum Inc (QBTS) leadership • Q4 2024

    Question

    Richard Shannon of Craig-Hallum inquired about the impact of the quantum supremacy paper on the academic community and commercial customers, particularly in changing opinions about annealing technology. He also asked for clarity on the relationship between the strong Q4 bookings and Q1 revenue guidance, specifically regarding the Jülich contract's revenue recognition timing.

    Answer

    CEO Alan Baratz stated the paper is a huge step forward, noting it was a collaboration with 11 institutions and is changing the dialogue with government and commercial entities, helping to 'melt away that rhetoric around annealing versus gate.' CFO John Markovich clarified that the Jülich system booking was a significant part of Q4 bookings, and a substantial portion of the Q1 revenue guidance relates to the installation and acceptance of that system in Q1.

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    Richard Shannon's questions to D-Wave Quantum Inc (QBTS) leadership • Q3 2024

    Question

    Richard Shannon requested details on the sales cycle and customer experience with NTT DOCOMO to understand how it could inform future go-to-market strategies. He also asked for clarification on which international regions are showing the most promise for government spending.

    Answer

    CEO Alan Baratz described the NTT DOCOMO engagement as an 'ideal scenario' where the customer was highly self-sufficient, moving from initial sign-up to trial in approximately 6-9 months with minimal professional services support. He cautioned that this is not typical for all customers. Regarding international government opportunities, Baratz identified Europe as the region with the most current activity, primarily for larger research-focused projects and smaller near-term application deployments.

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    Richard Shannon's questions to Astera Labs Inc (ALAB) leadership

    Richard Shannon's questions to Astera Labs Inc (ALAB) leadership • Q4 2024

    Question

    Richard Shannon asked about the competitive dynamics for Astera's P-Series switches against incumbents and inquired about the expected size of scale-up domains that would drive Scorpio X-Series growth.

    Answer

    President and COO Sanjay Gajendra highlighted two key differentiators for Scorpio: its COSMOS software suite and its ground-up architecture for AI workloads, unlike incumbent switches designed for storage. He also noted a first-mover advantage with PCIe Gen 6 switches. CEO Jitendra Mohan reiterated that the market for X-Series scale-up interconnect is projected to grow to over $2.5 billion by 2028 from nearly zero today, which underpins the company's confidence that Scorpio will become its largest product line.

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    Richard Shannon's questions to Astera Labs Inc (ALAB) leadership • Q3 2024

    Question

    Richard Shannon of Craig-Hallum inquired about the competitive response to the COSMOS software platform and Astera Labs' strategy for maintaining its lead. He also asked for an update on hyperscalers' adoption of CXL use cases and whether the current development timeline aligns with prior expectations.

    Answer

    Executive Jitendra Mohan and President/COO Sanjay Gajendra emphasized that COSMOS's strength lies in its software-centric chip architecture and years of accumulated field knowledge, making it difficult for competitors to replicate. Regarding CXL, Sanjay Gajendra noted that concrete use cases are now becoming established, and while the timeline is solidifying, the technology remains in an early 'crawl to walk' adoption phase.

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    Richard Shannon's questions to Ambarella Inc (AMBA) leadership

    Richard Shannon's questions to Ambarella Inc (AMBA) leadership • Q3 2025

    Question

    Richard Shannon requested an update on Ambarella's Gen AI initiatives and asked if the current pushouts in the automotive market could be a net positive for the company by allowing it to catch up.

    Answer

    President and CEO Dr. Fermi Wang explained that the CV7 chip family is well-suited for edge Gen AI, capable of running models like CLIP on a low-power budget, with revenue expected next year. He believes the auto market delays are a net positive, as Ambarella's solutions for lower cost and scalable software directly address the core reasons for the pushouts, positioning the company favorably.

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    Richard Shannon's questions to Lumentum Holdings Inc (LITE) leadership

    Richard Shannon's questions to Lumentum Holdings Inc (LITE) leadership • Q1 2025

    Question

    Richard Shannon from Craig-Hallum asked about the ramp timeline for optical circuit switching and for an update on any growth catalysts in the 3D sensing market.

    Answer

    President and CEO Alan Lowe indicated that optical circuit switch deployment is realistic for calendar 2025, with more meaningful growth in 2026, noting the product is already being qualified in their Thailand facility. SVP and CSO Chris Coldren commented that the 3D sensing market remains mature, with no immediate catalysts, as potential growth areas like automotive and AR/VR have been slow to adopt.

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    Richard Shannon's questions to Coherent Corp (COHR) leadership

    Richard Shannon's questions to Coherent Corp (COHR) leadership • Q1 2025

    Question

    Richard Shannon asked about Coherent's 1.6T transceiver time-to-market relative to competitors and the expected breadth of the customer base at launch. He also requested a sense of how large the DCI market is relative to traditional telecom transport.

    Answer

    CEO James Anderson stated that with samples already delivered, Coherent expects a 1.6T revenue ramp in calendar 2025 and is working to accelerate it, with an initial customer base similar in breadth to the early 800G ramp. He clarified that while DCI is currently a smaller portion of the telecom business, it is growing rapidly and is expected to become a more significant component over time.

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