Photon Capital — COHR’s AI mix and InP capacity ramp

X post

Photon Capital — COHR’s AI mix and InP capacity ramp

A useful, explicitly secondary synthesis of Coherent’s quarter: AI infrastructure is becoming the revenue center while internal InP output remains the upstream capacity question. Read it as a map back to the company call, not as primary authority; it directly informs the optical-supercycle constraint watch.

Open on X Photon Capital
Photon Capital✓ @PhotonCap
Aug 12

$COHR's Q4 FY26 earnings were another strongly positive print. Revenue reached $2.05B, up 13.3% QoQ and 34% YoY, or 42% YoY on a pro forma basis. Non-GAAP gross margin reached 40.2%, while operating margin expanded from 20.3% to 21.8%. Non-GAAP EPS increased 74% YoY to $1.74. The

Why it's worth your time

A useful, explicitly secondary synthesis of Coherent’s quarter: AI infrastructure is becoming the revenue center while internal InP output remains the upstream capacity question. Read it as a map back to the company call, not as primary authority; it directly informs the optical-supercycle constraint watch.

6 events
DateTypeEvent
Aug 8 tweetSerenity (aleabitoreddit) — AAOI's earnings call says China is years behind on CPO lasers, and AAOI itself is capacity-out of first-gen CPO Aug 8 tweetGaetano (crux_capital_) — the market sold off the wrong optical name: his bull case for why AXTI's China selloff is negotiating leverage, not a real ban Jul 28 tweetcrux_capital_ — the photonics buildout isn't over, even at the height of fear Jul 24 Market SignalDisclosed Money: Congress's Most Active Traders Spent May and June Buying the AI Supply Chain Sep 6 ArticleCoherent: optical growth and capacity expansion Sep 10 tweetTerry — Citi Global TMT readout: NAND TAM $50B to $500B by 2027, AMD CPU TAM $60B to $220B, optical testing capacity about 100x short

Tweets, videos, filings, articles, and source pages tied to this read.

1
X@PhotonCap tweet