Group 1 - Qorvo reported adjusted revenue of $818.8 million for the first fiscal quarter, exceeding analyst expectations of $777.1 million [1] - The company anticipates second fiscal quarter revenue to be approximately $1.025 billion, with a range of +/- $50 million, compared to analyst expectations of $958.1 million [1] - Following the earnings report, Qorvo's stock rose by 11.61% in after-hours trading [1]

[Financial Highlights and Outlook](index=1&type=section&id=Financial%20Highlights%20and%20Outlook) [Q1 FY2026 Performance Summary](index=1&type=section&id=Q1%20FY2026%20Performance%20Summary) Qorvo's Q1 FY2026 revenue and non-GAAP EPS exceeded guidance, reaching $818.8 million and $0.92 respectively | Metric | GAAP | Non-GAAP | | :--- | :--- | :--- | | Revenue | $818.8M | $818.8M | | Gross Margin | 40.5% | 44.0% | | Operating Income | $30.1M | $108.2M | | Diluted EPS | $0.27 | $0.92 | - First quarter revenue and non-GAAP EPS surpassed the high-end of guidance, driven by **broad-based demand**[2](index=2&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlighted strong Q1 results and expects continued growth and margin expansion from strategic initiatives - The company is implementing a broad set of initiatives to **structurally improve profitability**[2](index=2&type=chunk) - The CFO noted that the **Q1 non-GAAP gross margin of 44%** represented a meaningful year-over-year improvement and that actions across the business are expected to improve profitability through fiscal 2026 and 2027[2](index=2&type=chunk) [Q2 FY2026 Outlook](index=1&type=section&id=Q2%20FY2026%20Outlook) The company projects Q2 FY2026 revenue of approximately $1.025 billion and non-GAAP diluted EPS of around $2.00 | Metric | Q2 FY2026 Outlook | | :--- | :--- | | Quarterly Revenue | $1.025B ± $50M | | Non-GAAP Gross Margin | 48% - 50% | | Non-GAAP Diluted EPS | $2.00 ± $0.25 | [Selected Financial Results](index=2&type=section&id=Selected%20Financial%20Results) [Selected GAAP Results](index=2&type=section&id=Selected%20GAAP%20Results) Q1 FY2026 GAAP results show a revenue decrease but significant improvements in gross margin and operating income YoY | GAAP Metric | Q1 FY2026 | Q1 FY2025 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | $818.8M | $886.7M | -7.7% | | Gross Margin | 40.5% | 37.5% | +3.0 ppt | | Operating Income | $30.1M | $4.6M | +554.3% | | Diluted EPS | $0.27 | $0.00 | +$0.27 | [Selected Non-GAAP Results](index=2&type=section&id=Selected%20Non-GAAP%20Results) Non-GAAP results for Q1 FY2026 indicate year-over-year growth in operating income, diluted EPS, and gross margin | Non-GAAP Metric | Q1 FY2026 | Q1 FY2025 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | $818.8M | $886.7M | -7.7% | | Gross Margin | 44.0% | 40.9% | +3.1 ppt | | Operating Income | $108.2M | $98.1M | +10.3% | | Diluted EPS | $0.92 | $0.87 | +5.7% | [Segment Performance (GAAP)](index=3&type=section&id=SELECTED%20GAAP%20RESULTS%20BY%20OPERATING%20SEGMENT) The HPA segment demonstrated strong revenue and operating income growth, while the ACG segment saw a decline | Segment (Q1 FY2026) | Revenue | YoY Revenue Change | Operating Income | YoY Op. Income Change | | :--- | :--- | :--- | :--- | :--- | | HPA | $137.4M | +6.1% | $21.6M | +340.8% | | CSG | $110.2M | -4.1% | ($7.5M) | +61.5% (loss reduced) | | ACG | $571.2M | -11.1% | $97.9M | -15.9% | [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) [Rationale and Use](index=3&type=section&id=Rationale%20and%20Use) Management uses non-GAAP measures for internal planning and to provide investors a clearer view of business trends - Management develops its annual operating plan and makes decisions about R&D, product spending, and administrative budgets using **non-GAAP financial measures**[13](index=13&type=chunk) - The company provides non-GAAP measures to enable investors to perform additional comparisons of operating results and analyze financial performance excluding effects that may obscure trends, such as **stock-based compensation**[13](index=13&type=chunk)[14](index=14&type=chunk) [Definition of Key Non-GAAP Metrics](index=4&type=section&id=Definition%20of%20Key%20Non-GAAP%20Metrics) The company defines key non-GAAP metrics including Free Cash Flow, EBITDA, and Net Debt to assess performance - **Free Cash Flow:** Defined as net cash provided by operating activities minus property and equipment expenditures, it is used as an indicator of liquidity and financial strength[21](index=21&type=chunk) - **EBITDA:** Calculated by adjusting GAAP net income for interest, taxes, depreciation, amortization, stock-based compensation, and other charges not representative of ongoing operations[22](index=22&type=chunk) - **Net Debt or Positive Net Cash:** Defined as unrestricted cash, cash equivalents, and short-term investments minus the principal balance of borrowings, providing information on the company's indebtedness level[24](index=24&type=chunk) [Limitations and Forward-Looking Guidance](index=5&type=section&id=Limitations%20and%20Forward-Looking%20Guidance) The company acknowledges limitations of non-GAAP measures and its inability to reconcile forward-looking guidance to GAAP - The company cannot reconcile forward-looking non-GAAP guidance to GAAP due to the variability and difficulty in projecting items such as **stock-based compensation**, **acquisition costs**, and **restructuring charges**[26](index=26&type=chunk) - Key limitations of non-GAAP measures include a **lack of comparability** with other companies and the exclusion of information some may consider important, which Qorvo compensates for by providing full disclosure and reconciliations for historical data[27](index=27&type=chunk) [Detailed Financial Statements and Reconciliations](index=7&type=section&id=Detailed%20Financial%20Statements%20and%20Reconciliations) [Condensed Consolidated Statements of Income](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME) Q1 FY2026 income statement shows decreased revenue but substantially higher operating and net income year-over-year | (In thousands) | Three Months Ended June 28, 2025 | Three Months Ended June 29, 2024 | | :--- | :--- | :--- | | Revenue | $818,778 | $886,671 | | Gross Profit | $331,802 | $332,304 | | Operating Income | $30,086 | $4,606 | | Net Income | $25,594 | $414 | | Diluted EPS | $0.27 | $0.00 | [Reconciliation of GAAP to Non-GAAP Measures](index=8&type=section&id=RECONCILIATION%20OF%20GAAP%20TO%20NON-GAAP%20FINANCIAL%20MEASURES) Q1 FY2026 GAAP net income was reconciled to non-GAAP net income primarily by adjusting for stock-based compensation | Reconciliation (Q1 FY2026, in thousands) | Amount | | :--- | :--- | | **GAAP net income** | **$25,594** | | Stock-based compensation expense | $42,475 | | Amortization of acquired intangible assets | $21,521 | | Restructuring-related charges | $7,879 | | Other adjustments (net) | ($6,005) | | **Non-GAAP net income** | **$86,474** | - **Non-GAAP gross margin of 44.0%** was derived from GAAP gross margin of 40.5% by excluding items such as stock-based compensation ($5.6M) and amortization of acquired intangibles ($19.2M)[38](index=38&type=chunk) [Condensed Consolidated Balance Sheets](index=11&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) The balance sheet as of June 2025 reflects a slight increase in total assets and stable long-term debt levels | (In thousands) | June 28, 2025 | March 29, 2025 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $1,165,478 | $1,021,176 | | Inventories | $637,961 | $640,992 | | Total current assets | $2,246,256 | $2,167,275 | | Total assets | $5,997,524 | $5,933,131 | | **Liabilities & Equity** | | | | Total current liabilities | $798,330 | $783,182 | | Long-term debt | $1,549,200 | $1,549,215 | | Total liabilities | $2,560,455 | $2,540,819 | | Total stockholders' equity | $3,437,069 | $3,392,312 | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) The company generated significantly higher cash from operations in Q1 FY2026 compared to the prior-year quarter | (In thousands) | Three Months Ended June 28, 2025 | | :--- | :--- | | Net cash provided by operating activities | $182,945 | | Net cash used in investing activities | ($33,331) | | Net cash used in financing activities | ($6,935) | | Net increase in cash | $144,302 | - **Free cash flow** for Q1 FY2026 was **$145.4 million**, calculated from $182.9 million in net cash from operating activities minus $37.5 million in purchases of property and equipment[38](index=38&type=chunk) [Corporate Information and Disclosures](index=6&type=section&id=Corporate%20Information%20and%20Disclosures) [About Qorvo and Conference Call](index=6&type=section&id=About%20Qorvo%20and%20Conference%20Call) Qorvo provides semiconductor solutions for high-growth markets and held a conference call to discuss quarterly results - Qorvo supplies semiconductor solutions to diverse markets including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure, and mobile[29](index=29&type=chunk) - A conference call to discuss the press release was scheduled for 4:30 p.m. ET on the day of the release[28](index=28&type=chunk) [Forward-Looking Statements Disclaimer](index=6&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements subject to significant risks and uncertainties detailed in SEC filings - The press release includes forward-looking statements that are not historical facts and are subject to risks that could cause **actual results to differ materially**[31](index=31&type=chunk) - Key business risks include **fluctuations in operating results**, dependence on a few large customers, manufacturing facility risks, and changes in government trade policies[31](index=31&type=chunk)

GREENSBORO, N.C., July 29, 2025 (GLOBE NEWSWIRE) -- Qorvo (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company's fiscal 2026 first quarter ended June 28, 2025. On a GAAP basis, revenue for Qorvo's fiscal 2026 first quarter was $818.8 million, gross margin was 40.5%, operating income was $30.1 million, and diluted earnings per share was $0.27. On a non-GAAP basis, gross margin was 44.0%, operating income was $108.2 million, and dilute ...

Core Viewpoint - Qorvo, Inc. (QRVO) is expected to report a revenue decline in fiscal Q1 2025, despite recent product innovations that may positively impact earnings [1][10]. Group 1: Financial Performance - Qorvo is set to report fiscal first-quarter 2025 results on April 29, with a previous earnings surprise of 24.73% and an average trailing four-quarter earnings surprise of 40.59% [1]. - The Zacks Consensus Estimate for total revenues in the June quarter is $774.7 million, indicating a 12.63% year-over-year decline [6][10]. - The High-Performance Analog segment is expected to generate net sales of $135.76 million, down from $164 million in the same quarter last year [5]. Group 2: Product Innovations - Qorvo introduced two hybrid power doubler amplifiers, QPA3311 and QPA3316, aimed at enhancing broadband cable networks through improved signal integrity and reduced infrastructure costs [2]. - The company also launched two S-Band switched filter bank modules, QPB1034 and QPB1036, to meet the growing demand for efficient radar systems in defense and aerospace applications [3]. Group 3: Market Challenges - The company faces intense competition, leading to pricing pressure that could impact overall performance [4][10]. - Macroeconomic headwinds are also affecting net sales across various segments [4].

Core Viewpoint - Qorvo, Inc. (NASDAQ: QRVO) is set to report its Q1 earnings on July 29, with a focus on key financial metrics and performance indicators that will be closely monitored by investors [1]. Company Summary - Qorvo is expected to provide insights into its financial performance, which will be critical for long-term investors who typically have a 5-10 year investment horizon [1]. - The company is part of a portfolio strategy that emphasizes a mix of growth, value, and dividend-paying stocks, with a particular focus on value investments [1]. Industry Context - The upcoming earnings report is significant for the semiconductor industry, as it may reflect broader market trends and investor sentiment within the sector [1].

Core Viewpoint - Qorvo will host a conference call to discuss its fiscal 2026 first quarter financial results on July 29, 2025, at 4:30 p.m. (ET) [1] Group 1: Conference Call Details - The conference call will be available via live webcast on the Company's Investor Relations website [1] - A telephone playback of the conference call will be accessible approximately two hours after the call's completion until August 5, 2025 [2] - Qorvo will distribute its fiscal 2026 first quarter financial results at approximately 4:00 p.m. (ET) on the same day [2] Group 2: Company Overview - Qorvo is a leading global provider of connectivity and power solutions, specializing in innovative semiconductor solutions [3] - The company serves various high-growth segments, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure, and mobile [3]

Core Viewpoint - Qorvo is positioning itself at the forefront of the next generation of wireless communication technology with its advancements in Wi-Fi 8, UWB, Matter, and enterprise-level power management solutions, emphasizing stability and reliability over mere speed [1][3][26]. Group 1: Wi-Fi 8 Development - Wi-Fi 8 is shifting focus from throughput to "Ultra High Reliability," aiming to meet the demands of latency-sensitive applications such as remote healthcare and industrial IoT [5][6]. - The IEEE 802.11bn standard is expected to be finalized by the end of 2027, with market availability anticipated in 2028 [6]. - Wi-Fi 8 introduces various coordination mechanisms to optimize resource allocation and reduce interference, enhancing network stability and efficiency [7][9]. Group 2: UWB and Matter Integration - UWB technology is transitioning from niche markets to mainstream wireless capabilities, with significant integration in high-end smartphones and expanding into enterprise applications [11][13]. - Qorvo's third-generation UWB chip, QM35825, simplifies design processes and enhances performance metrics, supporting precise distance and angle measurements [13]. - The Matter protocol is gaining traction in smart home applications, but challenges remain in protocol compatibility and system migration [14][16]. Group 3: Power Management Innovations - In the AI era, power management is becoming crucial for ensuring data security and system stability, particularly for enterprise SSDs facing increased power density and reliability demands [18][20]. - Qorvo's integrated PMIC solutions, ACT85411 and ACT85611, are designed to meet the high reliability requirements of enterprise SSDs, featuring advanced power loss protection mechanisms [22][23]. - The company's focus on high integration and intelligent reliability in power management is set to redefine the standards for AI infrastructure [24].

Core Viewpoint - UWB technology, which gained popularity after Apple's iPhone 11 release, has not met expectations in terms of widespread adoption and application despite its advantages in precision and security [1][5][6]. Group 1: UWB Technology Overview - UWB technology, based on IEEE 802.15.4a and 802.15.4z standards, allows for centimeter-level precision in distance and location measurement, making it suitable for applications in smartphones and asset tracking [3][4]. - UWB's advantages include strong anti-interference capabilities and high positioning accuracy, making it a preferred choice for automotive passive entry systems over BLE and NFC [4][6]. Group 2: Challenges in UWB Adoption - The slow development of UWB in recent years is attributed to the complexity of early UWB solutions, which required additional configuration and programming, posing challenges for many automotive manufacturers and smaller companies [4][5]. - Compatibility issues with third-party MCUs and the high costs associated with complex hardware integration have hindered UWB's market penetration [4][6]. Group 3: Recent Developments and Innovations - Chip manufacturers like Qorvo, NXP, and Samsung have introduced UWB SoC solutions to simplify design and accelerate product launch, such as Qorvo's QM35825 and QPF5100Q [6][8]. - The QM35825 features an "All-in-One" design that integrates multiple components, reducing design barriers and enhancing application in both industrial and consumer markets [7][8]. Group 4: Future Applications and Market Potential - UWB technology is being explored for various applications, including access control, asset tracking, and automotive safety systems, particularly in detecting child presence in vehicles [15][16]. - The technology's ability to measure direction and distance positions it favorably against other wireless technologies, with potential growth in smart locks and automotive markets [14][15].

Group 1: Product Launch and Technology - Qorvo, Inc. has launched two hybrid power doubler amplifiers, QPA3311 and QPA3316, designed for DOCSIS 4.0 broadband cable networks, which are crucial for high-speed internet and video services [1][3] - The new amplifiers support downstream operations up to 1.8 GHz, offering higher total composite power and improved signal integrity, which reduces the need for costly booster amps and lowers infrastructure costs [3][4] Group 2: Market Demand and Industry Trends - The demand for intelligent, adaptive hybrid fiber coax (HFC) networks is driven by the proliferation of edge computing, AI workloads, IoT applications, and advanced use cases like remote healthcare and smart cities [2] - The transition from 4G LTE to 5G technology in emerging markets presents a substantial growth opportunity for Qorvo, aligning with its product portfolio [5] Group 3: Financial Performance and Stock Movement - Qorvo's shares have decreased by 22.4% over the past year, which is an improvement compared to the industry's decline of 29.2% [8] - The company is positioned to benefit from its innovative product offerings, which may enhance its commercial prospects and overall market performance [4]

A month has gone by since the last earnings report for Qorvo (QRVO) . Shares have added about 5.9% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Qorvo due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.How Have Estimates Been Moving Since Then?It turns out, estimates ...