业绩炸裂！光模块巨头Lumentum：Q2营收同比暴增65%，AI业务订单积压超4亿美元，下一季指引更惊人

Core Viewpoint - Lumentum has reported strong financial results driven by robust demand for Optical Circuit Switches (OCS) and Co-Packaged Optics (CPO), with a guidance indicating an 85% year-over-year revenue growth for the next quarter, highlighting its critical role in AI infrastructure [1][4][9]. Financial Performance - For Q2 of fiscal year 2026, Lumentum achieved a net revenue of $665.5 million, a significant increase of 65.5% year-over-year, reaching the high end of its guidance range [4]. - The Non-GAAP operating margin improved to 25.2%, expanding over 1700 basis points year-over-year, indicating a substantial enhancement in profitability [4][11]. - GAAP gross margin reached 36.1%, up 210 basis points from the previous quarter and up 1130 basis points year-over-year [11]. - Non-GAAP diluted earnings per share (EPS) rose to $1.67, a 52% increase quarter-over-quarter and nearly 300% year-over-year [13]. Business Segments - Lumentum's component business generated $443.7 million in revenue, accounting for 66.7% of total revenue, with a year-over-year increase of 68.3% [16]. - The systems business also performed well, with revenue of $221.8 million, representing 33.3% of total revenue and a year-over-year growth of 60.1% [16]. Growth Drivers - The company highlighted the explosive growth potential in the OCS and CPO sectors, with a backlog of over $400 million in orders for OCS, reflecting the high demand for optical interconnect technology in AI data centers [18][22]. - Lumentum secured a multi-million dollar incremental order in the CPO segment, with delivery expected in the first half of 2027, emphasizing the technology's importance for next-generation AI infrastructure [22]. Future Outlook - For Q3, Lumentum expects revenue between $780 million and $830 million, projecting over 85% year-over-year growth [9][30]. - The Non-GAAP operating margin is anticipated to further increase to 30.0%-31.0%, indicating ongoing improvements in scale and operational efficiency [31]. - Management expressed optimism about the growth potential in OCS and CPO, stating that the company is at the beginning of significant opportunities in these areas [33]. Financial Health - Lumentum maintains a strong financial position, with cash and cash equivalents totaling $1.1553 billion, providing ample resources for future expansion and R&D [26]. - The company reported a significant increase in accounts receivable, aligning with revenue growth, and is actively building inventory to meet strong order demand [26].