Core Viewpoint - NAND demand continues to exceed supply, benefiting Kioxia and SanDisk as they capitalize on the NAND supply-demand dividend [1][22]. Financial Performance - SanDisk's Q1 FY2026 revenue reached $2.308 billion, a 21% increase quarter-over-quarter and a 23% increase year-over-year [4][25]. - Non-GAAP diluted earnings per share (EPS) surged to $1.22, up 321% from the previous quarter [5][26]. - Adjusted free cash flow soared to $448 million, reflecting a 482% quarter-over-quarter increase and a 399% year-over-year increase [6][27]. - The company achieved a net cash position of $910 million, six months ahead of its target [8][27]. Market Growth - All three major end markets (data center, edge computing, and consumer) experienced significant growth, with data center revenue increasing by 26% to $269 million [10][25]. - Edge computing revenue also surged by 26%, reaching $1.387 billion, driven by Windows system upgrades and increased device capacity [11][25]. - The consumer market grew by 11%, with notable sales from collaborations with Nintendo and ROG Ally [11][25]. Technology and Supply Chain - The BiCS8 technology is expected to become a mainstream production technology by the end of FY2026, enhancing the company's competitive edge [14][19]. - A joint venture with Kioxia secures wafer supply, providing both cost and capacity advantages [15][19]. Future Guidance - For Q2 FY2026, SanDisk expects revenue between $2.55 billion and $2.65 billion, indicating continued growth momentum [16][28]. - Non-GAAP EPS guidance for Q2 is projected to be between $3.00 and $3.40, reflecting a significant increase [17][28]. - Non-GAAP gross margin is expected to rise to 41%-43%, driven by improved product mix and cost control [18][28].
股价飙升15.31%！炸裂！闪迪业绩大超预期：净利暴涨300%、NAND卖断货！（附电话会议全文）