Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $95.9 million, up from $92.2 million in the previous quarter [22] - Non-GAAP gross margin for Q1 was 59.1%, while GAAP gross margin was approximately 56.1% [22] - GAAP operating expenses were $99.9 million, and non-GAAP operating expenses were $58.4 million [23] - Cash flow used in operating activities was approximately $11.4 million, with $104 million in cash, cash equivalents, and restricted cash at the end of Q1 [24] Business Line Data and Key Metrics Changes - Infrastructure revenue for Q1 was approximately $27 million, broadband revenue was approximately $41 million, connectivity revenue was $20 million, and industrial multi-market revenue was $8 million [22] - The company expects all end markets to be up in Q2 2025, including infrastructure, broadband, connectivity, and industrial multi-market [28] Market Data and Key Metrics Changes - The demand for IP data is driving significant growth in high-speed interconnects in data centers and telecom networks [12] - The broadband and connectivity markets are showing signs of recovery, with expectations for continued growth throughout the year [17] Company Strategy and Development Direction - The company is focused on high-speed interconnects, broadband connectivity, and storage accelerators as key growth areas [20] - Investments in strategic applications such as optical high-speed interconnects and wireless infrastructure are expected to drive new business opportunities [30] - The company aims to return to profitability and generate positive cash flow in Q2 2025 [11][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of customer orders and new product traction, indicating a positive outlook for growth in 2025 and beyond [30] - The company is closely monitoring the tariff situation and its potential impact on demand [26][27] - Management noted that the broadband market is inelastic, suggesting that demand will remain stable despite tariff uncertainties [90] Other Important Information - The company is experiencing strong bookings and demand recovery, particularly in the broadband business [43] - The company showcased multiple design wins and product demonstrations at industry conferences, indicating strong customer interest [12][56] Q&A Session Summary Question: What are the risks in the supply chain due to tariffs? - Management indicated that there is minimal direct impact from tariffs on semiconductors, and the supply chain remains stable [36][42] Question: Can you rank the segments based on bookings and inventory? - Management noted strong bookings across all segments, with a particular focus on broadband and telecom markets recovering from previous inventory depletion [48][50] Question: What is the outlook for design wins in the DSP side for Keystone? - Management expects significant revenue growth from Keystone, projecting a doubling of last year's revenue [58][60] Question: How do you see the growth in broadband and connectivity? - Management ranked infrastructure as the most exciting growth area, followed by broadband, with expectations for strong recovery and new product cycles [68][70] Question: What is the expected ramp for the Tier 1 North American carrier? - Management anticipates a ramp in shipments towards the end of the year, with significant growth expected next year [64][66] Question: How are you approaching guidance amid tariff uncertainties? - Management stated that guidance was based on current tariff expectations, with a focus on maintaining growth despite uncertainties [91][94]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $95.9 million, up from $92.2 million in the previous quarter [14] - Non-GAAP gross margin was 59.1%, while GAAP gross margin was approximately 56% [14] - GAAP operating expenses were $99.9 million, and non-GAAP operating expenses were $58.4 million [14] - Cash flow used in operating activities was approximately $11.4 million, with $104 million in cash, cash equivalents, and restricted cash at the end of Q1 [15] Business Line Data and Key Metrics Changes - Infrastructure revenue for Q1 was approximately $27 million [14] - Broadband revenue was approximately $41 million [14] - Connectivity revenue was $20 million, and industrial multimarket revenue was $8 million [14] Market Data and Key Metrics Changes - The demand for high-speed data is driving growth in infrastructure, particularly in data centers and telecom networks [8] - The broadband and connectivity markets are showing signs of recovery, with expectations for growth in fiber revenues in 2026 [12] Company Strategy and Development Direction - The company is focused on high-speed interconnects, wireless infrastructure, and storage accelerators as key growth areas [12] - Investments in strategic applications are expected to drive growth and return to profitability [12] - The company anticipates significant revenue growth from new product launches in 2025 and 2026 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth due to strong customer order rates and backlog [8] - The geopolitical dynamics and tariff situation are being monitored closely, but the company does not expect significant direct impacts on its supply chain [16][21] - Management expects Q2 2025 revenue to be between $95 million and $115 million, with all end markets anticipated to grow [17] Other Important Information - The company is seeing strong bookings and demand recovery across its product lines, particularly in broadband and connectivity [12][26] - The company showcased multiple design wins and product demonstrations at industry conferences, indicating strong market interest [9][10] Q&A Session Summary Question: What are the risks in the supply chain? - Management indicated that there is minimal direct impact from tariffs on semiconductors, and the supply chain remains stable [21][25] Question: How do you rank order the segments for the next quarter? - Management noted a broad-based strengthening of demand, with some weakness in industrial markets in China [30] Question: Can you provide insights on design win progress for Keystone? - Management expressed optimism about design wins and expects significant revenue growth from Keystone products in the coming year [36][37] Question: What is the outlook for the North American Tier one operator? - Management is excited about the new Tier one operator and anticipates significant growth in broadband PON revenue [40][41] Question: Is there any macro impact on the order book? - Management reported no signs of macro impact yet and emphasized ongoing improvements in bookings [66][70] Question: What is the confidence level for wireless infrastructure ramp-up? - Management expects strong growth in wireless infrastructure, particularly from new product launches and increased demand for millimeter wave products [78][82]