Core Insights - The company reported record fourth-quarter revenue of $134.3 million, driven by strong demand in both CATV and data center segments, with a non-GAAP gross margin of 31.4% and a non-GAAP loss per share of $0.01 [4][9] - For 2025, total revenue rose 83% year-over-year to a record $456 million, with data center revenue increasing 32% to $196 million and CATV revenue nearly tripling to $245 million [5][9] - The company anticipates continued sequential growth and a significant ramp in next-generation data center products starting in Q2 2026 [6] Revenue Breakdown - Q4 revenue from CATV was $54 million, up 3% year-over-year but down 24% sequentially, with robust demand from the largest CATV customer [1] - Data center revenue for Q4 was $74.9 million, up 69% year-over-year and 70% sequentially, with 100G sales increasing 54% and 400G sales increasing 141% year-over-year [2] - By end market, 56% of Q4 revenue came from data center products, 40% from CATV products, and 4% from FTTH, telecom, and other [3] Production and Capacity Expansion - The company is expanding production capacity, aiming for over 500,000 units per month of 800G/1.6T products by the end of 2026, with increased output in the U.S. [7][17] - AOI exited 2025 with approximately 90,000 units per month of 800G capacity, nearing a target of 100,000 units per month [16] - Management emphasized that growth is constrained by manufacturing capacity and supply chain rather than market demand [15] Future Outlook - For Q1 2026, the company guided revenue to be between $150 million and $165 million, with expected sequential increases in both CATV and data center revenue [22] - The company expects to generate over $1 billion in revenue in 2026, with a non-GAAP operating profit of over $120 million, limited by production capacity and supply chain [24] - Management anticipates strong sequential revenue growth in the first half of 2026, with acceleration in the second half as new capacity comes online [24] Customer Concentration - The top 10 customers represented 96% of revenue in Q4, with one CATV customer accounting for 39% of total revenue and two data center customers at 31% and 21% [9]