Financial Data and Key Metrics Changes - Q3 2025 revenue was $126.5 million, representing a 16% sequential increase and a 56% year-over-year growth from $81.1 million in Q3 2024 [6][13] - GAAP gross margin for Q3 was approximately 56.9%, while non-GAAP gross margin was about 59.1% [13] - GAAP operating expenses for Q3 were $113.2 million, with non-GAAP operating expenses at $59.5 million [13][14] - Net cash flow from operating activities was approximately $10.1 million, with cash and equivalents totaling around $113 million at the end of Q3 [14] Business Line Data and Key Metrics Changes - Infrastructure revenue for Q3 was approximately $40 million, broadband revenue was about $58 million, connectivity revenue was around $19 million, and industrial multi-market revenue was approximately $9 million [13] - Infrastructure end market revenues increased by 16% sequentially and 75% year-over-year [6] - Broadband connectivity saw an 80% year-over-year growth, while connectivity solutions grew by 50% year-over-year [9][10] Market Data and Key Metrics Changes - The company expects strong revenue acceleration in 2026 as new design wins ramp up across its portfolio [6] - The optical interconnects segment is projected to deliver $60 million-$70 million in revenue in 2025, with significant growth anticipated in 2026 [7] - Wireless infrastructure is expected to see increased demand due to rising carrier CapEx spending [8] Company Strategy and Development Direction - The company is focusing on strategic investments in high-value end markets such as high-speed data center optical interconnects, wireless infrastructure, storage accelerators, and broadband access [12] - Management expressed optimism about the growth potential in infrastructure markets, projecting revenue in this category to reach $300 million-$500 million in the next two to three years [23] Management's Comments on Operating Environment and Future Outlook - Management highlighted strong design win activities and customer traction, particularly in the optical and wireless infrastructure segments [20][23] - The company remains cautious about growth due to customer concentration in large markets but is optimistic about the breadth of acceleration seen in design wins [21] - Management noted that while broadband growth may moderate, they expect continued growth in market share across various segments [40][41] Other Important Information - The company is beginning to ramp its single-chip integrated fiber PON and 10-Gb processor gateway SoC, along with a tri-band Wi-Fi 7 single-chip platform solution [10] - The company is experiencing a recovery in its core markets, which positions it well for exceptional growth in 2026 and beyond [12] Q&A Session Summary Question: Can you provide context on the exceptional growth expected in 2026? - Management indicated that while 2025 is expected to show significant growth, the design win activities across various product portfolios suggest even stronger growth in 2026, potentially exceeding industry expectations [20][21] Question: What is the outlook for the wireless infrastructure segment? - Management noted that telecom operators are beginning to increase their infrastructure spending, which is expected to drive strong growth in the wireless segment, comparable to the optical segment [22][23] Question: How do you see the optical business trending for next year? - Management expressed optimism about the optical segment, indicating that growth could be substantial, particularly with the ramp-up of 800 Gb solutions [29][30] Question: What are the expectations for broadband connectivity in the upcoming quarters? - Management expects some moderation in broadband growth but does not foresee an overall decline, with PON design wins contributing positively [40][41] Question: How does the company view competition in the optical market? - Management acknowledged the competitive landscape but emphasized the differentiated nature of their products and the importance of timing in capturing market share [54][55] Question: What is the potential scale of the industrial multi-market business? - Management indicated that while the industrial market has faced challenges, they are focused on sustainable growth and maintaining healthy margins [86]