Performance was constrained in Q4 by slower-than-expected processing of China export permits, despite robust underlying demand for substrate materials. The AI infrastructure build-out is fueling a massive upgrade cycle in data centers, driving indium phosphide backlog to a record high of over $60 million. Management is executing a rapid capacity expansion, having already added 25% more capacity since October with plans to double Q4 2025 levels by year-end 2026. Strategic vertical integration through ...