Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company reported a significant revenue increase of 272% year-over-year for FY26Q2, with revenues reaching $268 million. The gross margins were reported at 67.5% (GAAP) and 67.7% (Non-GAAP), with net profits of $82.64 million (GAAP) and $128 million (Non-GAAP), marking a substantial turnaround with a year-over-year increase of 943% [2]. - The company expects FY26Q3 revenues to be between $335 million and $345 million, with projected annual revenue growth of 170% for FY26. Long-term gross margins are anticipated to be between 63% and 65% [2]. - AEC remains the primary growth driver for the company, with a diversified customer base. Four customers contributed over 10% of revenue, accounting for 42%, 24%, 16%, and 11% respectively [3]. - The company is advancing its PCIe-related new products, which are expected to significantly increase the Total Addressable Market (TAM) and ensure sustained long-term growth. New products include ZeroFlap optical solutions, Active LED Cables (ALC), and Weaver solutions, with a potential TAM exceeding $10 billion [3]. Financial Projections - Revenue projections for FY26 and FY27 are $1.192 billion and $1.569 billion respectively, reflecting year-over-year growth rates of 173% and 32%. GAAP net profits are expected to be $280 million and $360 million for the same periods [4][9]. - The company’s EBITDA is projected to reach $319.58 million in FY26 and $406.14 million in FY27, indicating strong operational performance [9][10].