Core Viewpoint - Castellum, Inc. has formed a new subsidiary, Castellum Advanced Technology Products, Inc., and entered into a reseller agreement with AmpliTech Group, Inc. to resell AmpliTech's products to Castellum's clients [1][2]. Group 1: Castellum, Inc. - Castellum, Inc. focuses on cybersecurity, electronic warfare, and software engineering services primarily for the federal government [4]. - The establishment of Castellum Advanced Technology Products, Inc. aims to partner with companies like AmpliTech and develop internal products [2]. Group 2: AmpliTech Group, Inc. - AmpliTech Group, Inc. is a leading designer and manufacturer of RF microwave components and ORAN 5G network solutions, serving markets such as satellite communications, telecommunications, space exploration, defense, and quantum computing [3]. - The partnership with Castellum is expected to enhance AmpliTech's penetration into the government market, leveraging Castellum's C5ISR capabilities [2].

ab Global Research owered by UBS Evidence Lab YES P 23 June 2025 Semiconductors UBS Evidence Lab inside: Semis Distributor Tracker - more positive indicators UBS Enhanced Semis Distributor Tracker #9 Data from the ninth edition of our UBS Enhanced Semis Distributor Tracker (> Access dataset) provides further evidence of reassuring pricing trends and that inventory in the channel continues to head towards healthier levels. Pricing was flat to up LSD% across all subcategories, likely due to mix and the pocket ...

Core Insights - MACOM Technology Solutions Inc. has announced new additions to its RF and optical portfolio aimed at the SATCOM industry, including high bandwidth optical transmitters and RF over Fiber modules [1] - The company will showcase these solutions at the International Microwave Symposium (IMS) in San Francisco from June 17 to 19, 2025 [1] RF Amplifiers - New C-Band and X-Band Power Amplifiers (PAs) have been introduced, targeting commercial SATCOM and defense applications, with C-Band PAs operating from 5.85 – 6.75 GHz and X-Band PAs from 7.7 – 8.5 GHz, both achieving output power levels of 60 W and 130 W [2] - The C-Band PAs utilize MACOM's GaN-on-SiC production process for high linear power and efficiency [2] Ku-Band - The CMPA1E1F060 Ku-Band GaN-on-SiC SATCOM MMIC offers 60 W continuous wave saturated output power and a power added efficiency (PAE) of 35%, available in various package options [3] Ka-Band - The CMPA2H3B025D GaN High Power PA operates from 27 – 31 GHz, achieving up to 25 W of typical saturated output power and over 25% PAE, targeting both commercial and defense SATCOM applications [4] RFoF Modules - The Th-Mod MATT-60M1 transmitter and receiver modules provide up to 70 GHz bandwidth, suitable for antenna remoting and RFoF applications, offering low noise and high linearity [5] - The Open VPX RFoF solution includes MAVT-50C1 modules that provide up to 50 GHz of bandwidth over single mode fiber, designed for various RFoF applications [6] Company Overview - MACOM designs and manufactures high-performance semiconductor products for Telecommunications, Industrial and Defense, and Data Center industries, serving over 6,000 customers annually [8] - The company has achieved multiple certifications, including IATF16949, AS9100D, ISO9001, and ISO14001, and operates facilities across the United States, Europe, and Asia [8]

LOWELL, Mass., June 12, 2025 (GLOBE NEWSWIRE) -- MACOM Technology Solutions Inc. (“MACOM”), a leading supplier of semiconductor products, announced a new suite of high performance RF solutions designed to meet the demanding requirements of advanced radar systems. Many of these solutions will be demonstrated in MACOM’s Booth 943 at the upcoming International Microwave Symposium (IMS) on June 17 to 19, 2025 in San Francisco, CA. S-Band (2 – 4 GHz): High Power GaN-on-SiC AmplifiersA new family of 65 V, 50-ohm ...

MARLBOROUGH, Mass., May 22, 2025 (GLOBE NEWSWIRE) -- IPG Photonics Corporation (NASDAQ: IPGP), the global leader in high-performance fiber lasers and laser systems, announced the appointment of Mira Sahney as Senior Vice President, Global Laser Systems. Mira Sahney brings more than 20 years of leadership experience across industrial, medical, and high-tech markets. From 2021 to 2024, she served as President of the Pelvic Health Operating Unit at Medtronic. Prior to that, she was President and Chief Executiv ...

MARLBOROUGH, Mass., May 22, 2025 (GLOBE NEWSWIRE) -- IPG Photonics Corporation (NASDAQ: IPGP), the global leader in high-performance fiber lasers and laser systems, announced the appointment of Mira Sahney as Senior Vice President, Global Laser Systems. Mira Sahney brings more than 20 years of leadership experience across industrial, medical, and high-tech markets. From 2021 to 2024, she served as President of the Pelvic Health Operating Unit at Medtronic. Prior to that, she was President and Chief Executiv ...

Core Viewpoint - American Tower (AMT) has experienced an 11.8% increase in share price over the past three months, contrasting with a 0.4% decline in the industry, driven by strong demand for its communication real estate portfolio due to rising wireless penetration and 5G deployment efforts [1][4]. Company Overview - American Tower owns a geographically diversified communication real estate portfolio, which positions it well to capture increasing demand from wireless carriers [1][4]. - The company benefits from long-term leases with tenants, ensuring stable cash flows and supporting its growth initiatives [2][5]. Financial Performance - In the first quarter of 2025, AMT reported adjusted funds from operations (AFFO) of $2.75 per share, surpassing the Zacks Consensus Estimate of $2.60, reflecting a year-over-year revenue increase [3]. - The company recorded organic tenant billings growth of 4.7% and total tenant billings growth of 5.2% in the same quarter, indicating robust demand for its services [6]. Market Position and Growth Drivers - The advancement of mobile technology and the increase in mobile data usage globally are driving growth in the wireless industry, leading to additional equipment deployment by service providers [4]. - American Tower's portfolio includes nearly 149,000 communication sites worldwide, enhancing its ability to meet incremental demand [4]. Financial Stability - As of March 31, 2025, American Tower had a net leverage ratio of 5.0 and total liquidity of $11.7 billion, providing financial flexibility for its operations [8]. - The company holds investment-grade credit ratings of BBB and Baa3, allowing it to borrow at favorable rates [8]. Dividend Strategy - American Tower has a disciplined capital distribution strategy, having increased its dividend 15 times with an annualized growth rate of 9.07% over the past five years, indicating a commitment to enhancing shareholder value [9]. Analyst Outlook - Analysts are optimistic about American Tower, with the Zacks Consensus Estimate for its 2025 AFFO revised upward by 1.1% to $10.14 over the past month, reflecting positive sentiment in the market [10].

Core Viewpoint - Cirrus Logic's stock price has increased by 23% recently due to favorable tariff developments for its largest customer, Apple, which accounts for 89% of its revenue [1][2][3] Group 1: Company Performance - Cirrus Logic's revenue for fiscal 2025 grew by 6% year over year, while adjusted earnings increased by 14% to $7.54 per share [6] - Despite a slight decline in Apple's iPhone shipments in 2024, Cirrus Logic managed to gain more business from Apple, including supplying power management modules [7][8] - In Q1 of the current year, Apple's smartphone shipments rose by 10% year over year, significantly outpacing the overall smartphone market growth of 1.5% [9] Group 2: Future Growth Potential - The sales of AI-capable smartphones and PCs are projected to grow at a compound annual growth rate of nearly 35% through 2029, indicating a positive outlook for Cirrus Logic [9][11] - Cirrus Logic's sales in Q4 of fiscal 2025 increased by 14% year over year, with earnings growing at a stronger pace of 34% [10] Group 3: Valuation and Investment Opportunity - Cirrus Logic is currently trading at less than 18 times trailing earnings, making it an attractive investment given its recent earnings growth [12] - If Cirrus achieves expected earnings next fiscal year and trades at 29 times earnings, its stock price could potentially reach $221, more than double its current price [14]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $99.9 million, more than doubled year over year, and was in line with guidance of $94 million to $104 million [25][35] - Non-GAAP gross margin was 30.7%, above the guidance range of 29% to 30.5%, and up from 28.9% in Q4 2024 [28][29] - Non-GAAP net loss for Q1 was $0.9 million or $0.02 per share, compared to a loss of $12 million or $0.31 per share in Q1 2024 [30] Business Line Data and Key Metrics Changes - CATV segment revenue was $64.5 million, up more than six times year over year and increased 24% sequentially, driven by 1.8 GHz amplifier shipments [25][26] - Data center products revenue was $32 million, up 11% year over year but down 28% sequentially due to inventory digestion [25][26] - Telecom segment revenue was $2.9 million, up 29% year over year but down 17% sequentially [27] Market Data and Key Metrics Changes - 70.8% of data center revenue came from 100 Gbps products, with 10% from 200 Gbps and 400 Gbps products, and 10% from 40 Gbps products [26] - The top 10 customers represented 97% of revenue, with one customer in CATV contributing 64% and another in data center contributing 27% [28] Company Strategy and Development Direction - The company is focused on expanding production capacity for 800 Gbps and higher transceivers, with plans to reach approximately 40,000 transceivers per month by the end of 2025 [13][24] - The company aims to return non-GAAP gross margin to around 40% in the long term, driven by manufacturing efficiencies and improved product mix [29] - The company is committed to onshoring production to meet customer demand for domestic manufacturing, particularly in light of tariff concerns [15][16] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand in the CATV market and positive long-term growth trends in both CATV and data center markets [12][18] - The company expects a modest sequential decrease in CATV revenue in Q2 due to retooling for Motorola-style amplifiers [35] - Management remains vigilant regarding tariff impacts but does not expect significant effects in Q2 based on current information [12] Other Important Information - The company ended Q1 with $66.8 million in cash and equivalents, down from $79.1 million at the end of Q4 2024 [32] - Capital expenditures for the year are expected to be between $120 million and $150 million, with a focus on expanding production capacity [34] Q&A Session Summary Question: What is the status of channel inventory for cable TV products? - Management has good knowledge of inventory levels and is intentionally building inventory in anticipation of revenue ramp due to tariff concerns [37][38] Question: Can you clarify the retooling to Motorola-style amplifiers? - The company is shifting production to Motorola-style amplifiers and expects to have significant inventory of both products by June [52] Question: What is the long-term market outlook for 800 Gbps products? - The market for 800 Gbps is expected to grow significantly, with the company aiming to be a major supplier for Amazon and other hyperscale customers [55][76] Question: What is the margin differential between cable TV and data center transceivers? - Cable TV products currently have margins that are 300 to 600 basis points higher than data center products [81] Question: What is the qualification status for 800 Gbps products? - The company is in the final qualification phase for several customers and expects to ramp production significantly in the second half of the year [83][85]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $99.9 million, more than doubled year over year, and was in line with guidance of $94 million to $104 million [9][26] - Non-GAAP gross margin was 30.7%, above the guidance range of 29% to 30.5%, and improved from 28.9% in Q4 2024 and 18.9% in Q1 2024 [29][30] - Non-GAAP net loss for Q1 was $0.9 million or $0.02 per share, compared to a loss of $12 million or $0.31 per share in Q1 2024 [31] Business Line Data and Key Metrics Changes - CATV segment revenue was $64.5 million, up more than six times year over year and increased 24% sequentially, driven by shipments of 1.8 GHz amplifiers [10][26] - Data center products revenue was $32 million, up 11% year over year but down 28% sequentially due to inventory digestion by a major customer [10][26] - Telecom segment revenue was $2.9 million, up 29% year over year but down 17% sequentially [28] Market Data and Key Metrics Changes - 60% of revenue came from CATV products, 32% from data center products, and 3% from FTTH, telecom, and other [26] - Demand for certain 100G products surged in Q1, potentially related to tariff concerns, but supply constraints limited production [20][27] Company Strategy and Development Direction - The company is focused on expanding production capacity for 800G and higher transceivers, with plans to reach approximately 40,000 transceivers per month by mid-2026 [14][15] - The company aims to minimize tariff impacts by assessing supply chain and manufacturing operations, with a commitment to onshore production [17][35] - The company is actively engaging with customers, particularly in the hyperscale data center market, to expand revenue opportunities [19][68] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand in the CATV market and positive long-term growth trends in both CATV and data center markets [12][13] - Tariffs had no material impact on Q1 financials, and management does not expect significant impact in Q2 based on current information [13] - The company expects Q2 revenue to be between $100 million and $110 million, with a modest sequential decrease in CATV revenue and an increase in data center revenue [36] Other Important Information - The company ended Q1 with $66.8 million in cash and equivalents, down from $79.1 million at the end of Q4 2024 [32] - Total debt, excluding convertible debt, was $46.1 million, slightly up from $46 million in the previous quarter [32] - The company raised $98 million net under a new at-the-market offering to fund investments in production and R&D [34] Q&A Session Summary Question: Understanding channel inventory for cable TV products - The company has good knowledge of inventory levels through reports from MSOs and channel partners, and there is an intentional inventory buildup due to tariff situations [38][40] Question: Progress with 800G products - The company expects to ramp up production capacity to about 100,000 pieces per month by the end of the year, with a significant revenue contribution anticipated in the second half [44][45] Question: Manufacturing in China - The company is not manufacturing any products with a country of origin in China for tariff purposes, although some operations occur there [46] Question: Retooling to Motorola style amplifiers - The company is shifting production to Motorola style amplifiers, expecting to have significant inventory of both products by June [54][55] Question: Long-term market for 800G - The market for 800G is expected to grow significantly, with the company positioned to capture a substantial share, particularly with major customers like Amazon [57][76] Question: CapEx needs and funding - The company has completed a significant ATM offering and is exploring other funding options, but remains confident in achieving profitability this year [60][61]