Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $136.4 million, up 8% from $126.5 million in the previous quarter and up 48% from $92.2 million in Q4 2024 [15] - GAAP gross margin for Q4 increased to approximately 57.6%, while non-GAAP gross margin was approximately 59.6% [15] - GAAP loss from operations for Q4 was 11%, and non-GAAP income from operations was 16% of net revenue [16] - Net cash flow from operating activities was approximately $10.4 million, with cash and cash equivalents totaling approximately $101.4 million at the end of Q4 [16] Business Line Data and Key Metrics Changes - Infrastructure revenue for Q4 was approximately $47 million, broadband revenue was approximately $58 million, connectivity revenue was approximately $18 million, and industrial multi-market revenue was approximately $14 million [15] - Infrastructure revenue grew 30% for the full year and 76% in Q4 year-over-year, driven by strong growth in data center optical interconnects and wireless infrastructure [8] - The Panther Hardware Storage Accelerator SoC family is expected to see strong revenue growth, potentially doubling in 2026 compared to 2025 [11] Market Data and Key Metrics Changes - The company expects to achieve significant revenue from the Keystone PAM4 DSP family, projecting $100-$130 million in revenue for 2026 [9] - The broadband business is expected to decline year-over-year due to the transition to DOCSIS 4.0, with a seasonal soft first half anticipated [12][17] - The company is gaining market share in optical transceivers and cable broadband, with a focus on expanding its presence in the PON market [60] Company Strategy and Development Direction - The company is focused on high-value multi-year growth markets, including data center connectivity, wireless infrastructure, and broadband access [7] - Investments are being made in areas of strategic importance to build a solid foundation for sustainable growth and profitability in 2026 and beyond [19] - The company aims to strengthen its position in the PAM4 DSP market and expand its offerings in optical interconnects and storage accelerators [24][73] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustained growth expectations and market momentum, entering 2026 with strong bookings and visibility [7] - The company anticipates solid growth in 2026 driven by new design wins and expanding content opportunities across its product portfolio [18] - Management highlighted the importance of performance over pricing in a competitive market, emphasizing the need for robust technology [70] Other Important Information - The company repurchased $20 million of its common stock in Q4, reflecting confidence in its growth trajectory [7] - The company is actively engaged in securing design wins in the AI data center market, with multiple new design wins entering production [10] Q&A Session Summary Question: Can you discuss the PAM4 DSP business and its growth dynamics? - Management noted significant growth in the PAM4 DSP market, with expectations of $110-$130 million in revenue, driven by strong traction and design wins [22][25] Question: What is the outlook for the broadband business? - Management indicated a seasonal decline in the first half of the year due to the DOCSIS 4.0 upgrade cycle, but potential growth in the second half as the upgrade begins [27][28] Question: What is the magnitude of opportunity within the data center segment? - Management highlighted the potential for hundreds of millions in value for silicon offerings in the data center market, with ongoing design wins and increasing demand [33] Question: How does the company view its competitive position in the optical market? - Management expressed confidence in strengthening its position in the optical market, particularly with the rollout of the 1.6 terabit products [42][43] Question: What are the expectations for gross margins and operating expenses? - Management expects gross margins to improve due to a favorable product mix, while operating expenses are anticipated to grow at a slower rate than revenue [44][45]