Lumentum Announces Fiscal First Quarter 2025 Financial Results

　　November 7, 2024

　　Net revenue of $336.9 million

　　GAAP gross margin of 23.1%; Non-GAAP gross margin of 32.8%

　　GAAP operating loss of 24.5%; Non-GAAP operating margin of 3.0%

　　GAAP diluted net loss per share of $1.21; Non-GAAP diluted net income per share of $0.18

　　SAN JOSE, Calif.--(BUSINESS WIRE)-- Lumentum Holdings Inc. (“Lumentum” or the “Company”) today reported results for its fiscal first quarter ended September 28, 2024.

　　“In the first quarter, we exceeded the high end of our guidance for both revenue and earnings per share,” said Alan Lowe, President and CEO. “We set a new record for datacom laser chip orders, including substantial 200G EML orders, reflecting strong demand from multiple customers, including an AI infrastructure customer. Based on expanding cloud demand and improving trends in the broader networking market, we expect double-digit sequential revenue growth in the second quarter.”

　　Mr. Lowe added, “We advanced our strategy to expand and diversify our cloud and AI business. We secured an additional hyperscale transceiver customer with a new qualification and initial volume order. This is beyond the new award we highlighted last quarter. We expect to start shipping volume production against these new orders in the first half of calendar 2025, and they will ramp through the year, consistent with the revenue target we set out previously.”

　　Fiscal First Quarter Highlights:

　　Net revenue for the fiscal first quarter of 2025 was $336.9 million, with GAAP net loss of $82.4 million, or $1.21 per diluted share. Net revenue for the fiscal fourth quarter of 2024 was $308.3 million, with GAAP net loss of $252.5 million, or $3.72 per diluted share. Net revenue for the fiscal first quarter of 2024 was $317.6 million, with GAAP net loss of $67.9 million, or $1.02 per diluted share.

　　Non-GAAP net income for the fiscal first quarter of 2025 was $12.2 million, or $0.18 per diluted share. Non-GAAP net loss for fiscal fourth quarter of 2024 was $8.9 million, or $0.13 per diluted share . Non-GAAP net income for the first quarter of 2024 was $16.1 million, or $0.24 per diluted share (1) .

　　The Company held $916.1 million in total cash, cash equivalents, and short-term investments at the end of the fiscal first quarter of 2025, up $29.1 million from the end of the fiscal fourth quarter of 2024.

　　Business Outlook

　　Lumentum expects the following for the fiscal second quarter 2025:

　　Net revenue in the range of $380 million to $400 million

　　Non-GAAP operating margin of 5.5% to 7.5%

　　Non-GAAP diluted earnings per share of $0.30 to $0.40

　　We have not provided reconciliations from GAAP to non-GAAP measures or the equivalent GAAP measure for non-GAAP measures in our outlook, as they cannot be provided without unreasonable effort. A large portion of non-GAAP adjustments, such as restructuring charges, stock-based compensation, non-GAAP income tax reconciling adjustments, acquisition related costs, and other costs and contingencies unrelated to current and future operations are by their nature highly volatile and we have low visibility as to the range that may be incurred in the future.

　　Related Announcement and Conference Call

　　Lumentum will host a conference call today, November 7, 2024, at 2:00 pm PT / 5:00 pm ET to discuss its fiscal first quarter results. A live webcast of the call will be available in the Investors section of the Lumentum website at http://investor.lumentum.com. To listen to the live conference call, dial (833) 470-1428 or (404) 975-4839 and reference the conference ID 013162. Supporting materials outlining the Company’s latest financial results will be posted on http://investor.lumentum.com under the “Events and Presentations” section concurrently with this earnings press release. Lumentum has used, and intends to continue to use, its Investor Relations website as means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. This press release is being furnished as an exhibit to a Current Report on Form 8-K filed with the Securities and Exchange Commission and will be available at http://www.sec.gov/.

　　About Lumentum

　　Lumentum (NASDAQ: LITE) is a market-leading designer and manufacturer of innovative optical and photonic products enabling optical networking and laser applications worldwide. Lumentum optical components and subsystems are part of virtually every type of telecom, enterprise, and data center network. Lumentum lasers enable advanced manufacturing techniques and diverse applications including next-generation imaging and sensing capabilities. Lumentum is headquartered in San Jose, California with R&D, manufacturing, and sales offices worldwide. For more information, visit www.lumentum.com and follow Lumentum on LinkedIn, X (formerly known as Twitter), Facebook, Instagram and YouTube.