LITELumentum Holdings Inc.
Industry Comms infra Price 23 Oct 2026
If management hits its targets, one share by the end of 2028
Held at $756
Promises vs. what happened
11 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| Q2 FY25 revenue $380-400M | Q1 '25 | $402.2M | Held |
| Q4 FY25 revenue $440-470M | Q3 '25 | $480.7M | Held |
| Q4 FY26 revenue $960-1,010M | Q3 '26 | $1,006.3M | Held |
| EML shipments x2 by end CY25 | Q3 '25 | 'approximately doubled' by Jun '25 | Held |
| 2nd hyperscaler shipping by Jun '25 | Q3 '25 | all three shipping in Q4 FY25 | Held |
| 1.6T ramp in Q4 FY26 | Q3 '26 | 'initial shipments', no volume | Late |
| EML demand above supply into CY26 | Q2 '25 | said once, never repeated | Dropped |
| Q1 FY27 revenue $1,225-1,275M | Q4 '26 | not yet reported | Open |
| OCS ramp in CY26 | Q4 '25 | 'on track'; last figure $10M a quarter | Open |
| CPO lasers: broader ramp 2H CY26 | Q4 '25 | now 'exiting CY 2026'; no revenue given | Open |
| Q1 FY26 shares 75.0M | Q4 '25 | 78.3M; over the guide 4 of 7 quarters | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26Q3
'26Q4
'26
GuidePage one since Q1 '25
EMLPage one since Q1 '25
TransceiversPage one since Q1 '25
CPOPage one since Q3 '25
OCSPage one since Q4 '25
DCIPage one since Q4 '25
IndustrialOff page one Q2 '26
MarginPage one since Q1 '26
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Results against the quarterly guide
“Q1 revenue and non-GAAP EPS exceeded guidance ranges”
Deck Q1 FY25 Conference Call · p. 3 ·
Results against the quarterly guide
“Delivered Q2 revenue and non-GAAP EPS above guidance ranges”
Deck Q2 FY25 Conference Call · p. 3 ·
Results against the quarterly guide
“Q3 revenue and EPS exceeded guidance, driven by strong cloud demand – At OFC, showcased photonics leadership in next-gen, energy-efficient AI data centers and networking”
Deck Q3 FY25 Conference Call · p. 3 ·
Results against the quarterly guide
“Cloud and AI investment accelerating, transforming industries and driving long-term optical demand – Q4 revenue and EPS exceeded raised guidance, driven by strong execution and robust cloud demand ▪ Cloud & Networking”
Deck Q4 FY25 Conference Call · p. 3 ·
Results against the quarterly guide
“Q1 revenue and EPS at high end of guided range”
Deck Q1 FY26 Conference Call · p. 4 ·
Results against the quarterly guide
“Q2 revenue at high end of guided range”
Deck Q2 FY26 Conference Call · p. 3 ·
Results against the quarterly guide
“Q3 revenue above midpoint of guided range”
Deck Q3 FY26 Conference Call · p. 3 ·
Results against the quarterly guide
“Q4 revenue landed at the high end of the guided range”
Deck Q4 FY26 Conference Call · p. 3 ·
EML laser records and the 200G ramp
“Set new record in EML orders reflecting strong demand from multiple customers”
Deck Q1 FY25 Conference Call · p. 3 ·
EML laser records and the 200G ramp
“Set a new revenue record in EML shipments and launched 200G EML deployments across multiple customers”
Deck Q2 FY25 Conference Call · p. 3 ·
EML laser records and the 200G ramp
“Record EML chip shipments; 200G EML ramp gaining momentum”
Deck Q3 FY25 Conference Call · p. 3 ·
EML laser records and the 200G ramp
“Approximately doubled EML business vs. Q4 FY24 baseline, ahead of plan”
Deck Q4 FY25 Conference Call · p. 3 ·
EML laser records and the 200G ramp
“Set new records in 100G and 200G EML laser shipments and launched CW laser shipments”
Deck Q1 FY26 Conference Call · p. 4 ·
EML laser records and the 200G ramp
“Set new company records in 100G and 200G EML shipments; 200G EMLs contributed ~10% of datacom chip revenue”
Deck Q2 FY26 Conference Call · p. 3 ·
EML laser records and the 200G ramp
“Set new company records in 100G and 200G EML shipments; 200G EML revenue more than doubled sequentially”
Deck Q3 FY26 Conference Call · p. 3 ·
EML laser records and the 200G ramp
“Set new company records for 100G and 200G EML shipments; 200G EMLs comprised >25% of total EML revenue”
Deck Q4 FY26 Conference Call · p. 3 ·
Cloud transceivers for hyperscalers
“Secured additional hyperscale transceiver customer orders beyond previously announced awards”
Deck Q1 FY25 Conference Call · p. 3 ·
Cloud transceivers for hyperscalers
“Began transceiver shipments to new hyperscale cloud customer previously highlighted”
Deck Q2 FY25 Conference Call · p. 3 ·
Cloud transceivers for hyperscalers
“Transceiver production scaling in Thailand; expect to begin shipments to second announced hyperscaler by June”
Deck Q3 FY25 Conference Call · p. 3 ·
Cloud transceivers for hyperscalers
“Surpassed 50% QoQ growth target in cloud modules, with Q4 shipments to all three announced hyperscale customers”
Deck Q4 FY25 Conference Call · p. 3 ·
Cloud transceivers for hyperscalers
“Revenue up 47% YoY , led by cloud transceivers, reflecting progress in manufacturing ramp”
Deck Q1 FY26 Conference Call · p. 4 ·
Cloud transceivers for hyperscalers
“Revenue up 43% QoQ and 60% YoY led by company record cloud transceiver shipments, reflecting ramp progress”
Deck Q2 FY26 Conference Call · p. 3 ·
Cloud transceivers for hyperscalers
“Revenue up 24% QoQ and 121% YoY led by company record cloud transceiver shipments, which grew over 40% sequentially”
Deck Q3 FY26 Conference Call · p. 3 ·
Cloud transceivers for hyperscalers
“Revenue up 30% QoQ and 123% YoY , led by record cloud transceiver shipments”
Deck Q4 FY26 Conference Call · p. 3 ·
Ultra-high-power lasers for co-packaged optics (CPO)
“Shipping ultra-high-power CW lasers to top AI infrastructure customer for CPO application”
Deck Q3 FY25 Conference Call · p. 3 ·
Ultra-high-power lasers for co-packaged optics (CPO)
“Continued shipments of ultra-high-power lasers for CPO solution; broader ramp expected in 2H CY26”
Deck Q4 FY25 Conference Call · p. 3 ·
Ultra-high-power lasers for co-packaged optics (CPO)
“Continued growth in ultra-high-power lasers for CPO solution; broader ramp expected in 2H CY26”
Deck Q1 FY26 Conference Call · p. 4 ·
Ultra-high-power lasers for co-packaged optics (CPO)
“Continued growth in ultra-high-power lasers for CPO solutions; broader ramp expected in 2H CY26”
Deck Q2 FY26 Conference Call · p. 3 ·
Ultra-high-power lasers for co-packaged optics (CPO)
“Continued growth in ultra-high-power lasers for CPO solutions; on schedule to deliver meaningful revenue exiting CY 2026”
Deck Q3 FY26 Conference Call · p. 3 ·
Ultra-high-power lasers for co-packaged optics (CPO)
“Grew ultra-high-power laser shipments for CPO solutions; on track to deliver meaningful revenue exiting CY 2026”
Deck Q4 FY26 Conference Call · p. 3 ·
Optical circuit switches (OCS)
“Achieved first revenue from optical circuit switches and accelerated in-house production for CY26 ramp”
Deck Q4 FY25 Conference Call · p. 3 ·
Optical circuit switches (OCS)
“OCS manufacturing on track to CY26 ramp plans”
Deck Q1 FY26 Conference Call · p. 4 ·
Optical circuit switches (OCS)
“OCS shipments exceeded $10M quarterly run rate; manufacturing readiness proceeding ahead of plan”
Deck Q2 FY26 Conference Call · p. 3 ·
Optical circuit switches (OCS)
“OCS ramp on track; continued growth expected in line with multi-year, multi-billion-dollar purchase agreement”
Deck Q3 FY26 Conference Call · p. 3 ·
Optical circuit switches (OCS)
“OCS ramp remains on track, backed by strengthening demand across our multi-year, multi-billion-dollar purchase agreement”
Deck Q4 FY26 Conference Call · p. 3 ·
DCI and scale-across lasers (narrow linewidth, pump)
“Strength in narrow linewidth lasers for DCI; sixth straight quarter of growth”
Deck Q4 FY25 Conference Call · p. 3 ·
DCI and scale-across lasers (narrow linewidth, pump)
“Narrow linewidth lasers for DCI grew >70% YoY; 7th straight sequential quarter of growth”
Deck Q1 FY26 Conference Call · p. 4 ·
DCI and scale-across lasers (narrow linewidth, pump)
“8th straight sequential quarter of growth in narrow linewidth lasers for DCI”
Deck Q2 FY26 Conference Call · p. 3 ·
DCI and scale-across lasers (narrow linewidth, pump)
“9th straight sequential quarter of growth in narrow linewidth lasers for DCI; grew >120% YoY”
Deck Q3 FY26 Conference Call · p. 3 ·
DCI and scale-across lasers (narrow linewidth, pump)
“Achieved 10th consecutive quarter of sequential growth in narrow linewidth lasers for DCI/scale-across installations (up >130% YoY)”
Deck Q4 FY26 Conference Call · p. 3 ·
Industrial lasers and 3D sensing
“Challenged due to weak industrial end markets”
Deck Q1 FY25 Conference Call · p. 3 ·
Industrial lasers and 3D sensing
“Record ultrafast laser shipments in Q2”
Deck Q2 FY25 Conference Call · p. 3 ·
Industrial lasers and 3D sensing
“Ultrafast laser demand steady in solar, packaging, displays, and semiconductors”
Deck Q3 FY25 Conference Call · p. 3 ·
Industrial lasers and 3D sensing
“Ultrafast laser demand steady, driven by high-volume solar cell manufacturing”
Deck Q4 FY25 Conference Call · p. 3 ·
Industrial lasers and 3D sensing
“3D sensing revenue below 5% of total company revenue”
Deck Q1 FY26 Conference Call · p. 4 ·
Margin expansion and operating leverage
“Cloud and AI business accelerating, driving Q1 revenue up 58% and expanding operating margin >1,500 bps (YoY basis)”
Deck Q1 FY26 Conference Call · p. 4 ·
Margin expansion and operating leverage
“EPS above guided range as a result of structural improvements in gross and operating margin ▪ Components”
Deck Q2 FY26 Conference Call · p. 3 ·
Margin expansion and operating leverage
“Non-GAAP operating margin and EPS above high end of guided ranges fueled by product mix and strong operating leverage”
Deck Q3 FY26 Conference Call · p. 3 ·
Margin expansion and operating leverage
“Non-GAAP operating margin and EPS above high end of guided ranges, fueled by product momentum and strong operating leverage”
Deck Q4 FY26 Conference Call · p. 3 ·
What they keep talking about · 10
The themes that show up deck after deck, and the ones that disappear.
- Guide
- On page one of every deck. Revenue 'exceeded' the guide in FY25; in FY26 it is 'high end' or 'above midpoint', and the beat moves to margin and EPS.
- EML
- A shipment record in every deck. From Q2 FY26 the 200G share is given: about 10% of datacom chips, then over 25% of EML revenue.
- Transceivers
- Counted in hyperscale customers to Q4 FY25 (three); from Q1 FY26 only as 'record' shipments inside Systems, with 1.6T added in Q3 FY26.
- CPO
- From Q3 FY25. 'Broader ramp expected in 2H CY26' for three decks, then 'meaningful revenue exiting CY 2026'. No revenue figure in any deck.
- OCS
- First revenue Q4 FY25, a $10M quarterly run rate in Q2 FY26, then a 'multi-year, multi-billion-dollar purchase agreement' with no customer or value named.
- DCI
- A sequential growth streak counted every deck from Q4 FY25, the tenth in Q4 FY26 at over 130% a year; 'scale-across' enters in Q1 FY26.
- Industrial
- Its own section while Industrial Tech was a segment; gone from the key points after Q1 FY26 ('3D sensing below 5% of revenue').
- Margin
- The opening line of every FY26 deck gives the year-on-year operating-margin gain: over 1,500, 1,700, 2,100 and 2,150 basis points.
- New
- Q1 FY26: revenue split into Components and Systems. Q2 FY26: an OCS run rate. Q3 FY26: 1.6T and the OCS purchase agreement.
- Quiet
- Segment profit gone Q1 FY26; guidance assumptions gone Q2 FY26; the GAAP results slide gone Q4 FY26. EML demand-over-supply said once (Q2 FY25).
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q4 FY2026 release · 8-K 11 Aug 2026
- Q3 FY2026 release · 8-K 5 May 2026
- Q2 FY2026 release · 8-K 3 Feb 2026
- Q1 FY2026 release · 8-K 4 Nov 2025
- Q4 FY2025 release · 8-K 12 Aug 2025
- Q3 FY2025 release · 8-K 6 May 2025
- Q2 FY2025 release · filed copy 6 Feb 2025
- Q1 FY2025 release · 8-K 7 Nov 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q1 25 – Q4 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 | Q3 26 | Q4 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 39% | 36% | 33% | 26% | 42% | 47% | 26% | 26% |
| Growth & sales | 4% | 18% | 33% | 22% | 26% | 11% | 26% | 9% |
| Pricing & margins | 11% | 5% | 11% | 13% | 11% | 16% | 26% | 9% |
| Guidance & outlook | 21% | 18% | 22% | 26% | 42% | 37% | 26% | 26% |
| Capacity & supply | 32% | 23% | 22% | 22% | 42% | 26% | 48% | 30% |
| Capital & financing | 4% | 9% | · | · | 11% | · | 9% | 4% |
| Competition | 7% | 5% | · | 13% | 11% | 11% | 13% | 9% |
| Products & technology | 32% | 18% | 33% | 26% | 26% | 11% | 17% | 13% |
| Macro & regulation | 7% | · | 22% | 4% | · | · | 4% | · |
| Other | 14% | 36% | 22% | 26% | 26% | 37% | 26% | 30% |
| Questions | 28 | 22 | 18 | 23 | 19 | 19 | 23 | 23 |
Who’s in charge, who’s selling
read from the filings · 20 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 2 · easing
Shares +27% in a year from note swaps; about 8M more in the notes left
69.8M to 88.6M common, Jun '25 to Jun '26, plus NVIDIA's 2.9M preferred. Two exchanges gave about 10.7M shares for $1.12B of notes and booked a $7.76B non-cash loss. $1.55B of notes remain, worth about 8M shares above principal.
Tier 2 · worsening
Insiders sold $175.8M in eleven months and bought nothing
Twelve sellers, Nov '25-Oct '26; 89% under 10b5-1 plans. Six of eight continuing directors sold, the chair outside a plan. Directors and officers own 0.3% of the company.
Tier 2 · worsening
Pay periods shortened as the stock soared; CEO pay 'actually paid' $474M
Half the FY26 PSUs moved to a one-year EPS period; FY24-26 PSUs paid the 200% maximum and the bonus 186.3%. Say-on-pay dissent rose from 4.8% to 11.1%.
Tier 2 · unresolved
Commerce and Justice export-control inquiry open since Aug '24
A voluntary disclosure to BIS in Dec '23, then BIS and DOJ inquiries in Aug '24. Nothing accrued; the company cannot predict the outcome. 79.2% of FY26 revenue shipped abroad.
Tier 3 · new
A director paid $2.0M as interim officer, then back on the audit committee
Isaac Harris was interim chief procurement officer Dec '25-May '26, re-determined independent and joined audit in Jul '26; three Forms 4 filed late.
Accounting rule changes 4 in 8 quarters
- Q1 '25Prior-period non-GAAP measures recast to the current presentation
- Q1 '26Cloud & Networking and Industrial Tech segments replaced by a Components / Systems revenue split
- Q1 '26Working capital now also excludes short-term debt
- Q4 '26GAAP results slide dropped; GAAP figures moved to a footnote under the non-GAAP results
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Say-on-payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 2.6M | 6.1M | 11.1% |
| Equity planStock to pay staff and executives. Lets the company create new shares to hand out as pay. Every new share makes each existing share a slightly smaller slice of the company, so a no says shareholders think the dilution is too much. | 21.3M | 9.6M | 17.4% |
| Herscher (chair)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 2.9M | 2.0M | 3.5% |
| Johnson (audit)A board seat. | 2.0M | 2.5M | 4.5% |
| Hurlston (CEO)A board seat. | — | 0.8M | 1.5% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Nov '25-Oct '26 | Sold | Note |
|---|---|---|
| Retort, reliability and quality chief | $69.5M | 96K shares; retiring, kept 5,191 |
| Ali, CFO | $31.8M | 32K shares, all planned |
| Yuen, business units president | $18.7M | 24K shares, all planned |
| Kim, general counsel | $16.6M | 20K shares, all planned |
| Lillie, director | $11.8M | 12K shares on 11 May |