Semtech Corp.: Optical Momentum Accelerates

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Semtech Corp.: Optical Momentum Accelerates

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Semtech delivered a strong upside quarter, with accelerating optical demand e = Morgan Stanley Research estimates

driving another step-function higher in data center revenue. Data center revenue Quarterly EPS ($)

reached a record $71.6mn (+14% q/q, +39% y/y), ahead of expectations, supported Quarter 2026 2027ePrior Current2027e 2028ePrior Current2028e

by very strong demand for 800G FiberEdge TIAs across both traditional optical Q1 0.38 - 0.51a 0.72 0.87

Q2 0.41 0.48 0.61 0.73 0.90

transceivers and LPO deployments. Importantly, management commentary suggests

Q3 0.48 0.59 0.73 0.76 0.94

visibility has improved materially, supported by exceptionally strong bookings and Q4 0.44 0.70 0.86 0.77 0.96

backlog. While management previously framed FY27 data center growth at >50%, e = Morgan Stanley Research estimates, a = Actual Company reported data

we now believe the business could approach doubling y/y this year, versus our prior

estimate of ~60% growth.

Near-term growth remains driven by 800G optical, which management expects to

stay very strong throughout FY27, while newer products begin ramping. LPO

revenue continues growing sequentially from what management previously

described as a mid-single-digit million quarterly run-rate. More importantly,

CopperEdge/ACC revenue began contributing in Q1 and should ramp meaningfully

through the year with Semtech’s lead hyperscaler customer. Management noted it

now has strong multi-quarter visibility into this deployment and appears to have

Morgan Stanley does and seeks to do business with

secured dominant share in the initial ramp. Beyond cables, Semtech is also seeing companies covered in Morgan Stanley Research. As a result,