### Summary ConclusionThis quarter's performance beat expectations, with revenue of $872 million and Non-GAAP EPS of $2.52 both exceeding the guidance range, primarily driven by strong growth in the telecom business, which partially offset short-term weakness in the data center (datacom) segment.

### Key DataRevenue grew 19% year-over-year, with telecom revenue up 42% and automotive revenue up 76%.

### Business ProgressTelecom revenue reached a record high of $406 million, driven by demand for 400ZR DCI, recent system wins, and a recovery in the traditional telecom market. The datacom business declined 16% sequentially due to a product transition at a major customer, though 1.6T products have already begun shipping, with the mass ramp-up still ahead. The company established a direct partnership with hyperscaler AWS for the first time, signing a multi-year agreement to provide advanced manufacturing services, along with warrants (capped at 1% of shares). Revenue contributions are expected to begin in FY2026. The automotive business continued its exceptional growth, but management indicated that subsequent growth rates may slow.

### Guidance & OutlookQ4 revenue is expected to be between $860 million and $900 million, with EPS between $2.55 and $2.70. Margin pressure is anticipated due to short-term start-up costs from multiple new project ramps (1.6T, Ciena wins, AWS), but management explicitly stated this lays the foundation for strong growth in FY2026, maintaining the full-year revenue growth expectation of around 18% (based on the Q4 midpoint).

### Risk / Positive SignalsManagement's tone was highly optimistic, emphasizing that "the steep part of the 1.6T ramp has not yet come" and expressing "strong confidence in the new fiscal year." However, it specifically noted that the automotive business's continuous exceptional growth may moderate in Q4, warranting close attention to its subsequent performance.