Lumentum reported QQ4 2024 revenue of $308.3 million, flat to negative versus a year ago (-2.9%) and down sequentially (-15.9%). The quarter delivered a gross profit of $32.2 million for a gross margin of 10.4%, marking a material contraction from prior periods and a continuation of profitability pressure even as the company maintained a positive operating cash flow. The company posted a net loss of $252.5 million ($3.72 per share, diluted), driven by a high operating expense base and a substantial tax expense in the quarter, despite a modest EBITDA loss of $52.4 million and an EBITDAR of -16.9%. Free cash flow reached $10.9 million, aided by $35.5 million of cash from operations, while capital expenditures were modest at $24.6 million. Balance sheet leverage remains elevated with total debt around $2.56 billion and net debt of ~$2.12 billion, resulting in a debt-to-equity and debt-to-capital posture that warrants close monitoring. Liquidity remains workable, with a current ratio of 5.9 and a cash-and-equivalents balance of $436.7 million plus $450.3 million in short-term investments, but the substantial goodwill/intangible asset load and working capital dynamics (notably a ~130-day inventory position) imply continued profitability volatility. Absent explicit quarterly guidance in the supplied data, the near-term outlook will hinge on stabilizing gross margins, optimizing operating expense, and improving utilization of high-capacity optical components in OpComms, along with healthier working capital and possible balance sheet optimization.