Lumentum delivered a strong start to QQ1 2026 with a pronounced top-line acceleration and improving gross margins, signaling continued demand in its Optical Communications (OpComms) and Laser laser-based offerings. Revenue reached $533.8 million, up 73.1% year-over-year and 25.5% quarter-over-quarter, while gross profit expanded to $181.5 million for a gross margin of 34.0%. The company posted a modest operating profit of $6.7 million and net income of $4.2 million, translating to an EPS of $0.06 (diluted $0.05). EBITDA was $73.1 million, with an EBITDAR of approximately 13.7%. Cash generation was solid in the quarter, with operating cash flow of $57.9 million and free cash flow of $57.9 million; cash and cash equivalents plus short-term investments totaled about $1.12 billion at period end, supporting a robust liquidity position. Net debt remained elevated at roughly $2.51 billion on total debt of $3.28 billion, underpinning a leverage profile that warrants close attention as the company invests to sustain growth. Management commentary on the call (where available) generally framed the quarter as evidence of demand resilience in core photonics markets, with ongoing emphasis on R&D and capability expansion to capture growth in high-speed data transmission, sensing, and laser applications. The absence of explicit, company-wide forward guidance in the provided data necessitates a cautious stance on near-term targets, though the trajectory implies continued execution in OpComms and Lasers segments.