Lumentum reported a solid top-line uptick in QQ2 2025 with revenue of $402.2 million, up 9.65% year-over-year and 19.38% quarter-over-quarter. The gross profit of $99.6 million yielded a gross margin of 24.76%, reflecting margin expansion versus prior periods but still below historical peaks. Despite the revenue momentum, the company posted an operating loss of $51.6 million and a net loss of $60.9 million ($0.88 per share), driven by elevated operating expenses and amortization that outweighed the gross profit gains. EBITDA stood at $28.2 million (7.01% margin), with depreciation and amortization of $64.9 million, underscoring significant non-cash and non-operating cost components underpinning the quarterly results. Cash flow from operations was $24.3 million, while capital expenditure totaled $40.2 million, producing a negative free cash flow of $15.9 million. The balance sheet shows a robust cash position of $479.7 million and total cash plus short-term investments of $896.7 million, but with a high long-term debt burden of $2.587 billion and total debt of $2.608 billion, leading to a net debt position of approximately $2.129 billion. Equity stands at $872.3 million, with goodwill and intangible assets totaling roughly $1.596 billion, indicating elevated asset bases tied to acquisitions and intangibles. In summary, Lumentum exhibits revenue growth and improving margin structure, yet remains challenged on profitability and levered balance-sheet risk. Management commentary (earnings call) is not included in the provided data, limiting the ability to benchmark on qualitative guidance or strategic remarks.