Chart 04 — Three Growth Engines
EMLs Today. OCS Tomorrow. CPO After That.
Lumentum's staggered revenue runway: three product lines at different stages of maturity
▲ Now — Core
EML Laser Chips
200G per lane · 1.6T Enabler
50–60%
Global market share, high-end EML
+40% / yr
Capacity expansion committed for 2025 & 2026
- Only at-volume supplier of 200G EMLs globally
- Demand exceeds supply by 25–30%
- Pricing power confirmed — double-digit ASP increases in 2026
- Required for every 1.6T transceiver shipped
↑ Scaling — OCS
Optical Circuit Switches
Data Center Fabric Routing
$400M+
Backlog as of Q2 FY2026
$100M/Q
Target quarterly revenue by end CY2026
- Cleared $10M/quarter 3 months ahead of target
- 3 hyperscaler customers now (was 1 in 2025)
- Google demonstrating 40% power savings via OCS
- Zero electrical conversion = lower latency + energy
→ Pipeline — CPO
Co-Packaged Optics
Optics Integrated Into the ASIC
$100M+
Single CPO order received, H1 2027 delivery
2027–28
Expected volume revenue ramp
- Optics packaged directly into network switch chip
- 3.5× efficiency improvement vs pluggable optics
- NVIDIA planning CPO in 2027+ hardware generations
- Lumentum received largest single order in company history
CURIOUS INVESTING INSIGHTS