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- **Record Revenue Growth**: FY '25 revenue up 32% to $967 million, with Q4 at $261.2 million (30% YoY). Data Center and Industrial & Defense set quarterly records.
- **Strategic Technology Expansion**: Acquired HRL's 40nm GaN-on-SiC process for high-frequency applications, opening two new design centers, and investing $50-55M in FY '26 capex.
- **Defense Dominance**: GaN-based radar and EW solutions drove over 50% YoY defense revenue growth.
- **Data Center Leadership**: 1.6T solutions are fastest-growing, with 200G photodetectors in high demand and LEO satellite opportunities poised to scale.
- **Gross Margin Improvement**: Expect sequential 25-50 bps margin expansion in FY '26 due to higher fab utilization and new product launches.

**【CEO Summary Section】**
- Q4 revenue reached $261.2 million, up 30% year-over-year, driven by growth across all end markets (Data Center, Industrial & Defense, Telecom). Data Center and Industrial & Defense set quarterly records.
- FY '25 revenue exceeded $967 million, a 32% increase, with new product launches (over 200 products) and custom design projects contributing to growth.
- Strategic moves include opening two new IC design centers in Southern California and Central Europe, and acquiring HRL's 40nm GaN-on-SiC process for high-frequency applications.
- Defense revenue grew over 50% YoY, driven by GaN-based components for radar and electronic warfare.
- FY '26 priorities: expand data center market share with 800G/1.6T solutions, grow 5G market share, and invest in advanced semiconductor technologies.

**【CFO Financial Commentary】**
- FY '25 adjusted EPS grew 35% to $3.47, with free cash flow of $193 million and ending cash of $786 million.
- Q4 gross margin 57.1%, with expectations for sequential improvements (25-50 bps) in FY '26 due to higher fab utilization and new product launches.
- Operating expenses increased due to R&D investments, but adjusted operating margin expanded 140 bps to 25.4%.
- FY '26 capital expenditures projected at $50-55 million to expand RTP Fab capacity by 30%.
- Deferred tax assets of $208 million will help maintain low cash tax payments.

**【Q&A Key Highlights】**
- **Telecom Growth**: 5G and satellite communications (LEO constellations) are key drivers, with MACOM's GaN-on-SiC process targeting higher frequency bands.
- **Data Center Momentum**: 1.6T solutions are fastest-growing, with 200G photodetectors in high demand. MACOM expects to capture design wins across module makers, semiconductor suppliers, and hyperscalers.
- **LEO Satellite Opportunity**: MACOM's T3L process positions it to win share in high-power, high-frequency applications for LEO gateways and terminals. Potential market size: hundreds of millions of dollars.
- **Capacity Management**: Despite high growth, fabs are well-managed with unlimited capacity for key products like 200G photodetectors. October bookings were one of the strongest in company history.

MACOM Technology Solutions Holdings, Inc. (MTSI) Q4 2025 Earnings Call Transcript

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