LITE 10-Q report for 2026-03-28

LITE 10-Q report for 2026-03-28 lite-20260328 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form  10-Q (Mark One) ☒  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 28, 2026  OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to  Commission File Number 001-36861 Lumentum Holdings Inc. (Exact name of Registrant as specified in its charter) Delaware 47-3108385 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 1001 Ridder Park Drive , San Jose , California 95131 (Address of principal executive offices including Zip code) ( 408 ) 546-5483 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value of $0.001 per share LITE Nasdaq Global Select Market Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x         No  o Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes x     No  o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer x Accelerated filer o Non-accelerated filer o Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No x As of April 30, 2026, the Registrant had 77.8  million shares of common stock outstanding. TABLE OF CONTENTS Page PART I - FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Operations for the Three and Nine Months Ended March 28 , 202 6 and March 29, 2025 2 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended March 28, 2026 and March 29, 2025 3 Condensed Consolidated Balance Sheets as of March 2 8 , 202 6 and June 28, 2025 4 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 28, 2026 and March 2 9 , 2025 5 Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended March 2 8 , 202 6 and March 2 9 , 2 025 7 Notes to Condensed Consolidated Financial Statements 9 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 48 Item 3. Quantitative and Qualitative Disclosures About Market Risk 65 Item 4. Controls and Procedures 67 PART II - OTHER INFORMATION Item 1. Legal Proceedings 68 Item 1A. Risk Factors 69 Item 5. Other Information 104 Item 6. Exhibits 105 SIGNATURES 106 1 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) LUMENTUM HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) ( Unaudited ) Three Months Ended Nine Months Ended March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025 Net revenue $ 808.4 $ 425.2 $ 2,007.7 $ 1,164.3 Cost of sales 432.1 283.7 1,170.7 801.4 Amortization of acquired developed intangibles 19.3 19.0 58.4 62.9 Gross profit 357.0 122.5 778.6 300.0 Operating expenses:     Research and development 90.6 75.9 252.1 224.4     Selling, general and administrative 90.8 112.0 272.0 264.6     Restructuring and related charges 1.1 7.2 9.0 17.6     Gain on sale of facility — ( 34.9 ) — ( 34.9 ) Total operating expenses 182.5 160.2 533.1 471.7 Income (loss) from operations 174.5 ( 37.7 ) 245.5 ( 171.7 ) Other income (expense), net: Escrow settlement — — 27.5 — Interest expense ( 6.2 ) ( 5.7 ) ( 18.2 ) ( 16.8 ) Other income, net 15.5 4.2 30.7 27.8 Total other income (expense), net 9.3 ( 1.5 ) 40.0 11.0 Income (loss) before income taxes 183.8 ( 39.2 ) 285.5 ( 160.7 ) Income tax provision 39.6 4.9 58.9 26.7 Net income (loss) 144.2 ( 44.1 ) 226 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 48 Item 3. Quantitative and Qualitative Disclosures About Market Risk 65 Item 4. Controls and Procedures 67 PART II - OTHER INFORMATION Item 1. Legal Proceedings 68 Item 1A. Risk Factors 69 Item 5. Other Information 104 Item 6. Exhibits 105 SIGNATURES 106 1 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) LUMENTUM HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) ( Unaudited ) Three Months Ended Nine Months Ended March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025 Net revenue $ 808.4 $ 425.2 $ 2,007.7 $ 1,164.3 Cost of sales 432.1 283.7 1,170.7 801.4 Amortization of acquired developed intangibles 19.3 19.0 58.4 62.9 Gross profit 357.0 122.5 778.6 300.0 Operating expenses:     Research and development 90.6 75.9 252.1 224.4     Selling, general and administrative 90.8 112.0 272.0 264.6     Restructuring and related charges 1.1 7.2 9.0 17.6     Gain on sale of facility — ( 34.9 ) — ( 34.9 ) Total operating expenses 182.5 160.2 533.1 471.7 Income (loss) from operations 174.5 ( 37.7 ) 245.5 ( 171.7 ) Other income (expense), net: Escrow settlement — — 27.5 — Interest expense ( 6.2 ) ( 5.7 ) ( 18.2 ) ( 16.8 ) Other income, net 15.5 4.2 30.7 27.8 Total other income (expense), net 9.3 ( 1.5 ) 40.0 11.0 Income (loss) before income taxes 183.8 ( 39.2 ) 285.5 ( 160.7 ) Income tax provision 39.6 4.9 58.9 26.7 Net income (loss) 144.2 ( 44.1 ) 226.6 ( 187.4 ) Income allocated to participating securities ( 1.7 ) — ( 0.9 ) — Net income (loss) available to common shareholders $ 142.5 $ ( 44.1 ) $ 225.7 $ ( 187.4 ) Net income (loss) per common share:     Basic $ 1.99 $ ( 0.64 ) $ 3.18 $ ( 2.72 )     Diluted $ 1.50 $ ( 0.64 ) $ 2.59 $ ( 2.72 ) Shares used to compute net income (loss) per common share:     Basic 71.5 69.3 71.0 68.8     Diluted 96.2 69.3 87.4 68.8 See accompanying Notes to Condensed Consolidated Financial Statements. 2 Table of Contents LUMENTUM HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in millions) (Unaudited) Three Months Ended Nine Months Ended March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025 Net income (loss) $ 144.2 $ ( 44.1 ) $ 226.6 $ ( 187.4 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — 0.3 ( 0.3 ) — Net change in unrealized gain on available-for-sale securities ( 2.4 ) 0.6 ( 1.7 ) 1.8 Other comprehensive income (loss), net of tax ( 2.4 ) 0.9 ( 2.0 ) 1.8 Comprehensive income (loss), net of tax $ 141.8 $ ( 43.2 ) $ 224.6 $ ( 185.6 ) See accompanying Notes to Condensed Consolidated Financial Statements. 3 Table of Contents LUMENTUM HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except par value) ( Unaudited ) March 28, 2026 June 28, 2025 ASSETS Current assets: Cash and cash equivalents $ 2,617.8 $ 520.7 Short-term investments 554.5 356.4 Accounts receivable, net 441.6 250.0 Inventories 632.8 470.1 Prepayments and other current assets 149.0 120.1 Total current assets 4,395.7 1,717.3 Property, plant and equipment, net 964.3 726.4 Operating lease right-of-use assets, net 27.0 27.9 Goodwill 1,066.3 1,060.9 Other intangible assets, net 362.9 465.1 Deferred tax asset 197.9 210.3 Other non-current assets 13.8 10.8 Total assets $ 7,027.9 $ 4,218.7 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 392.7 $ 225.2 Accrued payroll and related expenses 109.7 57.9 Accrued expenses 48.9 34.6 Current portion of long-term debt 3,238.6 10.6 Operating lease liabilities, current 12.5 11.4 Other current liabilities 62.9 53.1 Total current liabilities 3,865.3 392.8 Long-term debt 43.2 2,562.6 Operating lease liabilities, non-current 19.4 23.6 Deferred tax liability 5.4 7.2 Other non-current liabilities 121.2 97.8 Total liabilities 4,054.5 3,084.0 Commitments and contingencies (Note 14) Stockholders’ equity: Preferred stock, $ 0.001 par value, 10 authorized shares, 2.9 shares and zero shares issued and outstanding as of March 28, 2026 and June 28, 2025, respectively — — Common stock, $ 0.001 par value, 990 authorized shares, 71.7 shares and 69.8 shares issued and outstanding as of March 28, 2026 and June 28, 2025, respectively 0.1 0.1 Additional paid-in capital 3,600.9 1,986.8 Accumulated deficit ( 634.6 ) ( 861.2 ) Accumulated other comprehensive income 7.0 9.0 Total stockholders’ equity 2,973.4 1,134.7 Total liabilities and stockholders’ equity $ 7,027.9 $ 4,218.7 See accompanying Notes to Condensed Consolidated Financial Statements. 4 Table of Contents LUMENTUM HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (Unaudited) Nine Months Ended March 28, 2026 March 29, 2025 OPERATING ACTIVITIES: Net income (loss) $ 226.6 $ ( 187.4 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation expense 91.2 77.9 Stock-based compensation 129.4 137.2 Bad debt expense (recovery) ( 0.1 ) 3.4 Gain on sale of facility — ( 34.9 ) Amortization and write-off of acquired intangibles 102.2 117.7 Write-down and loss on sales and dispositions of property, plant and equipment 13.4 5.2 Amortization of debt issuance costs 3.0 2.3 Inducement expense on partial repurchase of 2026 Notes 5.9 — Write-off of right-of-use assets — 6.2 Other non-cash items ( 9.1 ) ( 5.6 ) Changes in operating assets and liabilities: Accounts receivable ( 191.5 ) ( 64.4 ) Inventories ( 165.2 ) ( 25.7 ) Operating lease right-of-use assets, net 0.9 2.4 Prepayments and other current and non-current assets ( 22.5 ) ( 21.7 ) Income taxes, net 17.9 16.8 Accounts payable 109.4 44.9 Accrued payroll and related expenses 51.8 6.9 Operating lease liabilities ( 3.1 ) ( 3.6 ) Accrued expenses and other current and non-current liabilities 28.2 ( 15.3 ) Net cash provided by operating activities 388.4 62.3 INVESTING ACTIVITIES: Payments for acquisition of property, plant and equipment ( 284.5 ) ( 177.1 ) Payment for acquisition of business ( 38.0 ) — Proceeds from sale of facility, net of cash and selling costs — 47.8 Purchases of short-term investments ( 379.2 ) ( 280.2 ) Proceeds from maturities and sales of short-term investments 181.0 384.5 Proceeds from the sales of property, plant and equipment 39.6 0.3 Net cash used in investing activities ( 481.1 ) ( 24.7 ) FINANCING ACTIVITIES: Proceeds from issuance of Series A Convertible Preferred Stock 1,999.7 — Proceeds from the issuance of 2032 Notes, net of issuance costs 1,254.7 — Proceeds from term loans 47.9 76.5 Proceeds from employee stock plans 9.2 8.3 Payment for partial repurchase of 2026 Notes ( 843.1 ) — Payment for 2032 Notes capped call options ( 102.0 ) — Payment of withholding taxes related to net share settlement of restricted stock units ( 164.2 ) ( 36.3 ) Principal payments on term loans ( 9.2 ) ( 5.4 ) Payment for financing costs related to revolving credit facility ( 2.4 ) — Payment for conversions of convertible notes ( 0.8 ) — Payment of acquisition related holdback — ( 1.0 ) Net cash provided by financing activities 2,189.8 42.1 Increase in cash and cash equivalents 2,097.1 79.7 5 Table of Contents LUMENTUM HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (Unaudited) Cash and cash equivalents at beginning of period 520.7 436.7 Cash and cash equivalents at end of period $ 2,617.8 $ 516.4 Supplemental disclosure of cash flow information: Cash paid for taxes, net $ 41.1 $ 10.5 Cash paid for interest 12.8 9.7 Supplemental disclosure of non-cash investing and financing activities: Right-of-use assets obtained in exchange for new operating lease liabilities 6.8 6.4 Net transfer of assets from property, plant, and equipment to assets held-for-sale 3.3 — Holdback receivable from sale of property, plant and equipment 3.0 — See accompanying Notes to Condensed Consolidated Financial Statements. 6 Table of Contents LUMENTUM HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (in millions) ( Unaudited ) Series A Convertible Preferred Stock Common Stock Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Income Total Stockholders' Equity Shares Amount Shares Amount Balance as of June 28, 2025 — $ — 69.8 $ 0.1 $ 1,986.8 $ ( 861.2 ) $ 9.0 $ 1,134.7 Net income —  —  —  —  —  4.2 —  4.2 Other comprehensive income —  —  —  —  —  —  0.1 0.1 Issuance of shares in connection with vesting of restricted stock units and performance stock units —  —  1.3 —  —  —  —  —  Withholding taxes related to net share settlement of restricted stock units —  —  ( 0.4 ) —  ( 47.4 ) —  —  ( 47.4 ) Exercise of stock options 0.2 —  1.5 —  —  1.5 Stock-based compensation —  —  —  —  46.4 —  —  46.4 Fair value of incremental consideration on partial repurchase of 2026 Notes —  —  ( 256.9 ) —  —  ( 256.9 ) Capped call options related to 2032 Notes, net of tax —  —  —  —  ( 101.8 ) —  —  ( 101.8 ) Balance as of September 27, 2025 — $ — 70.9 $ 0.1 $ 1,628.6 $ ( 857.0 ) $ 9.1 $ 780.8 Net income —  —  —  —  —  78.2 —  78.2 Other comprehensive income —  —  —  —  —  —  0.3 0.3 Issuance of shares in connection with vesting of restricted stock units and performance stock units —  —  0.5 —  —  —  —  —  Withholding taxes related to net share settlement of restricted stock units —  —  ( 0.2 ) —  ( 60.0 ) —  —  ( 60.0 ) Exercise of stock options —  —  0.1 —  0.7 —  —  0.7 ESPP shares issued —  —  0.1 —  6.5 —  —  6.5 Stock-based compensation —  —  —  —  39.2 —  —  39.2 Tax impact on Capped call options related to 2032 Notes —  —  —  —  0.9 —  —  0.9 Balance as of December 27, 2025 — $ — 71.4 $ 0.1 $ 1,615.9 $ ( 778.8 ) $ 9.4 $ 846.6 Net income —  —  —  —  —  144.2 —  144.2 Other comprehensive income —  —  —  —  —  —  ( 2.4 ) ( 2.4 ) Issuance of Series A Convertible Preferred Stock, net of issuance costs 2.9 0.0 —  —  1,999.7 —  —  1,999.7 Cash paid for Convertible Notes conversion value in excess of principal amounts —  —  —  —  ( 0.6 ) —  —  ( 0.6 ) Issuance of shares in connection with vesting of restricted stock units and performance stock units —  —  0.3 —  —  —  —  —  7 Table of Contents LUMENTUM HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (in millions) ( Unaudited ) Withholding taxes related to net share settlement of restricted stock units —  —  ( 0.1 ) —  ( 56.8 ) —  —  ( 56.8 ) Exercise of stock options —  —  0.1 —  0.5 —  —  0.5 Stock-based compensation —  —  —  —  41.3 —  —  41.3 Tax impact on Capped call options related to 2032 Notes —  —  —  —  0.9 —  —  0.9 Balance as of March 28, 2026 2.9 $ — 71.7 $ 0.1 $ 3,600.9 $ ( 634.6 ) $ 7.0 $ 2,973.4 Common Stock Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Income Total Stockholders' Equity Shares Amount Balance as of June 29, 2024 67.9 $ 0.1 $ 1,835.0 $ ( 887.1 ) $ 9.3 $ 957.3 Net loss —  —  —  ( 82.4 ) —  ( 82.4 ) Other comprehensive income —  —  —  —  2.3 2.3 Issuance of shares in connection with vesting of restricted stock units and performance stock units 0.9 —  —  —  —  —  Withholding taxes related to net share settlement of restricted stock units ( 0.3 ) —  ( 16.0 ) —  —  ( 16.0 ) Exercise of stock options 0.1 —  0.9 —  —  0.9 Stock-based compensation —  —  33.8 —  —  33.8 Balance as of September 28, 2024 68.6 $ 0.1 $ 1,853.7 $ ( 969.5 ) $ 11.6 $ 895.9 Net loss —  —  —  ( 60.9 ) —  ( 60.9 ) Other comprehensive loss —  —  —  —  ( 1.4 ) ( 1.4 ) Issuance of shares in connection with vesting of restricted stock units and performance stock units 0.3 —  —  —  —  —  Withholding taxes related to net share settlement of restricted stock units ( 0.1 ) —  ( 7.8 ) —  —  ( 7.8 ) Exercise of stock options 0.1 —  1.1 —  —  1.1 ESPP shares issued 0.2 —  6.1 —  —  6.1 Stock-based compensation —  —  39.3 —  —  39.3 Balance as of December 28, 2024 69.1 $ 0.1 $ 1,892.4 ( 1,030.4 ) $ 10.2 $ 872.3 Net loss —  —  —  ( 44.1 ) —  ( 44.1 ) Other comprehensive loss —  —  —  —  0.9 0.9 Issuance of shares in connection with vesting of restricted stock units and performance stock units 0.5 —  —  —  —  —  Withholding taxes related to net share settlement of restricted stock units ( 0.2 ) —  ( 12.5 ) —  —  ( 12.5 ) Exercise of stock options — —  0.2 —  —  0.2 Stock-based compensation —  —  62.7 —  —  62.7 Balance as of March 29, 2025 69.4 $ 0.1 $ 1,942.8 $ ( 1,074.5 ) $ 11.1 $ 879.5 See accompanying Notes to Condensed Consolidated Financial Statements. 8 Table of Contents LUMENTUM HOLDINGS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1. Description of Business and Summary of Significant Accounting Policies Description of Business Lumentum Holdings Inc. (“we,” “us,” “our”, “Lumentum” or the “Company”) is a leading provider of optical and photonic products and is recognized as an industry leader based on revenue and market share. Our products are essential to a range of cloud, artificial intelligence and machine learning (“AI/ML”), telecommunications, consumer, and industrial end-market applications. The Company operates in one reportable segment. We disaggregate revenue by type of product, which are Components and Systems, and by geography. A Components product is defined as one of the individual building blocks that goes into creating a larger solution. It is typically not a complete product on its own but rather a specialized element that enables system functionality. This includes semiconductor laser chips, laser sub-assemblies, line subsystems and wavelength management systems. These are supplied to customers who then integrate them into their own full system solutions. Components represent Item 1A. Risk Factors 69 Item 5. Other Information 104 Item 6. Exhibits 105 SIGNATURES 106 1 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) LUMENTUM HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) ( Unaudited ) Three Months Ended Nine Months Ended March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025 Net revenue $ 808.4 $ 425.2 $ 2,007.7 $ 1,164.3 Cost of sales 432.1 283.7 1,170.7 801.4 Amortization of acquired developed intangibles 19.3 19.0 58.4 62.9 Gross profit 357.0 122.5 778.6 300.0 Operating expenses:     Research and development 90.6 75.9 252.1 224.4     Selling, general and administrative 90.8 112.0 272.0 264.6     Restructuring and related charges 1.1 7.2 9.0 17.6     Gain on sale of facility — ( 34.9 ) — ( 34.9 ) Total operating expenses 182.5 160.2 533.1 471.7 Income (loss) from operations 174.5 ( 37.7 ) 245.5 ( 171.7 ) Other income (expense), net: Escrow settlement — — 27.5 — Interest expense ( 6.2 ) ( 5.7 ) ( 18.2 ) ( 16.8 ) Other income, net 15.5 4.2 30.7 27.8 Total other income (expense), net 9.3 ( 1.5 ) 40.0 11.0 Income (loss) before income taxes 183.8 ( 39.2 ) 285.5 ( 160.7 ) Income tax provision 39.6 4.9 58.9 26.7 Net income (loss) 144.2 ( 44.1 ) 226.6 ( 187.4 ) Income allocated to participating securities ( 1.7 ) — ( 0.9 ) — Net income (loss) available to common shareholders $ 142.5 $ ( 44.1 ) $ 225.7 $ ( 187.4 ) Net income (loss) per common share:     Basic $ 1.99 $ ( 0.64 ) $ 3.18 $ ( 2.72 )     Diluted $ 1.50 $ ( 0.64 ) $ 2.59 $ ( 2.72 ) Shares used to compute net income (loss) per common share:     Basic 71.5 69.3 71.0 68.8     Diluted 96.2 69.3 87.4 68.8 See accompanying Notes to Condensed Consolidated Financial Statements. 2 Table of Contents LUMENTUM HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in millions) (Unaudited) Three Months Ended Nine Months Ended March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025 Net income (loss) $ 144.2 $ ( 44.1 ) $ 226.6 $ ( 187.4 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — 0.3 ( 0.3 ) — Net change in unrealized gain on available-for-sale securities ( 2.4 ) 0.6 ( 1.7 ) 1.8 Other comprehensive income (loss), net of tax ( 2.4 ) 0.9 ( 2.0 ) 1.8 Comprehensive income (loss), net of tax $ 141.8 $ ( 43.2 ) $ 224.6 $ ( 185.6 ) See accompanying Notes to Condensed Consolidated Financial Statements. 3 Table of Contents LUMENTUM HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except par value) ( Unaudited ) March 28, 2026 June 28, 2025 ASSETS Current assets: Cash and cash equivalents $ 2,617.8 $ 520.7 Short-term investments 554.5 356.4 Accounts receivable, net 441.6 250.0 Inventories 632.8 470.1 Prepayments and other current assets 149.0 120.1 Total current assets 4,395.7 1,717.3 Property, plant and equipment, net 964.3 726.4 Operating lease right-of-use assets, net 27.0 27.9 Goodwill 1,066.3 1,060.9 Other intangible assets, net 362.9 465.1 Deferred tax asset 197.9 210.3 Other non-current assets 13.8 10.8 Total assets $ 7,027.9 $ 4,218.7 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 392.7 $ 225.2 Accrued payroll and related expenses 109.7 57.9 Accrued expenses 48.9 34.6 Current portion of long-term debt 3,238.6 10.6 Operating lease liabilities, current 12.5 11.4 Other current liabilities 62.9 53.1 Total current liabilities 3,865.3 392.8 Long-term debt 43.2 2,562.6 Operating lease liabilities, non-current 19.4 23.6 Deferred tax liability 5.4 7.2 Other non-current liabilities 121.2 97.8 Total liabilities 4,054.5 3,084.0 Commitments and contingencies (Note 14) Stockholders’ equity: Preferred stock, $ 0.001 par value, 10 authorized shares, 2.9 shares and zero shares issued and outstanding as of March 28, 2026 and June 28, 2025, respectively — — Common stock, $ 0.001 par value, 990 authorized shares, 71.7 shares and 69.8 shares issued and outstanding as of March 28, 2026 and June 28, 2025, respectively 0.1 0.1 Additional paid-in capital 3,600.9 1,986.8 Accumulated deficit ( 634.6 ) ( 861.2 ) Accumulated other comprehensive income 7.0 9.0 Total stockholders’ equity 2,973.4 1,134.7 Total liabilities and stockholders’ equity $ 7,027.9 $ 4,218.7 See accompanying Notes to Condensed Consolidated Financial Statements. 4 Table of Contents LUMENTUM HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (Unaudited) Nine Months Ended March 28, 2026 March 29, 2025 OPERATING ACTIVITIES: Net income (loss) $ 226.6 $ ( 187.4 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation expense 91.2 77.9 Stock-based compensation 129.4 137.2 Bad debt expense (recovery) ( 0.1 ) 3.4 Gain on sale of facility — ( 34.9 ) Amortization and write-off of acquired intangibles 102.2 117.7 Write-down and loss on sales and dispositions of property, plant and equipment 13.4 5.2 Amortization of debt issuance costs 3.0 2.3 Inducement expense on partial repurchase of 2026 Notes 5.9 — Write-off of right-of-use assets — 6.2 Other non-cash items ( 9.1 ) ( 5.6 ) Changes in operating assets and liabilities: Accounts receivable ( 191.5 ) ( 64.4 ) Inventories ( 165.2 ) ( 25.7 ) Operating lease right-of-use assets, net 0.9 2.4 Prepayments and other current and non-current assets ( 22.5 ) ( 21.7 ) Income taxes, net 17.9 16.8 Accounts payable 109.4 44.9 Accrued payroll and related expenses 51.8 6.9 Operating lease liabilities ( 3.1 ) ( 3.6 ) Accrued expenses and other current and non-current liabilities 28.2 ( 15.3 ) Net cash provided by operating activities 388.4 62.3 INVESTING ACTIVITIES: Payments for acquisition of property, plant and equipment ( 284.5 ) ( 177.1 ) Payment for acquisition of business ( 38.0 ) — Proceeds from sale of facility, net of cash and selling costs — 47.8 Purchases of short-term investments ( 379.2 ) ( 280.2 ) Proceeds from maturities and sales of short-term investments 181.0 384.5 Proceeds from the sales of property, plant and equipment 39.6 0.3 Net cash used in investing activities ( 481.1 ) ( 24.7 ) FINANCING ACTIVITIES: Proceeds from issuance of Series A Convertible Preferred Stock 1,999.7 — Proceeds from the issuance of 2032 Notes, net of issuance costs 1,254.7 — Proceeds from term loans 47.9 76.5 Proceeds from employee stock plans 9.2 8.3 Payment for partial repurchase of 2026 Notes ( 843.1 ) — Payment for 2032 Notes capped call options ( 102.0 ) — Payment of withholding taxes related to net share settlement of restricted stock units ( 164.2 ) ( 36.3 ) Principal payments on term loans ( 9.2 ) ( 5.4 ) Payment for financing costs related to revolving credit facility ( 2.4 ) — Payment for conversions of convertible notes ( 0.8 ) — Payment of acquisition related holdback — ( 1.0 ) Net cash provided by financing activities 2,189.8 42.1 Increase in cash and cash equivalents 2,097.1 79.7 5 Table of Contents LUMENTUM HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (Unaudited) Cash and cash equivalents at beginning of period 520.7 436.7 Cash and cash equivalents at end of period $ 2,617.8 $ 516.4 Supplemental disclosure of cash flow information: Cash paid for taxes, net $ 41.1 $ 10.5 Cash paid for interest 12.8 9.7 Supplemental disclosure of non-cash investing and financing activities: Right-of-use assets obtained in exchange for new operating lease liabilities 6.8 6.4 Net transfer of assets from property, plant, and equipment to assets held-for-sale 3.3 — Holdback receivable from sale of property, plant and equipment 3.0 — See accompanying Notes to Condensed Consolidated Financial Statements. 6 Table of Contents LUMENTUM HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY Results of Operations 48 Item 3. Quantitative and Qualitative Disclosures About Market Risk 65 Item 4. Controls and Procedures 67 PART II - OTHER INFORMATION Item 1. Legal Proceedings 68 Item 1A. Risk Factors 69 Item 5. Other Information 104 Item 6. Exhibits 105 SIGNATURES 106 1 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) LUMENTUM HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) ( Unaudited ) Three Months Ended Nine Months Ended March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025 Net revenue $ 808.4 $ 425.2 $ 2,007.7 $ 1,164.3 Cost of sales 432.1 283.7 1,170.7 801.4 Amortization of acquired developed intangibles 19.3 19.0 58.4 62.9 Gross profit 357.0 122.5 778.6 300.0 Operating expenses:     Research and development 90.6 75.9 252.1 224.4     Selling, general and administrative 90.8 112.0 272.0 264.6     Restructuring and related charges 1.1 7.2 9.0 17.6     Gain on sale of facility — ( 34.9 ) — ( 34.9 ) Total operating expenses 182.5 160.2 533.1 471.7 Income (loss) from operations 174.5 ( 37.7 ) 245.5 ( 171.7 ) Other income (expense), net: Escrow settlement — — 27.5 — Interest expense ( 6.2 ) ( 5.7 ) ( 18.2 ) ( 16.8 ) Other income, net 15.5 4.2 30.7 27.8 Total other income (expense), net 9.3 ( 1.5 ) 40.0 11.0 Income (loss) before income taxes 183.8 ( 39.2 ) 285.5 ( 160.7 ) Income tax provision 39.6 4.9 58.9 26.7 Net income (loss) 144.2 ( 44.1 ) 226.6 ( 187.4 ) Income allocated to participating securities ( 1.7 ) — ( 0.9 ) — Net income (loss) available to common shareholders $ 142.5 $ ( 44.1 ) $ 225.7 $ ( 187.4 ) Net income (loss) per common share:     Basic $ 1.99 $ ( 0.64 ) $ 3.18 $ ( 2.72 )     Diluted $ 1.50 $ ( 0.64 ) $ 2.59 $ ( 2.72 ) Shares used to compute net income (loss) per common share:     Basic 71.5 69.3 71.0 68.8     Diluted 96.2 69.3 87.4 68.8 See accompanying Notes to Condensed Consolidated Financial Statements. 2 Table of Contents LUMENTUM HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in millions) (Unaudited) Three Months Ended Nine Months Ended March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025 Net income (loss) $ 144.2 $ ( 44.1 ) $ 226.6 $ ( 187.4 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — 0.3 ( 0.3 ) — Net change in unrealized gain on available-for-sale securities ( 2.4 ) 0.6 ( 1.7 ) 1.8 Other comprehensive income (loss), net of tax ( 2.4 ) 0.9 ( 2.0 ) 1.8 Comprehensive income (loss), net of tax $ 141.8 $ ( 43.2 ) $ 224.6 $ ( 185.6 ) See accompanying Notes to Condensed Consolidated Financial Statements. 3 Table of Contents LUMENTUM HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except par value) ( Unaudited ) March 28, 2026 June 28, 2025 ASSETS Current assets: Cash and cash equivalents $ 2,617.8 $ 520.7 Short-term investments 554.5 356.4 Accounts receivable, net 441.6 250.0 Inventories 632.8 470.1 Prepayments and other current assets 149.0 120.1 Total current assets 4,395.7 1,717.3 Property, plant and equipment, net 964.3 726.4 Operating lease right-of-use assets, net 27.0 27.9 Goodwill 1,066.3 1,060.9 Other intangible assets, net 362.9 465.1 Deferred tax asset 197.9 210.3 Other non-current assets 13.8 10.8 Total assets $ 7,027.9 $ 4,218.7 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 392.7 $ 225.2 Accrued payroll and related expenses 109.7 57.9 Accrued expenses 48.9 34.6 Current portion of long-term debt 3,238.6 10.6 Operating lease liabilities, current 12.5 11.4 Other current liabilities 62.9 53.1 Total current liabilities 3,865.3 392.8 Long-term debt 43.2 2,562.6 Operating lease liabilities, non-current 19.4 23.6 Deferred tax liability 5.4 7.2 Other non-current liabilities 121.2 97.8 Total liabilities 4,054.5 3,084.0 Commitments and contingencies (Note 14) Stockholders’ equity: Preferred stock, $ 0.001 par value, 10 authorized shares, 2.9 shares and zero shares issued and outstanding as of March 28, 2026 and June 28, 2025, respectively — — Common stock, $ 0.001 par value, 990 authorized shares, 71.7 shares and 69.8 shares issued and outstanding as of March 28, 2026 and June 28, 2025, respectively 0.1 0.1 Additional paid-in capital 3,600.9 1,986.8 Accumulated deficit ( 634.6 ) ( 861.2 ) Accumulated other comprehensive income 7.0 9.0 Total stockholders’ equity 2,973.4 1,134.7 Total liabilities and stockholders’ equity $ 7,027.9 $ 4,218.7 See accompanying Notes to Condensed Consolidated Financial Statements. 4 Table of Contents LUMENTUM HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (Unaudited) Nine Months Ended March 28, 2026 March 29, 2025 OPERATING ACTIVITIES: Net income (loss) $ 226.6 $ ( 187.4 ) Adjustments to reconcile net income (loss) to net cash provided by

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The provided excerpt is only the cover/filing header of SoundHound AI, Inc.’s 10‑Q for the quarter ended 2026‑03‑31. It contains listing/security identifiers (SOUN, SOUNW) but no financial statements, MD&A, guidance, risk updates, liquidity details, or material events. As a result, there is insufficient information to form high-confidence, actionable bullish/bearish theses beyond generic “company filed its 10‑Q” metadata.

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This excerpt only includes the cover page of Super Micro Computer, Inc.’s Form 10‑Q for the quarter ended March 31, 2026. It confirms the filing, issuer identity, listing (Nasdaq), and ticker (SMCI), but contains no financial results, guidance, risks, or MD&A content to support a directional investment view.