Lumentum

Lumentum Holdings Inc. (Lumentum) makes optical and photonic products for AI data centers, cloud computing, telecom networks, industrial manufacturing and sensing. Its components include high-power lasers and pump lasers. Its systems include optical transceivers for data centers and optical circuit switches.

It makes many of its lasers in its own indium phosphide factories. Revenue was $3.01 billion in fiscal year 2026, which ended on June 27, 2026, and $1.26 billion in Q1 of fiscal year 2027. Two end customers gave 37% and 11% of revenue in that quarter.

On November 1, 2026, Lumentum agreed to merge with Marvell Technology. The head office is in San Jose, California. Michael Hurlston is President and Chief Executive Officer.

The share price now depends mostly on the all-stock offer from Marvell, which pays 4.5 Marvell shares for each Lumentum share. So the price moves with the Marvell price and with the chance that the deal closes. The market also prices very fast growth from AI data centers, where revenue rose 136.5% in Q1 of fiscal year 2027.

For the shares to earn more, three things must be true. The stockholders of both companies must approve the merger, and the regulators must clear it before the outside date. Lumentum must meet its guidance while demand for AI optics stays strong.

And Marvell shares must hold their value, because the offer has a fixed exchange ratio. The Q2 fiscal 2027 report, expected in early February 2027, and the stockholder votes in 2027 are the next tests. The companies expect the deal to close in the first half of 2028.

1. Nov 2, 2026Passed

   Q1 fiscal 2027 results: revenue at guidanceRevenue of $1.225 billion or more and non-GAAP EPS of $4.05 or more pass; results below the guidance fail.Outcome: Revenue was $1.26 billion and non-GAAP EPS was $4.57, above the guidance.
2. Feb 2, 2027 · est.Pending

   Q2 fiscal 2027 resultsRevenue of $1.575 billion or more and non-GAAP EPS of $5.90 or more pass; results below the guidance fail.
3. 2027 · est.Pending

   Stockholder votes on the Marvell mergerApproval by the stockholders of both companies passes; a rejection by either group fails.
4. 2028 · est.Pending

   Closing of the merger with MarvellA close in the first half of 2028 on the agreed terms passes; a regulatory block or an end of the agreement fails.

Every passed and failed checkpoint across all picks

• November 2, 2026Lumentum reported Q1 fiscal 2027 results. Revenue rose 136.5% to $1.26 billion, GAAP net income was $360.3 million and non-GAAP EPS was $4.57. Lumentum guided Q2 revenue of $1.575 billion to $1.625 billion and non-GAAP EPS of $5.90 to $6.20. It also won its second major NPO/CPO order, with purchase commitments of more than $5 billion.
• November 1, 2026Lumentum agreed to merge with Marvell Technology in an all-stock deal. Each Lumentum share will become 4.5 Marvell shares. The companies said that the deal implies about $1,132 per share and an enterprise value of $115 billion, and that it can close in the first half of 2028 after stockholder and regulatory approvals.
• August 11, 2026Lumentum reported fiscal 2026 results. Revenue rose to $3.01 billion and non-GAAP EPS to $8.67. The GAAP net loss of $6.9 billion came from a one-time, non-cash loss of $7.8 billion when convertible notes became shares.

Last earnings

November 2, 2026 (8-K on sec.gov)

Next earnings

Expected about February 2, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 26, 2026Filed November 3, 2026 · lite-20260926
• 8-KNew material agreement and Change of directors or officersFiled November 2, 2026 · Read it on sec.gov
• 8-KEarnings releaseFiled November 2, 2026 · Press release and exhibits
• 10-KAnnual report for the period ended Jun 27, 2026Filed August 17, 2026 · lite-20260627
• 8-KEarnings releaseFiled August 11, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled July 30, 2026 · lite-20260727
• 8-KCurrent reportFiled June 1, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 28, 2026Filed May 6, 2026 · lite-20260328
• 8-KEarnings releaseFiled May 5, 2026 · Press release and exhibits
• 8-KCurrent reportFiled April 8, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1633978)

• The merger needs the approval of both groups of stockholders and of regulators. The deal can end if it does not close by November 1, 2027, or a later date of up to August 1, 2028. In some cases, Lumentum must pay a fee of $2.9 billion, and in others Marvell must pay a fee of $3.2 billion or $5.8 billion.
• The offer pays a fixed 4.5 Marvell shares for each share. A fall in the Marvell price lowers the value of the offer.
• A small number of large customers buy most products. Two end customers gave 48% of revenue in Q1 fiscal 2027. A pause in their AI data center spending would lower revenue quickly.
• Lumentum must add factory capacity fast to meet demand. Delays, low yields or supply shortages would limit revenue, and new capacity can be too much when demand falls.
• Holders asked to convert $779.9 million of convertible notes by October 30, 2026. Lumentum pays the principal in cash, and it can pay the excess value in shares.

At September 26, 2026, cash, cash equivalents and short-term investments were $1,980 million. Debt had a carrying value of $1,400 million. Read more

Lumentum does not pay a dividend.

Source: company filings and market data, read on November 10, 2026.