Electrical Equipment
Coherent's FY2026 results were driven by a strategic NVIDIA agreement and $2B investment, strong AI-driven Datacenter & Communications growth, a swing to profitability, and sharply lower operating cash flow.
Key risk: Customer concentration and large customer dependence
Two customers each contributed more than 10% of total revenues in fiscal 2026. The company's dependence on a small number of large customers exposes it to delayed, reduced or cancelled orders, price concessions and difficult forecasting, which could significantly harm revenue and profitability.
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