Communications
Lumentum delivered 83% revenue growth and positive operating income in FY2026 on AI-driven optical demand, but a $7.76B debt extinguishment loss drove a large net loss.
Key risk: Huawei Export Restrictions and Government Investigations
Lumentum has been unable to sell certain products to Huawei since early calendar 2024 under BIS rules, eliminating a historically significant customer. The company received subpoenas from BIS and DOJ regarding prior Huawei-related shipments and may face penalties or further restrictions.
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