Fourth consecutive quarterly record: Q3 revenue of $280.5M, up 8.6% QoQ and 38.4% YoY; revenue, gross margin, and EPS exceeded the high end of outlook.
Broad demand across high-performance compute, advanced packaging, DRAM, and photonics; capacity limits increasingly constrain output.
Q4 outlook midpoint implies FY2026 revenue above $1B; Farmers Branch capacity is expected to support growth into 2027.
Q3 revenue was $280.5M, $10.5M above the outlook midpoint; up 8.6% QoQ and 38.4% YoY.
GAAP gross margin was 54.7%, versus 39.8% a year ago; non-GAAP gross margin was 56.5%, versus 41.0%.
GAAP net income was $73.8M, or $0.93 diluted EPS; non-GAAP net income was $82.3M, or $1.04 diluted EPS.
Non-GAAP gross margin included ~$10.5M, or ~380 bps, from primarily tariff refunds and favorable quantum sub-component costs; excluding these items, margin was 52.5%-53%.
GAAP operating income was $81.6M; Q3 included $6.4M of factory start-up costs in operating expenses.
Q4 outlook: revenue $285M ±$10M; non-GAAP gross margin 54% ±150 bps; operating expenses ~$69M ±$2M; non-GAAP diluted EPS $0.95 ±$0.09.
Q4 non-GAAP gross margin outlook includes tariff refunds, better mix, and higher volumes; expected tax rate is 15%-19%.
Non-GAAP gross margin baseline is ~53% at Q3 volumes; 2027 margins are expected near that level as volume and efficiency gains offset temporary factory-ramp inefficiencies.
Farmers Branch is expected to reach ~$400M annual probe-card production capability exiting 2027; capacity is not a revenue forecast.
2026 TRITON revenue is expected to exceed $30M, versus an initial $10M-$20M outlook; demand growth is expected to continue in 2027.
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