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Backlog
Represents the value of confirmed but unshipped orders, offering a view of near-term revenue visibility and manufacturing demand. A rising backlog can signal strong future sales but may also reflect supply constraints or long lead times that could delay recognition and introduce cancellation risk.Backlog has flipped from a historically lumpy, low-to-moderate cadence into a sharp, sustained build driven by hyperscaler/AI and silicon-photonics wins — this is the primary rationale behind management’s aggressive FY27 2.6–3x revenue target and claim they aren’t capacity‑limited at the $150M level. That said, the key investable question is conversion: supply‑chain cost/lead‑time pressures, higher operating expenses and ongoing litigation make execution/timing — not demand — the biggest risk to realizing that revenue upside.
Date | Backlog |
|---|---|
Jun 30, 2026 | $80.60M |
Mar 31, 2026 | $38.70M |
Dec 31, 2025 | $11.80M |
Sep 30, 2025 | $15.50M |
Jun 30, 2025 | $15.20M |
Mar 31, 2025 | $18.20M |
Dec 31, 2024 | $12.40M |
Sep 30, 2024 | $16.60M |
Jun 30, 2024 | $7.30M |
Mar 31, 2024 | $20.00M |