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Backlog
Represents the value of unfulfilled orders, indicating future revenue visibility and the strength of product demand.Backlog has grown into a record pipeline, giving clear multi‑quarter revenue visibility and supporting management’s H2‑weighted guidance, but the headline figure masks two risks: much of the gain is driven by accelerated order intake and early‑stage hyperscaler MSAs that still need to convert, and ongoing ASP compression plus large inventory builds will pressure margins and cash until backlog converts. Monitor conversion timing, geographic margin mix and working‑capital turns to judge whether backlog growth will drive profitable revenue.
Date | Backlog |
|---|---|
Jun 30, 2026 | $6.40B |
Mar 31, 2026 | $5.60B |
Dec 31, 2025 | $5.50B |
Sep 30, 2025 | $5.30B |
Jun 30, 2025 | $4.90B |
Mar 31, 2025 | $4.90B |
Dec 31, 2024 | $5.10B |
Sep 30, 2024 | $4.50B |
Jun 30, 2024 | $4.50B |
Mar 31, 2024 | $3.70B |