Sees Q2 revenue up sequentially. Sees Q2 operating expenses $9.3M. Says Q2 will be expected to be largest quarter for indium phosphide in company history. Says this derives from an indium phosphide backlog that has now reached a new high of over $100M. Says has $34M in revenue that can be realized in Q2 across substrate product lines and raw materials for which the company either already has a permit to ship or for which an export permit is not required. Says timing for permit issuance is not predictable, nor in the company’s control, and does not align with quarterly reporting. Says seeing a strong increase in indium phosphide wafer demand related to AI and the ongoing data center upgrade cycle. Comments and guidance taken from Q1 earnings conference call.
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