Quarterly and Annual Revenue Growth
Q4 revenue of $145.8M, up 9.3% sequentially and 24.2% year-over-year; full-year 2025 revenue of $523.3M, up 2.7% versus 2024 and in line with expectations.
Strong Q1 2026 Guidance
Q1 2026 revenue guidance midpoint of $165M (range $158M–$172M) implying >37% year-over-year growth; Q1 non-GAAP EPS guidance $0.34–$0.38 (midpoint $0.36), ~65% year-over-year growth at the midpoint.
Margin Expansion and Profitability Leverage
Full-year non-GAAP gross margin expanded 190 basis points to 69.3%; full-year non-GAAP operating margin expanded ~340 basis points and EBITDA margin increased 320 basis points to 35%; Q4 gross margin ~69.4%.
Earnings and Cash Flow Strength
Non-GAAP EPS grew 17% to $1.05 for the year; GAAP operating cash flow rose to $175.1M (from $140.9M), operating cash flow margin improved to 33.5% (from 27.7%); full-year free cash flow $133M with a 25.3% margin (up from $120M, 23.5%).
Record Quarterly Execution and Design Wins
Company reported its strongest sequential performance in seven years in Q4 and stated record design-win quarters continuing into Q4, supporting multi-year growth visibility and design-win-driven backlog into 2026 and bookings into 2027.
Product Momentum and New Product Adoption
New product revenue grew ~70% in 2025; new product revenue reached low-20% of total in 2025 and is expected to be in the mid-20% range of total revenue in 2026 as Nexus and AVANT adoption broadens.
Data Center & Server Strength
Communications & compute showed strong performance: Q4 comms & compute up 25% sequentially and ~60% year-over-year; server revenue grew ~85% year-over-year. Management noted increasing attach rates (passing three FPGAs per server) and rising ASPs from roughly $3 to above $4.
Capital Allocation and Balance Sheet
Company is debt-free, completed $100M share repurchase (~1.8M shares) in 2025 and Board authorized an additional $250M repurchase program; management emphasizes return of capital while retaining flexibility.
Channel Inventory Normalization
Management reported that channel inventory targets were achieved and normalized, positioning revenue to better track end-customer consumption going into 2026.