Look, for the quarter ended in early April 2026 we reported revenue of about $1.51 billion, up 5% YoY and down 1% sequentially. Utilization rose to 77% and non‑GAAP gross margin expanded a third straight quarter to 38.5% as we ramped production. The CFO says the margin lift reflects structural manufacturing changes and we expect sequential margin expansion through the year. Guidance revenue $1.535‑$1.635 billion, capex $25‑$35 million; we flagged roughly $50 million of non‑core exits this quarter and $30‑$40 million more next quarter. Call it a recovery path expectation, not a certainty.
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