Two deals reshaped us, right? Spirent lines from Keysight — $425M, closed mid-October, first full quarter $54.2M, in line, I mean about $16M synergies expected fiscal '26. Then Inertial Labs, January, $121.7M, PNT for drones and autonomous systems, $75M earn-out triggered on calendar '25 performance, you know? We brought export-control discipline, started winning tier-1 defense. Last but not the least, three quarters visibility, no more.
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We're the instrument on the bench, not the part being tested - that's the whole distinction. We don't build the transceiver or the laser; we build the gear that measures the optics, the chips, and the fiber going into an AI data center, and the packaging and test that used to be a backend afterthought is now the system. Last quarter ran $406.8 million, up 42.8% year-over-year, with the data center ecosystem the biggest driver - and our fiber monitoring showing up inside data centers that take more of it than the service providers ever did. Now, straight and no polish: one customer is about 15% of our year, and I won't name them. We sit downstream of the platform decisions - we test whatever architecture the semis and hyperscalers settle on, we don't set it. And I don't forecast past the end of the calendar year; call it three quarters of real visibility, no more. There's also OSP, the quieter arm - anti-counterfeiting pigments in the world's banknotes, plus 3D sensing.
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Viavi's quarter ending March 2026 came in above the high end of every guidance range it had set, I mean revenue hit $406.8 million, up 42.8% year‑over‑year and 10.2% sequential, you know, with operating margin at 21.0% above the 19.2‑20.2% band. Network test and monitoring ran $321.5 million, up 54.4% on data‑center and Spirent lines, and optical security $85.3 million, up 11.4%, right? Guidance next quarter is $427‑437 million, again sequential growth. Last but not the least, we’re early in the ramp, not at a peak, and I won’t look past the calendar year — about three quarters of visibility.
We acquired Spirent's high‑speed Ethernet, network‑security, and channel‑emulation test lines from Keysight for $425 million, closing October 16 2025; I mean the first full 13‑week quarter contributed $54.2 million, in line with expectations, right? We’re looking at about $16 million of synergies expected in fiscal 2026, you know, and that’s the heavy‑lifting part of the deal, right? Last but not the least, you know.
It acquired Spirent’s high‑speed Ethernet, network‑security and channel‑emulation test lines from Keysight for $425 million, closing Oct 16 2025; I mean the first full 13‑week quarter contributed $54.2 million, in line with expectations, and we’re looking at about $16 million of synergies in fiscal 2026, right? Separately we bought Inertial Labs in Jan 2025 for $121.7 million, and the PNT products are now finding their way into drones and other autonomous air, land, sea and under‑sea systems, you know. Last but not the least, we still cap visibility at three quarters of the calendar year.
That extended as hyperscalers began vertically integrating into their supply chains through partnerships and multi‑quarter commitments, I mean, and management now describes a good view of base demand up to three quarters ahead, you know, expecting data‑center momentum through calendar 2026. It draws a hard line past that— as a practice we will not forecast beyond the end of the calendar year and define the ‘foreseeable future’ as the next three quarters, right?
Spirent lines from Keysight — four twenty-five million, closed October sixteenth, first full quarter fifty-four point two million in line, about sixteen million synergies expected fiscal twenty-six, right? Inertial Labs, January twenty twenty-five, one twenty-one point seven million, PNT into drones and autonomous systems, strong enough calendar twenty-five to trigger seventy-five million earn-out early twenty-six, winning U.S. tier-one defense after export-control discipline, I mean that's the mechanism. Last but not the least, three quarters visibility, no more.
It also runs a quieter optical‑security arm – anti‑counterfeiting pigments used in banknotes and documents. Plus 3D sensing – with different end markets and cyclicality from the network‑test business.
Two deals doing the heavy lifting, right? Spirent lines from Keysight — four twenty-five million, closed mid-October, first full quarter fifty-four point two million, in line, I mean with about sixteen million synergies expected this fiscal year. Inertial Labs, positioning-navigation-timing for drones and autonomous systems, triggered a seventy-five million earn-out after strong calendar twenty-five, and we're winning U.S. tier-one defense work after adding export-control discipline. Last but not the least, three quarters visibility, no more.
There's the quieter arm — optical security, I mean anti-counterfeiting pigments in banknotes and documents, plus 3D sensing — different end markets, different cyclicality than network test, you know? Right? And that's the separator — we measure their work, we don't compete with it, I mean we're the instrument on the bench, not the part being tested, downstream of every platform decision. Last but not the least, three quarters visibility, no more.
Two deals doing the heavy lifting, right? We acquired Spirent's high-speed Ethernet, network-security, channel-emulation test lines from Keysight for $425 million, closed October 16, 2025 — first full 13-week quarter $54.2 million, in line, I mean about $16 million synergies fiscal 2026. Inertial Labs, January 2025 for $121.7 million, $75 million earn-out early 2026 after strong calendar 2025 — PNT into drones, autonomous systems, winning U.S. tier-1 defense after export-control discipline. Last but not the least, three quarters visibility, no more.
Visibility used to be maybe one, one and a half quarters, right? But hyperscalers vertically integrating, multi-quarter commitments — that stretched our view to three quarters on base demand, I mean we see data center momentum through calendar '26. Hard line though: we don't forecast past the calendar year, foreseeable future is three quarters, you know? Whether that holds or compresses back in a cyclical reversal, that's the open question we flag ourselves. Last but not the least, three quarters visibility, no more.
Data center ecosystem was roughly 40% of network-test a year ago; now management puts it around 45% and trending higher, I mean exit velocity inching to the high 40%s, possibly reaching half the segment, you know? Fiber instruments same shift — single digits to a third by late '25, 40-50% by early '26, trending toward 50%, right? AI data centers monitoring every wavelength, buying more fiber monitoring than service providers ever did, I mean that's the mechanism. All management's own numbers from calls, not in filings. Last but not the least, three quarters visibility, no more.
Last but not the least, there's the quieter arm — optical security, I mean anti-counterfeiting pigments in banknotes and documents, plus 3D sensing — different end markets, different cyclicality than the network-test business, you know? Right?
Quarter ending March came in above the high end of every range we set — revenue $406.8M, up 42.8% year-over-year, 10.2% sequential, I mean operating margin 21% above the high end of our 19.2 to 20.2 band. Network test and monitoring $321.5M, up 54.4%, data center ecosystem and the Spirent lines doing the work, you know? Optical security $85.3M, up 11.4%. Next quarter guided $427-437M, sequential growth again. We're early in the ramp, not at a peak, right? Last but not the least, I don't forecast past the calendar year — call it three quarters visibility, no more.