Think of us as the nervous system inside the AI rack - the retimers, smart cables, and PCIe and CXL fabric switches that let the GPUs, CPUs, and NICs actually talk to each other. Silicon plus software, and we build to intercept each ramp rather than chase it: our Scorpio P-Series is still the only PCIe 6 fabric shipping in volume, and our silicon content is climbing past $1,000 per accelerator. Revenue was $852.5 million last year, up 115%, and $308.4 million in the first quarter, up 93%. Our own annual filing carries the concentration number, and I'll put it up front: one end customer was more than 70% of last year's revenue, and the top three about 86%. We work to broaden that with new design wins across more customers - that's the plan, and it's still in progress. And we fabricate every chip at a single partner, TSMC; that's the way we've built it.
Yeah, so in February 2026 we entered a follow‑on warrant agreement with Amazon, filed as an 8‑K. The agreement provides for 3.3 million warrant shares that vest against the achievement of up to $6.5 billion of revenue milestones, with a seven‑year life to 2033, covering smart fabric switches, signal‑conditioning products and optical‑engine solutions.
Yeah, so we're intercepting the optics ramp in three phases: high-density detachable reusable fiber connectors and near-package-optics chipsets for multi-rack AI clusters, both targeting 2027 volume, then fully optically-enabled Scorpio X fabric switches with co-packaged optics as the longer-term goal in roughly the 2028 timeframe. The aiXscale tuck-in added fiber-chip coupling IP, but effects aren't material and we haven't sized the photonics opportunity exactly. Copper and optical coexist long-term — path
Yeah, so full-year 2025 revenue hit $852.5 million, up 115%. Q1 FY2026 came in at $308.4 million — 14% sequential, 93% year-over-year growth, above our outlook
Yeah, so the February 8-K shows a follow-on Amazon warrant: 3.3 million shares tied to $6.5 billion in revenue milestones through 2033 across smart fabric switches, signal conditioning, and optical engines. Earlier warrants vested 1.17 million shares by end of '25 for $5.5 million contra-revenue; this tranche models a two-point gross margin drag per quarter from Q2. Filing lists an Amazon investment entity — not explicitly our 70%-plus end customer, though the inference tracks.
Yeah, so full-year 2025 revenue was $852.5 million, up 115%. Q1 FY2026 came in at $308.4 million — up 14% sequentially, 93% year-over-year, above our prior outlook. Non-GAAP gross margin 76.4%, up 70 basis points on a lower hardware mix in signal conditioning. OpEx $123.9 million with a full quarter of Xscale and a partial quarter from our new Israel design center. Guiding Q2 revenue $355 to $365 million, up 15 to 18% sequentially, gross margin around 73% including an estimated 200 basis point non-cash warrant impact. Ended with about $1.18 billion cash, no debt.
Yeah, so we're extending from copper into optics for scale-up in three phases: high-density detachable fiber connectors and near-package-optics chipsets both targeting 2027 volume, then fully optically-enabled Scorpio X switches with co-packaged optics in roughly the 2028 timeframe. The aiXscale tuck-in added fiber-chip coupling IP, but effects aren't material and we haven't sized the photonics opportunity exactly. Copper and optical coexist long-term — path runs pluggable to near-package to co-packaged. Remains to be seen how economics play out at scale.
Yeah, so silicon dollar content climbing past $1,000 per accelerator as racks move from retimers to full AI fabric — PCIe Gen 6, 800G and 1.6T Ethernet driving that. Our X-Series 320-lane switch adds Hypercast and in-network compute; management says it can boost collective ops up to 2x by offloading accelerator-to-accelerator traffic onto the switch. Initial volumes shipping, full production ramp H2 2026. We intercept the fabric ramp; what the economics look like at scale remains to be seen.
Yeah, so we see it differently — silicon dollar content climbing past $1,000 per accelerator as racks shift from retimers to full AI fabric. PCIe Gen 6, 800G and 1.6T Ethernet driving that. Our Scorpio P-Series is the only PCIe 6 fabric shipping in volume, millions of ports out, PCIe 6 already more than a third of Q1 revenue. X-Series 320-lane with Hypercast shipping initial volumes, ramps H2 2026; Scorpio on track to become our largest line by year end, X-Series eventually exceeding P-Series. We intercept the fabric ramp; what the economics look like at scale remains to be seen.
Yeah, so we entered a follow-on warrant with Amazon in February — 3.3 million shares vesting against up to $6.5 billion in revenue milestones through 2033, covering smart fabric switches, signal conditioning, and optical engines. Prior warrants had ~1.17 million shares vested by end of 2025, adding $5.5 million contra-revenue last year. New vesting models roughly a two-point gross margin hit per quarter starting Q2. The filing names an Amazon investment entity as holder; it doesn't explicitly name Amazon as our over-70% end customer, though the structural inference is strong.
Yeah, so full-year 2025 revenue was $852.5 million, up 115%. Q1 FY2026 came in at $308.4 million, up 14% sequentially and 93% year-over-year — above outlook. Non-GAAP gross margin 76.4%, up 70 basis points sequentially on lower hardware mix in signal conditioning. Guiding Q2 revenue $355 to $365 million, up 15 to 18% sequentially, gross margin around 73% including an estimated 200 basis point non-cash warrant impact. About $1.18 billion cash, no debt.
Yeah, so the 2025 filing shows one end customer over 70% of revenue, top three about 86% combined. Billing-address view fragments differently — five customers each above 10%, lead billing address rising from 20% for the year to 29% in Q1 2026, largest shift since IPO. Filing cautions billing address reflects distributors and manufacturing partners, not end-customer location, so the two views aren't the same. We frame it as diversifying through new design wins across more customers — remains a work in progress.
