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Lumentum: EMLs Driving Results, CW Lasers Ramping with Q2 Guided for 22% QoQ Growth

Written by

I/O Fund Team

Research Team

Published: December 5, 2025

Last Updated: December 5, 2025

Lumentum’s Q1 provided more confirmation that EML laser shipments are ramping in full force, with another record quarter driven by 100G speeds and an increase in 200G shipments. EMLs have been the primary driver of growth so far for Lumentum, though the supply-demand imbalance is widening due to tight indium-phosphide (InP) capacity. Looking ahead to 2026, InP capacity will be a key factor to focus on as Lumentum is targeting 40% capacity growth over the next few quarters, with the potential for this to drive even stronger revenue growth.

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