Lumentum Holdings Inc. (LITE)

Lumentum Holdings Inc. is a global provider of optical and photonic products whose technologies serve cloud, artificial intelligence and machine learning (AI/ML), telecommunications, consumer, and industrial applications. The company was incorporated in Delaware in 2015 as a subsidiary of JDS Uniphase (now Viavi Solutions) and was spun off as an independent public company in August 2015. It has since acquired Oclaro (2018), NeoPhotonics and IPG Photonics' telecom transmission product lines (2022), and Cloud Light Technology (2023).

Lumentum operates as one reportable segment and discloses revenue by product type (Components and Systems) and by geography. Components are building blocks that customers integrate into their own systems, including semiconductor laser chips, laser sub-assemblies, line subsystems, and wavelength management systems. Systems are complete, stand-alone solutions such as optical modules, optical circuit switches, and industrial lasers (short-pulse solid-state and kilowatt-class fiber lasers). The portfolio also includes high-speed transceivers, coherent components, photonic integrated circuits, ROADMs, optical amplifiers, pump lasers, and passive components. For consumer electronics it makes VCSELs and VCSEL arrays used in 3D sensing. The company invests in R&D for higher-speed laser chips, transceiver modules, optical circuit switching, and new industrial and diode lasers. It owned about 1,000 U.S. patents and 900 foreign patents as of June 27, 2026.

Customers include cloud and network service providers, AI infrastructure providers, and network equipment manufacturers, as well as OEM customers for industrial lasers and consumer electronics makers. Its products support data center, AI/ML, data center interconnect, access, metro, long-haul, submarine, and enterprise networks. Industrial lasers serve metal fabrication, printed circuit board, semiconductor, solar cell, display, and electric vehicle battery manufacturing. In fiscal 2026, Customer A accounted for 26.6% of net revenue and Customer B for 15.0%. Customers outside the United States, based on shipment location, represented 79.2% of net revenue, which is primarily denominated in U.S. dollars. Demand from AI and cloud customers has been outpacing supply, and the company is adding manufacturing capacity.

Lumentum is headquartered in San Jose, California. It manufactures in its own wafer fabs and assembly and test facilities, located mainly in the United States, Thailand, China, the United Kingdom, Slovenia, and Japan. In 2026 it acquired a facility in Greensboro, North Carolina. It also uses contract manufacturers, primarily in Thailand, Taiwan, Malaysia, and the Philippines. It seeks at least two sources for materials but relies on sole or limited sources for some components. It competes with public and private photonics companies, some of which are also customers. As of June 27, 2026, it had about 13,757 full-time employees, most of them in manufacturing.