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Coherent Corp. Reports Fourth Quarter and Full Year Fiscal 2025 Results

• FY25 REVENUE OF $5.81B, INCREASED 23% Y/Y
• FY25 GAAP GROSS MARGIN OF 35.2%, INCREASED 424 bps Y/Y; FY25 NON-GAAP GROSS MARGIN OF 37.9%, INCREASED 358 bps Y/Y
• FY25 GAAP LOSS OF $0.52, IMPROVED $1.32 Y/Y; FY25 NON-GAAP EPS OF $3.53, IMPROVED $2.32 Y/Y
  

SAXONBURG, Pa., Aug. 13, 2025 (GLOBE NEWSWIRE) -- Coherent Corp. (NYSE: COHR) (鈥淐oherent,鈥� 鈥淲e,鈥� or the 鈥淐ompany鈥�), a global leader in photonics, announced financial results today for the fiscal fourth quarter and full year fiscal 2025 ended June 30, 2025.

Revenue for the fourth quarter of fiscal 2025 was a record $1.53 billion, with GAAP gross margin of 35.7% and GAAP net loss of $0.83 per diluted share. On a non-GAAP basis, gross margin was 38.1% with net income per diluted share of $1.00.

Revenue for the full year fiscal 2025 was a record $5.81 billion, with GAAP gross margin of 35.2% and GAAP net loss of $0.52 per diluted share. On a non-GAAP basis, gross margin was 37.9% with net income per diluted share of $3.53.

Jim Anderson, CEO, said, 鈥淲e delivered a strong fiscal 2025 with revenue growth of 23% and non-GAAP EPS expansion of 191%. We believe we are well positioned to continue to drive strong revenue and profit growth over the long-term given our exposure to key growth drivers such as AI datacenters. We also continue to optimize and focus our portfolio with the recently announced agreement to sell our Aerospace and Defense business. As we enter a new fiscal year, we are excited about the growth opportunities ahead of us.鈥�

Sherri Luther, CFO, said, 鈥淚n fiscal 2025, in addition to strong revenue growth, we achieved gross margin expansion of 358 basis points on a year-over-year basis. Revenue growth and margin expansion drove improvement in our operating cash flow, which enabled us to repay approximately $437 million of our outstanding debt for the full fiscal year.鈥� 听听

⁽¹⁾ Operating Income is defined as earnings (loss) before income taxes, interest expense, and other expense or income, net.

⁽¹⁾ During the second fiscal quarter of 2025, the Company refined its methodology to report non-GAAP measures. The change does not impact the Company鈥檚 financial position, cash flows, or GAAP consolidated results of operations. Prior period non-GAAP financial measures presented in this press release have been recast to conform to the current presentation.

⁽²⁾ The Company has disclosed financial measurements in this earnings release that present financial information considered to be non-GAAP financial measures. These measurements are not a substitute for GAAP measurements, although the Company's management uses these measurements as an aid in monitoring the Company's on-going financial performance. The non-GAAP net earnings attributable to Coherent Corp., the non-GAAP diluted earnings per share, the non-GAAP operating income, the non-GAAP gross margin, the non-GAAP research and development, the non-GAAP selling, general and administration, the non-GAAP operating expenses, the non-GAAP interest and other (income) expense, and the non-GAAP income tax, measure earnings and operating income (loss), respectively, excluding non-recurring or unusual items that are considered by management to be outside the Company鈥檚 standard operation and excluding certain non-cash items. There are limitations associated with the use of non-GAAP financial measures, including that such measures may not be entirely comparable to similarly titled measures used by other companies, due to potential differences among calculation methodologies. Thus, there can be no assurance whether (i) items excluded from the non-GAAP financial measures will occur in the future or (ii) there will be cash costs associated with items excluded from the non-GAAP financial measures. The Company compensates for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by providing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures. Investors should consider adjusted measures in addition to, and not as a substitute for, or superior to, financial performance measures prepared in accordance with GAAP. All non-GAAP amounts exclude certain adjustments for share-based compensation, acquired intangible amortization expense, restructuring charges (recoveries), impairment of assets held-for-sale, integration and site consolidation expenses, integration transaction expenses, and various one-time adjustments. See Table 6 for the Reconciliation of GAAP measures to non-GAAP measures.

Product Highlights 鈥� Fourth Quarter Fiscal 2025

• First Revenue from 1.6T Datacom Transceivers. Commenced revenue shipments of our 1.6T transceiver products, enabling high-performance AI datacenter applications.
  
  
• First Revenue from Optical Circuit Switch (OCS). Achieved initial revenue for our differentiated liquid-crystal OCS platform, which we estimate will expand our addressable data center market opportunity by over $2 billion by 2030.
  
  
• Advanced Cooling for AI Datacenters. Introduced a new diamond silicon carbide composite material with enhanced thermal conductivity for cooling xPUs in AI datacenters.
  
  
• Industry-first 600W Excimer Laser for Energy Applications. Launched a new excimer laser platform optimized for high-temperature superconductor tape production for emerging energy technologies including fusion.

Business Outlook 鈥� First Quarter Fiscal 2026⁽¹⁾

We expect the sale of our Aerospace and Defense business to close this quarter. As a result, the following outlook excludes approximately $20 million in Aerospace and Defense revenue that we expect will occur after we close the sale.

• Revenue for the first quarter of fiscal 2026 is expected to be between $1.46 billion and $1.60 billion.
• Gross margin for the first quarter of fiscal 2026 is expected to be between 37.5% and 39.5% on a non-GAAP basis.
• Total operating expenses for the first quarter of fiscal 2026 are expected to be between $290 million and $310 million on a non-GAAP basis.
• Tax rate for the first quarter of fiscal 2026 is expected to be between 18% and 22% on a non-GAAP basis.
• EPS for the first quarter of fiscal 2026 is expected to be between $0.93 and $1.13 on a non-GAAP basis.
  

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_{⁽¹⁾ The Company has not provided a quantitative reconciliation of forward-looking non-GAAP gross margin percentage, non-GAAP operating expenses, non-GAAP tax rate and non-GAAP earnings per share, because we cannot, without unreasonable efforts, forecast certain items required to develop comparable GAAP measures. These items include, without limitation, restructuring charges, integration, site consolidation and other expenses, foreign exchange gains (losses), and share based compensation expense. The variability of these items could significantly impact our future GAAP financial results and we believe that the inclusion of any such reconciliations would imply a degree or precision that could be confusing or misleading to investors.听}听

Investor Conference Call / Webcast Details

Coherent will review the Company鈥檚 financial results for its fourth quarter of fiscal 2025 and business outlook on Wednesday, August 13, at 5:00 p.m. ET. A live webcast and replay of the conference call will be available on the Investor Relations section of the Company鈥檚 website at . The Company鈥檚 financial guidance will be limited to the comments on its public quarterly earnings call and the public business outlook statements contained in this press release.

Additional Information and Where to Find It

In connection with the conference call described above, the Company intends to file an investor presentation as an exhibit to a Current Report on Form 8-K filed with the Securities and Exchange Commission (鈥淪EC鈥�) and to post the investor presentation on the Company鈥檚 website at after market close on August 13, 2025. We also may, from time to time, post other important information for investors on our website at We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should review the Investor Relations page of our website referenced above, in addition to following the Company鈥檚 press releases, SEC filings, and public conference calls, presentations, and webcasts. Investors and security holders are able to obtain free copies of these documents through the Company鈥檚 website referenced above. Copies of the documents filed by the Company with the SEC may be obtained free of charge on the Company鈥檚 website at . The information contained on, or that may be accessed through, the Company鈥檚 website is not incorporated by reference into, and is not part of, this release.

Forward-Looking Statements

This press release contains statements, estimates, and projections that constitute 鈥渇orward-looking statements鈥� as defined under U.S. federal securities laws 鈥� including our estimates and projections for our business outlook for the first quarter of fiscal 2026, each of which is made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and relate to the Company鈥檚 performance on a going-forward basis. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause the Company鈥檚 actual results to differ materially from its historical experience and our present expectations or projections.

The Company believes that all forward-looking statements made by it herein have a reasonable basis, but there can be no assurance that management鈥檚 expectations, beliefs, or projections as expressed in the forward-looking statements will actually occur or prove to be correct. In addition to general industry and global economic conditions, factors that could cause actual results to differ materially from those discussed in the forward-looking statements herein include but are not limited to: (i) the failure of any one or more of the assumptions stated herein to prove to be correct; (ii) the terms of the Company鈥檚 indebtedness and ability to service such debt in connection with its acquisition of Coherent, Inc., (iii) risks relating to future integration and/or restructuring actions; (iv) fluctuations in purchasing patterns of customers and end users; (v) the ability of the Company to retain and hire key employees; (vi) changes in demand in the Company鈥檚 end markets along with the Company鈥檚 ability to respond to such market changes; (vii) the timely release of new products and acceptance of such new products by the market; (viii) the introduction of new products by competitors and other competitive responses; (ix) the Company鈥檚 ability to assimilate other recently acquired businesses, and realize synergies, cost savings, and opportunities for growth in connection therewith, together with the risks, costs, and uncertainties associated with such acquisitions; (x) the risks to realizing the benefits of investments in R&D and commercialization of innovations; (xi) the risks that the Company鈥檚 stock price will not trade in line with industrial technology leaders; (xii) the impact of trade protection measures, such as import tariffs by the United States or retaliatory actions taken by other countries; and/or (xiii) the risks relating to forward-looking statements and other 鈥淩isk Factors鈥� identified from time to time in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, and our subsequently filed Quarterly Reports on Form 10-Q, which filings are available from the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company disclaims any obligation to update information contained in these forward-looking statements, whether as a result of new information, future events or developments, or otherwise.

About Coherent

Coherent is the global photonics leader. We harness photons to drive innovation. Industry leaders in the datacenter, communications, and industrial markets rely on Coherent鈥檚 world-leading technology to fuel their own innovation and growth.

Founded in 1971 and operating in more than 20 countries, Coherent brings the industry鈥檚 broadest, deepest technology stack; unmatched supply chain resilience; and global scale to help its customers solve their toughest technology challenges. For more information, please visit us at .

Contact:

Paul Silverstein
Senior VP, Investor Relations
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*Amounts may not recalculate due to rounding.

*Amounts may not recalculate due to rounding.
⁽¹⁾ During the second fiscal quarter of 2025, the Company refined its methodology to report non-GAAP measures. The change does not impact the Company鈥檚 financial position, cash flows, or GAAP consolidated results of operations. Prior period non-GAAP financial measures presented in this press release have been recast to conform to the current presentation.
⁽²⁾ Amortization of acquired intangibles includes the write-off of certain impaired intangible assets in the third quarter of fiscal 2025.
⁽³⁾ Integration, site consolidation and other costs include retention and severance payments and other integration costs related to the acquisition of Coherent, Inc. Refer to table 7 for a more detailed description of these costs on a consolidated basis.
⁽⁴⁾ Restructuring charges include non-cash impairment charges for production assets and improvements on leased facilities, loss on sale of a facility, severance, contract termination costs and other costs related to the restructuring plans.
⁽⁵⁾ Impairment of assets held-for-sale relate to several entities classified as held for sale at June 30, 2025.
⁽⁶⁾Transaction fees and financing includes debt extinguishment costs and various fees related to closing the Coherent transaction.
⁽⁶⁾ Windfall tax benefits were recorded on the vesting of share-based compensation.
⁽⁸⁾ Valuation allowance adjustment was related to an increase (decrease) in valuation allowance related to certain deferred tax assets resulting from the Company鈥檚 cumulative GAAP net loss that is not recognized for non-GAAP purposes given the historical non-GAAP net earnings.

*Amounts may not recalculate due to rounding.
⁽¹⁾ During the second fiscal quarter of 2025, the Company refined its methodology to report non-GAAP measures. The change does not impact the Company鈥檚 financial position, cash flows, or GAAP consolidated results of operations. Prior period non-GAAP financial measures presented in this press release have been recast to conform to the current presentation.

*Amounts may not recalculate due to rounding.

*Amounts may not recalculate due to rounding.
⁽¹⁾ During the second fiscal quarter of 2025, the Company refined its methodology to report non-GAAP measures. The change does not impact the Company鈥檚 financial position, cash flows, or GAAP consolidated results of operations. Prior period non-GAAP financial measures presented in this press release have been recast to conform to the current presentation.