Atlas Research Note

Coherent Fiscal Q1 2027: A $20 Billion PhotonLink Deal, and a Capacity Build to Match

Ben Bajarin · November 5, 2026

Creative Strategies earnings read | November 4, 2026 | Coherent fiscal first-quarter 2027 results and conference call, November 4, 2026 Coherent grew revenue 50% from a year ago to $2.37 billion, guided the December quarter to $2.65 billion at the midpoint, and signed a second anchor contract for its integrated optics platform, PhotonLink: about $20 billion over five years with a major AI company, starting in early calendar 2028. Operating view: The quarter was strong on every income statement line, and data center revenue grew 85% from a year ago, but most of the news came on the call. Coherent signed a PhotonLink long-term agreement worth about $20 billion over five years, said PhotonLink revenue passes $100 million in the March quarter and $250 million a quarter before the end of calendar 2027, and said its scale-across business is already running near $1 billion a year.

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Notes

Coherent Fiscal Q1 2027: A $20 Billion PhotonLink Deal, and a Capacity Build to Match

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