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Lumentum Holdings Inc. (LITE-3.71%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing details an increase in net revenue to $402.2 million, up from $366.8 million in the same quarter the previous year. This growth was driven by a $52.5 million increase in Cloud & Networking revenue, partially offset by a $17.1 million decrease in Industrial Tech revenue.
Cost of sales for the quarter was $281.2 million, representing 69.9% of sales, compared to 76.7% in the same quarter of the previous year. The improvement in gross margin was attributed to a reduction in excess and obsolete inventory charges and better factory utilization.
The company reported a gross profit of $99.6 million for the quarter, compared to $64.0 million in the previous year, with the increase attributed to higher sales and improved cost management.
Research and development expenses decreased to $74.2 million from $78.3 million, reflecting lower spending on certain projects and reduced headcount.
Selling, general, and administrative expenses decreased to $76.3 million from $85.1 million, primarily due to lower acquisition and integration costs.
Net loss for the quarter was $60.9 million, compared to a net loss of $99.1 million in the previous year. The improvement was driven by higher revenue and lower operating expenses.
Cash provided by operating activities was $63.9 million, while cash used in investing and financing activities was $77.8 million and $56.9 million, respectively.
Lumentum had a working capital of $1,651.4 million as of December 28, 2024. The company continues to focus on managing its cash flow and capital expenditures.
The filing also discusses the acquisition of Cloud Light Technology Limited, completed on November 7, 2023, which is expected to enhance Lumentum's capabilities in the cloud and networking markets.
Lumentum's management acknowledges the impact of global economic conditions, including inflation and supply chain challenges, on its operations and financial results.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lumentum Holdings Inc. quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.