原文：
Serenity 白毛女-中文翻译（公开）
Serenity 白毛女-中文翻译（公开）
原文：
Lot of people were wondering about $SIVE earnings in 2 days.
What I'm watching out for:
1. I'm hoping for more visibility on photonics co-development/qualifications/contracts.
-> $AAOI stated multiple customers approaching them for CPO lasers (but had to turn them away)
-> $MTSI stated many customers approaching them for CW capacity (but doesn't come online until H2 2027)
So read through for a company serving as $GFS reference laser, $JBL for pluggables (ex. intel siph), to Ayar for CPO.
And in a merchant position:
-> with independent CW DFB supply (with Win semi)
-> CPO-grade lasers.
Is incredibly positive for more customers approaching Sivers.
2. Ongoing developments turning into volume
-> I'm most excited about $JBL, which would probably be the main revenue ramp in H1 2027.
-> $AEVA is likely much smaller in comparison, but should be a contributor H2 2026.
-> Ayar and optical I/O players already stated 2028 for HVM, so not really expecting much there.
-> Co-developments from their other pluggable players (from last ER) turning into qualifications -> volume).
Aside from that:
3. NASDAQ listing
-> We already got timelines for that "next few quarters", so it's not really a focus to narrow that down further. Always nice to get an update.
4. Financials
-> Again, current financials aren't a focus for qualification-cycle players. Just a heads up, there's some one-time accounting this quarter, which affects things optically.
Main thing is volume ramps for future quarters.
-> revenue pipeline increase
-> any early volume contracts signed
Balance sheet concerns should be cleared now given their recent $70m fundraising + bootstrap dilution overhang gone.
Bonus cookies:
-> Any information about allocations secured "eg. we have substantial CW capacity secured -> would be extremely high signal given current shortages.
-> Reiterate demand
Lot of people were wondering about $SIVE earnings in 2 days.
What I'm watching out for:
1. I'm hoping for more visibility on photonics co-development/qualifications/contracts.
-> $AAOI stated multiple customers approaching them for CPO lasers (but had to turn them away)
-> $MTSI stated many customers approaching them for CW capacity (but doesn't come online until H2 2027)
So read through for a company serving as $GFS reference laser, $JBL for pluggables (ex. intel siph), to Ayar for CPO.
And in a merchant position:
-> with independent CW DFB supply (with Win semi)
-> CPO-grade lasers.
Is incredibly positive for more customers approaching Sivers.
2. Ongoing developments turning into volume
-> I'm most excited about $JBL, which would probably be the main revenue ramp in H1 2027.
-> $AEVA is likely much smaller in comparison, but should be a contributor H2 2026.
-> Ayar and optical I/O players already stated 2028 for HVM, so not really expecting much there.
-> Co-developments from their other pluggable players (from last ER) turning into qualifications -> volume).
Aside from that:
3. NASDAQ listing
-> We already got timelines for that "next few quarters", so it's not really a focus to narrow that down further. Always nice to get an update.
4. Financials
-> Again, current financials aren't a focus for qualification-cycle players. Just a heads up, there's some one-time accounting this quarter, which affects things optically.
Main thing is volume ramps for future quarters.
-> revenue pipeline increase
-> any early volume contracts signed
Balance sheet concerns should be cleared now given their recent $70m fundraising + bootstrap dilution overhang gone.
Bonus cookies:
-> Any information about allocations secured "eg. we have substantial CW capacity secured -> would be extremely high signal given current shortages.
-> Reiterate demand
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