Hey, so here's how I'm thinking about the next two quarters from the seat I'm in.
For Q2, I'm modeling revenue around $865M — basically treading water near where we just came in, with a modest bump as the channel refills ahead of the fall handset ramp. Gross margin keeps grinding higher, call it 49.2%, as GaN mix and defense content quietly lift the floor. Op income stays muted because we're squarely in the seasonal trough, so don't read the flat op income line as anything structural — Q2 is Q2.
Then Q3 is when the airwaves light back up. Flagship launches pull through, defense bookings hit their stride, and operating leverage returns in a real way. I'm penciling in revenue north of $1.07B, gross margin around 49.5%, and operating income jumping back to roughly $158M. Net income follows the same shape, reflecting the typical Q3 inflection.
Key assumptions behind the forecast: (1) handset seasonality holds — Q1 and Q2 are always the slow patch, Q3 is when the ramp kicks; (2) defense and GaN keep expanding as a share of mix, which is what's been steadily lifting our gross margin from 40.5% to nearly 49% over four quarters.
Top risk to this view? Customer concentration on the handset side plus any timing slip in defense shipments — either one can move these numbers meaningfully. We'll be watching the booking cadence closely.