Key Highlights

  • Aehr Test Systems leads with $33.0 million of revenue, a 200% jump from $11.0 million a year before.
  • Lumentum brought in $1,262.6 million, a 136.5% gain, and a GAAP profit totaling $360.3 million.
  • Lattice Semiconductor delivered a record $291.0 million in revenue, up 118.3%, and projected fourth quarter sales of $325 million to $345 million.
  • Harmonic reported $148.8 million of revenue, up 64%, and lifted its 2026 sales forecast into a $545 million through $555 million range.
  • Fabrinet recorded $1,474.5 million in revenue, up 50.8% (calculated), making it the largest base among the five.

Ranking the Five Chip and AI Hardware Growth Stories This Season

Five semiconductor and AI hardware businesses are ordered below by year-over-year sales growth, highest first, based on results issued around Nov 2, 2026. Aehr Test Systems (NASDAQ:AEHR) takes the top spot with a record $33.0 million, 200% above the $11.0 million of a year before. Lumentum (NASDAQ:LITE) follows, reporting $1,262.6 million in Revenue and a 136.5% gain. Lattice Semiconductor (NASDAQ:LSCC) holds third place, with sales hitting an all-time high of $291.0 million and growth of 118.3%.

Harmonic (NASDAQ:HLIT) is fourth with $148.8 million in revenue, up 64%. Fabrinet (NYSE:FN) closes the list at $1,474.5 million, a 50.8% rise (calculated, though the firm itself rounds the figure to 51%). The base sizes vary enormously: Aehr's quarter is the smallest, Fabrinet's the largest, so a 200% advance on $33.0 million translates into a much smaller dollar increase than the 50.8% recorded on almost $1.5 billion.

Reporting windows are not uniform. Aehr, Lumentum and Fabrinet cite fiscal first quarters of 2027, Lattice's numbers cover fiscal Q3 2026, and Harmonic reports for the third quarter of 2026 on continuing operations. All five are described as GAAP profitable, although the materials used do not give Harmonic's Net Income in dollars.

1. Aehr Test Systems: Fiscal First Quarter Peak and a $150 Million Outlook Lift

Aehr posted a record fiscal first quarter 2027 Top Line of $33.0 million, a 200% gain from a year earlier and 75% above the prior quarter. Its test and burn-in machines screen semiconductors for early defects, and the target applications named include power devices, silicon photonics, AI processors and data centers. GAAP profit came to $7.2 million, or $0.21 a diluted share, compared with a $2.1 million loss a year earlier.

Orders totaled $46.7 million, and effective Backlog stood at $109.3 million on Nov 1, 2026. Management lifted the fiscal 2027 sales outlook to $150 million, up from $130 million to $150 million earlier, and expects non-GAAP profit of at least 20% of sales. The company warned that customer forecasts are not binding and that orders may slip or be dropped.

2. Lumentum: Systems and Components Lift Sales More Than Twofold

Lumentum's top line for fiscal first quarter 2027 reached $1,262.6 million, a 136.5% increase on $533.8 million, and sales rose 25.5% over the previous quarter. Leadership credited broad expansion across the company, with optical circuit switches and pump lasers at the forefront. The systems line expanded 228.8% to $508.4 million, and components climbed 98.9%, reaching $754.2 million.

GAAP net income reached $360.3 million, or $3.54 per diluted share, up from $4.2 million a year before. The earlier quarter's $7.2 billion net loss traces, per the reconciliation, to a charge of $7,756.6 million tied to Debt extinguishment. Non-GAAP Operating Margin reached 42.3%. For the fiscal second quarter, revenue is guided between $1.575 billion and $1.625 billion. Cash fell $758.8 million versus the prior quarter, and the materials provide no explanation.

3. Lattice Semiconductor: FPGA Momentum and a July Acquisition Shape a $291.0 Million Quarter

For the fiscal third quarter of 2026, Lattice generated $291.0 million, a 118.3% jump from $133.3 million, and sales were 44.7% above the second quarter. FPGA sales came in near $252 million, roughly 90% higher; leadership linked that to Data Center AI Demand and an industrial and embedded rebound. Compute and Communications sales grew around 132% (calculated), arriving at $171.9 million.

The AMI acquisition, completed Jul 27, 2026, contributed $39.1 million, which equals 13% of revenue. GAAP profit was $11.2 million, or $0.08 a diluted share, and non-GAAP EPS reached $0.72. Debt owed long term came to $869.1 million, following a $50 million paydown. For the fourth quarter, the outlook calls for revenue between $325 million and $345 million, with non-GAAP EPS in a $0.82 to $0.86 band.

4. Harmonic: Revenue From Continuing Operations Clears Its Guided Band

Harmonic logged $148.8 million in revenue from continuing operations for the third quarter of 2026, a 64% gain from $90.5 million and above the $125 million to $135 million corridor it had guided to. GAAP per-share Earnings came to $0.16, and non-GAAP per-share earnings reached $0.23. The firm supplies virtualized broadband gear for cable and telecom carriers, and divested its video Business in June 2026.

Rest-of-market revenue, which excludes the two largest customers, climbed 101% and hit a record 46% of the total, though the two biggest customers still represented 54%. Free Cash Flow came to negative $5.1 million, as $28.3 million was tied up in inventory. Book-to-bill stood at 0.7, and full-year 2026 revenue guidance now runs $545 million through $555 million, versus an earlier $505 million through $525 million.

5. Fabrinet: Data Center Products and Campus Spending Shape a Mixed Quarter

A record $1,474.5 million in fiscal first quarter 2027 sales came in, up from $978.1 million twelve months earlier; the increase works out to 50.8% (calculated). Data center offerings expanded 78%, landing at $777 million, which made up 53% of sales. GAAP profit reached $103.5 million, equal to $2.86 a diluted share, while non-GAAP EPS was $4.34.

Capex climbed to $158.7 million, with $77 million going toward a second campus in Santa Clara, which pushed free cash flow to minus $137.4 million. Second quarter guidance points to $1.6 billion through $1.65 billion in revenue. Leadership expects roughly $10 billion of revenue capacity in January, when a Thailand building is finished, and the board raised the total buyback authorization to $637.3 million.

Growth Spread and Margin Mix Across the Five Names

Averaging the five growth rates produces 113.9% (calculated), while the gap between first and last place spans 149.2 percentage points (calculated). Pooled revenue totals $3,209.9 million (calculated), and Lumentum plus Fabrinet make up 85.3% of it (calculated).

Scale is uneven, as Fabrinet's revenue is roughly 45 times Aehr's on a calculated basis. On that same calculated basis, GAAP net margins range from 3.8% for Lattice to 28.5% for Lumentum, while Aehr sits at 21.8% and Fabrinet at 7.0%. Harmonic drops out of this math since its dollar net income is missing. Because fiscal calendars vary, the quarters do not line up exactly.

What to Watch Next: Fabrinet's Thailand Building, Lumentum's Pending Filing and Aehr's Taiwan Setup

Fabrinet's second quarter closes Dec 25, 2026. Building 10 in Thailand should be finished in January, and Building 11 work follows later. Aehr named an early-2027 Taiwan setup for its wafer-level test equipment, after which a production decision follows; the fiscal year closes Jun 25, 2027.

Lumentum noted that its Form 10-Q, which has Sep 26, 2026 as its period end, has yet to be filed, without giving a date. Harmonic anticipates final post-closing adjustments tied to its video sale during the first quarter of 2027. Lattice's next milestone is its fourth quarter report, which will carry a full quarter of AMI, though its materials identify no dated event.