Here are 1-3 brief analogies to describe MACOM Technology Solutions (MTSI):

1. Like a specialized Broadcom or Texas Instruments, providing the high-performance analog, RF, and optical semiconductors essential for today's global data centers and next-generation telecommunications networks (e.g., 5G infrastructure).
2. They are a core technology enabler for the digital world's infrastructure, much like Intel or NVIDIA provide foundational chips, but MACOM focuses specifically on the high-speed connectivity and signal processing components for networks and data centers.

• RF and Microwave Semiconductors: Components such as amplifiers, switches, and diodes for radar, wireless communication, and industrial applications.
• Optical and Photonic Components: Devices like lasers, photodiodes, and transceivers used in data centers and telecommunication networks.

MACOM Technology Solutions (MTSI) primarily sells its products and solutions to other companies (B2B), not directly to individuals.

Based on MACOM's public filings, including their annual 10-K reports, the company generally does not disclose specific major customers by name. This is because no single customer has consistently accounted for 10% or more of its net sales in recent fiscal years, indicating a diversified customer base across multiple market segments.

Therefore, while specific individual customer names are not disclosed by MACOM as major customers, their customer base is comprised of companies operating within the following primary categories, which integrate MACOM's semiconductor devices and components into their own final products:

• Data Center and Enterprise Equipment Manufacturers: These customers produce a wide range of products for cloud data centers and enterprise networks, including optical transceivers, network switches, routers, and other high-speed data communications equipment. Examples of companies in this space that utilize advanced semiconductor components, though not specifically confirmed as major MTSI customers, include Cisco Systems (CSCO), Arista Networks (ANET), and Juniper Networks (JNPR).
• Telecommunications Infrastructure Providers: This category includes companies that design and manufacture equipment for 5G wireless base stations, fiber optic access networks (FTTx), long-haul optical networks, and satellite communication systems. Major players in this sector that would be potential customers include Ericsson (ERIC) and Nokia (NOK).
• Industrial, Medical, and Defense Contractors: Customers in this segment develop products for diverse applications such as radar systems, electronic warfare, industrial sensors, test and measurement equipment, and medical imaging devices. Prominent defense contractors like Raytheon Technologies (RTX), Lockheed Martin (LMT), and Northrop Grumman (NOC) are examples of companies in the defense sector that would procure specialized components.

It is important to note that the specific companies listed in the bullet points above are illustrative examples of the types of customers in each sector and are not officially disclosed by MACOM as their major individual customers.

• GLOBALFOUNDRIES (GF)

Stephen G. Daly, President, Chief Executive Officer and Chairman

Stephen G. Daly has served as President and Chief Executive Officer of MACOM Technology Solutions since May 2019, and as Chairman of the board of directors since November 2023. He initially joined MACOM as a director in March 2015. Prior to his time at MACOM, Mr. Daly held the positions of President and Chief Executive Officer of Hittite Microwave Corporation from 2004 to 2013, and also served as its Chairman from 2005 to 2013. His career also includes various microwave engineering roles at Raytheon's Missile Systems Division and sales management positions at Alpha Industries.

John F. Kober, Senior Vice President and Chief Financial Officer

John F. Kober has been the Senior Vice President and Chief Financial Officer of MACOM Technology Solutions since May 2019. Before this, he served as the company's Vice President, Finance, Corporate Controller starting in August 2015. Mr. Kober previously held the role of Vice President, Corporate Controller and Treasurer at CIRCOR International Inc., a manufacturer of highly engineered products, from September 2005 to August 2015.

Robert Dennehy, Senior Vice President of Operations

Robert Dennehy has served as MACOM's Senior Vice President of Operations since October 2013, having previously been Vice President of Operations since March 2011. He also served as Managing Director of MACOM's Cork, Ireland subsidiary from 2006 to March 2011 and held various product management and other positions of increasing responsibility within the company.

Donghyun Thomas Hwang, Senior Vice President of Global Sales

Donghyun Thomas Hwang has served as MACOM's Senior Vice President of Global Sales since 2015.

Ambra Roth, Senior Vice President, General Counsel and Secretary, Senior Vice President - Human Resource

Ambra Roth has served as Senior Vice President, General Counsel and Secretary of MACOM Technology Solutions since 2023. She also holds the title of Senior Vice President of Human Resources.

• Increased vertical integration by hyperscale data center operators, a key customer segment for MACOM's optical components, who are increasingly designing and developing their own custom silicon and optical modules in-house rather than relying solely on merchant suppliers.
• Rapid advancements and competitive pressures in highly integrated photonics and co-packaged optics (CPO) solutions from competitors, which could displace MACOM's discrete optical components and less integrated offerings in next-generation high-speed data center and telecom infrastructure.

MACOM Technology Solutions (MTSI) is expected to drive future revenue growth over the next two to three years through several key areas:

1. Growth in Data Center and AI/Cloud Computing Market: MACOM anticipates continued robust growth from its data center segment, fueled by the increasing demand for high-performance connectivity solutions, particularly for AI-driven cloud computing and hyperscale data center buildouts. The company is actively ramping up production of its 800-gigabit products and has design wins for 1.6 terabit solutions, indicating a strong position in next-generation data rates. Demand for high-speed optical interconnects, photodetectors, LPO chipsets, and upcoming PCIe equalizer solutions are key contributors to this growth.
2. Expansion in Industrial and Defense Applications: The Industrial and Defense market consistently serves as a significant revenue driver for MACOM, with recent fiscal years showing record performance in this segment. The company continues to identify growth opportunities in areas such as radar, electronic warfare, secure communications, and integrated battlefield systems. MACOM has been focusing on GaN-based components and products, including launching new high-performance RF solutions specifically tailored for advanced radar systems.
3. Advancements in Telecommunications (5G and SATCOM/LEO): The ongoing global expansion of 5G infrastructure and substantial investments in the satellite communications (SATCOM) and Low Earth Orbit (LEO) businesses are crucial for MACOM's telecom revenue growth. The company is seeing increased volume shipments into 5G radios on the transmit side and is actively engaged in SATCOM opportunities, including direct-to-cell systems and ground stations. New product lines like the Opto-Amp™ for free space optical communications between satellites are also contributing to this segment.
4. Continuous New Product Development and Innovation: MACOM's commitment to innovation is a fundamental driver, demonstrated by the launch of over 200 new products in fiscal year 2025. These new offerings span across its various markets, including advanced RF solutions for radar and SATCOM, and high-performance optical and RF solutions for 5G and data centers. This sustained focus on cutting-edge technologies and product refreshes ensures the company remains competitive and captures new market opportunities.
5. Strategic Partnerships and Technology Licensing: Strategic moves, such as the successful integration of recent acquisitions and key technology licensing agreements, are expected to bolster MACOM's market position and revenue. A notable example is the strategic agreement with Hughes Research Laboratories (HRL) to exclusively license and transfer their 40-nanometer GaN on Silicon Carbide (T3L) process. This is anticipated to enhance MACOM's technology portfolio, particularly in high-frequency applications, and strengthen its competitive edge.

Share Repurchases

• MACOM Technology Solutions did not make any share repurchases in fiscal years 2022, 2023, or 2024.

Share Issuance

• The company received proceeds from the issuance of common stock related to employee stock plans totaling $16.8 million in fiscal year 2024.
• In fiscal year 2023, proceeds from share issuance related to employee stock plans amounted to $12.8 million.
• For fiscal year 2022, proceeds from the issuance of common stock through employee stock plans were $12.0 million.

Inbound Investments

• MACOM announced a five-year strategic investment plan of up to $345 million to modernize its semiconductor wafer fabrication facilities in Massachusetts and North Carolina.
• This strategic investment plan is supported by a preliminary agreement with the CHIPS Program Office, which could provide up to $70 million in direct funding from the U.S. Department of Commerce.
• Up to $180 million of the investment plan is expected to be supported by the CHIPS and Science Act, through a combination of Federal direct funding, Federal Investment Tax Credits, and State funding, including up to $15.7 million from the Massachusetts Technology Collaborative.

Outbound Investments

• In October 2024, MACOM acquired Engin-IC (GaN MMICs) to strengthen its strategy in the AI and data center chip market.
• The company completed the acquisition of Linearizer Technology, Inc. in March 2023, enhancing its component and subsystem design expertise.
• In May 2023, MACOM acquired key manufacturing facilities and capabilities of OMMIC SAS, known as the MACOM European Semiconductor Center Acquisition, to expand its European presence and offer higher frequency GaAs and GaN MMICs.

Capital Expenditures

• Capital expenditures for fiscal year 2025 totaled $42.6 million.
• Expected capital expenditures for fiscal year 2026 are projected to be between $50 million and $55 million, primarily for upgrading and enhancing production equipment, facilities, and expanding capacity.
• A long-term five-year strategic investment plan of up to $345 million is underway to modernize the company's semiconductor wafer fabrication facilities in Massachusetts and North Carolina.