Qorvo, Inc. (QRVO): Business Model Canvas [Dec-2025 Updated]

Honestly, looking at Qorvo, Inc.'s business model as of fiscal year 2025, you see a company making a calculated pivot, balancing high-stakes R&D with serious customer concentration. The top line for FY2025 hit $3.72 billion, largely powered by the Advanced Cellular Group (ACG) segment which pulled in $2.61 billion; but the real story is that a single, massive customer accounted for 47% of that revenue. As a former portfolio manager, I see a clear strategy here: they are doubling down on high-performance RF IP like GaN and GaAs while streamlining operations, but that reliance is a defintely key risk you need to track. You'll want to dig into the full nine-block canvas below to see exactly how their Key Resources and Revenue Streams are structured to manage this tightrope walk between mobile dominance and defense growth.

Qorvo, Inc. (QRVO) - Canvas Business Model: Key Partnerships

You're looking at how Qorvo, Inc. builds its technology ecosystem through critical external relationships. These partnerships are essential for getting their RF solutions into the latest devices and defense systems.

Collaboration with leading reference design partners is a core strategy, though specific partner names aren't always disclosed. What we do see is Qorvo's active role in shaping future standards, which requires deep alignment with the broader industry ecosystem.

For manufacturing scale, Qorvo relies on Outsourced Semiconductor Assembly and Test (OSAT) companies for packaging, a common practice in the industry to manage capital expenditure and specialized process needs. While specific OSAT partners aren't named in recent disclosures, the operational efficiency implied by the company's focus on cost savings suggests tightly managed supply chain agreements.

Foundry services provided to defense primes and Data & Aerospace (D&A) customers are a significant area of focus, especially given the segment's strength. Qorvo anticipates double-digit growth in defense and aerospace markets moving forward. The Q1 FY2026 revenue was $819 million, highlighting the importance of this segment. Overall Trailing Twelve Months (TTM) revenue as of late 2025 stood at $3.66 Billion USD.

Alignment with market-leading chipset providers is crucial, particularly in mobile. Qorvo's largest customer represented approximately 41% of revenue in Q1 FY2026, indicating a deeply integrated relationship with a major platform provider. This alignment extends to next-generation wireless standards.

The push toward Wi-Fi 8 requires close coordination. Qorvo is focusing on solutions like Multi-mode FEMs (Front-End Modules) and integrated FEMs (iFEMs) to help partners deliver on the new standard's efficiency gains. The Wi-Fi 8 standard extends the upper band limit from 7.125 GHz to 7.25 GHz, creating new design opportunities that Qorvo enables for its chipset partners.

Specific co-development efforts provide concrete examples of Qorvo, Inc.'s advanced technology integration. The work with Lockheed Martin is a prime example in the defense space.

• Qorvo and Lockheed Martin are collaborating on the DARPA ICECool program for chip-level cooling.
• This involves applying Qorvo's gallium nitride (GaN) on silicon carbide (SiC) QGaN15 technology.
• The partnership demonstrated a six-times increase in RF output power compared to conventional cooling methods.
• needCode is a partner involved in software and standards development.
• needCode contributes to SDKs and applications for smart home devices using ZigBee and Matter.
• Joint R&D focuses on Ultra-Wideband (UWB) and Bluetooth Low Energy (BLE) optimization.

Here's a look at the quantifiable impact and focus areas derived from these key relationships as of late 2025:

The relationship with needCode centers on software enablement and standards participation, helping Qorvo, Inc. bridge knowledge gaps in complex development cycles, particularly for UWB and BLE solutions.

The foundry services Qorvo, Inc. provides are also critical, supporting the development and manufacturing needs of defense primes who require specialized, high-reliability components.

Finance: review the Q2 FY2026 guidance of $1,025 million revenue and model the expected impact of the 48% to 50% non-GAAP gross margin range on profitability, focusing on the D&A segment contribution by end of Q4 2025.

Qorvo, Inc. (QRVO) - Canvas Business Model: Key Activities

You're looking at the core actions Qorvo, Inc. takes to deliver value, and honestly, it's all about high-end RF engineering and smart manufacturing footprint management right now.

Advanced Radio Frequency (RF) and power management R&D.

The investment in future capability is clear from the spending figures. Qorvo annual research and development expenses for 2025 were reported as $0.748B. For the twelve months ending June 30, 2025, R&D expenses totaled $0.739B, representing a year-over-year increase of 4.61%. This R&D fuels work across their portfolio, including expanding presence in WiFi 7 and collaborating on WiFi 8 development, plus ultra-wideband initiatives targeting automotive, industrial, and enterprise markets.

Manufacturing and testing of high-performance semiconductor solutions.

The company is actively managing its production base to concentrate high-value technology manufacturing domestically. This involves transferring filter production to Texas. The non-GAAP gross margin reached 49.7% in Q2 fiscal 2026 (ended September 27, 2025), which was a 270 basis-point improvement over the prior fiscal year. The GAAP gross margin for the same quarter was 47.0%. This operational focus supports the high-margin Defense and Aerospace (D&A) business, which saw its sales funnel surge to over $7 billion in Q1 fiscal 2026.

Portfolio optimization and factory consolidation for efficiency.

Qorvo, Inc. is executing a significant restructuring to drive down costs and enhance profitability. This includes exiting margin-dilutive businesses and aggressively managing manufacturing costs. The company closed its manufacturing facility in Greensboro, North Carolina, and is consolidating production in Texas. Furthermore, facilities in Beijing and Dezhou have been sold, and the Costa Rica site closure is on track for early calendar 2026. These factory changes are intended to lower operating expenses by approximately $70 million annually, with savings expected to exceed start-up costs beginning late in fiscal 2027.

Strategic exit from lower-margin mass-tier Android business.

A deliberate shift away from lower-margin mass-tier Android 5G revenue is underway. For fiscal 2025, total Android 5G revenue was approximately $875 million. Management expects this lower-margin business to decline by approximately $150 million to $200 million annually in fiscal 2026 and again in fiscal 2027. For the current period (implied FY2026), the anticipated Android revenue decline is roughly $200 million, with more than $200 million expected next year. This strategic pivot is expected to be structurally margin-enhancing.

Securing content wins with the largest mobile OEM customer.

Content expansion with the largest mobile customer remains a critical activity. In Q1 fiscal 2026 (ended June 28, 2025), this customer accounted for about 41% of total revenue. This was supported by more than 10% year-on-year content growth on the ramping platform during that quarter. For context, in full-year fiscal 2024, the largest customer represented 46% of revenue. The Advanced Cellular Group (ACG) segment revenue in Q1 fiscal 2026 was $571.2 million, showing a year-on-year decline of 11.1% as the focus shifts to premium tiers.

Here's a quick look at some recent financial results that reflect the success of these activities:

The company generated $485 million of free cash flow during fiscal 2025.

The company is also prioritizing other growth areas:

• Connectivity and Sensors Group (CSG) is leveraging its ultra-wideband and Matter portfolio to scale new use cases.
• High-Performance Analog (HPA) is seeing double-digit year-over-year growth in defense and aerospace.
• Power management ICs supported a recently launched smartwatch with fast charging capabilities.

Finance: draft 13-week cash view by Friday.

Qorvo, Inc. (QRVO) - Canvas Business Model: Key Resources

You're looking at the foundational assets Qorvo, Inc. (QRVO) relies on to compete in the complex semiconductor space as of late 2025. These aren't just ideas; they are tangible capabilities and relationships that drive the business.

Extensive intellectual property portfolio in GaN and GaAs

Qorvo, Inc. maintains an extensive portfolio of proprietary foundry processes for both Gallium Nitride (GaN) and Gallium Arsenide (GaAs) technologies. Qorvo offers an extensive portfolio of GaN and GaAs foundry processes. The scale of this IP foundation is further underscored by the announced combination with Skyworks Solutions, Inc., which is set to bring together over 12,000 issued and pending patents. This intellectual property is critical for enabling the highest-performing, smallest, and most cost-effective RF modules in the market.

Global manufacturing scale and advanced packaging facilities

The company's operational backbone includes global manufacturing scale and specialized facilities. Qorvo, Inc. runs centers of excellence that design, manufacture, assemble, and package its products across multiple locations. Key operational sites include facilities in Hillsboro, Oregon; Apopka, Florida; Greensboro, North Carolina; San Jose, Costa Rica; and Nuremberg, Germany. Specifically, the Advanced Microwave Module Assembly (AMMA) facility, located just north of Dallas, Texas, serves as a world-class center for advanced, integrated assembly and packaging of RF components for communications, radar, and electronic warfare applications. This facility provides a 'one-stop shop' for design, manufacturing, assembly, and packaging. The company leverages 40 years of mission-critical expertise in advanced packaging with GaN and GaAs innovation. The Richardson, Texas manufacturing facility holds accreditation as a U.S. DoD Category 1A 'Trusted Source' foundry, covering design, wafer fabrication, post-processing, packaging, assembly, and testing services.

Core RF, analog mixed-signal, and power management expertise

Qorvo, Inc. combines deep systems-level expertise with technology leadership across several core domains. The company's engineering talent is a significant resource, with the combined entity (following the announced merger) expected to bring together approximately 8,000 engineers and technical experts. This expertise is applied across its segments, such as supporting a recently launched smartwatch with its power management integrated circuits (PMICs) in the High Performance Analog (HPA) segment. The company's overall strategy is anchored in building on its core RF and power expertise to drive diversification.

Key customer relationships, especially the one driving 47% of FY2025 revenue

Customer concentration is a defining financial characteristic of Qorvo, Inc.'s Key Resources. For the fiscal year ended March 29, 2025, the company's largest end customer, identified as Apple Inc., accounted for 47% of total revenue. The total annual revenue for that same fiscal year 2025 was $3.7 billion. The company is focused on driving multi-year content growth with this flagship customer, projecting over 10% year-over-year content growth on the ramping platform as of Q1 FY26. For context, the second-largest customer, Samsung Electronics Co., Ltd., accounted for 10% of total revenue in fiscal year 2025.

Here's a quick look at the customer concentration for FY2025:

Ultra-Wideband (UWB) and Matter technology platforms

Qorvo, Inc. is actively scaling new use cases by prioritizing its UWB and Matter technology platforms within its Connectivity and Sensors Group (CSG). The company showcased these innovations at CES 2025, emphasizing high precision and seamless integration for smart home and automotive applications. A tangible measure of success in this area is the automotive sales funnel, which exceeded $2 billion in the quarter ending March 2025. Furthermore, Qorvo introduced the QM35825, its first fully integrated low-power UWB System-on-Chip (SoC), which began sampling with key customers in March 2025. The broader Ultra Wideband Market size is estimated to be USD 1.28 billion in 2025.

Key technology platform highlights include:

• UWB automotive-certified technology for secure digital access.
• Matter solutions leveraging proprietary ConcurrentConnect™ technology.
• Introduction of the QM35825 low-power UWB SoC in March 2025.
• UWB radar capabilities for presence and breathing detection.

Qorvo, Inc. (QRVO) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Qorvo, Inc. over the competition as of late 2025. It's all about deep integration and strategic focus, especially as they pivot away from lower-margin areas.

Highly integrated, high-performance RF solutions for 5G mobile.

The value here is in content expansion with key mobile partners. For Qorvo's largest customer, which accounted for 41% of Q1 fiscal 2026 revenue, the company is seeing content growth of more than 10% year-over-year on the ramping platform, supplying 4 categories of highly differentiated products. This focus on premium tiers contrasts with the strategic exit from the lower-margin mass-tier Android 5G business. The Advanced Cellular Group (ACG) segment brought in $571.2 million in Q1 fiscal 2026, though this was down 11.1% year-over-year as part of that strategic shift.

Enhanced efficiency and functionality for complex customer challenges.

The efficiency story is clearly visible in the margin expansion Qorvo is targeting through operational changes and portfolio mix. The company guided for a non-GAAP gross margin between 48% and 50% for the June 2025 quarter, up from 44% in Q1 fiscal 2026. This operational discipline is supported by actions like the announced closure of the Greensboro fab. The overall company financial health supports this focus, with $1.2 billion in cash and equivalents at the end of Q1 fiscal 2026.

Diverse connectivity and sensor solutions (UWB, Wi-Fi 7/8, Matter).

This group is where Qorvo is betting on future diversification, moving beyond pure cellular dependency. They are pushing Ultra-Wideband (UWB) and Wi-Fi 7 into enterprise and consumer spaces. For instance, both Cisco and Juniper now offer Wi-Fi 7 Access Points with integrated UWB. Qorvo also secured a design win for UWB tags with an automotive OEM in South Korea and a Wi-Fi 7 Front-End Module (FEM) win for augmented reality glasses. The Connectivity & Sensors Group (CSG) posted revenue of approximately $110 million in Q1 fiscal 2026. Furthermore, their Matter solutions, like the QPG6105 SoC, support simultaneous operation of protocols including Matter™, Zigbee, Thread, and Bluetooth LE.

Mission-critical, scalable platforms for Defense and Aerospace (D&A).

Defense and Aerospace demand is a major value driver, supported by a rapidly expanding pipeline. The D&A sales funnel increased sequentially by approximately $2 billion to over $7 billion. Qorvo anticipates double-digit growth in this sector. For the full fiscal year 2025, D&A revenue was projected to reach a $400 million annual business. The High Performance Analog (HPA) segment, which includes D&A, reported revenue of $137.4 million in Q1 fiscal 2026.

Power management ICs for wearables and automotive applications.

Power management is embedded across segments, but specific design wins highlight its importance in high-value non-mobile areas. You can see the segment contributions below, though Power Management ICs are specifically called out within the HPA segment.

Here's a quick look at the Q1 fiscal 2026 segment revenue breakdown:

The HPA segment, which houses some of these power management solutions, showed year-over-year growth of 6.12%.

Finance: review the impact of the Greensboro fab closure savings timeline on the Q2 FY2026 margin guidance of 48% to 50% by Wednesday.

Qorvo, Inc. (QRVO) - Canvas Business Model: Customer Relationships

You're managing a portfolio where customer concentration is a major factor, so understanding Qorvo, Inc.'s relationships with its key clients is essential for assessing stability and growth potential. The business model relies heavily on deep, embedded relationships with a few major players.

Dedicated account management for large Original Equipment Manufacturers (OEMs) is clearly the backbone of Qorvo, Inc.'s revenue stability. For fiscal year 2025, the company reported that its two largest end customers together accounted for an aggregate of approximately 57% of total revenue. This level of reliance means that dedicated, high-touch account management is not just a service, but a critical risk mitigation function. To illustrate the scale, Samsung, the second-largest customer, represented 10% of total revenue in fiscal year 2025. These relationships are managed through a direct B2B sales model, complemented by a network of U.S. and international sales representatives and distributors.

The commitment to deep technical collaboration on next-generation product roadmaps is how Qorvo, Inc. secures future revenue streams outside of the immediate product cycle. The company emphasizes building strong relationships by collaborating on developing next-generation products. This is evident in their focus areas:

• Aligning with chipset providers to develop solutions for Wi-Fi 8.
• Driving innovation in smart home technology using Matter solutions featuring ConcurrentConnect technology.
• Expanding Ultra-Wideband (UWB) applications in automotive for secure digital access and real-time tracking.
• Showcasing next-generation solutions for Wi-Fi 7.

This proactive engagement helps Qorvo, Inc. maintain a competitive edge by ensuring its offerings meet evolving industry demands.

The foundry service model for defense and aerospace clients provides a high-margin, strategic diversification away from the cyclical mobile market. Qorvo, Inc.'s U.S.-based foundry is positioned as a critical resource for the Department of Defense (DoD) and strategic defense primes, offering the largest portfolio of GaN/GaAs foundry processes and advanced packaging expertise. The company maintains its Category 1A "Trusted Source" accreditation from the DoD, certifying its stringent control and secure handling standards for mission-critical applications. This segment is performing strongly; the sales funnel in Defense & Aerospace (D&A) increased sequentially by approximately $2 billion to over $7 billion. For fiscal year 2025, D&A revenue is expected to become a $400 million annual business, growing faster than the rest of the High-Performance Analog segment. The Advanced Microwave Module Assembly (AMMA) facility acts as a 'one-stop shop' for design, manufacturing, assembly, and packaging for these strategic customers.

The long-term, strategic relationship with the largest customer for content growth is a defining feature of the revenue structure. For fiscal year 2025, Qorvo, Inc.'s largest end customer, Apple Inc., accounted for 47% of total revenue. The relationship is characterized by securing design wins that drive multi-year content growth, with management noting over 10% year-over-year content growth on the ramping platform for this customer in Q1 FY2026. The strategy involves focusing on high-value, differentiated products for this customer, such as custom envelope tracking power management solutions, as the customer's baseband shipments expand.

Here's a quick look at the customer concentration and growth drivers:

The company is actively managing its portfolio by exiting low-margin Android business, aiming to shed about $150 million to $200 million of that revenue in the second half of fiscal '25, to better align resources with these high-value customer engagements. Finance: review the Q2 FY2026 guidance of 48% to 50% non-GAAP gross margin against the FY2025 margin of 45.2% to confirm the positive impact of this customer mix shift.

Qorvo, Inc. (QRVO) - Canvas Business Model: Channels

Qorvo, Inc. employs a business-to-business (B2B) sales model, directly engaging key clients across its diverse end markets, which include automotive, consumer, defense & aerospace (D&A), industrial & enterprise, infrastructure, and mobile.

Direct sales efforts focus on securing design wins with leading U.S. and international Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs). This direct engagement is critical for integrating Qorvo's RF and power solutions into next-generation products. The financial reality of this channel is heavily weighted toward a few major players in the mobile space, which underscores the importance of maintaining those relationships.

For the mobile device segment, a significant portion of product delivery flows through established supply chains. Qorvo provides products to its largest end customer, Apple Inc., via sales to multiple contract manufacturers, which in aggregate accounted for 47% of total revenue in fiscal year 2025. This structure shows a reliance on these manufacturing partners to get components into the final mobile devices.

The company maintains an internal sales and marketing organization responsible for key account management and application engineering support. This structure is global, with sales and customer support centers located near customers worldwide, designed to capitalize on opportunities across all markets. This global sales force was centralized to accelerate diversified growth, supporting segments like High Performance Analog (HPA) which saw growth in its D&A and infrastructure businesses in the second quarter of fiscal 2026. The infrastructure segment, for example, is supported by this direct sales effort to cellular base station OEMs.

To drive new product adoption, Qorvo also collaborates with leading reference design partners. Furthermore, the company provides specialized foundry services directly to defense primes and other D&A customers, which is a distinct channel for that segment. For instance, Qorvo engages directly with U.S. government agencies, including the Department of Defense ("DoD"), for next-generation technology development.

Qorvo, Inc. (QRVO) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Qorvo, Inc. as of late 2025, which is heavily weighted toward mobile, but clearly diversifying into higher-margin areas like defense. Honestly, the numbers tell a clear story about where the bulk of the revenue comes from right now.

Mobile device OEMs (smartphones, wearables, tablets) - Advanced Cellular Group (ACG).

This is the foundation, primarily driven by the company's largest customer. For fiscal year 2025, Qorvo's largest end customer, Apple Inc., accounted for 47% of total revenue through sales to multiple contract manufacturers. Samsung Electronics Co., Ltd. was the second largest, contributing 10% of total revenue in fiscal 2025.

The Advanced Cellular Group (ACG) segment, which houses much of this mobile business, showed mixed results as Qorvo strategically shifts away from lower-margin mass-tier Android 5G. For instance, in Q1 of fiscal 2026, ACG revenue was $571.2 million. In that same quarter, Android revenue specifically fell 18% year-on-year to about $240 million.

Here's a snapshot of the customer concentration based on the latest full fiscal year data:

Defense and Aerospace (D&A) primes and government contractors.

This segment is a key area for margin expansion and growth, showing strength even when mobile softens. You see this in the growing pipeline. Qorvo's sales funnel in the defense and aerospace sector increased by approximately $2 billion sequentially to over $7 billion as of Q4 fiscal 2025. The High Performance Analog (HPA) segment, which serves D&A, saw revenue rise 14.2% year-over-year in Q4 fiscal 2025, reaching $187.9 million.

Infrastructure providers (5G base stations, LEO SATCOM).

Infrastructure is past its bottom, showing stabilization and year-on-year growth in both broadband and cellular base-station markets as of Q3 fiscal 2025. The HPA segment supports infrastructure, and management has signaled expectations for double-digit growth in this area for fiscal 2026.

Automotive OEMs (secure access, asset tracking via UWB).

Ultra-wideband (UWB) technology is a specific focus here. In Q4 fiscal 2025, the UWB automotive sales funnel exceeded $2 billion. More recently, in Q1 fiscal 2026, Qorvo was selected to supply UWB tags for a South Korean automotive OEM for use in manufacturing and asset tracking efficiencies.

Consumer, Industrial, and Enterprise (IoT, Wi-Fi access points).

The Connectivity & Sensors Group (CSG) serves these markets, focusing on Wi-Fi advancements. For example, Qorvo supported Wi-Fi 7 front ends for access points and flagship smartphones in Q1 fiscal 2026. In the consumer space, they secured a Wi-Fi 7 design win in augmented reality glasses during that same quarter.

The segment performance breakdown for Q1 fiscal 2026 illustrates the current mix:

• ACG revenue was $571.2 million.
• HPA revenue was $137.4 million, up 6.1% year-over-year.
• CSG revenue was $110.2 million, down 4.1% from the previous year.

Finance: draft 13-week cash view by Friday.

Qorvo, Inc. (QRVO) - Canvas Business Model: Cost Structure

You're looking at the hard costs Qorvo, Inc. incurs to keep its complex semiconductor business running, which is heavily weighted toward intellectual property and manufacturing footprint management as of late 2025. Here's the quick math on where the money goes, based on the full fiscal year 2025 results ending March 29, 2025, unless otherwise noted.

Significant investment in Research and Development (R&D)

Qorvo, Inc. maintains a substantial commitment to R&D to stay ahead in RF and connectivity solutions. For the full fiscal year 2025, the reported Research and Development Expenses totaled $748 million. This reflects the ongoing need to develop new technologies and secure future design wins, especially as the company navigates portfolio optimization.

Manufacturing and operational costs, including factory overhead

Operational costs are a major focus, with management explicitly citing 'factory consolidation' as a key objective to enhance operational efficiency. This suggests significant fixed overhead costs being managed through facility optimization. Furthermore, Qorvo, Inc. announced in the fourth quarter of fiscal 2025 its intention to wind down operations in Costa Rica, expected to be completed in early calendar year 2026, planning to further leverage outsourced partners for assembly and test services.

Cost of Goods Sold (COGS) for semiconductor fabrication and assembly

The direct costs of producing the chips are substantial. The trailing twelve months (LTM) Cost of Goods Sold for Qorvo, Inc. stood at $2,088.8 million. This figure directly relates to the company's reported GAAP Gross Margin for the full fiscal year 2025, which was 41.3% of revenue, up from 39.5% in fiscal 2024, driven by improved factory utilization.

Restructuring costs tied to portfolio optimization and consolidation

The company incurred specific, non-recurring charges tied to its strategic realignment. For the three months ended December 28, 2024, Qorvo, Inc. recorded total restructuring charges of $44,236 thousand ($44.236 million) related to the 2025 Restructuring Initiatives. These initiatives included workforce reductions and contract terminations.

• Contract termination and other costs recorded in that quarter totaled $44,236 thousand.
• The total charges for the 2025 Restructuring Initiatives also included a goodwill impairment charge of approximately $96.5 million and asset impairments of $15.8 million.

Sales, General, and Administrative (SG&A) expenses

The combined operating expenses, which include SG&A and R&D, are a critical area of focus for margin expansion. For the full fiscal year 2025, Qorvo, Inc.'s GAAP Operating Income was $95.5 million on total revenue of $3,719.0 million. The total GAAP Operating Expenses, calculated as GAAP Revenue minus GAAP Gross Profit ($1,535.947 million) minus GAAP Operating Income, amounted to approximately $1,440.447 million.

SG&A expenses are the remainder after accounting for the significant R&D spend. The cost structure components for fiscal year 2025 are summarized below:

The focus on cost discipline is clear; management is actively working to shift the business mix away from lower-margin areas to improve these figures going forward. Finance: draft 13-week cash view by Friday.

Qorvo, Inc. (QRVO) - Canvas Business Model: Revenue Streams

Qorvo, Inc. (QRVO) generates revenue primarily through the sale of its semiconductor products across its operating segments, supplemented by other service-related income.

The total annual revenue for fiscal year 2025 was reported as $3.72 billion.

Additional revenue streams include:

• Revenue from foundry services and licensing.

The company provides foundry services utilizing its GaN (Gallium Nitride) and GaAs (Gallium Arsenide) processes to defense primes and other customers in the Defense & Aerospace (D&A) sector.

The breakdown of product sales by segment for fiscal year 2025 is as follows:

• Advanced Cellular Group (ACG) product sales: $2.61 billion.
• High Performance Analog (HPA) product sales: $637.26 million.
• Connectivity and Sensors Group (CSG) product sales: $472.52 million.