Taiwan Optical Communication Suppliers Post 90% YoY Revenue Surge in September, with Three Companies Contributing Over 90% of the Incremental Growth
nashnova research
Six Taiwanese optical-comms suppliers posted combined September revenue of NT$3.73 billion, up 90% year-on-year — but 93.6% of the increase came from just three names: EZconn, LandMark Optoelectronics, and LuxNet. The growth is real, but wildly uneven.
Up 90% — but who actually made the money?
Combined year-on-year revenue gain: roughly NT$1.77 billion. EZconn alone contributed over half; LandMark and LuxNet together added about another 40%.
This means → the remaining three suppliers (Browave, FOCI, APAC) collectively accounted for only ~6.4% of the increase. This is a three-company story dressed up as a sector trend.
In plain terms = a few winners are pulling up the group average, not the whole industry marching in step.
Optical-comms growth crushes power-supply peers on rate — but what about scale?
For comparison, power-supply makers Delta Electronics and Lite-On posted combined September revenue of NT$84.25 billion, up 16.2% YoY.
The power group's absolute gain was roughly NT$11.76 billion — more than six times the optical group's NT$1.77 billion.
This means → optical-comms growth looks dramatic on a percentage basis, but in absolute terms it is still a "big splash in a small pond" next to the power-supply chain.
Why is EZconn on top? Orders are locked — but raw materials are stuck
EZconn led the group with September revenue of NT$2.06 billion, up 97.3% YoY. It accounted for 55.3% of total group revenue.
Q3 revenue hit a record NT$4.92 billion. Management says orders through year-end are largely secured.
However, optical-fiber raw materials have been tight since early 2026, and new supplier capacity is not expected until 2027. This means → the company has the orders but faces a ceiling on near-term shipments.
LandMark surged 190% — on what, and can it last?
LandMark posted September revenue of NT$540 million, up 190.2% YoY — the fastest growth in the group. Q3 revenue of NT$1.56 billion also set a record.
Growth was driven by rising data-center product shipments. The board approved up to NT$2.27 billion in equipment investment and signed a four-year supply agreement (2027–2030) with a U.S. customer for CW laser products — continuous-wave lasers, a core light source inside silicon-photonics modules.
Goldman Sachs expects Q4 revenue to climb further as next-gen AI server racks ramp and optical modules move toward 1.6T speeds. This reflects a shift in the silicon-photonics pipeline from concept to committed volume.
LuxNet doubled year-on-year — but there's a base-effect trap
LuxNet posted September revenue of NT$575 million, up 97.8% YoY.
The company itself flagged the context: September 2025 revenue was depressed by material shortages, creating a low base.
In plain terms = last year's stumble makes this year's rebound look faster than it really is. The headline growth rate overstates the underlying momentum.
What about the other three — anyone worth watching?
Browave grew 27.4% YoY; FOCI grew 28.4%, but its nine-month cumulative revenue still trails last year by 6.0% — one good month does not erase a weak run.
APAC Opto posted just NT$84 million in September, up 15.3% YoY but down 13.1% month-on-month. It is developing external laser source (ELS) products for CPO — co-packaged optics, a design that puts optical modules directly inside chip packages.
Management has said 2026 shipment volumes will remain small, with a potential ramp starting in 2027. This means → APAC is a "year-after-next story" with no near-term revenue upside.
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