Key Highlights

  • Aehr Test Systems ranks first with Revenue of $33.0 million, up 200% from $11.0 million a year earlier.
  • Lumentum posted revenue of $1,262.6 million, up 136.5%, with GAAP Net Income of $360.3 million.
  • Lattice Semiconductor reported record revenue of $291.0 million, up 118.3%, and guided fourth quarter revenue to $325 million to $345 million.
  • Harmonic reported revenue of $148.8 million, up 64%, and raised its 2026 revenue outlook to $545 million to $555 million.
  • Fabrinet posted revenue of $1,474.5 million, up 50.8% (calculated), the largest base in the group.

Which Chip and AI Hardware Companies Grew Revenue Fastest in the Q3 2026 Earnings Season?

Five semiconductor and AI hardware companies are ranked here by year-over-year revenue growth, from highest to lowest, using results released around Nov 2, 2026. Aehr Test Systems (NASDAQ:AEHR) ranks first, with record revenue of $33.0 million, up 200% from $11.0 million. Lumentum (NASDAQ:LITE) ranks second at $1,262.6 million, up 136.5%, and Lattice Semiconductor (NASDAQ:LSCC) is third at a record $291.0 million, up 118.3%.

Harmonic (NASDAQ:HLIT) ranks fourth with revenue of $148.8 million, up 64%, while Fabrinet (NYSE:FN) is fifth at $1,474.5 million, up 50.8% (calculated; the company rounds this to 51%). The revenue bases differ sharply. Aehr's quarter is the smallest in the group and Fabrinet's the largest, so a 200% gain on $33.0 million is a far smaller dollar increase than 50.8% on nearly $1.5 billion.

Reporting periods also differ. Aehr, Lumentum and Fabrinet reported fiscal first quarters of 2027, Lattice a fiscal third quarter of 2026, and Harmonic a third quarter of 2026 on revenue from continuing operations. All five posted GAAP profits, although Harmonic's net income dollar amount was not stated in the materials used.

1. Aehr Test Systems: What Drove the 200% Revenue Jump and a Raised $150 Million Outlook?

Aehr Test Systems reported record first quarter fiscal 2027 revenue of $33.0 million, up 200% from a year earlier and 75% from the prior quarter. The company makes test and burn-in systems that screen semiconductors for early failures, serving AI processors, silicon photonics, power semiconductors and data centers. GAAP net income was $7.2 million, or $0.21 per diluted share, against a net loss of $2.1 million a year earlier.

Bookings reached $46.7 million, and effective Backlog was $109.3 million as of Nov 1, 2026. The fiscal 2027 revenue outlook was raised to $150 million from a prior range of $130 million to $150 million, with non-GAAP net income expected at no less than 20% of revenue. The company cautioned that customer forecasts are non-binding and orders can be delayed or cancelled.

2. Lumentum: How Did Revenue Double and Profit Recover From a $7.2 Billion Quarterly Loss?

Lumentum reported fiscal first quarter 2027 revenue of $1,262.6 million, up 136.5% from $533.8 million and 25.5% from the prior quarter. Management said growth came across all businesses, led by pump lasers and optical circuit switches. Systems revenue rose 228.8% to $508.4 million, and components revenue rose 98.9% to $754.2 million.

GAAP net income was $360.3 million, or $3.54 per diluted share, compared with $4.2 million a year earlier. The prior quarter showed a net loss of $7.2 billion, which the company's reconciliation ties to a $7,756.6 million loss on Debt extinguishment. Non-GAAP Operating Margin was 42.3%. For the fiscal second quarter, Lumentum guided revenue of $1.575 billion to $1.625 billion. The materials do not state why cash fell $758.8 million from the prior quarter.

3. Lattice Semiconductor: What Lifted Revenue 118.3% to a Record $291.0 Million?

Lattice Semiconductor reported fiscal third quarter 2026 revenue of $291.0 million, up 118.3% from $133.3 million and 44.7% from the second quarter. FPGA revenue was about $252 million, up roughly 90%, which management tied to Data Center AI Demand and a recovery in industrial and embedded markets. Compute and Communications revenue rose about 132% (calculated) to $171.9 million.

The AMI acquisition, completed on Jul 27, 2026, added $39.1 million, or 13% of revenue. GAAP net income was $11.2 million, or $0.08 per diluted share, while non-GAAP Earnings Per Share were $0.72. Long-term debt was $869.1 million after a $50 million repayment. The company guided fourth quarter revenue to $325 million to $345 million and non-GAAP earnings per share to $0.82 to $0.86.

4. Harmonic: Why Did Revenue From Continuing Operations Beat the Guided Range?

Harmonic reported third quarter 2026 revenue from continuing operations of $148.8 million, up 64% from $90.5 million and above its guided range of $125 million to $135 million. GAAP earnings per share were $0.16 and non-GAAP earnings per share were $0.23. The company sells virtualized broadband technology to cable and telecom operators and sold its video Business in June 2026.

Rest-of-Market revenue, meaning sales outside the two largest customers, grew 101% and reached a record 46% of total, although the top two customers still accounted for 54%. Free Cash Flow was negative $5.1 million on a $28.3 million inventory build. Book-to-bill was 0.7, and the full-year 2026 revenue outlook rose to $545 million to $555 million from $505 million to $525 million.

5. Fabrinet: What Is Behind 50.8% Growth and Negative Free Cash Flow?

Fabrinet reported record first quarter fiscal 2027 revenue of $1,474.5 million, up from $978.1 million a year earlier, a gain of 50.8% (calculated). Data center products grew 78% to $777 million, or 53% of the total. GAAP net income was $103.5 million, or $2.86 per diluted share, and non-GAAP earnings per share were $4.34.

Capital spending rose to $158.7 million, including a $77 million purchase of a second Santa Clara campus, leaving free cash flow negative $137.4 million. For the second quarter, Fabrinet guided revenue of $1.6 billion to $1.65 billion. Management expects revenue capacity of roughly $10 billion in January as a Thailand building is completed, and the board lifted total buyback authorization to $637.3 million.

Chip and AI Hardware Growth Compared: How Wide Is the Gap Between Fastest and Slowest Growers?

The five reported growth rates average 113.9% (calculated), and the spread between first and fifth place is 149.2 percentage points (calculated). Combined revenue for the group is $3,209.9 million (calculated), of which Lumentum and Fabrinet together account for 85.3% (calculated).

Bases differ widely: Fabrinet's quarterly revenue is about 45 times Aehr's (calculated). GAAP net margins, calculated from reported net income and revenue, run from 3.8% at Lattice Semiconductor to 28.5% at Lumentum, with Aehr at 21.8% and Fabrinet at 7.0%. Harmonic is excluded because its net income dollar figure was not stated. Fiscal calendars also differ, so quarters are not identical periods.

What to Watch Next: Taiwan Installation, Lumentum's Form 10-Q and Fabrinet's January Capacity Milestone

Fabrinet's second quarter ends Dec 25, 2026, and Building 10 in Thailand is due to be completed in January, with Building 11 construction to follow. Aehr named an early calendar 2027 installation of a wafer-level test cell in Taiwan, followed by a production decision, and its fiscal year ends Jun 25, 2027.

Lumentum said its Quarterly Report on Form 10-Q for the period ended Sep 26, 2026 was still to be filed, and no filing date was given. Harmonic expects final post-closing adjustments on its video sale in the first quarter of 2027. For Lattice, the next checkpoint is the fourth quarter report, which will include a full quarter of AMI, but no dated event was identified in its materials.