Lumentum Holdings Inc.

Lumentum Holdings Inc. entered into agreements to exchange approximately $650.4 million principal amount of its 0.50% Convertible Senior Notes due 2028 for about 5.0 million shares of common stock. This transaction, expected to close around June 4, 2026, will result in an incremental dilution of approximately 0.8 million shares. Following the exchange, about $172.2 million in Notes will remain outstanding. The company will not receive any cash proceeds, instead canceling the exchanged Notes.

Lumentum Holdings Inc. reported strong financial results for the third quarter and nine months ended March 28, 2026, with significant increases in net revenue and a return to profitability compared to the prior year. The company undertook key financing activities, including the issuance of Series A Convertible Preferred Stock and 2032 Notes, alongside a partial repurchase of 2026 Notes. Additionally, Lumentum reorganized its operations into a single reportable segment, effective from the first quarter of fiscal year 2026.

Lumentum Holdings Inc. reported exceptional results for its fiscal third quarter ended March 28, 2026, with net revenue growing 90.1% year-over-year to a record $808.4 million. The company also achieved significant margin expansion, with non-GAAP gross margin improving by 1,270 basis points and non-GAAP operating margin by 2,140 basis points year-over-year. Diluted non-GAAP net income per share was $2.37, a substantial increase from the prior year. Lumentum also provided a strong outlook for the fourth quarter of fiscal year 2026.

Lumentum Holdings Inc. announced it has entered into privately-negotiated exchange agreements to convert approximately $474.6 million in aggregate principal amount of its 0.50% Convertible Senior Notes due 2026 and 1.50% Convertible Senior Notes due 2029 into approximately 5.7 million shares of its common stock. This strategic move will significantly reduce the company's outstanding convertible debt obligations without any cash outflow, enhancing its balance sheet flexibility. While the transaction results in an increase in the number of outstanding shares, including an incremental dilution of approximately 0.6 million shares related to the principal amounts, it effectively manages upcoming debt maturities and strengthens the company's financial position. The Exchange Transactions are expected to close on or about April 13, 2026.