AI computing power infrastructure construction continues to heat up in 2026. Global cloud service providers are increasing investment in data centers. As a key infrastructure connecting computing power chips, servers and data center networks, high-speed optical modules are ushering in a new round of demand release.
Under this industry trend, Cambridge Technology (06166) handed over its latest financial report. According to the three-quarter report, the company's revenue and net profit for the first three quarters both achieved significant growth. The single-quarter results in the third quarter further accelerated, and the high-speed optical module business became the engine driving performance growth.
Judging from industrial logic, global AI infrastructure construction is still driving data transmission rate upgrades. 800G optical modules are gradually becoming an important product for large-scale deployment, and next-generation products such as the 1.6T are also advancing at an accelerated pace. The current increase in Cambridge Technology's performance is the result of a combination of industry demand, product structure upgrades, customer expansion, and capacity release. As demand for high-speed optical modules continues to grow, can Cambridge Technology use this round of AI computing power construction cycle to turn phased demand growth into a long-term performance driver and continue to consolidate its advantages in the next-generation optical module market?
800G optical module amplification, high-speed optical module became the main growth force
Dismantling Cambridge Technology's business performance in the first three quarters, the most prominent characteristic is that revenue and profit grew at the same time, and the flexibility on the profit side was even more remarkable.
The Zhitong Finance App learned that in the first three quarters of 2026, the company achieved operating income of 4.921 billion yuan, an increase of 46.46%; net profit to mother of 761 million yuan, an increase of 193.35%; net profit to mother after deducting non-recurring profit and loss was 730 million yuan, an increase of 185.95% year on year.
Among them, the company achieved revenue of 2,216 billion yuan in a single quarter in the third quarter, an increase of 56.21% over the second quarter; net profit to mother reached 433 million yuan, an increase of 106.71% over the previous quarter. In other words, the net profit contributed by one quarter in the third quarter has already exceeded the combined profit contributed by the two quarters of the first half of the year.
The profit growth rate is higher than the revenue growth rate. The core reason is the optimization of the product structure. According to the company's three-quarter report, global artificial intelligence infrastructure construction is driving an increase in demand for high-speed optical modules, while the share of the high-profitability high-speed optical module business in the overall business continues to increase. By the end of the third quarter of 2026, high-speed optical module business revenue accounted for more than 50% of the company's revenue, with 800G products accounting for the vast majority of high-speed optical module shipments.
In the past, Cambridge Technology's business layout covered various fields such as telecom broadband access equipment, wireless network access equipment, and optical modules, and had certain diversified characteristics. With the acceleration of AI data center construction, high-speed optical modules have gradually become the core driving force for the company's performance growth.
Compared with the traditional communication equipment business, the technical requirements, product iteration speed, and customer certification threshold for high-speed optical modules are all higher. Their business share has increased, which helps optimize the company's overall revenue structure and provides support for improving profit margins.
According to the Zhitong Finance App, Cambridge Technology's optical module products cover 100G, 400G, 800G, and 1.6T interconnection rates, and lay out technical directions such as silicon light, LPO, and CPO. The company has previously showcased 800G OSFP and LPO products, and promoted customer testing of 1.6T optical modules and CPO optical engine prototype development. This layout means that the company is preparing for the next generation of technological evolution.
Of course, to transform technical reserves into actual performance, we still need to go through customer verification, product introduction, large-scale production and yield improvement. Therefore, reasonable expectations should be placed on 1.6T, CPO, etc., but R&D samples and customer testing should not be confused with large-scale commercial shipments. At this stage, 800G has become the main support for the company's high-speed optical module shipments, and future growth still needs to focus on observing the mass production progress of new products.
In terms of customer structure, according to the three-quarter report, the company has made an important breakthrough in new customer expansion in the North American market. The customer structure gradually expanded from being mainly network equipment suppliers to different types of customers such as traditional cloud service providers, emerging cloud computing companies, and computing power infrastructure service providers.
This change is worth paying attention to. As demand for AI computing power spreads from chip vendors to cloud service providers, data center operators, and professional computing power infrastructure service providers, the number of industrial chain purchasers is increasing. Cambridge Technology can enter the supply system for more types of customers, which is conducive to expanding potential market space and helping to reduce the dependence of business growth on a single customer group.
Taken together, the core highlight of Cambridge Technology's third quarter results was that high-speed optical modules grew from an important business segment to a core business with more than half of the company's revenue, and 800G shipments formed actual performance support, indicating that the company is transforming from a traditional communication equipment supplier to a participant in the AI high-speed optical interconnection industry chain.
Increase production capacity and supply chain layout, and improve AI optical interconnection industry chain capabilities
Currently, with the product rate being upgraded from 400G to 800G and 1.6T, the manufacturing process places higher demands on precision equipment, optical devices, chip packaging, testing capabilities, and supply chain collaboration. Companies need not only product development capabilities, but also sufficient production capacity and stable delivery systems to truly accept the continuous growth of orders from major customers.
Judging from production capacity construction in recent years, Cambridge Technology's Shanghai No. 2 plant in Jiashan has a total construction area of about 100,000 square meters and will be put into production in July 2025. The company plans to gradually increase production and utilization. At the same time, the company uses a production model combining its own factory and collaborative manufacturing to improve delivery efficiency with partner production space and supply chain resources while maintaining control of product design, key materials and core processes.
Judging from the balance sheet of the three-quarter report, as of the end of September 2026, the company's projects under construction reached 1,552 billion yuan, a significant increase from 458 million yuan at the end of 2025; fixed assets reached 110 billion yuan, a further increase from the beginning of the year. The company's total assets reached 15.184 billion yuan, an increase of 27.53% over the previous year, reflecting the continued increase in investment in production facilities and related assets during business expansion.
Furthermore, according to the use of capital previously disclosed by the company in its prospectus, about 55% of the net capital raised will be used to increase the production capacity of optical module products, about 30% will be used for strategic investment in selected upstream enterprises, and the remaining 15% will be used for general corporate use and supplementary working capital.
By increasing production capacity and making strategic investments in selected upstream companies, the company is expected to further enhance supply chain collaboration capabilities. From this perspective, Cambridge Technology's growth logic is no longer limited to simple product sales, but gradually extends to comprehensive competition for production capacity, technology, and supply chain collaboration capabilities.
For Cambridge Technology, the next more important indicators to observe are whether 800G product shipments can maintain growth, whether 1.6T products can achieve commercialization breakthroughs, whether new North American customers can generate stable revenue, and whether additional production capacity can effectively improve profitability.
Overall, in the first three quarters of 2026, the company not only achieved rapid revenue and profit growth, but the high-speed optical module business also accounted for more than 50% of revenue. 800G products were shipped on a large scale, the customer structure was gradually expanded, and production capacity construction and financing layout progressed simultaneously. Together, these changes formed an important foundation for the company's medium- to long-term growth.
However, judging from the investment logic, what really determines the company's future value is not only how much space the industry has, but also whether the company can continue to obtain customer orders, maintain product competitiveness, achieve effective use of production capacity, and transform profit growth into real cash flow. In the next stage, the task that the company needs to complete is to further consolidate the current high growth into a stable operating capacity.