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NEW YORK - Coherent Corp. (NYSE:COHR), whose stock has surged 87% over the past year, has entered a new multiyear strategic supply agreement with Apple to continue producing vertical-cavity surface-emitting lasers (VCSELs) that power features like Face ID on iPhone and iPad devices, the photonics company announced Thursday. The company’s strong financial health is reflected in its current ratio of 2.47, indicating robust liquidity to support operations.
The components will be manufactured at Coherent’s facility in Sherman, Texas, which houses 6-inch wafer compound semiconductor epitaxy, fabrication, and device manufacturing platforms for optoelectronic applications.
"This agreement is a testament to the strength of our partnership with Apple and our shared commitment to drive the industry’s technology roadmap," said Jim Anderson, CEO of Coherent.
Apple’s chief operating officer Sabih Khan noted that the partnership aligns with the company’s American Manufacturing Program. "With our new American Manufacturing Program, we’re proud to partner with companies like Coherent to create new jobs and bring even more manufacturing to America," Khan said.
The Apple executive added that this forms part of Apple’s $600 billion commitment to the U.S. over the next four years.
Coherent, founded in 1971, operates in more than 20 countries and provides photonics technology to customers in datacenter, communications, and industrial markets.
The announcement, based on a company press release, did not disclose financial terms of the agreement.
In other recent news, Coherent Corp. reported a significant revenue increase of over 20% year-over-year as of the third quarter of fiscal year 2025, driven by strong demand for its datacom transceivers. This performance led S&P Global Ratings to revise its outlook on Coherent to stable from negative, affirming the company’s ’BB-’ issuer credit rating. Benchmark also reiterated its Buy rating for Coherent, highlighting anticipated growth in the artificial intelligence and datacenter sectors. Additionally, Coherent introduced several new products, including the Osprey femtosecond laser for medical applications, designed for optogenetics and microsurgery. The company also launched disposable surgical fiber assemblies intended for precision medical applications such as laser lithotripsy and soft tissue surgeries. Furthermore, Coherent unveiled the LEAP 600C, the industry’s first 600-watt excimer laser for high-temperature superconducting tapes, which offers enhanced power and throughput for production environments. These developments underscore Coherent’s ongoing innovation and expansion in various technological fields.
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