Coherent Corp.

Coherent Corp. issued a press release reporting its financial results for the third quarter of fiscal year 2026 ended March 31, 2026.

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WASHINGTON, D.C. 20549 ________________________________________________________________ FORM 10-Q ________________________________________________________________ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2026 Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to . Commission File Number: 001-39375 ________________________________________________________________ COHERENT CORP. (Exact name of registrant as specified in its charter) ________________________________________________________________ Pennsylvania 25-1214948 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 375 Saxonburg Boulevard 16056 Saxonburg, PA (Zip Code) (Address of principal executive offices) Registrant s telephone number, including area code: 724 - 352-4455 N/A (Former name, former address and former fiscal year, if changed since last report) ________________________________________________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, no par value COHR New York Stock Exchange Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Indicate the number of shares outstanding of each of the issuer s classes of common stock, as of the latest practicable date: At May 4, 2026, 195,639,321 shares of Common Stock, no par value, of the registrant were outstanding. Table of Contents COHERENT CORP. INDEX Page No. PART I - FINANCIAL INFORMATION Item 1. Financial Statements: Condensed Consolidated Balance Sheets March 31, 2026 and June 30, 2025 (Unaudited) 3 Condensed Consolidated Statements of Earnings (Loss) Three and Nine Months Ended March 31, 2026 and 2025 (Unaudited) 4 Condensed Consolidated Statements of Comprehensive Income (Loss) Three and Nine Months Ended March 31, 2026 and 2025 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows Nine Months Ended March 31, 2026 and 2025 (Unaudited) 7 Condensed Consolidated Statements of Equity and Mezzanine Equity Three and Nine Months Ended March 31, 2026 and 2025 (Unaudited) 9 Notes to Condensed Consolidated Financial Statements (Unaudited) 10 Item 2. Management s Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3. Quantitative and Qualitative Disclosures About Market Risk 36 Item 4. Controls and Procedures 36 PART II - OTHER INFORMATION Item 1. Legal Proceedings 37 Item 1A. Risk Factors 37 Item 5. Other Information 37 Item 6. Exhibits 38 2 Table of Contents PART I - FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTS Coherent Corp. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) ($000) March 31, 2026 June 30, 2025 Assets Current Assets Cash and cash equivalents $ 1,592,730 $ 909,200 Restricted cash, current 42,033 8,897 Short-term investments 825,000 Accounts receivable - less allowance for doubtful accounts of $ 13,066 at March 31, 2026 and $ 12,189 at June 30, 2025 1,187,860 964,051 Inventories 2,126,823 1,437,636 Prepaid and refundable income taxes 45,495 55,773 Prepaid and other current assets 625,262 551,597 Total Current Assets 6,445,203 3,927,154 Property, plant equipment, net 2,420,081 1,877,507 Goodwill 4,402,403 4,471,084 Other intangible assets, net 2,958,194 3,204,747 Deferred income taxes 72,111 53,407 Restricted cash, non-current 591,015 714,816 Other assets 397,694 662,221 Total Assets $ 17,286,701 $ 14,910,936 Liabilities, Mezzanine Equity and Shareholders' Equity Current Liabilities Current portion of long-term debt $ 9,011 $ 188,306 Accounts payable 1,343,375 846,984 Accrued compensation and benefits 276,580 258,650 Operating lease current liabilities 52,444 41,575 Accrued income taxes payable 99,249 123,762 Other accrued liabilities 332,785 335,564 Total Current Liabilities 2,113,444 1,794,841 Long-term debt 3,184,770 3,498,615 Deferred income taxes 605,750 711,717 Operating lease liabilities 178,890 165,162 Other liabilities 188,161 259,318 Total Liabilities 6,271,015 6,429,653 Mezzanine Equity Series B redeemable convertible preferred stock, no par value, 5 % cumulative; issued - 0 and 215,000 shares at March 31, 2026 and June 30, 2025, respectively; redemption value - $ 0 and $ 2,540,110 , respectively 2,483,261 Shareholders' Equity Common stock, no par value; authorized - 300,000,000 shares; issued - 212,340,736 shares at March 31, 2026; 171,849,325 shares at June 30, 2025 9,741,284 5,056,168 Accumulated other comprehensive income (AOCI) 241,604 372,037 Retained earnings 1,113,740 584,374 11,096,628 6,012,579 Treasury stock, at cost; 16,794,638 shares at March 31, 2026 and 16,294,119 shares at June 30, 2025 ( 419,645 ) ( 368,065 ) Total Coherent Corp. Shareholders' Equity 10,676,983 5,644,514 Noncontrolling interests (NCI) 338,703 353,508 Total Equity 11,015,686 5,998,022 Total Liabilities, Mezzanine Equity and Shareholders' Equity $ 17,286,701 $ 14,910,936 See Notes to Condensed Consolidated Financial Statements . 3 Table of Contents Coherent Corp. and Subsidiaries Condensed Consolidated Statements of Earnings (Loss) (Unaudited) ($000, except per share data) Three Months Ended March 31, 2026 2025 Revenues $ 1,805,641 $ 1,497,879 Costs, Expenses, and Other Expense (Income) Cost of goods sold 1,125,696 970,189 Research and development 185,985 150,731 Selling, general and administrative 267,639 231,439 Restructuring charges 34,406 73,769 Gain on sale of business ( 8,922 ) Interest expense 44,558 57,284 Other expense (income), net ( 28,068 ) 4,577 Total Costs, Expenses, Other Expense 1,621,294 1,487,989 Earnings Before Income Taxes 184,347 9,890 Income Tax Expense 2,674 8,125 Net Earnings 181,673 1,765 Net Loss Attributable to Noncontrolling Interests ( 9,729 ) ( 13,946 ) Net Earnings Attributable to Coherent Corp. 191,402 15,711 Less: Dividends on Preferred Stock 32,693 Net Earnings (Loss) Available to the Common Shareholders $ 191,402 $ ( 16,982 ) Basic Earnings (Loss) Per Share $ 1.01 $ ( 0.11 ) Diluted Earnings (Loss) Per Share $ 0.97 $ ( 0.11 ) See Notes to Condensed Consolidated Financial Statements. 4 Table of Contents Coherent Corp. and Subsidiaries Condensed Consolidated Statements of Earnings (Loss) (Unaudited) ($000, except per share data) Nine Months Ended March 31, 2026 2025 Revenues $ 5,072,648 $ 4,280,679 Costs, Expenses, and Other Expense (Income) Cost of goods sold 3,190,683 2,783,506 Research and development 506,570 426,185 Selling, general and administrative 778,211 681,019 Restructuring charges 57,291 106,154 Impairment of assets held-for-sale 20,112 Gain on sale of business ( 124,133 ) Interest expense 149,216 188,206 Other income, net ( 74,523 ) ( 61,988 ) Total Costs, Expenses, Other Expense 4,503,427 4,123,082 Earnings Before Income Taxes 569,221 157,597 Income Tax Expense 18,538 29,429 Net Earnings 550,683 128,168 Net Loss Attributable to Noncontrolling Interests ( 13,785 ) ( 16,815 ) Net Earnings Attributable to Coherent Corp. 564,468 144,983 Less: Dividends on Preferred Stock 35,102 96,788 Net Earnings Available to the Common Shareholders $ 529,366 $ 48,195 Basic Earnings Per Share $ 3.09 $ 0.31 Diluted Earnings Per Share $ 2.92 $ 0.30 See Notes to Condensed Consolidated Financial Statements. 5 Table of Contents Coherent Corp. and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) ($000) Three Months Ended March 31, Nine Months Ended March 31, 2026 2025 2026 2025 Net earnings $ 181,673 $ 1,765 $ 550,683 $ 128,168 Other Comprehensive Income (Loss): Foreign currency translation adjustments ( 114,799 ) 155,553 ( 123,222 ) 13,563 Change in fair value of interest rate instruments, net of taxes of $( 324 ) and $( 2,481 ) for the three and nine months ended March 31, 2026, respectively; and $( 2,047 ) and $( 4,245 ) for the three and nine months ended March 31, 2025, respectively ( 1,182 ) ( 7,476 ) ( 9,057 ) ( 27,657 ) Pension adjustment, net of taxes of $ 0 for the three and nine months ended March 31, 2026 and March 31, 2025 1,681 795 826 211 Other Comprehensive Income (Loss) ( 114,300 ) 148,872 ( 131,453 ) ( 13,883 ) Comprehensive Income 67,373 150,637 419,230 114,285 Comprehensive Loss Attributable to Noncontrolling Interests ( 9,729 ) ( 13,946 ) ( 13,785 ) ( 16,815 ) Foreign Currency Translation Adjustments Attributable to Noncontrolling Interests ( 556 ) 429 ( 1,020 ) 30 Comprehensive Income Attributable to Coherent Corp. $ 77,658 $ 164,154 $ 434,035 $ 131,070 See Notes to Condensed Consolidated Financial Statements. 6 Table of Contents Coherent Corp. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) ($000) Nine Months Ended March 31, 2026 2025 Cash Flows from Operating Activities Net earnings $ 550,683 $ 128,168 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation 170,903 188,034 Amortization 210,423 230,741 Share-based compensation expense 136,049 116,649 Non-cash restructuring and impairment charges 41,464 43,002 Amortization of debt issuance costs 15,138 15,661 Loss on disposals of property, plant equipment 925 112 Unrealized losses (gains) on foreign currency remeasurements and transactions ( 10,218 ) 6,841 Earnings from equity investments ( 294 ) ( 626 ) Deferred income taxes ( 138,035 ) ( 88,101 ) Gain on sale of business ( 124,133 ) Gain on sale of equity investment ( 35,632 ) Loss on debt extinguishment 3,056 Increase (decrease) in cash from changes in (net of effects of acquisitions): Accounts receivable ( 225,268 ) ( 166,115 ) Inventories ( 699,420 ) ( 97,301 ) Accounts payable 349,666 128,263 Contract liabilities ( 2,838 ) 4,619 Income taxes ( 21,095 ) ( 2,174 ) Accrued compensation and benefits 17,930 29,874 Other operating net assets (liabilities) ( 229,246 ) ( 34,331 ) Net cash provided by operating activities 10,058 503,316 Cash Flows from Investing Activities Additions to property, plant equipment ( 547,228 ) ( 309,486 ) Proceeds from sale of equity investment 48,827 Proceeds from the sale of business, net of fees 437,286 27,000 Purchases of short-term investments ( 825,000 ) Other investing activities ( 5,019 ) ( 1,038 ) Net cash used in investing activities ( 891,134 ) ( 283,524 ) Cash Flows from Financing Activities Proceeds from borrowings of Term A Facility 1,250,000 Proceeds from borrowings of Term B Facility 3,267 Proceeds from borrowings of revolving credit facilities 628,811 35,862 Proceeds from issuance of common shares 2,000,000 Payments on existing debt ( 1,761,740 ) ( 386,006 ) Payments on borrowings under revolving credit facilities ( 624,852 ) ( 34,148 ) Debt issuance costs ( 9,101 ) Proceeds from exercises of stock options and purchases of stock under employee stock purchase plan 51,782 47,462 Payments in satisfaction of employees minimum tax obligations ( 51,580 ) ( 48,939 ) Cash dividends paid ( 11,438 ) Other financing activities 765 ( 719 ) Net cash provided by (used in) financing activities 1,475,914 ( 386,488 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash ( 1,973 ) 3,040 Net increase (decrease) in cash, cash equivalents, and restricted cash 592,865 ( 163,656 ) Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 1,632,913 1,789,686 Cash, Cash Equivalents, and Restricted Cash at End of Period $ 2,225,778 $ 1,626,030 Supplemental Information 7 Table of Contents Cash paid for interest $ 135,372 $ 187,799 Cash paid for income taxes $ 167,849 $ 107,784 Non-Cash Investing and Financing Activities: Additions to property, plant equipment included in accounts payable $ 201,935 $ 77,751 Conversion of Series B preferred stock to common stock $ 2,506,885 $ See Notes to Condensed Consolidated Financial Statements. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows. March 31, 2026 2025 Cash and cash equivalents $ 1,592,730 $ 890,258 Restricted cash, current 42,033 19,064 Restricted cash, non-current 591,015 716,708 Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 2,225,778 $ 1,626,030 8 Table of Contents Coherent Corp. and Subsidiaries Condensed Consolidated Statements of Equity and Mezzanine Equity (Unaudited) ($000, including share amounts) Common Stock AOCI Retained Earnings Treasury Stock NCI Total Mezzanine Equity Shares Amount Shares Amount Pref Shares Amount Balance - June 30, 2025 171,849 $ 5,056,168 $ 372,037 $ 584,374 ( 16,294 ) $ ( 368,065 ) $ 353,508 $ 5,998,022 215 $ 2,483,261 Share-based and deferred compensation 1,810 62,558 ( 412 ) ( 37,443 ) 25,115 $ Net earnings (loss) 226,349 ( 1,153 ) 225,196 Foreign currency translation adjustments ( 27,156 ) ( 441 ) ( 27,597 ) Change in fair value of interest rate instruments, net of taxes of $( 1,188 ) ( 4,388 ) ( 4,388 ) Pension adjustment, net of taxes of $ 0 ( 756 ) ( 756 ) Dividends $ $ ( 33,479 ) $ ( 33,479 ) $ 22,041 Balance - September 30, 2025 173,659 $ 5,118,726 $ 339,737 $ 777,244 ( 16,706 ) $ ( 405,508 ) $ 351,914 $ 6,182,113 215 $ 2,505,302 Share-based and deferred compensation 405 48,679 $ $ ( 57 ) ( 7,172 ) 41,507 Conversion of Series B preferred stock 30,122 2,506,885 2,506,885 ( 215 ) ( 2,506,885 ) Net earnings (loss) 146,717 ( 2,903 ) 143,814 Foreign currency translation adjustments 19,197 ( 23 ) 19,174 Change in fair value of interest rate instruments, net of taxes of $( 969 ) ( 3,487 ) ( 3,487 ) Pension adjustment, net of taxes of $ 0 ( 99 ) ( 99 ) Dividends ( 1,623 ) ( 1,623 ) 1,583 Balance - December 31, 2025 204,186 $ 7,674,290 $ 355,348 $ 922,338 ( 16,763 ) $ ( 412,680 ) $ 348,988 $ 8,888,284 $ Share-based and deferred compensation 367 68