Celestica Inc

Q3 2025 10-Q (period ended September 30, 2025). Total revenue = $3,194.0M. Segment breakdown from Note 3: ATS = $781.0M (24%), CCS Communications = $1,942.9M (61%), CCS Enterprise = $470.1M (15%), CCS Total = $2,413.0M (76%). Communications revenue nearly doubled YoY ($1,067.3M -> $1,942.9M, +82%), while Enterprise declined ($618.1M -> $470.1M, -24%). The Communications explosion is overwhelmingly driven by AI networking demand (400G/800G Ethernet switches, optical interconnects for AI training clusters at hyperscalers). Incremental Communications revenue of ~$875.6M YoY is almost entirely AI-driven. AI derivation: ~60% of Communications ($1,942.9M * 0.60 = $1,165.7M) serves AI workloads directly + ~15% of Enterprise ($470.1M * 0.15 = $70.5M) is AI compute = $1,236.2M. $1,236.2M / $3,194.0M = 38.7%. Rounding to 39%. Note: The 60% Communications AI share is conservative -- the $875.6M YoY incremental alone is 45% of Q3 2024 Communications, and this incremental growth is substantially all AI-driven.