Fabrinet delivered a record-breaking fourth quarter for fiscal year 2024, with revenue of $753.3 million, up 15% year over year and 3% quarter over quarter, and non-GAAP diluted EPS of $2.41. For the full year, revenue reached a record $2.9 billion, up 9% vs. 2023, with non-GAAP EPS of $8.88, a 16% gain. The company highlighted robust datacom demand, led by 800G+ and AI-related applications, while telecom revenue declined due to ongoing inventory digestion. Automotive and non-optical segments posted solid sequential gains. Fabrinet signaled a continued datacom workforce and capacity pull-forward into fiscal 2025 and beyond, forecasting Q1 FY2025 revenue of $760–$780 million and EPS of $2.33–$2.40, with broader growth expected across major product lines. Management also announced a strategic building expansion (Building 10) at the Chonburi campus, targeting approximately $110 million of capex and ~2 million square feet of new capacity to support long-term demand. The combination of strong cash generation, deleveraging balance sheet, and multiple growth vectors (datacom, system telecom, automotive lasers) supports a constructive long-term investment thesis, albeit with near-term macro and customer-concentration risks to monitor.