Celestica is a contract design and manufacturing company that builds advanced data center hardware — primarily high-performance networking switches and AI/ML compute systems — for hyperscale cloud and AI customers. The core of the business is its Hardware Platform Solutions (HPS) offering, where Celestica acts as an Original Design Manufacturer (ODM): it designs or co-designs products, then manufactures them at scale. Its flagship products are high-speed Ethernet switches (400G, 800G, 1.6T) used in AI training and inference clusters, along with custom compute platforms built around customer-specific AI chips like Google's TPU. Primary customers are the world's largest hyperscalers — Google, Meta, Amazon, and others — plus digital-native AI companies. Celestica's second segment, Advanced Technology Solutions (ATS), is a more traditional electronics manufacturing services (EMS) business serving OEMs in aerospace and defense, semiconductor capital equipment, industrial automation, and healthcare. ATS accounted for roughly 26% of revenue in FY25, down from 42% in FY23, as the HPS-driven CCS segment has grown rapidly. The two business models differ in margin structure: HPS/ODM earns higher margins because Celestica owns design IP and adds engineering value, while ATS earns lower margins as a pure manufacturer. Celestica is investing aggressively in capacity — roughly $1B in CapEx in FY26 — including new facilities in Texas and Thailand, to support a FY26 revenue target of $17B.