Business
Applied Optoelectronics Reports First Quarter 2020 Results
SUGAR LAND, Texas,, May 07, 2020 (GLOBE NEWSWIRE) -- Applied Optoelectronics, Inc. (NASDAQ: AAOI), a leading provider of fiber-optic access network products
About this update from Applied Optoelectronics, Inc.
[{"type":"text","content":"SUGAR LAND, Texas,, May 07, 2020 (GLOBE NEWSWIRE) -- Applied Optoelectronics, Inc. (NASDAQ: AAOI), a leading provider of fiber-optic access network products for the internet datacenter, cable broadband, telecom and fiber-to-the-home (FTTH) markets, today announced financial results for its first quarter 2020 ended March 31, 2020.\n “We are disappointed with our first quarter financial results, which were impacted by the COVID-19 pandemic, including an unanticipated shutdown of our China factory of nearly 3 weeks’ duration. However, acknowledging heightened uncertainty due to the virus, we are encouraged by the improved datacenter demand we are seeing and increasing 5G-related activity, particularly in China,” said Dr. Thompson Lin, Applied Optoelectronics Inc. Founder, President and Chief Executive Officer. “We have taken numerous measures to adapt to the current environment, our factory in China has returned to normal staffing levels, and our entire team has worked diligently to keep AOI operating and on track during this challenging time.” First Quarter 2020 Financial Summary Total revenue was $40.5 million, compared with $52.7 million in the first quarter of 2019 and $48.7 million in the fourth quarter of 2019. Revenue was approximately $3.8 million lower than expected due to unanticipated COVID-related delays. GAAP gross margin was 15.7%, compared with 23.4% in the first quarter of 2019 and 23.3% in the fourth quarter of 2019. Non-GAAP gross margin was 19.5%, compared with 25.5% in the first quarter of 2019 and 27.6% in the fourth quarter of 2019. GAAP net loss was $16.8 million, or $0.83 per basic share, compared with net loss of $10.5 million, or $0.53 per basic share in the first quarter of 2019, and a net loss of $35.4 million, or $1.76 per basic share in the fourth quarter of 2019. Non-GAAP net loss was $8.8 million, or $0.44 per basic share, compared with non-GAAP net loss of $5.4 million, or $0.27 per basic share in the first quarter of 2019, and a non-GAAP net loss of $3.6 million, or $0.18 per basic share in the fourth quarter of 2019. A reconciliation between all GAAP and non-GAAP information referenced above is contained in the tables below. Please also refer to “Non-GAAP Financial Measures” below for a description of these non-GAAP financial measures. Second Quarter 2020 Business Outlook (+) For the second quarte...