Business
Applied Optoelectronics Reports Second Quarter 2024 Results
SUGAR LAND, Texas, Aug. 06, 2024 (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, Aug. 06, 2024 (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 second quarter ended June 30, 2024. “Our revenue for the second quarter was in line with our expectations. While our non-GAAP gross margin came in below our expectations, primarily due to product mix, our non-GAAP loss per share was favorable compared to our expectations,” said Dr. Thompson Lin, Applied Optoelectronics Inc. Founder, President and Chief Executive Officer. “We continue to feel optimistic about the second half of the year despite a slower start to 2024. Notably, we are pleased to announce that we’ve begun to receive orders for 400G products from another large hyperscale customer, and we are very excited about this new customer interaction. Further, we began to see business improvement in our datacenter business during Q2 and expect continued improvement throughout the year. Lastly, while we saw generally slower CATV sales during the second quarter as our customers prepare to transition to DOCSIS 4.0, we believe that this transition is underway and expect our CATV results to begin to ramp in Q3.” Second Quarter 2024 Financial Summary GAAP revenue was $43.3 million, compared with $41.6 million in the second quarter of 2023 and $40.7 million in the first quarter of 2024.GAAP gross margin was 22.1%, compared with 19.0% in the second quarter of 2023 and 18.7% in the first quarter of 2024. Non-GAAP gross margin was 22.5%, compared with 24.8% in the second quarter of 2023 and 18.9% in the first quarter of 2024.GAAP net loss was $26.1 million, or $0.66 per basic share, compared with net loss of $16.9 million, or $0.57 per basic share in the second quarter of 2023, and a net loss of $23.2 million, or $0.60 per basic share in the first quarter of 2024.Non-GAAP net loss was $10.9 million, or $0.28 per basic share, compared with non-GAAP net loss of $6.1 million, or $0.21 per basic share in the second quarter of 2023, and a non-GAAP net loss of $12.0 million, or $0.31 per basic share in the first quarter of 2024. A reconciliation between all GAAP and non-GAAP information referenced above is contained in the tables below. Please also refer to...