Business
Applied Optoelectronics Reports Third Quarter 2020 Results
SUGAR LAND, Texas, Nov. 05, 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, Nov. 05, 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 third quarter 2020 ended September 30, 2020.\n “During the third quarter we recorded good growth in each of our three major business segments and exceeded our gross margin expectations,” said Dr. Thompson Lin, Applied Optoelectronics Inc. Founder, President and Chief Executive Officer. “We are pleased to report that we recently secured our second qualification for a 400G product with a major datacenter operator, and we are encouraged by the customer interest we continue to see for this product. Looking ahead, while we expect headwinds in the fourth quarter as our hyperscale data center customers adjust their inventory levels downward, and we see effects of what we believe to be a temporary pause in 5G deployments in China, we believe our customer relationships and market share position remains strong, while the continued demand for higher bandwidth will drive long-term growth.” Third Quarter 2020 Financial Summary Total revenue was $76.6 million, compared with $46.1 million in the third quarter of 2019 and $65.2 million in the second quarter of 2020.GAAP gross margin was 25.0%, compared with 26.0% in the third quarter of 2019 and 21.1% in the second quarter of 2020. Non-GAAP gross margin was 27.4%, compared with 28.8% in the third quarter of 2019 and 23.1% in the second quarter of 2020.GAAP net loss was $9.6 million, or $0.42 per basic share, compared with net loss of $8.8 million, or $0.44 per basic share in the third quarter of 2019, and a net loss of $18.6 million, or $0.89 per basic share in the second quarter of 2020.Non-GAAP net loss was $1.4 million, or $0.06 per basic share, compared with non-GAAP net loss of $2.9 million, or $0.15 per basic share in the third quarter of 2019, and a non-GAAP net loss of $5.0 million, or $0.24 per basic share in the second quarter of 2020. A reconciliation between all GAAP and non-GAAP information referenced above for the third quarters of 2020 and 2019 is contained in the tables below. Please also refer to “Non-GAAP Financial Measures” below for a description of these non-GAAP financial measures. Fourt...