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Applied Optoelectronics(AAOI) - 2024 Q4 - Annual Results
AAOIApplied Optoelectronics(AAOI)2025-02-26 21:05

Revenue Performance - GAAP revenue for Q4 2024 was 100.3million,upfrom100.3 million, up from 60.5 million in Q4 2023 and 65.2millioninQ32024,representingayear−over−yearincreaseof65.765.2 million in Q3 2024, representing a year-over-year increase of 65.7%[6] - Full year 2024 GAAP revenue was 249.4 million, compared to 217.6millionin2023,reflectinganincreaseof14217.6 million in 2023, reflecting an increase of 14%[11] - Total revenue for Q4 2024 reached 100.271 million, a significant increase from 60.453millioninQ42023,representingagrowthof65.960.453 million in Q4 2023, representing a growth of 65.9%[21] Gross Margin and Profitability - GAAP gross margin for Q4 2024 was 28.7%, down from 35.7% in Q4 2023 but up from 24.4% in Q3 2024[6] - The sequential increase in gross margin was driven by a favorable product mix, particularly growth in CATV revenue[3] - Total gross profit for the year was 61.800 million, up from 58.921millionin2023,indicatingagrossmarginimprovement[21]NetLossandExpenses−GAAPnetlossforQ42024was58.921 million in 2023, indicating a gross margin improvement[21] Net Loss and Expenses - GAAP net loss for Q4 2024 was 119.7 million, or 2.60perbasicshare,comparedtoanetlossof2.60 per basic share, compared to a net loss of 13.9 million, or 0.38perbasicshareinQ42023[6]−Fullyear2024GAAPnetlosswas0.38 per basic share in Q4 2023[6] - Full year 2024 GAAP net loss was 186.7 million, or 4.50perbasicshare,comparedtoanetlossof4.50 per basic share, compared to a net loss of 56.0 million, or 1.75perbasicsharein2023[11]−OperatinglossforQ42024was1.75 per basic share in 2023[11] - Operating loss for Q4 2024 was (6.473) million, compared to (4.531)millioninQ42023,reflectingincreasedoperatingexpenses[21]−Researchanddevelopmentexpensesroseto(4.531) million in Q4 2023, reflecting increased operating expenses[21] - Research and development expenses rose to 16.737 million in Q4 2024, up from 9.341millioninQ42023,highlightingafocusoninnovation[21]−NetlossforQ42024was9.341 million in Q4 2023, highlighting a focus on innovation[21] - Net loss for Q4 2024 was (119.692) million, compared to (13.858)millioninQ42023,primarilyduetoincreasedcostsandexpenses[21]−Thecompanyreportedanon−GAAPnetlossof(13.858) million in Q4 2023, primarily due to increased costs and expenses[21] - The company reported a non-GAAP net loss of (1.047) million for Q4 2024, contrasting with a non-GAAP profit of 1.576millioninQ42023[23]−AdjustedEBITDAfortheyearwas1.576 million in Q4 2023[23] - Adjusted EBITDA for the year was (30.216) million, compared to (364)thousandin2023,indicatingongoingchallengesinprofitability[23]FutureOutlook−ForQ12025,thecompanyexpectsrevenueintherangeof(364) thousand in 2023, indicating ongoing challenges in profitability[23] Future Outlook - For Q1 2025, the company expects revenue in the range of 94 million to 104millionandnon−GAAPgrossmarginbetween29104 million and non-GAAP gross margin between 29% to 30.5%[11] - The company remains optimistic about long-term demand drivers for its datacenter and CATV business[3] - The company plans to make sizeable capital expenditures over the next several quarters to prepare for increased datacenter product production in 2025[3] Asset and Liability Changes - Total current assets increased to 301.268 million in 2024 from 172.605millionin2023,drivenbyhighercashandaccountsreceivable[19]−Totalliabilitiesroseto172.605 million in 2023, driven by higher cash and accounts receivable[19] - Total liabilities rose to 317.920 million in 2024, up from 174.317millionin2023,largelyduetoanincreaseinaccountspayableandconvertibleseniornotes[19]SegmentPerformance−Datacenterrevenuewas174.317 million in 2023, largely due to an increase in accounts payable and convertible senior notes[19] Segment Performance - Datacenter revenue was 44.242 million, slightly down from 44.481millioninQ42023,whileCATVrevenuesurgedto44.481 million in Q4 2023, while CATV revenue surged to 52.212 million from $12.551 million[21] - The company received a substantial order for Quantum Bandwidth networking products from a top North American cable operator during Q4 2024[3]