Revenue and Growth - Q3 2024 GAAP revenue was $65.2 million, up from $43.3 million in Q2 2024 and $62.5 million in Q3 2023[4] - Total revenue for Q3 2024 was $65.151 million, compared to $62.547 million in Q3 2023, representing a 4.2% increase[17] - GAAP revenue for Q3 2024 was $65.151 million, compared to $62.547 million in Q3 2023[19] - Q4 2024 revenue guidance is between $94 million and $104 million[7] Gross Margin and Profitability - Q3 2024 GAAP gross margin was 24.4%, compared to 22.1% in Q2 2024 and 32.3% in Q3 2023[4] - Non-GAAP total gross profit for Q3 2024 was $16.264 million, compared to $20.327 million in Q3 2023[19] - Q4 2024 non-GAAP gross margin is expected to be between 27.5% and 29.5%[7] Net Loss and Earnings - Q3 2024 GAAP net loss was $17.8 million, or $0.42 per basic share, compared to a net loss of $26.1 million in Q2 2024 and $9.0 million in Q3 2023[5] - Q3 2024 non-GAAP net loss was $8.8 million, or $0.21 per basic share, compared to a non-GAAP net loss of $10.9 million in Q2 2024 and $1.7 million in Q3 2023[5] - Net loss for Q3 2024 was $17.757 million, compared to a net loss of $8.953 million in Q3 2023[17] - GAAP net loss for Q3 2024 was $(17.757) million, compared to $(8.953) million in Q3 2023[19] - Non-GAAP net loss for Q3 2024 was $(8.782) million, compared to $(1.691) million in Q3 2023[19] - Q4 2024 non-GAAP net income is projected to range from a loss of $1.9 million to income of $1.7 million[7] - GAAP diluted net loss per share for Q3 2024 was $(0.42), compared to $(0.27) in Q3 2023[19] - Non-GAAP diluted net loss per share for Q3 2024 was $(0.21), compared to $(0.05) in Q3 2023[19] Business Segment Performance - Data center business saw double-digit sequential growth driven by new wins for 400G products[3] - CATV business more than tripled from Q2 2024 due to customer transition to new architectures[3] - Datacenter revenue for Q3 2024 was $40.945 million, a decrease of 16.1% compared to $48.807 million in Q3 2023[17] - CATV revenue for Q3 2024 was $20.947 million, a significant increase of 104.1% compared to $10.268 million in Q3 2023[17] Research and Development - Accelerated R&D spending in Q3 2024 was driven by new customer requests, particularly for 1.6 Terabit transceivers in the data center business[3] - Research and development expenses for Q3 2024 were $13.428 million, a 42.0% increase compared to $9.457 million in Q3 2023[17] Operating Expenses - Total operating expenses for Q3 2024 were $32.464 million, a 20.8% increase compared to $26.860 million in Q3 2023[17] - Share-based compensation expense for Q3 2024 was $2.943 million, compared to $3.235 million in Q3 2023[19] - Expenses associated with discontinued products for Q3 2024 were $202 thousand, compared to $29 thousand in Q3 2023[19] Financial Position and Assets - Total assets as of September 30, 2024, were $409.972 million, up from $389.186 million as of December 31, 2023, representing a 5.3% increase[15] - Accounts receivable increased by 56.3% to $75.154 million as of September 30, 2024, compared to $48.071 million as of December 31, 2023[15] - Cash, cash equivalents, and restricted cash decreased by 24.9% to $41.367 million as of September 30, 2024, from $55.097 million as of December 31, 2023[15] - Total current liabilities increased by 25.4% to $117.102 million as of September 30, 2024, compared to $93.358 million as of December 31, 2023[15] Adjusted EBITDA and Other Metrics - Adjusted EBITDA for Q3 2024 was $(7.685) million, compared to $2.980 million in Q3 2023[19] - Shares used to compute diluted loss per share for Q3 2024 were 42,312, compared to 32,774 in Q3 2023[19]
Applied Optoelectronics(AAOI) - 2024 Q3 - Quarterly Results