Revenue Performance - GAAP revenue for Q4 2024 was $100.3 million, up from $60.5 million in Q4 2023 and $65.2 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 $217.6 million in 2023, reflecting an increase of 14%[11] - Total revenue for Q4 2024 reached $100.271 million, a significant increase from $60.453 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 $58.921 million in 2023, indicating a gross margin improvement[21] Net Loss and Expenses - GAAP net loss for Q4 2024 was $119.7 million, or $2.60 per basic share, compared to a net loss of $13.9 million, or $0.38 per basic share in Q4 2023[6] - Full year 2024 GAAP net loss was $186.7 million, or $4.50 per basic share, compared to a net loss of $56.0 million, or $1.75 per basic share in 2023[11] - Operating loss for Q4 2024 was $(6.473) million, compared to $(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 $9.341 million in Q4 2023, highlighting a focus on innovation[21] - Net loss for Q4 2024 was $(119.692) million, compared to $(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 $1.576 million in Q4 2023[23] - Adjusted EBITDA for the year was $(30.216) million, compared to $(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 $104 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 $172.605 million in 2023, driven by higher cash and accounts receivable[19] - Total liabilities rose to $317.920 million in 2024, up from $174.317 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 $44.481 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]
Applied Optoelectronics(AAOI) - 2024 Q4 - Annual Results