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Applied Optoelectronics(AAOI) - 2024 Q1 - Quarterly Results
AAOIApplied Optoelectronics(AAOI)2024-05-09 20:11

Revenue Performance - Q1 2024 GAAP revenue was 40.7million,adecreasefrom40.7 million, a decrease from 53.0 million in Q1 2023 and 60.5millioninQ42023[2]−TotalrevenueforQ12024was60.5 million in Q4 2023[2] - Total revenue for Q1 2024 was 40.673 million, a decrease from 53.030millioninQ12023[16]−Q22024revenueisexpectedtobeintherangeof53.030 million in Q1 2023[16] - Q2 2024 revenue is expected to be in the range of 41.5 million to 46.5million[3]GrossMargin−Q12024GAAPgrossmarginwas18.746.5 million[3] Gross Margin - Q1 2024 GAAP gross margin was 18.7%, compared to 17.4% in Q1 2023 and 35.7% in Q4 2023[2] - Q2 2024 non-GAAP gross margin is expected to be in the range of 25.5% to 27.5%[3] Net Loss - Q1 2024 GAAP net loss was 23.2 million, or 0.60perbasicshare,comparedtoanetlossof0.60 per basic share, compared to a net loss of 16.3 million in Q1 2023 and 13.9millioninQ42023[2]−Q12024non−GAAPnetlosswas13.9 million in Q4 2023[2] - Q1 2024 non-GAAP net loss was 12.0 million, or 0.31perbasicshare,comparedtoanon−GAAPnetlossof0.31 per basic share, compared to a non-GAAP net loss of 7.1 million in Q1 2023 and a non-GAAP net income of 1.6millioninQ42023[2]−NetlossforQ12024was1.6 million in Q4 2023[2] - Net loss for Q1 2024 was 23.170 million, compared to 16.292millioninQ12023[16]−Non−GAAPnetlossforQ12024was16.292 million in Q1 2023[16] - Non-GAAP net loss for Q1 2024 was 12.032 million, compared to 7.143millioninQ12023[18]−Q22024non−GAAPnetlossisexpectedtobeintherangeof7.143 million in Q1 2023[18] - Q2 2024 non-GAAP net loss is expected to be in the range of 11.6 million to 13.5million,withanon−GAAPlosspershareof13.5 million, with a non-GAAP loss per share of 0.29 to 0.34[3]RevenuebySegment−Datacenterrevenueincreasedto0.34[3] Revenue by Segment - Datacenter revenue increased to 28.986 million in Q1 2024, up from 20.353millioninQ12023[16]−CATVrevenuedeclinedto20.353 million in Q1 2023[16] - CATV revenue declined to 8.736 million in Q1 2024, down from 27.779millioninQ12023[16]FinancialPosition−Totalassetsdecreasedto27.779 million in Q1 2023[16] Financial Position - Total assets decreased to 350.916 million as of March 31, 2024, from 389.186millionasofDecember31,2023[14]−Cash,cashequivalents,andrestrictedcashdecreasedto389.186 million as of December 31, 2023[14] - Cash, cash equivalents, and restricted cash decreased to 17.405 million as of March 31, 2024, from 55.097millionasofDecember31,2023[14]OperatingExpenses−ResearchandDevelopmentexpensesincreasedto55.097 million as of December 31, 2023[14] Operating Expenses - Research and Development expenses increased to 11.712 million in Q1 2024, up from 8.536millioninQ12023[16]−Totaloperatingexpensesroseto8.536 million in Q1 2023[16] - Total operating expenses rose to 29.237 million in Q1 2024, compared to 23.411millioninQ12023[16]AdjustedEBITDA−AdjustedEBITDAforQ12024was23.411 million in Q1 2023[16] Adjusted EBITDA - Adjusted EBITDA for Q1 2024 was (13.015) million, compared to $(4.358) million in Q1 2023[18] Non-GAAP Measures - Non-GAAP measures exclude items such as stock-based compensation, discontinued product expenses, and non-recurring expenses to better reflect operating performance[7] Market Risks - The company faces risks including changes in customer demand, supply chain disruptions, and market conditions in the internet datacenter, CATV broadband, telecom, and FTTH markets[5] Future Outlook - The company anticipates a recovery in Q2 2024 and a significantly improved second half of the year[1]