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Applied Optoelectronics (AAOI) investor relations material

Applied Optoelectronics Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Q2 revenue reached $103M, up 137.9% year-over-year, driven by strong CATV and data center demand.

  • Gross margin expanded to 30.3%–30.4% from 22.1%–22.5% year-over-year, reflecting favorable product mix and cost controls.

  • Net loss narrowed to $9.1M ($0.16/share), improved from $26.1M loss last year, but EPS missed expectations due to higher OpEx from R&D and SG&A investments.

  • Major milestones include first volume shipment of 400G transceivers, strong CATV amplifier demand, and 800G qualification progress.

  • Significant capital raised through ATM equity offerings totaling $196M in H1 2025.

Financial highlights

  • Q2 revenue: $103M, up 137.9% year-over-year and 3% sequentially; H1 revenue: $202.81M, up 141.6% year-over-year.

  • Gross margin: 30.3%–30.4% (GAAP/non-GAAP), up from 22.1%–22.5% last year.

  • Net loss: $9.1M GAAP ($0.16/share), improved from $26.1M loss ($0.66/share) last year.

  • Operating expenses rose to $42.1M, mainly from R&D and SG&A increases.

  • Cash and equivalents: $87.2M at quarter end, up from $66.8M at year start.

Outlook and guidance

  • Q3 revenue expected between $115M and $127M, with sequential growth in CATV and data center.

  • Q3 non-GAAP gross margin guided at 29.5%–31%; non-GAAP net loss expected between $5.9M and $2M.

  • Full-year CapEx expected at $120M–$150M, focused on production expansion.

  • Gross margin targeted to reach 40% by late 2026 or early 2027.

  • Meaningful 800G shipments anticipated in late Q3 or Q4, with 1.6T ramping mid-2026.

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Frequently asked questions

Applied Optoelectronics, Inc is engaged in the design, manufacturing and sells various fiber-optic networking products. The company's fiber-optic networking products incorporate its vertical-cavity surface emitting lasers, laser drivers, laser diodes, modulators and photodetectors into optical subsystems. Its fiber-optic networking products are used in various applications spanning: areas including telecommunications network infrastructure; cable television headends; data centers; content delivery networks and high performance computing.

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