Applied Optoelectronics Reports First Quarter 2024 Results

　　SUGAR LAND, Texas, May 09, 2024 (GLOBE NEWSWIRE) -- Applied Optoelectronics, Inc. (NASDAQ: AAOI), a leading provider of fiber-optic access network products for the internet datacenter, cable broadband, telecom and fiber-to-the-home (FTTH) markets, today announced financial results for its first quarter ended March 31, 2024.

　　“Our first quarter revenue and gross margin came in below our expectations, largely driven by product mix, and our non-GAAP EPS was in-line with our guidance range,” said Dr. Thompson Lin, Applied Optoelectronics Inc. Founder, President and Chief executive Officer. “Despite the slower start to the year, we expect a recovery in the second quarter and continue to anticipate a markedly improved second half of the year. We believe that the long-term demand drivers remain strong across our end markets and we believe we are well positioned to capitalize on these opportunities.”

　　First Quarter 2024 Financial Summary

　　GAAP revenue was $40.7 million, compared with $53.0 million in the first quarter of 2023 and $60.5 million in the fourth quarter of 2023.

　　GAAP gross margin was 18.7%, compared with 17.4% in the first quarter of 2023 and 35.7% in the fourth quarter of 2023. Non-GAAP gross margin was 18.9%, compared with 23.2% in the first quarter of 2023 and 36.4% in the fourth quarter of 2023.

　　GAAP net loss was $23.2 million, or $0.60 per basic share, compared with net loss of $16.3 million, or $0.56 per basic share in the first quarter of 2023, and a net loss of $13.9 million, or $0.38 per basic share in the fourth quarter of 2023.

　　Non-GAAP net loss was $12.0 million, or $0.31 per basic share, compared with non-GAAP net loss of $7.1 million, or $0.25 per basic share in the first quarter of 2023, and a non-GAAP net income of $1.6 million, or $0.04 per diluted share in the fourth quarter of 2023.

　　A reconciliation between all GAAP and non-GAAP information referenced above is contained in the tables below. Please also refer to “Non-GAAP Financial Measures” below for a description of these non-GAAP financial measures.

　　Second Quarter 2024 Business Outlook (+)

　　For second quarter of 2024, the company currently expects:

　　Revenue in the range of $41.5 million to $46.5 million.

　　Non-GAAP gross margin in the range of 25.5% to 27.5%.

　　Non-GAAP net loss in the range of $11.6 million to $13.5 million, and non-GAAP loss per share in the range of $0.29 to $0.34 using approximately 39.2 million shares.

　　About Applied Optoelectronics

　　Applied Optoelectronics Inc. (AOI) is a leading developer and manufacturer of advanced optical products, including components, modules and equipment. AOI's products are the building blocks for broadband fiber access networks around the world, where they are used in the internet datacenter, CATV broadband, telecom and FTTH markets. AOI supplies optical networking lasers, components and equipment to tier-1 customers in all four of these markets. In addition to its corporate headquarters, wafer fab and advanced engineering and production facilities in Sugar Land, TX, AOI has engineering and manufacturing facilities in Taipei, Taiwan and Ningbo, China. For additional information, visit www.ao-inc.com.