Applied Optoelectronics — 2026Q3 财报

“GAAP revenue was $191.9 million, compared with $103.0 million in the second quarter of 2025 and $151.1 million in the first quarter of 2026.”

Record revenue: Q2 revenue was $191.9 million, up from $103.0 million a year earlier and $151.1 million in Q1 2026 — growth both year over year and sequentially.

“Non-GAAP net income was $5.5 million, or $0.06 per diluted share, compared with non-GAAP net loss of $8.8 million, or $0.16 per basic share in the second quarter of 2025, and a non-GAAP net loss of $4.9 million, or $0.07 per basic share in the first quarter of 2026.”

Return to non-GAAP profitability: non-GAAP net income of $5.5 million ($0.06 per diluted share) swung from a $8.8 million non-GAAP loss a year ago and a $4.9 million non-GAAP loss in Q1 2026.

“GAAP gross margin was 27.7%, compared with 30.3% in the second quarter of 2025 and 29.1% in the first quarter of 2026. Non-GAAP gross margin was 29.8%, compared with 30.4% in the second quarter of 2025 and 29.2% in the first quarter of 2026.”

Margins compressed even as revenue ramped: GAAP gross margin fell to 27.7% (from 30.3% a year ago and 29.1% in Q1), while non-GAAP gross margin of 29.8% held roughly flat-to-down versus 30.4% and 29.2% in the comparison periods.

“Revenue in the range of $255 million to $290 million.”

Steep Q3 guide: the company guided Q3 2026 revenue to $255 million to $290 million, a large sequential step-up from Q2's level.

“We continue to see robust customer engagement around our 800G transceivers and 1.6 Tb products, and we forecast that demand will continue to outpace our production capacity through mid-2027.”

Supply-bound growth story: CEO Thompson Lin says forecast demand for 800G transceivers and 1.6 Tb products will outrun AAOI's production capacity through mid-2027 — the growth constraint is capacity, not orders.

“800G revenue of $12.8 million, or 11.9% of our total data center revenue, increased more than tenfold year-over-year and more than doubled sequentially in Q2.”

CFO Stefan Murry quantified the 800G inflection: $12.8 million of 800G revenue (11.9% of datacenter revenue) grew more than tenfold year over year and more than doubled sequentially — and he separately guided it to grow nearly 5x sequentially in Q3.

“Currently, our total manufacturing capacity is approaching 200,000 units per month, up from nearly 100,000 units per month of 800G and 1.6T capacity at the end of Q1. Looking ahead, we continue to expect by the end of this year that we will be capable of producing over 650,000 pieces of 800G and 1.6T products per month.”

Murry laid out the capacity ramp math: total manufacturing capacity is approaching 200,000 units/month (from nearly 100,000 of 800G/1.6T capacity at end of Q1), targeting over 650,000 pieces of 800G and 1.6T per month by year-end.

“We expect full qualification of our first 1.6Tb product by this customer within the next couple of weeks, followed by shipments of 1.6Tb beginning later this quarter. We continue to expect that shipments of these orders will return this customer as a 10% plus customer for us in Q3.”

Murry put a near-term date on the 1.6T milestone: full qualification of the first 1.6Tb product by a long-term hyperscale customer within a couple of weeks, shipments later in Q3, and that customer returning to 10%-plus of revenue in Q3.

“We continue to believe our 2026 revenue will be around $1.1 billion this year.”

CEO Thompson Lin reiterated the full-year frame: roughly $1.1 billion of 2026 revenue, which implies a heavily second-half-weighted ramp given $343 million booked in H1.