Total Revenue

+145% (from $40.67M to $99.86M)

Dramatic revenue growth was primarily driven by a substantial surge in CATV revenue combined with modest improvements in Data Center and Telecom segments. Enhanced market demand for upgraded DOCSIS 4.0 and amplifier products fueled the increase, compared to the previous period’s lower volumes. " "

Data Center Revenue

+10.6% (from $28.99M to $32.05M)

Increased demand for 100G data center products and ongoing growth from strategic supply agreements contributed to this moderate increase, building on the previous period’s baseline of consistent, but lower, demand. " "

CATV Revenue

+637% (from $8.74M to $64.50M)

Explosive growth in CATV revenue resulted from a major ramp up in orders driven by a network upgrade project and strong market recovery—with drivers including the successful launch of DOCSIS 4.0 products—contrasting sharply with the relatively low CATV figures in the previous period. " "

Telecom Revenue

+29% (from $2.27M to $2.94M)

Moderate growth in Telecom revenue reflects improved market acceptance and increased orders, though its contribution remains small relative to other segments; it built on a previous period where even smaller volumes were recorded. "

Other Revenue

−45% (from $0.68M to $0.37M)

Decline in Other revenue suggests reduced or non-recurring income streams compared to the prior period, indicating that these activities yielded lower results in Q1 2025 relative to Q1 2024. "

Taiwan Revenue

+187% (from $24.70M to $70.88M)

Robust expansion in Taiwan can be attributed to accelerated market demand and strategic customer engagements that markedly improved on last period’s performance. " "

China Revenue

+110% (from $13.26M to $27.83M)

Significant doubling in China revenue is a result of strengthening customer orders and market penetration relative to the previous period’s figures. " "

U.S. Revenue

−57.5% (from $2.71M to $1.15M)

Sharp decline in U.S. revenue indicates a loss of market share or reduced orders in the U.S., contrasting with the gains seen in other regions, and highlighting regional demand differences compared to the previous period. " "

Gross Profit

+302% (from $7.59M to $30.54M)

Substantial margin improvement reflects a healthier revenue mix, largely due to the dramatic CATV surge and improved product mix, which elevated gross profit well above last period’s figures. " "

Operating Loss

−58% (narrowed from $21.65M to $8.94M)

Operating leverage benefits from increased volumes, especially in CATV, allowed fixed costs to be spread over higher revenues, leading to a significantly reduced operating loss compared to the previous period. " "

Net Loss

−60% (improved from $23.17M to $9.17M)

A substantial reduction in net loss was achieved through improved operational efficiency and higher revenue, despite ongoing challenges, showing a marked improvement from the previous period’s deeper losses. " "

Total Assets

+84% (from $350.92M to $644.67M)

Marked growth in assets was driven by increases in working capital—such as accounts receivable and inventories—and capital investments, reflecting expansion efforts compared to the lower asset base in the prior period. " "

Total Liabilities

+116% (from $155.19M to $335.66M)

Liabilities grew sharply largely due to increased financing undertaken to support higher working capital requirements and growth investments, contrasting with the more moderate liability levels in the previous period. " "

Stockholders’ Equity

+58% (from $195.73M to $309.01M)

Equity expansion was primarily driven by a public offering of common stock and additional capital inputs, which more than offset the losses incurred, building on a comparatively lower base in the previous period. " "

Net Cash Used in Operating Activities

More negative (from −$28.48M to −$50.92M)

Higher working capital usage (increases in receivables and inventories) combined with continuing operating losses led to deeper cash outflows in operations, marking a more pronounced cash usage compared to the prior period. " "

Revenue

Q1 2025

$94 million to $104 million "

No guidance provided

no current guidance

Non-GAAP Gross Margin

Q1 2025

29% to 30.5% "

No guidance provided

no current guidance

Non-GAAP Net Income

Q1 2025

loss of $3.6 million to breakeven "

No guidance provided

no current guidance

Non-GAAP EPS

Q1 2025

loss of $0.07 per share to breakeven "

No guidance provided

no current guidance

Hyperscale Data Center Demand

Consistently discussed from Q2 through Q4 2024 with emphasis on initial orders, qualification efforts, revenue forecasts for 400G/800G products, capacity planning and ramp‐up strategies " " " " " "

Q1 2025 emphasized new design wins, entering final qualification phases and highlighted strategic Amazon partnership to capture a significant market share " " "

Increasing momentum and strategic focus with enhanced design wins and key partnerships indicating a positive long-term outlook.

400G Product Demand

Q2 2024 noted initial orders and new customer engagements; Q3 2024 highlighted robust sequential growth and new customer wins; Q4 2024 focused on revenue growth, capacity expansion and order strength " " " " " " "

Q1 2025 reported continued strong demand, an unexpected surge in related 100G orders, and mentioned inventory digestion that is expected to resolve in Q2 2025 " "

Steady and robust demand with ongoing expansion, while short‐term inventory challenges are being managed.

Advanced Optical Technologies

Across Q2 to Q4 2024, the company emphasized active qualification of 800G products, forecasted ramp-ups (orders expected in Q4/Q1 and production ramp in the second half of 2025) plus development of 1.6 terabit solutions for later ramp-up " " " " " "

Q1 2025 reinforced plans to ramp 800G production (targeting 100,000 units/month and ramp in summer) and highlighted an Amazon partnership aimed at a leading market share, while also addressing 1.6 Tb production growth " " " " " "

Continuous progression with increased capacity and customer focus, positioning the company strongly for long-term growth in advanced optical products.

U.S. Production Margins and Automation

Q2 2024 and Q3 2024 mentioned U.S.-based production capabilities and automation advantages that support meeting customer demand " "

Q1 2025 explicitly noted that U.S. production offers 10% to 15% premium pricing and is nearly fully automated – a key driver for enhanced margins "

Enhanced operational focus: Emphasis on automation and domestic production is now linked explicitly to improved margins and competitive pricing.

Production Capacity Expansion and Constraints

Q3 2024 and Q4 2024 detailed substantial capital investments, capacity expansions (targeting 120k–140k units/month in Q4/early 2025) and automation improvements, while Q2 did not address this topic " " " "

Q1 2025 described expansion initiatives for advanced transceivers (target of 40,000 units/month initially) and plans to boost production 8.5x, while also noting supply constraints in 100G products " " "

Aggressive capacity expansion coupled with strategic investments is a clear and ongoing priority to support demand growth despite short-term production constraints.

Gross Margin Pressure and Product Mix Transition

Q2 2024 reported low margins (22.5%) driven by unfavorable product mix; Q3 2024 showed rising margins with pressure offset by higher margin products; Q4 2024 demonstrated sequential improvement to 28.9% though still below long-term targets " " " " "

Q1 2025 announced an improved non‐GAAP gross margin of 30.7%, driven by a favorable product mix (notably in CATV) and expects further margin expansion as it transitions to higher-value products " " "

Gradual improvement in margins: Ongoing product mix transition, with CATV strength and a move toward 800G and 1.6 Tb transceivers, is systematically boosting margins toward a long‐term 40% target.

Inventory Management Challenges for 400G Products

Not specifically mentioned in prior calls

Q1 2025 raised that inventory digestion with a major hyperscale customer was affecting 400G revenue, with expectations that the issue will largely resolve in Q2 2025 " "

A newly highlighted short-term challenge: Inventory management issues for 400G products have emerged in Q1 2025, with corrective action planned for the near term.

Tariff Uncertainty Impact on Supply Chain

Not previously mentioned

Q1 2025 confirmed that tariff uncertainty had no material impact on the financials, while noting a potential indirect effect via a surge in 100G product demand; U.S. production is benefiting from tariff-related advantages " " "

Emerging topic in Q1 2025: Although tariffs remain a concern, the company’s domestic production is mitigating risks and even adding competitive advantages.

CATV Segment Performance

Q2 2024 recorded a decline due to the DOCSIS 4.0 transition; Q3 2024 showed robust sequential growth; Q4 2024 reported significant revenue increases (with concerns about plateauing) " " " " " "

Q1 2025 delivered a record-high CATV revenue of $64.5 million (65% of total revenue), though a modest pullback is anticipated as the product mix transitions for amplifier products " " "

Resilient yet cyclic: After recovering from a prior decline, the CATV segment is delivering record performance in Q1 2025, though cyclical adjustments are expected as new products roll out.

Customer Concentration Risk

Not mentioned in Q2–Q4 2024 earnings calls

Not mentioned in Q1 2025

Not a focus: This topic has not been addressed in any period, suggesting it is not currently viewed as a significant risk.

Microsoft AOC Program and Revenue Ramp

Q2 2024 discussed development agreements with Microsoft and forecasted a long-term aggregate revenue potential of ~$300 million; Q3 2024 noted a slow ramp (revenue below $5 million with expectations to reach ~$25 million per quarter eventually), and Q4 2024 mentioned a ramp later in the year under NDA constraints " " " "

Not mentioned in Q1 2025

A long-term initiative with a slower-than-expected ramp: While previous periods focused on gradual progress under long-term revenue targets, its absence in Q1 2025 suggests it remains in the pipeline without new updates.