$AAOI reported earnings, it’s actually extremely positive so far contrary to market reactions.
Like all 2027 hyperbolic forward growth companies:
Nobody should care about current financials.
Key things market missed was:
AOI: hit They hit 100K units/month capacity for 800G transceivers.
And: → “Significant larger growth expected starting in Q3 as capacity comes online”
If you do look at financials:
It’s ~29.2% non GAAP gross margin
on ~180-$198m Q2.
We already know from Lumentum earnings that it’s more of capacity bottleneck, not a demand one.
And anything they make they sell out.
It’s a forward growth story, so important thing aside from these notes is the earnings call
on hyperscaler demand implications and capacity ramp.