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    NeoPhotonics Reports Second Quarter 2022 Financial Results

    7/25/22 4:05:00 PM ET
    $NPTN
    Semiconductors
    Technology
    Get the next $NPTN alert in real time by email
    • Revenue of $95.0 million represents 46% year-over-year growth over same quarter last year
    • Second sequential quarter with 45+% year-over-year growth; first half revenue of $184 million up 46% from same period last year
    • $61 million of revenue from products for 400G and above applications, contributing 64% of revenue and representing approximately 105% year-over-year growth
    • GAAP Operating Profit of $6.4 million, up from a loss of $16.3 million in the same period last year on the strength of the 400G product ramp

    NeoPhotonics Corporation (NYSE:NPTN), a leading developer of silicon photonics and advanced hybrid photonic integrated circuit-based lasers, modules and subsystems for bandwidth-intensive, high-speed communications networks, today announced financial results for its second quarter of 2022.

    "Our business remains on a strong growth path with revenue of $95 million, 46% above the same quarter last year and also up 46% year-to-date. This was despite ongoing supply chain limitations which had an adverse impact on revenue of approximately $10 million. Our 400G and above products grew approximately 105% year-over-year, and now comprise 64% of total revenue. Our revenue from 400ZR coherent DCO module products to datacenter customers is now in low millions per quarter," said Tim Jenks, Chairman and CEO of NeoPhotonics. "In addition to 400ZR, we are ramping our 96 Gbaud components and sampling 130 Gbaud for even higher data rate applications. These new component products, together with our ramping 400ZR and CFP2 400G module products, give us confidence in continued growth for the quarters ahead, despite the expected challenges with IC chip supply shortages."

    Mr. Jenks continued, "I would like to thank NeoPhotonics employees for their continued commitment, which has built the Company's strong technology leadership for high speed over distance applications and has resulted in the Company's strong performance in the second quarter of 2022."

    Mr. Jenks concluded, "The Lumentum transaction, announced last November, remains on track having been approved by our shareholders and received antitrust clearance from US regulators. We look forward to securing regulatory approval in China and closing the transaction. Our strong quarter with more than 46% year over year revenue growth, GAAP operating profit and significant growth from western customers, reflects our success in pivoting our business following the loss of revenue in 2020 due to Department of Commerce restrictions on certain Chinese customers."

    Second Quarter 2022 Summary

    • Revenue of $95.0 million was up 46% year-over-year on growth in 400G and above capable products and up 6% quarter-over-quarter. Supply chain shortages negatively impacted revenue by approximately $10 million in the second quarter. Demand remains strong and chip supply continues to constrain revenue.
    • Three customers were greater than 10% of our revenue for the three months ended June 30, 2022 and our top five customers accounted for 83% of our revenue in the quarter versus 77% in the same quarter last year.
    • Gross margin was 34.8%, up nearly 20 percentage points year-over-year on improved factory utilization and up 4.2 percentage points from the prior quarter on meaningful yield improvements.
    • Non-GAAP gross margin was 35.2% up from 21.7% in the same quarter last year and 31.2% in the prior quarter.
    • Operating expense was $26.7 million, down $3.4 million from Q1'22 on a gain on the sale of our Fremont wafer fab and lower costs related to the sale.
    • Non-GAAP operating expense of $24.1 million, down $0.9 million from Q1'22 on lower R&D materials & operating costs of the Fremont site.
    • Operating income was $6.4 million, compared to a loss of $2.8 million in Q1'22 and a loss of $16.3 million in Q2'21, driven by the significant improvement in revenue and gross margin.
    • Non-GAAP operating income was $9.4 million, compared to a loss of $10.3 million in Q2'21 and a profit of $2.8 million in the prior quarter, a notable turnaround in results.
    • Foreign Exchange was a gain of $6.0 million on the appreciation of the U.S. dollar. As a reminder, the foreign exchange impact is largely related to the revaluation of U.S. dollar assets on our overseas books which are stated in their local currency. Beginning this quarter, we will exclude unrealized foreign exchange from our Non-GAAP results, to better focus on our operational results.
    • Net earnings per share was $0.17, compared to net loss of $0.34 a year ago and a loss of $0.06 per share in the prior quarter.
    • Non-GAAP net income per share was $0.15, compared to a Non-GAAP loss per share of $0.22 a year ago and a Non-GAAP earnings per share of $0.04 in the prior quarter. Excluding the impact of unrealized foreign exchange in the prior quarters, earnings per share was a loss of $0.22 in Q2'21 and an income of $0.05 in Q1'22.
    • Adjusted EBITDA was $13.2 million, up from $7.8 million in the prior quarter excluding the impact of unrealized foreign exchange.
    • Net Inventory grew $5.8 million from Q1'22, to $66 million, as we increased 400ZR inventories to a total of $20 million to ensure ongoing module supply.
    • As of June 30, 2022, cash and cash equivalents, short-term investments and restricted cash totaled $105 million, down approximately $2.0 million from Q1'22. Capital Expenditure was $3 million.

    Non-GAAP results in the second quarter of 2022 exclude gains of $5.4 million for unrealized foreign exchange, $1.9 million on the sale of assets, expenses of $2.6 million for stock-based compensation, $2.0 million of merger retention and other acquisition related charges, income tax effect of $1.4 million for Non-GAAP items and $0.2 million of other charges. A reconciliation of the non-GAAP and Adjusted EBITDA financial measures to the most directly comparable GAAP financial measures is provided in the financial schedules portion at the end of this press release.

    NeoPhotonics Product Milestone Achievements

    • Products capable of use for 400G and above applications were 64% of revenue in Q2 2022.
    • Continued to ramp production of our 400ZR small form factor coherent transceiver modules, reaching low single digit millions in revenue.
    • Shipped first samples of 130 Gbaud Coherent Receivers and Modulators for next generation 800G and 1.6T links.
    • Conducted webinar outlining the application of NeoPhotonics coherent products and technology to Lidar for Autonomous Vehicles and other remote sensing applications.

    Supply Chain Impacts

    Second quarter revenue was approximately $10 million lower than we project it would have been without supply chain constraints. Supply chain impacts in the quarter were primarily shortages of analog and power semiconductors. The Company expects such impacts to continue through 2022.

    Non-GAAP and Adjusted EBITDA Measures vs. GAAP Financial Measures

    The Company's non-GAAP and Adjusted EBITDA measures exclude certain GAAP financial measures. A reconciliation of the non-GAAP and Adjusted EBITDA financial measures to the most directly comparable GAAP financial measures is provided in the financial schedules portion at the end of this press release. These non-GAAP financial measures differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

    The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. NeoPhotonics believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

    Conference Call

    The Company will not host a conference call regarding the Q2 2022 results.

    About NeoPhotonics

    NeoPhotonics is a leading developer and manufacturer of lasers and optoelectronic solutions that transmit, receive and switch high-speed digital optical signals for Cloud and hyper-scale data center internet content provider and telecom networks. The Company's products enable cost-effective, high-speed over distance data transmission and efficient allocation of bandwidth in optical networks. NeoPhotonics maintains headquarters in San Jose, California and ISO 9001:2015 certified engineering and manufacturing facilities in Silicon Valley (USA), Japan and China. For additional information visit www.neophotonics.com.

    Notice Regarding Forward-Looking Statements

    This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events, including the timing of the proposed transaction, information related to the proposed transaction, and supply chain constraints. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern the proposed transaction and our expectations, strategy, plans or intentions regarding it. Forward-looking statements in this communication include, but are not limited to, (i) expectations regarding the timing, completion and expected benefits of the proposed transaction, (ii) expected continued supply chain impacts, plans, objectives and intentions with respect to future operations, customers and the market, and (iii) future growth and profitability. Expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include the risk that the transaction may not be completed in a timely manner or at all; the ability to secure additional regulatory approvals on the terms expected in a timely manner or at all; the effect of the announcement or pendency of the transaction on our business relationships, results of operations and business generally; ability to win customer awards; risks that the proposed transaction disrupts current plans and operations; the risk of litigation and/or regulatory actions related to the proposed transaction; disruptions and shortages in supply chains; impact of inflation on our business; potential impacts of the Covid-19 pandemic; changing supply and demand conditions in the industry; and general market, political, economic, and business conditions. The forward-looking statements contained in this communication are also subject to other risks and uncertainties, including those more fully described in filings with the Securities and Exchange Commission ("SEC"), including reports filed on Form 10-K, 10-Q and 8-K and in other filings made by NeoPhotonics with the SEC from time to time and available at www.sec.gov. These forward-looking statements are based on current expectations, and are based on NeoPhotonics' current expectations which is subject to change.

    The parties undertake no obligation to update the information contained in this communication or any other forward-looking statement.

    ©2022 NeoPhotonics Corporation. All rights reserved. NeoPhotonics and the red dot logo are trademarks of NeoPhotonics Corporation. All other marks are the property of their respective owners.

    NeoPhotonics Corporation

    Condensed Consolidated Balance Sheets (Unaudited)

    (In thousands)

     

     

    As of

     

    Jun. 30, 2022

    Dec. 31, 2021

     

     

     

    ASSETS

     

     

    Current assets:

     

     

    Cash and cash equivalents

    $

    77,079

     

    $

    77,833

     

    Short-term investments

     

    27,720

     

     

    27,675

     

    Restricted cash

     

    38

     

     

    87

     

    Accounts receivable, net

     

    68,460

     

     

    55,324

     

    Inventories

     

    65,510

     

     

    52,896

     

    Prepaid expenses and other current assets

     

    18,927

     

     

    16,246

     

    Total current assets

     

    257,734

     

     

    230,061

     

    Property, plant and equipment, net

     

    49,191

     

     

    54,190

     

    Operating lease right-of-use assets

     

    12,091

     

     

    13,201

     

    Purchased intangible assets, net

     

    787

     

     

    844

     

    Goodwill

     

    1,115

     

     

    1,115

     

    Other long-term assets

     

    5,636

     

     

    6,156

     

    Total assets

    $

    326,554

     

    $

    305,567

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

    Current liabilities:

     

     

    Accounts payable

    $

    69,685

     

    $

    58,125

     

    Short-term borrowing, net

     

    —

     

     

    14,914

     

    Current portion of long-term debt

     

    2,449

     

     

    2,928

     

    Accrued and other current liabilities

     

    29,327

     

     

    30,008

     

    Total current liabilities

     

    101,461

     

     

    105,975

     

    Long-term debt, net of current portion

     

    23,945

     

     

    25,753

     

    Related party long-term debt

     

    29,954

     

     

    —

     

    Operating lease liabilities, noncurrent

     

    12,107

     

     

    13,441

     

    Other noncurrent liabilities

     

    6,813

     

     

    7,437

     

    Total liabilities

     

    174,280

     

     

    152,606

     

     

     

     

    Stockholders' equity:

     

     

    Common stock

     

    134

     

     

    133

     

    Additional paid-in capital

     

    614,553

     

     

    610,085

     

    Accumulated other comprehensive income (loss)

     

    (8,782

    )

     

    2,376

     

    Accumulated deficit

     

    (453,631

    )

     

    (459,633

    )

    Total stockholders' equity

     

    152,274

     

     

    152,961

     

    Total liabilities and stockholders' equity

    $

    326,554

     

    $

    305,567

     

    NeoPhotonics Corporation

    Condensed Consolidated Statements of Operations (Unaudited)

    (In thousands, except percentages and per share data)

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    Jun. 30, 2022

     

    Mar. 31, 2022

     

    Jun. 30, 2021

     

    Jun. 30, 2022

     

    Jun. 30, 2021

    Revenue

     

    $

    95,006

     

     

    $

    89,268

     

     

    $

    65,010

     

     

    $

    184,274

     

     

    $

    125,935

     

    Cost of goods sold (1)

     

     

    61,935

     

     

     

    61,979

     

     

     

    55,135

     

     

     

    123,914

     

     

     

    102,721

     

    Gross profit

     

     

    33,071

     

     

     

    27,289

     

     

     

    9,875

     

     

     

    60,360

     

     

     

    23,214

     

    Gross margin

     

     

    34.8

    %

     

     

    30.6

    %

     

     

    15.2

    %

     

     

    32.8

    %

     

     

    18.4

    %

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

    Research and development (1)

     

     

    14,736

     

     

     

    15,098

     

     

     

    15,410

     

     

     

    29,834

     

     

     

    28,508

     

    Sales and marketing (1)

     

     

    3,742

     

     

     

    3,686

     

     

     

    3,362

     

     

     

    7,428

     

     

     

    7,227

     

    General and administrative (1) (2)

     

     

    9,228

     

     

     

    9,794

     

     

     

    7,398

     

     

     

    19,022

     

     

     

    14,692

     

    Acquisition and asset sale related costs (recoveries)

     

     

    638

     

     

     

    905

     

     

     

    (36

    )

     

     

    1,543

     

     

     

    127

     

    Restructuring charges

     

     

    —

     

     

     

    —

     

     

     

    22

     

     

     

    —

     

     

     

    22

     

    Asset impairment charges

     

     

    30

     

     

     

    413

     

     

     

    —

     

     

     

    443

     

     

     

    —

     

    Facility shutdown related costs

     

     

    209

     

     

     

    300

     

     

     

    —

     

     

     

    509

     

     

     

    —

     

    Litigation Settlement

     

     

    (12

    )

     

     

    49

     

     

     

    —

     

     

     

    37

     

     

     

    —

     

    Gain on asset sale

     

     

    (1,866

    )

     

     

    (114

    )

     

     

    —

     

     

     

    (1,980

    )

     

     

    —

     

    Total operating expenses

     

     

    26,705

     

     

     

    30,131

     

     

     

    26,156

     

     

     

    56,836

     

     

     

    50,576

     

    Income (loss) from operations

     

     

    6,366

     

     

     

    (2,842

    )

     

     

    (16,281

    )

     

     

    3,524

     

     

     

    (27,362

    )

    Interest income

     

     

    147

     

     

     

    71

     

     

     

    140

     

     

     

    218

     

     

     

    245

     

    Interest expense

     

     

    (510

    )

     

     

    (355

    )

     

     

    (220

    )

     

     

    (865

    )

     

     

    (447

    )

    Other income (expense), net

     

     

    5,823

     

     

     

    395

     

     

     

    (880

    )

     

     

    6,218

     

     

     

    263

     

    Total interest and other income (expense), net

     

     

    5,460

     

     

     

    111

     

     

     

    (960

    )

     

     

    5,571

     

     

     

    61

     

    Income (loss) before income taxes

     

     

    11,826

     

     

     

    (2,731

    )

     

     

    (17,241

    )

     

     

    9,095

     

     

     

    (27,301

    )

    Income tax provision

     

     

    (2,521

    )

     

     

    (572

    )

     

     

    (191

    )

     

     

    (3,093

    )

     

     

    (823

    )

    Net income (loss)

     

    $

    9,305

     

     

    $

    (3,303

    )

     

    $

    (17,432

    )

     

    $

    6,002

     

     

    $

    (28,124

    )

    Basic net income (loss) per share

     

    $

    0.17

     

     

    $

    (0.06

    )

     

    $

    (0.34

    )

     

    $

    0.11

     

     

    $

    (0.55

    )

    Diluted net income (loss) per share

     

    $

    0.17

     

     

    $

    (0.06

    )

     

    $

    (0.34

    )

     

    $

    0.11

     

     

    $

    (0.55

    )

    Weighted average shares used to compute basic net income (loss) per share

     

     

    53,488

     

     

     

    53,146

     

     

     

    51,634

     

     

     

    53,318

     

     

     

    51,178

     

    Weighted average shares used to compute diluted net income (loss) per share

     

     

    56,095

     

     

     

    53,146

     

     

     

    51,634

     

     

     

    55,999

     

     

     

    51,178

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Includes stock-based compensation expense as follows for the periods presented:

     

     

     

     

     

     

     

     

     

     

    Cost of goods sold

     

    $

    404

     

     

    $

    525

     

     

    $

    572

     

     

    $

    929

     

     

    $

    1,120

     

    Research and development

     

     

    794

     

     

     

    774

     

     

     

    744

     

     

     

    1,568

     

     

     

    1,606

     

    Sales and marketing

     

     

    400

     

     

     

    385

     

     

     

    261

     

     

     

    785

     

     

     

    815

     

    General and administrative

     

     

    1,011

     

     

     

    931

     

     

     

    763

     

     

     

    1,942

     

     

     

    2,076

     

    Total stock-based compensation expense

     

    $

    2,609

     

     

    $

    2,615

     

     

    $

    2,340

     

     

    $

    5,224

     

     

    $

    5,617

     

     

    (2) Includes $1,359 and $2,810 of retention costs related to the acquisition for the three and six months ended June 30, 2022, respectively.

    NeoPhotonics Corporation

    Reconciliation of Condensed Consolidated GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)

    (In thousands, except percentages and per share data)

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    Jun. 30, 2022

     

    Mar. 31, 2022

     

    Jun. 30, 2021

     

    Jun. 30, 2022

     

    Jun. 30, 2021

    NON-GAAP GROSS PROFIT:

     

     

     

     

     

     

     

     

     

     

    GAAP gross profit

     

    $

    33,071

     

     

    $

    27,289

     

     

    $

    9,875

     

     

    $

    60,360

     

     

    $

    23,214

     

    Stock-based compensation expense

     

     

    404

     

     

     

    525

     

     

     

    572

     

     

     

    929

     

     

     

    1,120

     

    Amortization of purchased intangible assets

     

     

    7

     

     

     

    8

     

     

     

    153

     

     

     

    15

     

     

     

    338

     

    Depreciation of acquisition-related fixed asset step-up

     

     

    3

     

     

     

    3

     

     

     

    3

     

     

     

    6

     

     

     

    (3

    )

    End-of-life related inventory write-down

     

     

    —

     

     

     

    —

     

     

     

    3,257

     

     

     

    —

     

     

     

    2,680

     

    Accelerated depreciation

     

     

    —

     

     

     

    —

     

     

     

    157

     

     

     

    —

     

     

     

    331

     

    Restructuring charges (recoveries)

     

     

    —

     

     

     

    (18

    )

     

     

    113

     

     

     

    (18

    )

     

     

    113

     

    Non-GAAP gross profit

     

    $

    33,485

     

     

    $

    27,807

     

     

    $

    14,130

     

     

    $

    61,292

     

     

    $

    27,793

     

    Non-GAAP gross margin as a % of revenue

     

     

    35.2

    %

     

     

    31.2

    %

     

     

    21.7

    %

     

     

    33.3

    %

     

     

    22.1

    %

     

     

     

     

     

     

     

     

     

     

     

    NON-GAAP TOTAL OPERATING EXPENSES:

     

     

     

     

     

     

     

     

     

     

    GAAP total operating expenses

     

    $

    26,705

     

     

    $

    30,131

     

     

    $

    26,156

     

     

    $

    56,836

     

     

    $

    50,576

     

    Stock-based compensation expense

     

     

    (2,205

    )

     

     

    (2,090

    )

     

     

    (1,768

    )

     

     

    (4,295

    )

     

     

    (4,497

    )

    Depreciation of acquisition-related fixed asset step-up

     

     

    (12

    )

     

     

    (14

    )

     

     

    (21

    )

     

     

    (26

    )

     

     

    (46

    )

    Acquisition and asset sale related costs

     

     

    (638

    )

     

     

    (905

    )

     

     

    36

     

     

     

    (1,543

    )

     

     

    (127

    )

    Retention costs related to acquisition

     

     

    (1,359

    )

     

     

    (1,451

    )

     

     

    —

     

     

     

    (2,810

    )

     

     

    —

     

    Restructuring charges

     

     

    —

     

     

     

    —

     

     

     

    (22

    )

     

     

    —

     

     

     

    (22

    )

    Asset impairment charges

     

     

    (30

    )

     

     

    (413

    )

     

     

    —

     

     

     

    (443

    )

     

     

    —

     

    Facility shutdown related costs

     

     

    (209

    )

     

     

    (300

    )

     

     

    —

     

     

     

    (509

    )

     

     

    —

     

    Litigation settlement

     

     

    12

     

     

     

    (49

    )

     

     

    —

     

     

     

    (37

    )

     

     

    —

     

    Gain on asset sale

     

     

    1,866

     

     

     

    114

     

     

     

    —

     

     

     

    1,980

     

     

     

    —

     

    Non-GAAP total operating expenses

     

    $

    24,130

     

     

    $

    25,023

     

     

    $

    24,381

     

     

    $

    49,153

     

     

    $

    45,884

     

    Non-GAAP total operating expenses as a % of revenue

     

     

    25.4

    %

     

     

    28.0

    %

     

     

    37.5

    %

     

     

    26.7

    %

     

     

    36.4

    %

     

     

     

     

     

     

     

     

     

     

     

    NON-GAAP OPERATING INCOME (LOSS):

     

     

     

     

     

     

     

     

     

     

    GAAP income (loss) from operations

     

    $

    6,366

     

     

    $

    (2,842

    )

     

    $

    (16,281

    )

     

    $

    3,524

     

     

    $

    (27,362

    )

    Stock-based compensation expense

     

     

    2,609

     

     

     

    2,615

     

     

     

    2,340

     

     

     

    5,224

     

     

     

    5,617

     

    Amortization of purchased intangible assets

     

     

    7

     

     

     

    8

     

     

     

    153

     

     

     

    15

     

     

     

    338

     

    Depreciation of acquisition-related fixed asset step-up

     

     

    15

     

     

     

    17

     

     

     

    24

     

     

     

    32

     

     

     

    43

     

    Acquisition and asset sale related costs (recoveries)

     

     

    638

     

     

     

    905

     

     

     

    (36

    )

     

     

    1,543

     

     

     

    127

     

    Retention costs related to acquisition

     

     

    1,359

     

     

     

    1,451

     

     

     

    —

     

     

     

    2,810

     

     

     

    —

     

    End-of-life related inventory write-down

     

     

    —

     

     

     

    —

     

     

     

    3,257

     

     

     

    —

     

     

     

    2,680

     

    Accelerated depreciation

     

     

    —

     

     

     

    —

     

     

     

    157

     

     

     

    —

     

     

     

    331

     

    Restructuring charges (recoveries)

     

     

    —

     

     

     

    (18

    )

     

     

    135

     

     

     

    (18

    )

     

     

    135

     

    Asset impairment charges

     

     

    30

     

     

     

    413

     

     

     

    —

     

     

     

    443

     

     

     

    —

     

    Facility shutdown related costs

     

     

    209

     

     

     

    300

     

     

     

    —

     

     

     

    509

     

     

     

    —

     

    Litigation settlement

     

     

    (12

    )

     

     

    49

     

     

     

    —

     

     

     

    37

     

     

     

    —

     

    Gain on asset sale

     

     

    (1,866

    )

     

     

    (114

    )

     

     

    —

     

     

     

    (1,980

    )

     

     

    —

     

    Non-GAAP income (loss) from operations

     

    $

    9,355

     

     

    $

    2,784

     

     

    $

    (10,251

    )

     

    $

    12,139

     

     

    $

    (18,091

    )

    Non-GAAP operating margin as a % of revenue

     

     

    9.8

    %

     

     

    3.1

    %

     

     

    (15.8

    )%

     

     

    6.6

    %

     

     

    (14.4

    )%

    NeoPhotonics Corporation

    Reconciliation of Condensed Consolidated GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited) (Continued)

    (In thousands, except percentages and per share data)

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    Jun. 30, 2022

     

    Mar. 31, 2022

     

    Jun. 30, 2021

     

    Jun. 30, 2022

     

    Jun. 30, 2021

    NON-GAAP NET INCOME (LOSS):

     

     

     

     

     

     

     

     

     

     

    GAAP net income (loss)

     

    $

    9,305

     

     

    $

    (3,303

    )

     

    $

    (17,433

    )

     

    $

    6,002

     

     

    $

    (28,124

    )

    Stock-based compensation expense

     

     

    2,609

     

     

     

    2,615

     

     

     

    2,340

     

     

     

    5,224

     

     

     

    5,617

     

    Amortization of purchased intangible assets

     

     

    7

     

     

     

    8

     

     

     

    153

     

     

     

    15

     

     

     

    338

     

    Depreciation of acquisition-related fixed asset step-up

     

     

    15

     

     

     

    17

     

     

     

    24

     

     

     

    32

     

     

     

    43

     

    Acquisition and asset sale related costs (recoveries)

     

     

    638

     

     

     

    905

     

     

     

    (36

    )

     

     

    1,543

     

     

     

    127

     

    Retention costs related to acquisition

     

     

    1,359

     

     

     

    1,451

     

     

     

    —

     

     

     

    2,810

     

     

     

    —

     

    End-of-life related inventory write-down

     

     

    —

     

     

     

    —

     

     

     

    3,257

     

     

     

    —

     

     

     

    2,680

     

    Accelerated depreciation

     

     

    —

     

     

     

    —

     

     

     

    157

     

     

     

    —

     

     

     

    331

     

    Restructuring charges (recoveries)

     

     

    —

     

     

     

    (18

    )

     

     

    135

     

     

     

    (18

    )

     

     

    135

     

    Asset impairment charges

     

     

    30

     

     

     

    413

     

     

     

    —

     

     

     

    443

     

     

     

    —

     

    Facility shutdown related costs

     

     

    209

     

     

     

    300

     

     

     

    —

     

     

     

    509

     

     

     

    —

     

    Litigation settlement

     

     

    (12

    )

     

     

    49

     

     

     

    —

     

     

     

    37

     

     

     

    —

     

    Gain on asset sale

     

     

    (1,866

    )

     

     

    (114

    )

     

     

    —

     

     

     

    (1,980

    )

     

     

    —

     

    Unrealized foreign exchange (gain) loss, net (3)

     

     

    (5,386

    )

     

     

    555

     

     

     

    (153

    )

     

     

    (4,831

    )

     

     

    (3,672

    )

    Income tax effect of Non-GAAP adjustments

     

     

    1,439

     

     

     

    (83

    )

     

     

    22

     

     

     

    1,356

     

     

     

    976

     

    Non-GAAP net income (loss)

     

    $

    8,347

     

     

    $

    2,795

     

     

    $

    (11,534

    )

     

    $

    11,142

     

     

    $

    (21,549

    )

    Non-GAAP net income (loss) as a % of revenue

     

     

    8.8

    %

     

     

    3.1

    %

     

     

    (17.7

    )%

     

     

    6.0

    %

     

     

    (17.1

    )%

     

     

     

     

     

     

     

     

     

     

     

    ADJUSTED EBITDA:

     

     

     

     

     

     

     

     

     

     

    GAAP net income (loss)

     

    $

    9,305

     

     

    $

    (3,303

    )

     

    $

    (17,433

    )

     

    $

    6,002

     

     

    $

    (28,124

    )

    Stock-based compensation expense

     

     

    2,609

     

     

     

    2,615

     

     

     

    2,340

     

     

     

    5,224

     

     

     

    5,617

     

    Amortization of purchased intangible assets

     

     

    7

     

     

     

    8

     

     

     

    153

     

     

     

    15

     

     

     

    338

     

    Depreciation of acquisition-related fixed asset step-up

     

     

    15

     

     

     

    17

     

     

     

    24

     

     

     

    32

     

     

     

    43

     

    Acquisition and asset sale related costs (recoveries)

     

     

    638

     

     

     

    905

     

     

     

    (36

    )

     

     

    1,543

     

     

     

    127

     

    Retention costs related to acquisition

     

     

    1,359

     

     

     

    1,451

     

     

     

    —

     

     

     

    2,810

     

     

     

    —

     

    End-of-life related inventory write-down

     

     

    —

     

     

     

    —

     

     

     

    3,257

     

     

     

    —

     

     

     

    2,680

     

    Accelerated depreciation

     

     

    —

     

     

     

    —

     

     

     

    157

     

     

     

    —

     

     

     

    331

     

    Restructuring charges (recoveries)

     

     

    —

     

     

     

    (18

    )

     

     

    135

     

     

     

    (18

    )

     

     

    135

     

    Asset impairment charges

     

     

    30

     

     

     

    413

     

     

     

    —

     

     

     

    443

     

     

     

    —

     

    Facility shutdown related costs

     

     

    209

     

     

     

    300

     

     

     

    —

     

     

     

    509

     

     

     

    —

     

    Litigation settlement

     

     

    (12

    )

     

     

    49

     

     

     

    —

     

     

     

    37

     

     

     

    —

     

    Gain on asset sale

     

     

    (1,866

    )

     

     

    (114

    )

     

     

    —

     

     

     

    (1,980

    )

     

     

    —

     

    Unrealized foreign exchange (gain) loss, net (3)

     

     

    (5,386

    )

     

     

    555

     

     

     

    (153

    )

     

     

    (4,831

    )

     

     

    (3,672

    )

    Interest expense, net

     

     

    363

     

     

     

    284

     

     

     

    80

     

     

     

    647

     

     

     

    202

     

    Income tax provision

     

     

    2,521

     

     

     

    572

     

     

     

    191

     

     

     

    3,093

     

     

     

    823

     

    Depreciation expense

     

     

    3,438

     

     

     

    4,035

     

     

     

    5,771

     

     

     

    7,473

     

     

     

    11,774

     

    Adjusted EBITDA

     

    $

    13,230

     

     

    $

    7,769

     

     

    $

    (5,514

    )

     

    $

    20,999

     

     

    $

    (9,726

    )

    Adjusted EBITDA as a % of revenue

     

     

    13.9

    %

     

     

    8.7

    %

     

     

    (8.5

    )%

     

     

    11.4

    %

     

     

    (7.7

    )%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    BASIC AND DILUTED NET INCOME (LOSS) PER SHARE:

     

     

     

     

     

     

     

     

     

     

    GAAP basic net income (loss) per share

     

    $

    0.17

     

     

    $

    (0.06

    )

     

    $

    (0.34

    )

     

    $

    0.11

     

     

    $

    (0.55

    )

    GAAP diluted net income (loss) per share

     

    $

    0.17

     

     

    $

    (0.06

    )

     

    $

    (0.34

    )

     

    $

    0.11

     

     

    $

    (0.55

    )

    Non-GAAP basic net income (loss) per share

     

    $

    0.16

     

     

    $

    0.05

     

     

    $

    (0.22

    )

     

    $

    0.21

     

     

    $

    (0.42

    )

    Non-GAAP diluted net income (loss) per share

     

    $

    0.15

     

     

    $

    0.05

     

     

    $

    (0.22

    )

     

    $

    0.19

     

     

    $

    (0.42

    )

     

     

     

     

     

     

     

     

     

     

     

    SHARES USED TO COMPUTE GAAP AND NON-GAAP BASIC NET INCOME (LOSS) PER SHARE

     

     

    53,488

     

     

     

    53,146

     

     

     

    51,634

     

     

     

    53,518

     

     

     

    51,178

     

    SHARES USED TO COMPUTE GAAP DILUTED NET INCOME (LOSS) PER SHARE

     

     

    56,095

     

     

     

    53,146

     

     

     

    51,634

     

     

     

    55,999

     

     

     

    51,178

     

    SHARES USED TO COMPUTE NON-GAAP DILUTED NET INCOME (LOSS) PER SHARE

     

     

    57,307

     

     

     

    57,344

     

     

     

    51,634

     

     

     

    57,327

     

     

     

    51,178

     

     

    (3) The non-GAAP financial measures for the three and six months ended June 30, 2021, and the three months ended March 31, 2022, have been adjusted to conform to the current period presentation by removing unrealized foreign exchange (gain) loss, net.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20220725005253/en/

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      Revenue of $95.0 million represents 46% year-over-year growth over same quarter last year Second sequential quarter with 45+% year-over-year growth; first half revenue of $184 million up 46% from same period last year $61 million of revenue from products for 400G and above applications, contributing 64% of revenue and representing approximately 105% year-over-year growth GAAP Operating Profit of $6.4 million, up from a loss of $16.3 million in the same period last year on the strength of the 400G product ramp NeoPhotonics Corporation (NYSE:NPTN), a leading developer of silicon photonics and advanced hybrid photonic integrated circuit-based lasers, modules and subsystems for bandwid

      7/25/22 4:05:00 PM ET
      $NPTN
      Semiconductors
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    $NPTN
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    • NeoPhotonics Reports Second Quarter 2022 Financial Results

      Revenue of $95.0 million represents 46% year-over-year growth over same quarter last year Second sequential quarter with 45+% year-over-year growth; first half revenue of $184 million up 46% from same period last year $61 million of revenue from products for 400G and above applications, contributing 64% of revenue and representing approximately 105% year-over-year growth GAAP Operating Profit of $6.4 million, up from a loss of $16.3 million in the same period last year on the strength of the 400G product ramp NeoPhotonics Corporation (NYSE:NPTN), a leading developer of silicon photonics and advanced hybrid photonic integrated circuit-based lasers, modules and subsystems for bandwid

      7/25/22 4:05:00 PM ET
      $NPTN
      Semiconductors
      Technology
    • NeoPhotonics to Host Call on June 13, 2022 to Discuss Optical Trends and Technology for Lidar and Autonomous Vehicles

      NeoPhotonics Corporation (NYSE:NPTN), a leading developer of silicon photonics and advanced hybrid photonic integrated circuit-based lasers, modules and subsystems for bandwidth-intensive, high-speed communications networks, today announced management will host a conference call entitled "The Quest for Chip-Scale Lidar" to discuss trends in optical and related technologies for Lidar and autonomous vehicles on Monday, June 13, 2022 at 11:00 am ET. The session will focus on the application of coherent communications technologies developed by NeoPhotonics for high-speed optical networks to new Coherent, or FMCW, Lidar for autonomous vehicles. NeoPhotonics' has developed, manufactured and ship

      6/6/22 4:05:00 PM ET
      $NPTN
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    • NeoPhotonics Reports First Quarter 2022 Financial Results

      Revenue of $89.3 million represents 47% year-over-year growth over same quarter last year $54 million of revenue from products for 400G and above applications, representing over 70% year-over-year growth Now shipping production volume of 400ZR modules to Cloud and data center customers NeoPhotonics Corporation (NYSE:NPTN), a leading developer of silicon photonics and advanced hybrid photonic integrated circuit-based lasers, modules and subsystems for bandwidth-intensive, high-speed communications networks, today announced financial results for its first quarter of 2022. "Our business remains on a strong growth path with revenue of $89 million, 47% above the same quarter last year. O

      4/28/22 4:05:00 PM ET
      $NPTN
      Semiconductors
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    • Rosenblatt initiated coverage on NeoPhotonics with a new price target

      Rosenblatt initiated coverage of NeoPhotonics with a rating of Neutral and set a new price target of $16.00

      3/24/22 7:29:42 AM ET
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    • NeoPhotonics downgraded by Northland Capital Markets

      Northland Capital Markets downgraded NeoPhotonics from Outperform to Market Perform

      11/8/21 10:18:28 AM ET
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    • NeoPhotonics downgraded by Rosenblatt with a new price target

      Rosenblatt downgraded NeoPhotonics from Buy to Neutral and set a new price target of $16.00

      11/5/21 7:06:44 AM ET
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    • SEC Form 15-12G filed by NeoPhotonics Corporation

      15-12G - NEOPHOTONICS CORP (0001227025) (Filer)

      8/17/22 6:16:58 AM ET
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      Semiconductors
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    • SEC Form 25-NSE filed by NeoPhotonics Corporation

      25-NSE - NEOPHOTONICS CORP (0001227025) (Subject)

      8/3/22 1:09:33 PM ET
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      Semiconductors
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    • NeoPhotonics Corporation filed SEC Form 8-K: Termination of a Material Definitive Agreement, Completion of Acquisition or Disposition of Assets, Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing, Material Modification to Rights of Security Holders, Changes in Control of Registrant, Leadership Update, Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year, Financial Statements and Exhibits

      8-K - NEOPHOTONICS CORP (0001227025) (Filer)

      8/3/22 8:59:02 AM ET
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    • SEC Form SC 13G/A filed by NeoPhotonics Corporation (Amendment)

      SC 13G/A - NEOPHOTONICS CORP (0001227025) (Subject)

      2/14/22 1:48:53 PM ET
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    • SEC Form SC 13G/A filed by NeoPhotonics Corporation (Amendment)

      SC 13G/A - NEOPHOTONICS CORP (0001227025) (Subject)

      2/10/22 5:09:08 PM ET
      $NPTN
      Semiconductors
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    • SEC Form SC 13G/A filed

      SC 13G/A - NEOPHOTONICS CORP (0001227025) (Subject)

      2/12/21 3:20:52 PM ET
      $NPTN
      Semiconductors
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