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Schulz Duggan
@Schulz_Research
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가입 January 2026
87 팔로잉 중    3.3K 팬
$AAOI AAOI needs another 59% revenue jump next quarter just to meet the Street's forecast. Tonight's Q4 outlook may matter more than a Q3 beat. Q3 reports after the Nov 5 close; the call starts at 4:30pm ET. 1. The bar Yahoo Finance consensus, checked Nov 5: Q3 revenue $268.1M; normalized EPS $0.14. Q4 revenue $427.3M; normalized EPS $0.56. Revenue/EPS coverage: 5/6 analysts. AOI's Q3 guide: revenue $255–290M, adjusted EPS $0.11–0.26 on about 92.8M diluted shares, and adjusted gross margin 29–30.5%. 2. The profit test The revenue-guide midpoint implies 42% growth from Q2's $191.9M. The gross-margin midpoint is 29.75%, essentially flat against Q2's 29.8%. More shipments should spread fixed operating costs across more revenue. We'd want to see that translate into stronger earnings and cash generation. 3. Our questions Q1: Does Q4 guidance support the $427M revenue/$0.56 EPS consensus? Q2: How much growth comes from 800G, and when does 1.6T become material revenue? Q3: Is the year-end target of roughly 650,000 800G/1.6T units of monthly capacity still on track, and how much is usable, qualified output? Q4: Do margins and cash flow improve as production scales? What share count follows the latest equity raise? The $600M ATM completed in October brought in about $588M net. Funding is available; execution and returns on that capital still need proving. 4. What would change our view Bull: Q3 above $290M and $0.26, with Q4 guidance above consensus and improving margins; the strongest upside setup. Base: Q3 within the guide; Q4 outlook and margins decide direction. Bear: Q3 below $255M and $0.11, or Q4 below consensus; downside risk even if Q3 beats. At 2:13pm ET: $48.15, down 18.7% (Alpaca IEX). A delayed Nov 6 $50 straddle snapshot cost about $8.65 at mid, roughly 18% of that spot price. We'd look for Q4 delivery and profitability to improve together before treating a Q3 beat as confirmation of the ramp.
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