NeoPhotonics (NPTN) Tops Q1 EPS by 2c, Revenues Beat; Offers 2Q EPS/Revenue Guidance Below Consensus

NeoPhotonics (NYSE: NPTN) reported Q1 EPS of ($0.15), $0.02 better than the analyst estimate of ($0.17). Revenue for the quarter came in at $60.9 million versus the consensus estimate of $59.94 million.

First Quarter 2021 Summary

• Revenue was $60.9 million, down 11% quarter-over-quarter and 37% year-over-year
• Gross margin was 21.9%, down from 22.7% in the prior quarter
• Non-GAAP gross margin was 22.4%, down from 24.7% in the prior quarter
• Net loss per share was $0.21, compared to net loss of $0.23 per share in the prior quarter
• Non-GAAP net loss per share was $0.15, compared to Non-GAAP net loss of $0.14 per share in the prior quarter
• Adjusted EBITDA was negative $0.7 million, up from a negative $4.5 million in the prior quarter

“NeoPhotonics again delivered strong results in the first quarter, as we transition our business to cloud-centric. We demonstrated transmission of 400G data rates over 800 km using our 400ZR+ coherent modules,” said Tim Jenks, NeoPhotonics CEO. “We are excited about the prospects these modules are demonstrating for the next generation of highest speed over distance interconnects,” concluded Mr. Jenks.

GUIDANCE:

NeoPhotonics sees Q2 2021 EPS of ($0.30)-($0.20), versus the consensus of ($0.12). NeoPhotonics sees Q2 2021 revenue of $59-65 million, versus the consensus of $66.68 million.

For earnings history and earnings-related data on NeoPhotonics (NPTN) click here.

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