For a quick comparison, here is a snapshot of NeoPhotonics' latest Q.

Third Quarter 2021 Summary

• Revenue at $83.7 million at the high end of range, up 29% quarter-over-quarter and down 18% year-over-year
• Gross margin was 28.4%, up from 15.2% in the prior quarter
• Non-GAAP gross margin was 29.4%, up from 21.7% in the prior quarter
• Operating income was a loss of $1.3 million, up from a loss of $16.3 million in the prior quarter.
• Non-GAAP operating income was positive $1.3 million, up from a loss of $10.3 million in the prior quarter
• Net loss per share was $0.04, compared to net loss of $0.34 per share in the prior quarter
• Non-GAAP net earnings per share was $0.01, compared to Non-GAAP net loss of $0.22 per share in the prior quarter
• Adjusted EBITDA was $6.7 million, up from a negative $5.4 million in the prior quarter

Product Milestones

• Products capable of use for 400G and above applications were 50% of revenue
• We announced that we have shipped more than two million tunable lasers cumulatively, used in the majority of the total coherent ports delivered since their inception a decade ago.
• We announced a new frequency modulated continuous wave laser (FMCW). This laser, together with a high power semiconductor optical amplifier, or SOA, is used in coherent LIDAR applications for autonomous vehicles and for precision industrial instruments.

As of September 30, 2021, cash and cash equivalents, short-term investments and restricted cash totaled $105 million. Free Cash Flow was ($3.6) million. Cash from operations was $0.1 million, including a $4.4 million increase in inventory to buffer the supply chain. Capital purchases were $3.7 million. We drew down $15 million of debt from one of our China credit facilities.