Applied Optoelectronics Inc (0HGV.L) delivered a strong year-over-year revenue expansion in QQ2 2025, underscoring improving demand for fiber-optic networking components amid data-center and telecom capex. Revenue rose to $102.95 million, up 137.93% year over year and 3.10% quarter over quarter, while gross profit climbed to $31.16 million for a gross margin of 30.27%. Despite the top-line strength, the quarter remained unprofitable on an EBITDA and net income basis, with EBITDA of -$15.98 million and net income of -$9.10 million. The operating loss reflects elevated operating expenses and working-capital dynamics, rather than a lack of top-line growth. Management commentary is not provided in the supplied transcript dataset, limiting access to explicit forward-looking guidance or thematic quotes. Net cash provided by financing activities was robust at +$125.98 million, driven by common stock issuance (approx. $124.1 million), which supported liquidity that featured ending cash of about $87.2 million per the cash-flow statement (vs. $64.7 million per the balance sheet at period end). Operating cash flow remained negative at -$65.47 million, primarily due to working-capital outflows (notably accounts receivable and inventories), while capital expenditures totaled -$25.48 million. The balance sheet remains solvent with current assets of $458.34 million and current liabilities of $216.84 million, yielding a healthy current ratio around 2.1. However, cumulative losses persist (retained earnings at -$470.12 million) and total debt stands at $179.11 million, yielding a net debt position of approximately $114.42 million. The QQ2 2025 results highlight a growth trajectory in revenue and gross margin with ongoing profitability challenges and significant cash-flow sensitivity to working capital. Investors should monitor realization of operating leverage, margin stability, and the trajectory toward positive free cash flow as key near-term catalysts.