Applied Optoelectronics (0HGV.L) reported QQ4 2024 revenue of $100.27 million, up 65.9% year over year and 53.9% quarter over quarter, reflecting strong top-line demand for fiber-optic networking products in data centers and telecom applications. Despite the revenue growth, the quarter delivered a substantial net loss of $119.69 million and an EBITDA recession of $113.62 million, driven largely by sizable non-operating charges that overshadow operating performance. The company posted an operating loss of $6.47 million and a gross margin of about 28.65%, indicating that cost structure and non-cash items weighed on profitability. The balance sheet shows a solid cash position (cash and equivalents of $67.4 million) and a moderate leverage profile (total debt of $190.86 million; net debt of $123.43 million), with a financing push contributing $89.71 million in net cash from financing activities during QQ4. Cash flow from operations was negative at $24.62 million, and free cash flow declined to negative $53.13 million, underscoring ongoing working-capital and capex dynamics. The company remains profitable on a revenue basis but continues to face near-term profitability headwinds, requiring close attention to operating leverage, non-operating items, and the ability to convert revenue growth into sustainable earnings. Management commentary is not included in the provided transcript data, so {quote-based guidance} is not reflected here; investors should monitor any future earnings call remarks for cadence on cost control, product mix, and margin recovery potential.