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NEOPHOTONICS CORP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2022 10-Q, filed Jul 26, 2022. Its latest SEC filing is a 15-12G from Aug 17, 2022.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Sells high-speed optical components and transceiver modules for cloud and data-center operators, telecom carriers, and network-equipment makers.

How Did They Make Money?

The company sells hardware to network-equipment makers and network users, generally through purchase orders. Sales happen when the customer takes the product; customer-held inventory sales happen when the customer uses it.

revenue
SegmentShareRevenue
High Speed Products
Sold outright

93%
FY2018: 86%
Network Products and Solutions
Sold outright
6.5%
FY2018: 14%

Who Were Their Customers?

A global direct sales force works with network-equipment makers, their contract manufacturers and network operators, including cloud and telecom operators.

Customers above 10% of revenue, FY2021
of revenue from four customers (27%, 18%, 12%, 11%)
FY2019: 70% from two customers

Did Revenues Turn Into Profits?

No. It lost $40.7M in FY2021.

Operating income, FY2021
−13% of revenue
▼ Now a loss vs FY2020 ($3.6M, 1%)
Net income, FY2021
−14% of revenue
▲ +833% (Loss) vs FY2020 (−$4.4M, −1%)
Free cash flow, FY2021
−11% of revenue
▼ Now a loss vs FY2020 ($41.1M, 11%)

How Were They Changing?

Since the FY2021 annual report
Latest quarter: Q2 FY2022, the three months to Jun 30, 2022
Revenue
▲ +46%
vs $65M in Q2 FY2021
Net income
▲ Now profitable
vs −$17.4M in Q2 FY2021
High Speed Products share of revenue vs 93.9% in Q2 FY2021
  • Aug 3, 2022 Lumentum completed its acquisition of NeoPhotonics NeoPhotonics became a wholly owned Lumentum subsidiary, and the company requested NYSE delisting.
  • Jul 29, 2022 China antitrust approval cleared a closing condition for Lumentum's acquisition The parties expected the deal to close around August 3, 2022.

Held flat. Revenue was $290.3M in FY2021, about the same as the $292.9M of FY2017.

Revenue over time
High Speed Products Network Products and Solutions
$500M$250M$0

Who Did They Compete With?

Competes with Cisco Systems, Furukawa Electric, Fujitsu Optical Components, Molex, NTT Electronics, II-VI, Sumitomo Electric Industries, Accelink Technologies, Lumentum Holdings, Huawei, and Ciena

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