$Applied Optoelectronics(AAOI)$  AAOI has been saying for a while that they expected to reach non-GAAP profitability in Q1 or Q2, and they just got there. Sure, there was a tax benefit involved, but that's still money on the balance sheet, which is exactly what non-GAAP accounting reflects.

Some people don't seem to grasp that it takes spending money to make money. If you actually go through the 10K, revenue jumped 86% year-over-year, while cost of goods sold rose 93%. That spread is the cost of building up future output capacity. The 7% gap represents roughly $10M in additional expenses aimed at supporting higher future revenue, with COGS up $30M compared to last year. R&D spending also increased 61%, which is another forward-looking investment. Other expense categories grew at a much slower pace.

This is a company in growth mode, and investing in that growth is part of the process. A year from now, those investments should be funded by meaningful cash flow. And hopefully the noise from certain corners will have faded by then.