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0xSilas
GAAP 经营亏损 -$24.7M，调整后 EBITDA -$0.5M（仍为负），而 Non-GAAP 净利润是 +$5.5M。净利润高于 EBITDA，只能来自经营线以下——即靠 ATM 增发募来的 ~$5 亿现金吃利息（每季约 $5M）加上税务调整。在历史最高的营收规模上，这门生意本身的经营现金创造能力仍然是零。$AAOI
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