GT Advanced Technologies Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 28, 2014. For the quarter, the company reported net revenue was $58 million against $168.33 million a year ago. Loss from operations was $84.4 million against income of $21.13 million a year ago. Loss before taxes was $94.58 million against income of $14.5 million a year ago. Net loss was $86.38 million or $0.63 diluted loss per share against income of $11.95 million or $0.10 diluted per share a year ago. Non-GAAP operating loss was $18.99 million against income of $26.9 million a year ago. Non-GAAP net loss was $22.32 million or $0.16 diluted loss per share against income of $23.1 million or $0.19 diluted per share a year ago.

For the six months, the company reported net revenue was $80.5 million against $226.11 million a year ago. Loss from operations was $139.04 million against $5.19 million a year ago. Loss before taxes was $161.16 million against $19.02 million a year ago. Net loss was $127.78 million or $0.94 diluted loss per share against $6.73 million or $0.06 diluted loss per share a year ago. Non-GAAP operating loss was $59.78 million against income of $12.3 million a year ago. Non-GAAP net loss was $65.55 million or $0.48 diluted loss per share against income of $5.06 million or $0.04 diluted per share a year ago. The company approximately $51 million of cash used in operating activities and $225 million invested in CapEx, which was partially offset by the receipt of third Apple prepayment of $103 million during the quarter.

For the second quarter of 2014, the company reported write-down of inventory, vendor advances and PO cancellation fees was $2.85 million against $0.045 million a year ago.

The company is updating its guidance for the fiscal year ending December 31, 2014. Revenue of $600 to $700 million, the lower end of the previously provided guidance range; Fully diluted non-GAAP earnings per share of $0.12 to $0.18, the higher end of the previously provided guidance range reflecting an expected change in mix and more favorable gross margins in the second half of the year. The company expects non-GAAP OpEx of $150 million, at the lower end of previous range. CapEx will be approximately $550 million for the year, of which $381 million has been recognized through the end of second quarter.

The company also reiterated its 2016 non-GAAP EPS target at or above $1.50.