Analysis of space object optical observations is the investigation of the light curves, obtained by telescopes. Light curves give an opportunity to pick up a three-dimensional model of the observed object, its mass-inertial characteristics and parameters of motion around the center of mass. Optical observation analysis was used for the investigation of properties and characteristics of space objects with high area-to-mass ratios (HAMR). It allows to make reasonable assumptions about the geometric shape and attitude of HAMR objects which improves the accuracy of the orbit's prediction. Also optical observations in comparison with the simulation make it possible to determine the nature of satellites fragmentation and assess its negative effects. Thus, the results of observation analysis of the Russian upper stage "BREEZE-M" (international number of launch is 2012-044) after its explosion in October 2012 led us to the conclusion about the nature of the explosion.