NASDAQ : AAOI
Applied Optoelectronics, Inc. — Financial statements
Technology · Communication Equipment · United States
Last price 69.05 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 6.26B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Applied Optoelectronics, Inc. (AAOI) reported revenue of 595.97M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 595.97M | 455.71M | 249.37M | 217.65M | 222.82M | 211.56M |
| Cost of Revenue | 423.64M | 318.80M | 187.56M | 158.72M | 189.19M | 173.85M |
| Gross Profit | 172.33M | 136.91M | 61.80M | 58.92M | 33.63M | 37.72M |
| Selling, General & Admin | 132.12M | 106.01M | 77.75M | 64.30M | 56.38M | 53.26M |
| Research & Development | 107.61M | 85.51M | 54.95M | 35.98M | 36.24M | 41.22M |
| Operating Expenses | 239.74M | 191.51M | 132.71M | 100.27M | 92.62M | 94.48M |
| Operating Income | -67.41M | -54.60M | -70.91M | -41.35M | -59.00M | -56.77M |
| Interest Expense | -3.54M | -3.50M | -6.83M | -9.43M | -6.32M | -5.62M |
| Interest & Investment Income | 6.27M | 1.79M | 874.00K | 609.00K | 126.00K | 70.00K |
| Currency Exchange Gain (Loss) | -5.37M | 2.04M | 144.00K | 711.00K | -1.49M | 454.00K |
| Other Non Operating Income (Expenses) | 7.16M | 7.60M | 2.08M | -6.53M | 236.00K | 1.47M |
| EBT Excluding Unusual Items | -62.88M | -46.67M | -74.64M | -55.99M | -66.44M | -60.39M |
| Gain (Loss) on Sale of Assets | -273.00K | -38.00K | -132.00K | -51.00K | 47.00K | -1.00K |
| Other Unusual Items | -111.96M | 6.23M | ||||
| Pretax Income | -63.16M | -46.70M | -186.73M | -56.04M | -66.40M | -54.16M |
| Income Tax Expense | -6.14M | -8.48M | 2.00K | 9.00K | 1.00K | 2.00K |
| Net Income | -57.02M | -38.23M | -186.73M | -56.05M | -66.40M | -54.16M |
| Net Income to Common | -57.02M | -38.23M | -186.73M | -56.05M | -66.40M | -54.16M |
| Shares Outstanding (Basic) | 72.87M | 60.18M | 41.54M | 31.94M | 27.85M | 26.91M |
| Shares Outstanding (Diluted) | 72.87M | 60.18M | 41.54M | 31.94M | 27.85M | 26.91M |
| EPS (Basic) | -0.78 | -0.64 | -4.50 | -1.75 | -2.38 | -2.01 |
| EPS (Diluted) | -0.79 | -0.64 | -4.50 | -1.75 | -2.38 | -2.01 |
| Free Cash Flow | -900.46M | -384.66M | -119.72M | -22.24M | -17.76M | -21.85M |
| Free Cash Flow Per Share | -12.36 | -6.39 | -2.88 | -0.70 | -0.64 | -0.81 |
| Gross Margin | 28.92% | 30.04% | 24.78% | 27.07% | 15.09% | 17.83% |
| Operating Margin | -11.31% | -11.98% | -28.43% | -19.00% | -26.48% | -26.83% |
| Profit Margin | -9.57% | -8.39% | -74.88% | -25.75% | -29.80% | -25.60% |
| Free Cash Flow Margin | -151.09% | -84.41% | -48.01% | -10.22% | -7.97% | -10.33% |
| EBITDA | -32.11M | -26.91M | -50.26M | -20.92M | -35.80M | -31.39M |
| EBITDA Margin | -5.39% | -5.90% | -20.16% | -9.61% | -16.06% | -14.84% |
| D&A For EBITDA | 35.30M | 27.70M | 20.65M | 20.43M | 23.20M | 25.37M |
| EBIT | -67.41M | -54.60M | -70.91M | -41.35M | -59.00M | -56.77M |
| EBIT Margin | -11.31% | -11.98% | -28.43% | -19.00% | -26.48% | -26.83% |
| Advertising Expenses | 1.90M | 1.10M | 800.00K | 800.00K | 100.00K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 499.74M | 206.14M | 67.43M | 45.37M | 24.68M | 34.66M |
| Cash & Short-Term Investments | 499.74M | 206.14M | 67.43M | 45.37M | 24.68M | 34.66M |
| Accounts Receivable | 314.01M | 244.40M | 116.80M | 48.07M | 61.17M | 47.94M |
| Receivables | 314.01M | 244.40M | 116.80M | 48.29M | 61.51M | 56.09M |
| Inventory | 278.79M | 183.10M | 88.14M | 63.87M | 79.68M | 92.52M |
| Prepaid Expenses | 88.32M | 32.18M | 17.20M | 5.35M | 6.38M | 4.33M |
| Restricted Cash | 9.02M | 9.89M | 11.71M | 9.73M | 10.90M | 6.48M |
| Other Current Assets | 3.00K | 1.00K | ||||
| Total Current Assets | 1.19B | 675.73M | 301.27M | 172.60M | 183.16M | 194.08M |
| Property, Plant & Equipment | 772.25M | 425.75M | 228.88M | 205.34M | 215.78M | 250.17M |
| Other Intangible Assets | 8.55M | 8.45M | 8.52M | 8.66M | 8.94M | 9.69M |
| Long-Term Deferred Tax Assets | 6.47M | |||||
| Other Long-Term Assets | 324.05M | 58.50M | 8.37M | 2.58M | 386.00K | 518.00K |
| Total Assets | 2.30B | 1.17B | 547.03M | 389.19M | 408.26M | 454.46M |
| Accounts Payable | 286.09M | 143.93M | 104.97M | 32.89M | 47.84M | 34.40M |
| Accrued Expenses | 43.50M | 40.76M | 20.80M | 17.36M | 16.28M | 13.23M |
| Short-Term Debt | 33.94M | 33.36M | 19.26M | 15.48M | 12.34M | 8.20M |
| Current Portion of Long-Term Debt | 57.26M | 33.98M | 22.37M | 23.48M | 57.07M | 49.69M |
| Current Portion of Leases | 4.22M | 3.52M | 1.38M | 1.15M | 1.10M | 1.08M |
| Current Income Taxes Payable | 965.00K | 965.00K | 824.00K | 745.00K | 588.00K | 1.90M |
| Current Unearned Revenue | 1.80M | 3.00M | ||||
| Other Current Liabilities | 2.47M | 768.00K | 465.00K | 442.00K | 356.00K | 458.00K |
| Total Current Liabilities | 428.45M | 257.28M | 170.07M | 93.36M | 138.58M | 108.96M |
| Long-Term Debt | 130.80M | 129.83M | 138.81M | 76.23M | 79.51M | 83.68M |
| Long-Term Leases | 73.92M | 47.39M | 9.04M | 4.73M | 5.50M | 7.25M |
| Total Liabilities | 633.17M | 434.50M | 317.92M | 174.32M | 223.59M | 199.89M |
| Common Stock | 84.00K | 75.00K | 49.00K | 38.00K | 29.00K | 27.00K |
| Additional Paid-In Capital | 2.19B | 1.22B | 683.46M | 478.97M | 391.53M | 381.14M |
| Retained Earnings | -527.14M | -490.08M | -451.85M | -265.12M | -209.07M | -142.67M |
| Comprehensive Income & Other | 2.40M | -617.00K | -2.55M | 975.00K | 2.18M | 16.07M |
| Shareholders' Equity | 1.67B | 733.92M | 229.11M | 214.87M | 184.67M | 254.57M |
| Total Liabilities & Equity | 2.30B | 1.17B | 547.03M | 389.19M | 408.26M | 454.46M |
| Total Debt | 300.14M | 248.08M | 190.86M | 121.07M | 155.53M | 149.90M |
| Net Cash (Debt) | 199.60M | -41.94M | -123.43M | -75.71M | -130.84M | -115.24M |
| Net Cash Per Share | 2.74 | -0.70 | -2.97 | -2.37 | -4.70 | -4.28 |
| Filing Date Shares Outstanding | 84.57M | 75.20M | 49.65M | 38.40M | 28.97M | 27.51M |
| Total Common Shares Outstanding | 84.39M | 75.00M | 49.39M | 38.15M | 28.62M | 27.32M |
| Working Capital | 761.43M | 418.44M | 131.20M | 79.25M | 44.58M | 85.12M |
| Book Value Per Share | 19.77 | 9.79 | 4.64 | 5.63 | 6.45 | 9.32 |
| Tangible Book Value | 1.66B | 725.47M | 220.59M | 206.21M | 175.73M | 244.88M |
| Tangible Book Value Per Share | 19.67 | 9.67 | 4.47 | 5.41 | 6.14 | 8.96 |
| Land | 9.68M | 1.10M | 1.10M | 1.10M | 1.10M | 1.10M |
| Buildings | 212.79M | 138.16M | 118.65M | 86.53M | 86.37M | 89.70M |
| Machinery | 556.66M | 429.08M | 294.78M | 276.02M | 268.99M | 285.50M |
| Construction In Progress | 168.81M | 39.81M | 8.40M | 29.94M | 30.43M | 33.70M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -57.02M | -38.23M | -186.73M | -56.05M | -66.40M | -54.16M |
| Depreciation & Amortization | 35.30M | 27.70M | 20.65M | 20.43M | 23.20M | 25.37M |
| Other Amortization | 902.00K | 865.00K | ||||
| Loss (Gain) From Sale of Assets | 273.00K | 38.00K | 132.00K | 51.00K | -47.00K | 1.00K |
| Stock-Based Compensation | 15.24M | 11.71M | 14.79M | 11.88M | 9.60M | 12.12M |
| Provision & Write-off of Bad Debts | 52.00K | 4.00K | -2.00K | -24.00K | -3.00K | -32.00K |
| Other Operating Activities | 6.91M | 297.00K | 117.52M | 9.72M | 6.82M | -1.76M |
| Change in Accounts Receivable | -102.59M | -127.60M | -68.51M | 13.21M | -12.75M | -7.02M |
| Change in Inventory | -143.77M | -100.72M | -29.41M | 6.79M | 1.15M | 15.79M |
| Change in Accounts Payable | 153.13M | 38.96M | 72.08M | -14.95M | 12.97M | 7.07M |
| Change in Unearned Revenue | -1.80M | -1.20M | ||||
| Change in Income Taxes | 1.00K | 2.00K | ||||
| Change in Other Net Operating Assets | -39.34M | 13.41M | -8.23M | 2.21M | 10.54M | -9.88M |
| Operating Cash Flow | -131.82M | -174.43M | -69.53M | -7.93M | -14.02M | -11.64M |
| Capital Expenditures | -768.64M | -210.23M | -50.20M | -14.31M | -3.74M | -10.20M |
| Sale of Property, Plant & Equipment | 8.00K | 5.00K | 7.00K | 135.00K | 403.00K | 114.00K |
| Sale (Purchase) of Intangibles | -493.00K | -379.00K | -506.00K | -588.00K | -498.00K | -457.00K |
| Investing Cash Flow | -769.12M | -210.60M | -50.70M | -14.76M | -3.83M | -10.55M |
| Short-Term Debt Issued | 121.41M | 44.15M | 57.06M | 45.67M | 24.62M | |
| Long-Term Debt Issued | 61.20M | 48.68M | 141.29M | 143.26M | 122.94M | |
| Total Debt Issued | 222.18M | 182.60M | 92.83M | 198.34M | 188.93M | 147.56M |
| Short-Term Debt Repaid | -108.03M | -40.17M | -53.75M | -40.57M | -32.47M | |
| Long-Term Debt Repaid | -55.09M | -49.65M | -172.07M | -138.38M | -115.45M | |
| Total Debt Repaid | -187.58M | -163.12M | -89.82M | -225.82M | -178.96M | -147.91M |
| Net Debt Issued (Repaid) | 34.59M | 19.48M | 3.01M | -27.47M | 9.97M | -357.00K |
| Issuance of Common Stock | 1.35B | 518.91M | 146.29M | 69.01M | 1.24M | 15.40M |
| Repurchase of Common Stock | -73.80M | -10.45M | -4.33M | -956.00K | -454.00K | -961.00K |
| Other Financing Activities | 80.00K | -2.79M | ||||
| Financing Cash Flow | 1.31B | 527.94M | 142.18M | 40.58M | 10.75M | 14.09M |
| Foreign Exchange Rate Adjustments | 10.28M | -6.01M | 2.08M | 1.62M | 1.55M | -876.00K |
| Net Cash Flow | 421.56M | 136.90M | 24.04M | 19.51M | -5.55M | -8.98M |
| Free Cash Flow | -900.46M | -384.66M | -119.72M | -22.24M | -17.76M | -21.85M |
| Free Cash Flow Margin | -151.09% | -84.41% | -48.01% | -10.22% | -7.97% | -10.33% |
| Free Cash Flow Per Share | -12.36 | -6.39 | -2.88 | -0.70 | -0.64 | -0.81 |
| Levered Free Cash Flow | -887.05M | -383.90M | -96.63M | 2.10M | 7.67M | -2.98M |
| Unlevered Free Cash Flow | -884.84M | -381.71M | -92.37M | 7.99M | 10.71M | -329.75K |
| Cash Interest Paid | 4.15M | 2.48M | 4.94M | 8.10M | 5.14M | 4.90M |
| Cash Income Tax Paid | 2.00K | 2.00K | 9.00K | 1.00K | ||
| Change in Working Capital | -132.57M | -175.94M | -35.88M | 6.06M | 11.90M | 5.96M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.26B | 2.38B | 1.82B | 695.58M | 53.91M | 140.31M |
| Enterprise Value | 6.06B | 2.48B | 1.91B | 805.34M | 178.69M | 250.79M |
| Last Close Price | 69.05 | 34.86 | 36.86 | 19.32 | 1.89 | 5.14 |
| Forward PE | 30.00 | 144.95 | 81.01 | 87.82 | 174.26 | 174.26 |
| PS Ratio | 10.50 | 5.22 | 7.30 | 3.20 | 0.24 | 0.66 |
| PB Ratio | 3.49 | 3.24 | 7.95 | 3.24 | 0.29 | 0.55 |
| P/TBV Ratio | 3.77 | 3.28 | 8.25 | 3.37 | 0.31 | 0.57 |
| PEG Ratio | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | |
| EV/Sales Ratio | 10.16 | 5.44 | 7.65 | 3.70 | 0.80 | 1.19 |
| Debt / Equity Ratio | 0.18 | 0.34 | 0.83 | 0.56 | 0.84 | 0.59 |
| Net Debt / Equity Ratio | -0.12 | 0.06 | 0.54 | 0.35 | 0.71 | 0.45 |
| Net Debt / EBITDA Ratio | 6.22 | -1.56 | -2.46 | -3.62 | -3.65 | -3.67 |
| Net Debt / FCF Ratio | 0.22 | -0.11 | -1.03 | -3.40 | -7.37 | -5.28 |
| Asset Turnover | 0.39 | 0.53 | 0.53 | 0.55 | 0.52 | 0.45 |
| Inventory Turnover | 2.03 | 2.35 | 2.47 | 2.21 | 2.20 | 1.71 |
| Quick Ratio | 1.90 | 1.75 | 1.08 | 1.00 | 0.62 | 0.76 |
| Current Ratio | 2.78 | 2.63 | 1.77 | 1.85 | 1.32 | 1.78 |
| Return on Equity (ROE) | -5.45% | -7.94% | -84.12% | -28.06% | -30.23% | -20.34% |
| Return on Assets (ROA) | -2.72% | -3.98% | -9.47% | -6.48% | -8.55% | -7.59% |
| Return on Invested Capital (ROIC) | -5.58% | -9.68% | -22.05% | -13.64% | -17.22% | -14.95% |
| Return on Capital Employed (ROCE) | -3.60% | -6.00% | -18.80% | -14.00% | -21.90% | -16.40% |
| Earnings Yield | -1.14% | -1.61% | -10.26% | -8.06% | -123.16% | -38.60% |
| FCF Yield | -14.39% | -16.16% | -6.58% | -3.20% | -32.95% | -15.57% |
| Buyback Yield / Dilution | -49.25% | -44.89% | -30.03% | -14.72% | -3.47% | -23.07% |