APPLIED OPTOELECTRONICS, INC. AAOI
Applied Optoelectronics, Inc. (the "Company" or "AOI") is a leading, vertically integrated provider of fiber-optic networking products, primarily for four networking end-markets: internet data center, cable television ("CATV"), telecommunications, ("telecom"), and fiber-to-the-home ("FTTH"). We design and manufacture a range of optical communications products at varying levels of integration, from components, subassemblies and modules to complete turn-key equipment.
In designing products for our customers, we typically begin with the fundamental building blocks of lasers and laser components. From these foundational products, we design and manufacture a wide range of products to meet our customers' needs and specifications, and such products differ from each other by their end market, intended use and level of integration. We are primarily focused on the higher-performance segments within all four of our target markets, which increasingly demand faster connectivity and innovation.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $455.7M | $249.4M | $217.6M | $222.8M | $211.6M | $234.6M | $190.9M | $267.5M | $382.3M | $260.7M |
| Cost of revenue | $318.8M | $187.6M | $158.7M | $189.2M | $173.8M | $184.1M | $144.7M | $179.7M | $216.0M | $173.8M |
| Gross profit | $136.9M | $61.8M | $58.9M | $33.6M | $37.7M | $50.5M | $46.2M | $87.8M | $166.3M | $87.0M |
| R&D | $85.5M | $55.0M | $36.0M | $36.2M | $41.2M | $43.4M | $43.4M | $49.9M | $35.4M | $31.8M |
| SG&A | $75.7M | $59.6M | $53.2M | $46.7M | $42.4M | $41.9M | $41.5M | $39.5M | $35.3M | $25.5M |
| Total operating expenses | $191.5M | $132.7M | $100.3M | $92.6M | $94.5M | $99.4M | $94.9M | $98.5M | $79.3M | $63.9M |
| Operating income | -$54.6M | -$70.9M | -$41.3M | -$59.0M | -$56.8M | -$48.8M | -$48.7M | -$10.8M | $87.0M | $23.0M |
| Interest expense | $3.5M | $6.8M | $9.4M | $6.3M | $5.6M | $5.6M | $5.4M | $1.1M | $858.0K | $1.7M |
| Pre-tax income | -$46.7M | -$186.7M | -$56.0M | -$66.4M | -$54.2M | -$51.2M | -$51.4M | -$9.8M | $84.5M | $21.0M |
| Income tax | $8.5M | $2.0K | $9.0K | $1.0K | $2.0K | $7.2M | $14.7M | $7.6M | $10.6M | $10.2M |
| Net income | -$38.2M | -$186.7M | -$56.0M | -$66.4M | -$54.2M | -$58.5M | -$66.0M | -$2.1M | $74.0M | $31.2M |
| EPS, basic | -0.64 | -4.50 | -1.75 | -2.38 | -2.01 | -2.67 | -3.31 | -0.11 | 3.87 | 1.82 |
| EPS, diluted | -0.64 | -4.50 | -1.75 | -2.38 | -2.01 | -2.67 | -3.31 | -0.11 | 3.67 | 1.76 |
| Shares, diluted (wtd. avg.) | $60.2M | $41.5M | $31.9M | $27.8M | $26.9M | $21.9M | $20.0M | $19.6M | $20.1M | $17.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $206.1M | $67.4M | $45.4M | $24.7M | $34.7M | $43.4M | $60.0M | $55.6M | $83.9M | $52.0M |
| Short-term investments | — | — | — | — | — | — | — | — | $36.0K | $44.0K |
| Receivables | $244.4M | $116.8M | $48.1M | $61.2M | $47.9M | $43.0M | $34.7M | $30.5M | $59.9M | $49.8M |
| Inventory | $183.1M | $88.1M | $63.9M | $79.7M | $92.5M | $110.4M | $85.0M | $93.3M | $75.8M | $51.8M |
| Total current assets | $675.7M | $301.3M | $172.6M | $183.2M | $194.1M | $209.2M | $192.8M | $194.3M | $229.7M | $157.6M |
| Property, plant and equipment | $376.1M | $219.2M | $200.3M | $210.2M | $243.0M | $253.0M | $248.4M | $234.2M | $197.9M | $144.1M |
| Other intangibles | $3.6M | $3.7M | $3.6M | $3.7M | $3.8M | $4.0M | $4.1M | $4.0M | $4.0M | $4.0M |
| Total assets | $1.17B | $547.0M | $389.2M | $408.3M | $454.5M | $480.8M | $466.8M | $466.8M | $452.9M | $322.3M |
| Accounts payable | $143.9M | $105.0M | $32.9M | $47.8M | $34.4M | $29.5M | $32.8M | $29.9M | $43.6M | $36.4M |
| Short-term debt | $34.0M | $22.4M | $23.2M | $57.1M | $49.7M | $38.3M | $33.4M | $23.6M | $559.0K | $7.9M |
| Total current liabilities | $257.3M | $170.1M | $93.4M | $138.6M | $109.0M | $103.1M | $91.4M | $77.4M | $70.7M | $60.0M |
| Long-term debt | $0 | $4.3M | $0 | $0 | $5.0M | $13.9M | $16.6M | $60.3M | $49.0M | $35.0M |
| Total liabilities | $434.5M | $317.9M | $174.3M | $223.6M | $199.9M | $202.9M | $193.0M | $137.7M | $119.7M | $94.9M |
| Retained earnings | -$490.1M | -$451.9M | -$265.1M | -$209.1M | -$142.7M | -$88.5M | -$30.1M | $36.0M | $38.1M | -$37.0M |
| Total equity | $733.9M | $229.1M | $214.9M | $184.7M | $254.6M | $277.9M | $273.8M | $329.1M | $333.3M | $227.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$174.4M | -$69.5M | -$7.9M | -$14.0M | -$11.6M | -$44.0M | -$1.8M | $14.0M | $84.3M | $57.1M |
| Depreciation and amortisation | $27.2M | $20.2M | $19.7M | $22.6M | $24.8M | $24.2M | $23.5M | $29.2M | $19.9M | $13.7M |
| Stock-based compensation | $11.7M | $14.8M | $11.9M | $9.6M | $12.1M | $13.0M | $11.8M | $11.1M | $7.8M | $3.8M |
| Capital expenditure | $179.1M | $43.4M | $9.1M | $3.2M | $8.0M | $15.8M | $28.8M | $71.9M | $67.0M | $49.4M |
| Investing cash flow | -$210.6M | -$50.7M | -$14.8M | -$3.8M | -$10.5M | -$19.3M | -$32.1M | -$76.5M | -$70.2M | -$41.5M |
| Financing cash flow | $527.9M | $142.2M | $40.6M | $10.8M | $14.1M | $47.4M | $42.6M | $34.8M | $18.2M | $1.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-048559.
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