APPLIED OPTOELECTRONICS, INC. AAOI

Technology SIC 3674 - Semiconductors & Related Devices NAICS Manufacturing › Computer and Electronic Product Manufacturing › Semiconductor and Other Electronic Component Manufacturing › Semiconductor and Related Device Manufacturing derived Nasdaq

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.

Last close 67.51 2026-10-23
Market cap $5.71B 2026-06-30 share count
52-week range 18.50 - 233.67

Valuation FY2025 figures against the last close

P/S12.5x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.64

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • China
  • Taiwan
  • United States
Revenue by geography, 3 categories over 3 years. The same figures are in the table below. FY2025 China, FY2025: 262.1M (57.5%) 58% China Taiwan, FY2025: 174.2M (38.2%) 38% Taiwan United States, FY2025: 19.4M (4.3%) 4% FY2024 China, FY2024: 111.8M (44.8%) 45% Taiwan, FY2024: 126.6M (50.8%) 51% United States, FY2024: 10.9M (4.4%) 4% FY2023 China, FY2023: 43.3M (19.9%) 20% Taiwan, FY2023: 143.5M (65.9%) 66% United States, FY2023: 30.8M (14.2%) 14%
Region FY2025FY2024FY2023
China $262.1M $111.8M $43.3M
Taiwan $174.2M $126.6M $143.5M
United States $19.4M $10.9M $30.8M

As the company reported it, from the “Note R - Segment and Geographic Information - Revenue Information by Geographic Region (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -0.64-4.50-1.75-2.38-2.01-2.67-3.31-0.113.871.82
EPS, diluted -0.64-4.50-1.75-2.38-2.01-2.67-3.31-0.113.671.76
Shares, diluted (wtd. avg.) 60.2M41.5M31.9M27.8M26.9M21.9M20.0M19.6M20.1M17.7M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M 600M Revenue, FY2016: 260.7M Gross profit, FY2016: 87M Net income, FY2016: 31.2M Revenue, FY2017: 382.3M Gross profit, FY2017: 166.3M Net income, FY2017: 74M Revenue, FY2018: 267.5M Gross profit, FY2018: 87.8M Net income, FY2018: -2.1M Revenue, FY2019: 190.9M Gross profit, FY2019: 46.2M Net income, FY2019: -66M Revenue, FY2020: 234.6M Gross profit, FY2020: 50.5M Net income, FY2020: -58.5M Revenue, FY2021: 211.6M Gross profit, FY2021: 37.7M Net income, FY2021: -54.2M Revenue, FY2022: 222.8M Gross profit, FY2022: 33.6M Net income, FY2022: -66.4M Revenue, FY2023: 217.6M Gross profit, FY2023: 58.9M Net income, FY2023: -56M Revenue, FY2024: 249.4M Gross profit, FY2024: 61.8M Net income, FY2024: -186.7M Revenue, FY2025: 455.7M Gross profit, FY2025: 136.9M Net income, FY2025: -38.2M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $260.7M $382.3M $267.5M $190.9M $234.6M $211.6M $222.8M $217.6M $249.4M $455.7M
Gross profit $87.0M $166.3M $87.8M $46.2M $50.5M $37.7M $33.6M $58.9M $61.8M $136.9M
Net income $31.2M $74.0M -$2.1M -$66.0M -$58.5M -$54.2M -$66.4M -$56.0M -$186.7M -$38.2M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Material agreement signed Item 1.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Material agreement signed Item 1.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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