Applied Optoelectronics (AAOI) Financials

$28.63 -0.79 (-2.69%)

Closing price 07/18/2025 04:00 PM Eastern

Extended Trading

$28.57 -0.06 (-0.21%)

As of 07/18/2025 07:39 PM Eastern

Annual Income Statements for Applied Optoelectronics

This table shows Applied Optoelectronics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	4.28	11	31	74	-2.15	-66	-58	-54	-66	-56	-187
Consolidated Net Income / (Loss)	4.28	11	31	74	-2.15	-66	-58	-54	-66	-56	-187
Net Income / (Loss) Continuing Operations	4.28	11	31	74	-2.15	-66	-58	-54	-66	-56	-187
Total Pre-Tax Income	4.48	11	21	85	-9.78	-51	-51	-54	-66	-56	-187
Total Operating Income	5.14	13	23	87	-11	-49	-49	-57	-59	-41	-71
Total Gross Profit	44	60	87	166	88	46	51	38	34	59	62
Total Revenue	130	190	261	382	267	191	235	212	223	218	249
Operating Revenue	130	190	261	382	267	191	235	212	223	218	249
Total Cost of Revenue	86	129	174	216	180	145	184	174	189	159	188
Operating Cost of Revenue	86	129	174	216	180	145	184	174	189	159	188
Total Operating Expenses	39	47	64	79	99	95	99	94	93	100	133
Selling, General & Admin Expense	17	20	26	35	39	41	42	42	47	53	60
Marketing Expense	6.04	6.38	6.63	8.70	9.14	10	14	11	9.72	11	18
Research & Development Expense	16	21	32	35	50	43	43	41	36	36	55
Total Other Income / (Expense), net	-0.66	-2.28	-2.02	-2.43	0.99	-2.64	-2.38	2.61	-7.40	-15	-116
Interest Expense	0.33	1.02	1.72	0.86	1.11	5.41	5.64	5.62	6.32	9.43	6.83
Interest & Investment Income	0.37	0.33	0.25	0.22	0.28	0.93	0.26	0.07	0.13	0.61	0.87
Other Income / (Expense), net	-0.70	-1.59	-0.55	-1.79	1.81	1.84	3.00	8.16	-1.21	-5.87	-110
Income Tax Expense	0.20	0.38	-10	11	-7.63	15	7.23	0.00	0.00	0.01	0.00
Basic Earnings per Share	$0.30	$0.69	$1.82	$3.87	($0.11)	($3.31)	($2.67)	($2.01)	($2.38)	($1.75)	($4.50)
Weighted Average Basic Shares Outstanding	14.31M	15.63M	17.20M	19.10M	19.65M	19.98M	21.87M	26.91M	27.85M	31.94M	41.54M
Diluted Earnings per Share	$0.28	$0.65	$1.76	$3.67	($0.11)	($3.31)	($2.67)	($2.01)	($2.38)	($1.75)	($4.50)
Weighted Average Diluted Shares Outstanding	15.19M	16.53M	17.71M	20.14M	19.65M	19.98M	21.87M	26.91M	27.85M	31.94M	41.54M
Weighted Average Basic & Diluted Shares Outstanding	14.30M	15.60M	17.20M	19.10M	19.50M	20M	26.70M	27.51M	28.97M	38.40M	49.65M

This table shows Applied Optoelectronics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-16	-20	-16	-17	-8.95	-14	-23	-26	-18	-120	-9.17
Consolidated Net Income / (Loss)	-16	-20	-16	-17	-8.95	-14	-23	-26	-18	-120	-9.17
Net Income / (Loss) Continuing Operations	-16	-20	-16	-17	-8.95	-14	-23	-26	-18	-120	-9.17
Total Pre-Tax Income	-16	-20	-16	-17	-8.95	-14	-23	-26	-18	-120	-9.17
Total Operating Income	-13	-18	-14	-16	-6.69	-4.53	-22	-26	-17	-6.47	-8.94
Total Gross Profit	9.75	6.23	9.24	7.90	20	22	7.59	9.56	16	29	31
Total Revenue	57	62	53	42	63	60	41	43	65	100	100
Operating Revenue	57	62	53	42	63	60	41	43	65	100	100
Total Cost of Revenue	47	55	44	34	42	39	33	34	49	72	69
Operating Cost of Revenue	47	55	44	34	42	39	33	34	49	72	69
Total Operating Expenses	23	25	23	24	27	26	29	36	32	35	39
Selling, General & Admin Expense	12	13	13	13	14	13	14	17	14	15	16
Marketing Expense	2.39	2.62	2.33	2.27	3.04	3.44	3.80	5.91	4.80	3.65	5.36
Research & Development Expense	9.21	9.22	8.54	8.64	9.46	9.34	12	13	13	17	18
Total Other Income / (Expense), net	-2.13	-1.89	-2.13	-0.97	-2.27	-9.33	-1.52	0.13	-1.21	-113	-0.24
Interest Expense	1.62	1.89	2.14	2.18	1.99	3.13	1.68	1.69	1.70	1.76	0.93
Interest & Investment Income	0.03	0.04	0.03	0.04	0.07	0.47	0.26	0.09	0.16	0.37	0.22
Other Income / (Expense), net	-0.54	-0.03	-0.02	1.17	-0.34	-6.67	-0.11	1.73	0.34	-112	0.48
Income Tax Expense	0.00	-	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Basic Earnings per Share	($0.56)	($0.72)	($0.56)	($0.57)	($0.27)	($0.35)	($0.60)	($0.66)	($0.42)	($2.82)	($0.18)
Weighted Average Basic Shares Outstanding	27.84M	27.85M	28.87M	29.49M	32.77M	31.94M	38.36M	39.36M	42.31M	41.54M	50.04M
Diluted Earnings per Share	($0.56)	($0.72)	($0.56)	($0.57)	($0.27)	($0.35)	($0.60)	($0.66)	($0.42)	($2.82)	($0.18)
Weighted Average Diluted Shares Outstanding	27.84M	27.85M	28.87M	29.49M	32.77M	31.94M	38.36M	39.36M	42.31M	41.54M	50.04M
Weighted Average Basic & Diluted Shares Outstanding	28.52M	28.97M	29.20M	32.13M	35.54M	38.40M	38.91M	40.90M	45.08M	49.65M	55.54M

This table details how cash moves in and out of Applied Optoelectronics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	10	0.11	19	32	-26	9.03	-17	-8.98	-5.55	20	24
Net Cash From Operating Activities	5.95	-15	57	84	14	-1.75	-44	-12	-14	-7.93	-70
Net Cash From Continuing Operating Activities	8.53	-15	57	84	14	-1.75	-44	-12	-14	-7.93	-70
Net Income / (Loss) Continuing Operations	4.28	11	31	74	-2.15	-66	-58	-54	-66	-56	-187
Consolidated Net Income / (Loss)	4.28	11	31	74	-2.15	-66	-58	-54	-66	-56	-187
Depreciation Expense	6.17	9.42	14	20	30	24	25	25	23	20	21
Amortization Expense	-	-	-	0.08	0.04	0.89	0.90	0.87	0.90	2.31	1.43
Non-Cash Adjustments To Reconcile Net Income	4.30	7.49	6.73	10	18	19	16	3.59	24	19	124
Changes in Operating Assets and Liabilities, net	-6.22	-43	4.95	-20	-31	20	-27	13	4.22	6.64	-29
Net Cash From Investing Activities	-45	-62	-42	-70	-77	-32	-19	-11	-3.83	-15	-51
Net Cash From Continuing Investing Activities	-45	-62	-42	-70	-77	-32	-19	-11	-3.83	-15	-51
Purchase of Property, Plant & Equipment	-41	-57	-49	-67	-77	-29	-16	-7.98	-3.21	-9.08	-43
Acquisitions	-3.34	-0.48	-0.55	-0.50	-0.48	-0.64	-0.49	-0.46	-0.50	-0.59	-0.51
Sale of Property, Plant & Equipment	0.05	0.35	0.01	0.17	0.70	0.00	0.22	0.11	0.40	0.14	0.01
Other Investing Activities, net	-0.72	-4.24	0.69	-2.87	0.67	-2.69	-3.28	-2.22	-0.53	-5.23	-6.79
Net Cash From Financing Activities	47	78	1.66	18	35	43	47	14	11	41	142
Net Cash From Continuing Financing Activities	47	78	1.66	18	35	43	47	14	11	41	142
Repayment of Debt	-67	-131	-178	-39	-169	-54	-126	-148	-179	-142	-90
Issuance of Debt	68	170	152	88	208	97	136	148	189	115	93
Issuance of Common Equity	46	39	27	22	0.00	0.00	39	15	1.24	69	146
Other Financing Activities, net	0.63	0.45	0.86	-52	-4.02	-0.89	-1.08	-0.97	-0.47	-1.02	-7.12
Effect of Exchange Rate Changes	-0.22	-0.59	1.95	-	-	0.30	-1.00	-0.88	-	1.62	2.08
Cash Interest Paid	0.33	1.07	1.69	0.87	0.85	3.17	4.97	4.90	5.14	8.10	4.94
Cash Income Taxes Paid	0.15	0.65	-0.01	5.84	8.47	-0.89	-0.36	0.00	0.00	0.01	0.00

This table details how cash moves in and out of Applied Optoelectronics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-6.08	1.01	-8.64	1.66	2.63	24	-38	-1.29	25	38	-12
Net Cash From Operating Activities	-9.19	-3.48	-9.39	15	-15	1.55	-28	-1.99	-14	-25	-51
Net Cash From Continuing Operating Activities	-9.19	-3.48	-9.39	15	-15	1.55	-28	-1.99	-14	-25	-51
Net Income / (Loss) Continuing Operations	-16	-20	-16	-17	-8.95	-14	-23	-26	-18	-120	-9.17
Consolidated Net Income / (Loss)	-16	-20	-16	-17	-8.95	-14	-23	-26	-18	-120	-9.17
Depreciation Expense	5.70	5.50	5.33	5.19	4.98	4.93	5.00	5.07	5.23	5.36	5.73
Amortization Expense	0.22	0.26	0.31	0.31	0.31	1.38	0.32	0.36	0.36	0.39	-0.21
Non-Cash Adjustments To Reconcile Net Income	5.52	1.80	2.82	15	7.47	-6.39	4.92	9.29	2.43	108	4.67
Changes in Operating Assets and Liabilities, net	-5.00	9.20	-1.55	12	-19	15	-16	9.41	-4.70	-18	-52
Net Cash From Investing Activities	-1.20	-0.62	-0.78	-1.13	-3.25	-9.60	-8.07	-4.08	-9.27	-29	-36
Net Cash From Continuing Investing Activities	-1.20	-0.62	-0.78	-1.13	-3.25	-9.60	-8.07	-4.08	-9.27	-29	-36
Purchase of Property, Plant & Equipment	-0.78	-0.76	-0.58	-0.89	-1.46	-6.16	-5.76	-2.98	-6.29	-28	-28
Acquisitions	-0.15	-0.11	-0.11	-0.14	-0.18	-0.16	-0.12	-0.11	-0.14	-0.13	-0.07
Other Investing Activities, net	-0.27	-0.04	-0.16	-0.11	-1.68	-3.28	-2.19	-1.00	-2.84	-0.76	-7.85
Net Cash From Financing Activities	3.59	5.17	1.09	-13	21	31	-1.42	4.51	49	90	70
Net Cash From Continuing Financing Activities	3.59	5.17	1.16	-13	21	31	-1.42	4.51	49	90	70
Repayment of Debt	-37	-47	-38	-57	-16	-31	-22	-25	-13	-29	-30
Issuance of Debt	41	52	38	35	16	26	18	18	24	32	30
Issuance of Common Equity	0.24	1.00	0.41	9.88	22	37	3.83	16	39	88	72
Other Financing Activities, net	-0.12	-0.12	-0.01	-0.16	-0.47	-0.38	-1.01	-4.45	-0.38	-1.28	-1.69
Other Net Changes in Cash	-	-	0.45	-	-	-	-	-	-	-	4.88
Cash Interest Paid	2.25	0.28	2.30	1.31	2.44	2.04	0.06	2.47	0.11	2.31	0.11

This table presents Applied Optoelectronics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	184	273	322	453	467	467	481	454	408	389	547
Total Current Assets	113	154	158	230	194	193	209	194	183	173	301
Cash & Equivalents	32	28	50	83	56	60	43	35	25	45	67
Restricted Cash	0.51	4.72	1.73	1.01	2.36	7.05	6.69	6.48	11	9.73	12
Accounts Receivable	32	39	50	60	31	35	43	48	61	48	117
Inventories, net	34	66	52	76	93	85	110	93	80	64	88
Prepaid Expenses	6.02	8.24	3.97	8.67	11	5.87	5.21	4.33	6.38	5.35	17
Plant, Property, & Equipment, net	65	110	144	198	234	248	253	243	210	200	219
Total Noncurrent Assets	5.62	9.85	21	25	38	26	19	17	15	16	27
Intangible Assets	4.76	4.75	4.77	4.81	9.79	9.68	9.85	9.69	8.94	8.66	8.52
Other Noncurrent Operating Assets	0.86	5.09	4.47	7.73	6.85	8.49	8.71	7.60	5.95	7.61	18
Total Liabilities & Shareholders' Equity	184	273	322	453	467	467	481	454	408	389	547
Total Liabilities	69	108	95	120	138	193	203	200	224	174	318
Total Current Liabilities	49	74	60	71	77	91	103	109	139	93	170
Short-Term Debt	9.59	31	7.87	0.56	24	33	38	50	57	23	22
Accounts Payable	31	29	36	44	30	33	29	34	48	33	105
Accrued Expenses	6.76	12	14	19	19	18	19	16	17	19	22
Other Current Liabilities	1.27	3.00	0.31	-	4.63	7.29	17	9.28	13	17	21
Total Noncurrent Liabilities	20	34	35	49	60	102	100	91	85	81	148
Long-Term Debt	20	34	35	49	60	94	92	84	80	76	139
Other Noncurrent Operating Liabilities	-	-	-	-	0.00	7.98	7.93	7.19	5.51	4.73	9.04
Commitments & Contingencies	-	-	-	-	-	-	-	-	-	0.00	0.00
Total Equity & Noncontrolling Interests	115	165	227	333	329	274	278	255	185	215	229
Total Preferred & Common Equity	115	165	227	333	329	274	278	255	185	215	229
Preferred Stock	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	115	165	227	333	329	274	278	255	185	215	229
Common Stock	192	233	265	285	293	303	355	381	392	479	684
Retained Earnings	-79	-68	-37	38	36	-30	-89	-143	-209	-265	-452
Accumulated Other Comprehensive Income / (Loss)	1.93	0.29	-0.89	9.74	0.60	0.43	12	16	2.18	0.98	-2.55

This table presents Applied Optoelectronics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	435	414	384	357	374	351	348	410	645
Total Current Assets	194	188	162	145	164	134	133	188	359
Cash & Equivalents	34	26	16	22	22	8.43	11	34	51
Restricted Cash	6.98	8.31	11	7.03	9.30	8.97	5.47	7.24	16
Accounts Receivable	49	53	57	43	61	57	58	75	171
Inventories, net	98	94	70	66	68	54	54	64	102
Prepaid Expenses	6.24	6.13	6.52	6.23	4.87	4.08	4.43	7.41	19
Plant, Property, & Equipment, net	224	212	207	198	194	200	198	205	241
Total Noncurrent Assets	16	15	15	14	16	17	17	16	44
Intangible Assets	9.26	8.91	8.93	8.62	8.62	8.60	8.56	3.66	8.45
Other Noncurrent Operating Assets	6.69	6.02	5.90	5.83	6.95	8.74	8.74	13	36
Total Liabilities & Shareholders' Equity	435	414	384	357	374	351	348	410	645
Total Liabilities	215	216	211	194	195	155	162	198	336
Total Current Liabilities	130	131	206	187	188	75	81	117	191
Short-Term Debt	54	51	131	117	111	24	23	29	20
Accounts Payable	52	52	38	35	35	24	34	56	125
Accrued Expenses	12	12	14	15	16	13	17	19	20
Other Current Liabilities	11	15	20	9.75	15	12	6.14	11	25
Total Noncurrent Liabilities	85	85	5.31	6.15	7.19	81	81	81	145
Long-Term Debt	79	79	0.00	0.00	0.00	76	77	77	136
Other Noncurrent Operating Liabilities	6.20	5.57	5.31	5.15	4.77	4.25	3.92	3.73	8.61
Commitments & Contingencies	-	-	-	-	-	-	-	-	0.00
Total Equity & Noncontrolling Interests	220	199	173	163	178	196	186	212	309
Total Preferred & Common Equity	220	199	173	163	178	196	186	212	309
Preferred Stock	-	-	-	-	-	0.00	0.00	0.00	0.00
Total Common Equity	220	199	173	163	178	196	186	212	309
Common Stock	386	388	394	407	432	485	502	544	773
Retained Earnings	-173	-189	-225	-242	-251	-288	-314	-332	-461
Accumulated Other Comprehensive Income / (Loss)	7.23	-0.99	3.82	-1.47	-2.19	-0.69	-1.53	0.71	-2.76

This table displays calculated financial ratios and metrics derived from Applied Optoelectronics' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	66.34%	45.58%	37.29%	46.65%	-30.04%	-28.64%	22.92%	-9.83%	5.32%	-2.32%	14.57%
EBITDA Growth	251.03%	100.62%	72.26%	188.11%	-80.32%	-205.85%	8.14%	-10.70%	-61.34%	32.17%	-548.15%
EBIT Growth	1,252.99%	167.13%	89.52%	278.96%	-110.51%	-423.87%	2.27%	-6.03%	-23.85%	21.57%	-282.84%
NOPAT Growth	2,384.72%	164.72%	163.39%	122.22%	-109.91%	-352.70%	-0.19%	-16.22%	-3.93%	29.91%	-71.49%
Net Income Growth	404.62%	152.00%	189.39%	136.76%	-102.90%	-2,977.77%	11.50%	7.34%	-22.59%	15.59%	-233.17%
EPS Growth	300.00%	132.14%	170.77%	108.52%	-103.00%	-2,909.09%	19.34%	24.72%	-18.41%	26.47%	-157.14%
Operating Cash Flow Growth	186.12%	-355.49%	475.39%	47.60%	-83.36%	-112.50%	-2,409.07%	73.54%	-20.42%	43.45%	-776.86%
Free Cash Flow Firm Growth	-155.91%	-80.10%	107.76%	-180.28%	-1,303.62%	79.69%	-349.88%	50.69%	169.30%	-113.91%	-3,558.20%
Invested Capital Growth	77.61%	82.71%	15.07%	36.94%	18.80%	-5.97%	7.20%	-3.08%	-17.64%	-9.16%	19.91%
Revenue Q/Q Growth	10.74%	9.55%	13.97%	-1.30%	-7.55%	-4.67%	1.59%	0.99%	3.33%	-0.52%	19.00%
EBITDA Q/Q Growth	22.02%	15.52%	67.22%	-4.11%	-48.18%	-5.46%	3.09%	-7.89%	-19.68%	24.01%	-210.89%
EBIT Q/Q Growth	31.56%	20.15%	141.46%	-6.99%	-173.04%	-0.37%	0.62%	-3.02%	-9.66%	13.22%	-145.34%
NOPAT Q/Q Growth	39.29%	8.21%	244.75%	-9.64%	-162.19%	0.46%	-2.32%	-0.83%	-8.73%	25.07%	-2.81%
Net Income Q/Q Growth	31.91%	23.15%	59.74%	-10.32%	-117.68%	-68.54%	27.34%	-2.08%	-9.41%	10.24%	-130.82%
EPS Q/Q Growth	-94.20%	20.37%	62.96%	-13.03%	-118.03%	-68.02%	31.71%	0.00%	-8.68%	17.45%	-121.67%
Operating Cash Flow Q/Q Growth	256.89%	9.64%	61.86%	-2.26%	-73.23%	82.78%	-33.08%	54.31%	-29.83%	38.83%	-60.35%
Free Cash Flow Firm Q/Q Growth	0.00%	-26.40%	112.16%	-147.68%	-72.12%	72.24%	-162.58%	42.32%	-7.08%	-9.88%	-51.26%
Invested Capital Q/Q Growth	11.98%	16.82%	-0.25%	1.84%	3.63%	-5.94%	4.13%	-2.03%	-3.06%	0.36%	12.23%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	33.92%	31.83%	33.35%	43.49%	32.82%	24.21%	21.54%	17.83%	15.09%	27.07%	24.78%
EBITDA Margin	8.13%	11.21%	14.06%	27.63%	7.77%	-11.53%	-8.61%	-10.58%	-16.20%	-11.25%	-63.64%
Operating Margin	3.94%	7.08%	8.83%	22.74%	-4.03%	-25.54%	-20.82%	-26.83%	-26.48%	-19.00%	-28.44%
EBIT Margin	3.40%	6.24%	8.62%	22.27%	-3.35%	-24.58%	-19.54%	-22.98%	-27.02%	-21.70%	-72.50%
Profit (Net Income) Margin	3.28%	5.68%	11.98%	19.34%	-0.80%	-34.60%	-24.91%	-25.60%	-29.80%	-25.75%	-74.88%
Tax Burden Percent	95.56%	96.64%	148.71%	87.49%	21.95%	128.53%	114.11%	100.00%	100.00%	100.02%	100.00%
Interest Burden Percent	100.97%	94.18%	93.46%	99.25%	109.20%	109.55%	111.74%	111.42%	110.29%	118.68%	103.29%
Effective Tax Rate	4.44%	3.36%	-48.71%	12.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	6.05%	8.86%	16.79%	29.43%	-2.31%	-9.91%	-9.89%	-11.28%	-13.06%	-10.62%	-17.40%
ROIC Less NNEP Spread (ROIC-NNEP)	13.95%	-25.05%	-23.09%	39.15%	-128.45%	-84.20%	-44.54%	-28.02%	-39.03%	-47.85%	-233.87%
Return on Net Nonoperating Assets (RNNOA)	-1.24%	-1.16%	-0.88%	-3.05%	1.66%	-12.00%	-11.30%	-9.07%	-17.17%	-17.44%	-66.72%
Return on Equity (ROE)	4.81%	7.70%	15.90%	26.38%	-0.65%	-21.91%	-21.19%	-20.34%	-30.23%	-28.06%	-84.12%
Cash Return on Invested Capital (CROIC)	-49.86%	-49.65%	2.77%	-1.76%	-19.49%	-3.76%	-16.84%	-8.15%	6.29%	-1.02%	-35.51%
Operating Return on Assets (OROA)	3.01%	5.19%	7.54%	21.97%	-1.95%	-10.05%	-9.68%	-10.39%	-13.96%	-11.84%	-38.62%
Return on Assets (ROA)	2.91%	4.72%	10.48%	19.08%	-0.47%	-14.15%	-12.34%	-11.58%	-15.39%	-14.06%	-39.89%
Return on Common Equity (ROCE)	4.81%	7.70%	15.90%	26.38%	-0.65%	-21.91%	-21.19%	-20.34%	-30.23%	-28.06%	-84.12%
Return on Equity Simple (ROE_SIMPLE)	3.72%	6.53%	13.74%	22.19%	-0.65%	-24.12%	-21.03%	-21.28%	-35.95%	-26.08%	-81.50%
Net Operating Profit after Tax (NOPAT)	4.91	13	34	76	-7.54	-34	-34	-40	-41	-29	-50
NOPAT Margin	3.76%	6.84%	13.13%	19.90%	-2.82%	-17.88%	-14.57%	-18.78%	-18.53%	-13.30%	-19.90%
Net Nonoperating Expense Percent (NNEP)	-7.90%	33.91%	39.88%	-9.72%	126.15%	74.29%	34.65%	16.75%	25.97%	37.23%	216.47%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-12.86%	-9.20%	-12.72%
Cost of Revenue to Revenue	66.08%	68.17%	66.65%	56.51%	67.18%	75.79%	78.46%	82.17%	84.91%	72.93%	75.22%
SG&A Expenses to Revenue	13.10%	10.41%	9.79%	9.22%	14.77%	21.74%	17.86%	20.02%	20.94%	24.46%	23.90%
R&D to Revenue	12.24%	10.98%	12.19%	9.25%	18.66%	22.74%	18.49%	19.48%	16.27%	16.53%	22.04%
Operating Expenses to Revenue	29.98%	24.75%	24.52%	20.75%	36.84%	49.74%	42.36%	44.66%	41.57%	46.07%	53.22%
Earnings before Interest and Taxes (EBIT)	4.44	12	22	85	-8.95	-47	-46	-49	-60	-47	-181
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	11	21	37	106	21	-22	-20	-22	-36	-24	-159
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.45	1.75	1.77	2.20	0.93	0.87	0.70	0.55	0.29	2.61	4.66
Price to Tangible Book Value (P/TBV)	1.51	1.80	1.81	2.23	0.96	0.90	0.73	0.57	0.31	2.71	4.84
Price to Revenue (P/Rev)	1.27	1.52	1.55	1.92	1.14	1.25	0.83	0.66	0.24	2.57	4.28
Price to Earnings (P/E)	38.81	26.77	12.91	9.91	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.58%	3.74%	7.75%	10.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.49	1.65	1.81	2.34	0.93	0.90	0.77	0.67	0.54	2.33	3.70
Enterprise Value to Revenue (EV/Rev)	1.19	1.65	1.51	1.83	1.24	1.57	1.17	1.10	0.70	2.78	4.61
Enterprise Value to EBITDA (EV/EBITDA)	14.61	14.71	10.75	6.61	15.94	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	34.92	26.41	17.53	8.20	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	31.57	24.09	11.51	9.18	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	26.03	0.00	6.90	8.29	23.62	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	69.66	0.00	0.00	0.00	0.00	0.00	7.78	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.26	0.39	0.19	0.15	0.26	0.46	0.47	0.52	0.74	0.46	0.70
Long-Term Debt to Equity	0.17	0.21	0.15	0.15	0.18	0.34	0.33	0.33	0.43	0.35	0.61
Financial Leverage	-0.09	0.05	0.04	-0.08	-0.01	0.14	0.25	0.32	0.44	0.36	0.29
Leverage Ratio	1.65	1.63	1.52	1.38	1.39	1.55	1.72	1.76	1.96	2.00	2.11
Compound Leverage Factor	1.67	1.54	1.42	1.37	1.52	1.70	1.92	1.96	2.17	2.37	2.18
Debt to Total Capital	20.50%	28.18%	15.85%	12.94%	20.32%	31.70%	31.89%	34.39%	42.52%	31.70%	41.30%
Short-Term Debt to Total Capital	6.63%	13.42%	2.91%	0.15%	5.71%	8.32%	9.38%	12.81%	17.77%	7.46%	5.73%
Long-Term Debt to Total Capital	13.86%	14.76%	12.94%	12.79%	14.61%	23.37%	22.51%	21.58%	24.75%	24.23%	35.57%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	79.51%	71.82%	84.15%	87.06%	79.68%	68.30%	68.11%	65.61%	57.48%	68.30%	58.70%
Debt to EBITDA	2.79	3.05	1.17	0.47	4.04	-5.78	-6.44	-5.96	-3.78	-4.07	-1.02
Net Debt to EBITDA	-1.06	1.14	-0.25	-0.33	1.25	-2.73	-3.96	-4.13	-2.80	-1.82	-0.52
Long-Term Debt to EBITDA	1.89	1.60	0.95	0.46	2.90	-4.26	-4.54	-3.74	-2.20	-3.11	-0.87
Debt to NOPAT	6.04	4.99	1.25	0.65	-11.13	-3.72	-3.81	-3.36	-3.31	-3.45	-3.25
Net Debt to NOPAT	-2.29	1.86	-0.27	-0.45	-3.44	-1.76	-2.34	-2.32	-2.45	-1.54	-1.65
Long-Term Debt to NOPAT	4.09	2.62	1.02	0.64	-8.00	-2.75	-2.69	-2.11	-1.93	-2.63	-2.80
Altman Z-Score	2.06	2.44	3.79	5.68	2.25	0.99	0.76	0.32	-0.38	1.38	0.51
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.33	2.08	2.63	3.25	2.51	2.11	2.03	1.78	1.32	1.85	1.77
Quick Ratio	1.50	1.01	1.67	2.02	1.11	1.04	0.84	0.83	0.62	1.00	1.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-40	-73	5.66	-4.54	-64	-13	-58	-29	20	-2.77	-101
Operating Cash Flow to CapEx	14.49%	-26.82%	115.53%	126.18%	18.28%	-6.09%	-282.49%	-148.01%	-499.54%	-88.65%	-160.20%
Free Cash Flow to Firm to Interest Expense	-124.06	-71.55	3.29	-5.29	-57.62	-2.40	-10.34	-5.11	3.15	-0.29	-14.84
Operating Cash Flow to Interest Expense	18.26	-14.94	33.26	98.23	12.68	-0.32	-7.81	-2.07	-2.22	-0.84	-10.19
Operating Cash Flow Less CapEx to Interest Expense	-107.75	-70.67	4.47	20.38	-56.71	-5.65	-10.57	-3.47	-2.66	-1.79	-16.54
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.89	0.83	0.88	0.99	0.58	0.41	0.50	0.45	0.52	0.55	0.53
Accounts Receivable Turnover	4.86	5.40	5.89	6.98	5.92	5.86	6.04	4.65	4.08	3.98	3.03
Inventory Turnover	3.23	2.59	2.94	3.39	2.13	1.62	1.88	1.71	2.20	2.21	2.47
Fixed Asset Turnover	2.72	2.18	2.05	2.24	1.24	0.79	0.94	0.85	0.98	1.06	1.19
Accounts Payable Turnover	3.75	4.34	5.34	5.40	4.89	4.61	5.91	5.44	4.60	3.93	2.72
Days Sales Outstanding (DSO)	75.10	67.62	61.98	52.32	61.67	62.33	60.44	78.49	89.37	91.60	120.66
Days Inventory Outstanding (DIO)	113.03	141.01	123.99	107.77	171.67	224.90	193.75	213.01	166.11	165.05	147.90
Days Payable Outstanding (DPO)	97.37	84.10	68.32	67.58	74.68	79.14	61.77	67.06	79.34	92.83	134.14
Cash Conversion Cycle (CCC)	90.75	124.53	117.66	92.52	158.65	208.09	192.41	224.43	176.14	163.82	134.42
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	104	190	218	299	355	334	358	347	286	259	311
Invested Capital Turnover	1.61	1.29	1.28	1.48	0.82	0.55	0.68	0.60	0.70	0.80	0.87
Increase / (Decrease) in Invested Capital	45	86	29	81	56	-21	24	-11	-61	-26	52
Enterprise Value (EV)	155	313	394	699	331	299	276	233	155	604	1,150
Market Capitalization	166	289	403	733	305	239	196	140	54	560	1,068
Book Value per Share	$7.76	$9.82	$13.22	$17.20	$16.62	$13.61	$12.09	$9.33	$6.47	$6.05	$5.08
Tangible Book Value per Share	$7.44	$9.54	$12.94	$16.95	$16.13	$13.13	$11.67	$8.97	$6.16	$5.80	$4.89
Total Capital	145	230	270	383	413	401	408	388	321	315	390
Total Debt	30	65	43	50	84	127	130	133	137	100	161
Total Long-Term Debt	20	34	35	49	60	94	92	84	80	76	139
Net Debt	-11	24	-9.18	-34	26	60	80	92	101	45	82
Capital Expenditures (CapEx)	41	57	49	67	77	29	16	7.87	2.81	8.94	43
Debt-free, Cash-free Net Working Capital (DFCFNWC)	33	70	53	76	82	68	94	94	66	48	74
Debt-free Net Working Capital (DFNWC)	74	111	105	160	140	135	144	135	102	103	154
Net Working Capital (NWC)	65	80	98	159	117	101	106	85	45	79	131
Net Nonoperating Expense (NNE)	0.63	2.20	3.00	2.12	-5.39	32	24	14	25	27	137
Net Nonoperating Obligations (NNO)	-11	24	-9.18	-34	26	60	80	92	101	45	82
Total Depreciation and Amortization (D&A)	6.17	9.42	14	20	30	25	26	26	24	23	22
Debt-free, Cash-free Net Working Capital to Revenue	25.57%	36.90%	20.50%	19.75%	30.82%	35.52%	40.14%	44.28%	29.65%	21.89%	29.85%
Debt-free Net Working Capital to Revenue	56.90%	58.32%	40.44%	41.72%	52.51%	70.63%	61.50%	63.72%	45.62%	47.20%	61.58%
Net Working Capital to Revenue	49.55%	42.05%	37.43%	41.57%	43.69%	53.15%	45.19%	40.23%	20.01%	36.41%	52.61%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.30	$0.69	$1.82	$3.87	($0.11)	($3.31)	($2.67)	($2.01)	($2.38)	($1.75)	($4.50)
Adjusted Weighted Average Basic Shares Outstanding	14.31M	15.63M	17.20M	19.10M	19.65M	19.98M	21.87M	26.91M	27.85M	31.94M	41.54M
Adjusted Diluted Earnings per Share	$0.28	$0.65	$1.76	$3.67	($0.11)	($3.31)	($2.67)	($2.01)	($2.38)	($1.75)	($4.50)
Adjusted Weighted Average Diluted Shares Outstanding	15.19M	16.53M	17.71M	20.14M	19.65M	19.98M	21.87M	26.91M	27.85M	31.94M	41.54M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	($3.31)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	14.89M	17.06M	18.68M	19.50M	19.88M	20.23M	26.70M	27.51M	28.97M	38.40M	49.65M
Normalized Net Operating Profit after Tax (NOPAT)	4.91	13	16	76	-7.54	-34	-34	-40	-41	-29	-50
Normalized NOPAT Margin	3.76%	6.84%	6.18%	19.90%	-2.82%	-17.88%	-14.57%	-18.78%	-18.53%	-13.30%	-19.90%
Pre Tax Income Margin	3.44%	5.88%	8.06%	22.11%	-3.66%	-26.92%	-21.83%	-25.60%	-29.80%	-25.75%	-74.88%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	13.62	11.65	13.09	99.26	-8.10	-8.68	-8.14	-8.65	-9.53	-5.01	-26.48
NOPAT to Interest Expense	15.06	12.77	19.94	88.66	-6.82	-6.31	-6.07	-7.07	-6.54	-3.07	-7.27
EBIT Less CapEx to Interest Expense	-112.40	-44.08	-15.70	21.41	-77.49	-14.00	-10.90	-10.05	-9.97	-5.96	-32.84
NOPAT Less CapEx to Interest Expense	-110.96	-42.96	-8.85	10.81	-76.21	-11.64	-8.83	-8.47	-6.98	-4.02	-13.63
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Applied Optoelectronics' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.43%	13.19%	1.51%	-20.43%	10.33%	-1.83%	-23.30%	3.98%	4.16%	65.86%	145.52%
EBITDA Growth	-2.49%	-88.61%	-2.19%	-33.23%	78.59%	61.24%	-92.26%	-105.32%	-510.87%	-2,198.35%	82.07%
EBIT Growth	2.89%	-40.49%	3.41%	-13.14%	49.93%	39.10%	-53.33%	-65.66%	-130.63%	-955.77%	61.10%
NOPAT Growth	12.66%	-34.77%	0.51%	-23.77%	50.46%	75.33%	-52.79%	-64.38%	-147.49%	-42.82%	58.71%
Net Income Growth	1.08%	-39.28%	-1.43%	-17.21%	42.71%	31.57%	-42.22%	-54.13%	-98.34%	-763.63%	60.41%
EPS Growth	3.45%	-35.85%	3.45%	-9.62%	51.79%	51.39%	-7.14%	-15.79%	-55.56%	-705.71%	70.00%
Operating Cash Flow Growth	-362.62%	-1,234.48%	-160.62%	577.23%	-67.01%	144.50%	-203.31%	-113.04%	5.91%	-1,688.13%	-78.77%
Free Cash Flow Firm Growth	335.65%	3,171.63%	89.53%	6.64%	-37.09%	-52.42%	-135.65%	-174.23%	-196.35%	-344.32%	-615.54%
Invested Capital Growth	-16.78%	-17.64%	-17.67%	-19.19%	-12.25%	-9.16%	0.89%	7.04%	7.23%	19.91%	42.96%
Revenue Q/Q Growth	8.40%	8.63%	-13.89%	-21.53%	50.30%	-3.35%	-32.72%	6.39%	50.57%	53.91%	-0.41%
EBITDA Q/Q Growth	-16.34%	-55.62%	32.30%	-8.70%	81.31%	-181.76%	-235.80%	-16.08%	44.38%	-960.09%	97.38%
EBIT Q/Q Growth	-7.32%	-31.07%	22.88%	-4.30%	52.50%	-59.41%	-94.15%	-12.69%	33.87%	-629.75%	92.85%
NOPAT Q/Q Growth	-4.63%	-36.07%	22.85%	-12.69%	58.12%	32.23%	-377.73%	-21.24%	36.95%	60.89%	-38.11%
Net Income Q/Q Growth	-8.10%	-29.60%	19.55%	-4.00%	47.16%	-54.80%	-67.18%	-12.71%	32.00%	-574.05%	92.34%
EPS Q/Q Growth	-7.69%	-28.57%	22.22%	-1.79%	52.63%	-29.63%	-71.43%	-10.00%	36.36%	-571.43%	93.62%
Operating Cash Flow Q/Q Growth	-507.86%	62.10%	-169.60%	262.49%	-200.58%	110.10%	-1,937.48%	93.02%	-625.99%	-70.47%	-106.84%
Free Cash Flow Firm Q/Q Growth	9.52%	-3.22%	2.19%	-1.56%	-35.39%	-26.80%	-176.57%	-104.98%	16.13%	-85.61%	-124.25%
Invested Capital Q/Q Growth	-5.45%	-3.06%	-3.27%	-8.86%	2.67%	0.36%	7.44%	-3.30%	2.85%	12.23%	28.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	17.20%	10.11%	17.43%	18.98%	32.25%	35.74%	18.66%	22.10%	24.43%	28.65%	30.59%
EBITDA Margin	-14.32%	-20.51%	-16.13%	-22.34%	-2.78%	-8.10%	-40.43%	-44.12%	-16.30%	-112.25%	-2.95%
Operating Margin	-23.81%	-29.82%	-26.72%	-38.36%	-10.69%	-7.50%	-53.22%	-60.65%	-25.40%	-6.45%	-8.95%
EBIT Margin	-24.76%	-29.87%	-26.75%	-35.56%	-11.24%	-18.53%	-53.49%	-56.66%	-24.88%	-117.98%	-8.47%
Profit (Net Income) Margin	-27.56%	-32.89%	-30.72%	-40.72%	-14.31%	-22.92%	-56.97%	-60.35%	-27.26%	-119.37%	-9.19%
Tax Burden Percent	100.00%	100.00%	100.00%	100.05%	100.00%	100.01%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	111.33%	110.07%	114.83%	114.45%	127.37%	123.68%	106.51%	106.53%	109.54%	101.18%	108.39%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-11.08%	-14.71%	-13.67%	-20.29%	-5.92%	-4.19%	-27.55%	-33.70%	-13.91%	-3.95%	-5.71%
ROIC Less NNEP Spread (ROIC-NNEP)	-17.72%	-22.36%	-20.05%	-26.68%	-10.76%	-18.87%	-36.14%	-42.72%	-22.40%	-185.78%	-9.09%
Return on Net Nonoperating Assets (RNNOA)	-7.13%	-9.84%	-9.72%	-12.59%	-5.04%	-6.88%	-18.32%	-20.97%	-8.34%	-53.00%	-3.11%
Return on Equity (ROE)	-18.21%	-24.55%	-23.38%	-32.88%	-10.95%	-11.07%	-45.88%	-54.67%	-22.25%	-56.95%	-8.81%
Cash Return on Invested Capital (CROIC)	6.60%	6.29%	5.91%	5.83%	-0.91%	-1.02%	-13.20%	-22.67%	-25.00%	-35.51%	-47.40%
Operating Return on Assets (OROA)	-12.18%	-15.43%	-14.41%	-19.13%	-6.24%	-10.12%	-29.90%	-33.27%	-13.31%	-62.85%	-5.25%
Return on Assets (ROA)	-13.56%	-16.99%	-16.55%	-21.90%	-7.95%	-12.51%	-31.85%	-35.44%	-14.57%	-63.59%	-5.69%
Return on Common Equity (ROCE)	-18.21%	-24.55%	-23.38%	-32.88%	-10.95%	-11.07%	-45.88%	-54.67%	-22.25%	-56.95%	-8.81%
Return on Equity Simple (ROE_SIMPLE)	-30.57%	0.00%	-38.59%	-42.33%	-35.01%	0.00%	-32.15%	-38.66%	-38.15%	0.00%	-55.90%
Net Operating Profit after Tax (NOPAT)	-9.45	-13	-9.92	-11	-4.68	-3.17	-15	-18	-12	-4.53	-6.26
NOPAT Margin	-16.66%	-20.87%	-18.70%	-26.85%	-7.48%	-5.25%	-37.25%	-42.46%	-17.78%	-4.52%	-6.26%
Net Nonoperating Expense Percent (NNEP)	6.64%	7.65%	6.38%	6.39%	4.85%	14.68%	8.59%	9.02%	8.49%	181.83%	3.38%
Return On Investment Capital (ROIC_SIMPLE)	-	-4.00%	-	-	-	-1.01%	-	-	-	-1.16%	-1.34%
Cost of Revenue to Revenue	82.80%	89.89%	82.57%	81.02%	67.75%	64.26%	81.34%	77.90%	75.57%	71.35%	69.41%
SG&A Expenses to Revenue	20.56%	20.70%	23.66%	31.13%	22.97%	22.09%	33.75%	38.87%	21.86%	14.77%	16.34%
R&D to Revenue	16.24%	14.98%	16.10%	20.76%	15.12%	15.45%	28.80%	30.22%	20.61%	16.69%	17.84%
Operating Expenses to Revenue	41.00%	39.93%	44.15%	57.34%	42.94%	43.23%	71.88%	82.75%	49.83%	35.11%	39.54%
Earnings before Interest and Taxes (EBIT)	-14	-18	-14	-15	-7.03	-11	-22	-25	-16	-118	-8.46
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-8.12	-13	-8.55	-9.30	-1.74	-4.90	-16	-19	-11	-113	-2.95
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.38	0.29	0.37	1.06	1.78	2.61	2.05	1.29	1.95	4.66	1.44
Price to Tangible Book Value (P/TBV)	0.40	0.31	0.39	1.12	1.87	2.71	2.15	1.35	1.99	4.84	1.48
Price to Revenue (P/Rev)	0.35	0.24	0.29	0.81	1.45	2.57	1.96	1.16	1.98	4.28	1.44
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.58	0.54	0.61	1.04	1.54	2.33	1.74	1.20	1.73	3.70	1.34
Enterprise Value to Revenue (EV/Rev)	0.80	0.70	0.75	1.23	1.82	2.78	2.36	1.56	2.29	4.61	1.73
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	8.03	7.78	9.28	15.91	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.66	0.74	0.76	0.72	0.62	0.46	0.51	0.53	0.50	0.70	0.51
Long-Term Debt to Equity	0.40	0.43	0.00	0.00	0.00	0.35	0.39	0.41	0.36	0.61	0.44
Financial Leverage	0.40	0.44	0.48	0.47	0.47	0.36	0.51	0.49	0.37	0.29	0.34
Leverage Ratio	1.90	1.96	2.01	2.07	2.09	2.00	1.99	2.02	2.01	2.11	1.97
Compound Leverage Factor	2.11	2.16	2.31	2.37	2.66	2.47	2.12	2.15	2.20	2.13	2.14
Debt to Total Capital	39.70%	42.52%	43.07%	41.79%	38.46%	31.70%	33.92%	34.72%	33.44%	41.30%	33.60%
Short-Term Debt to Total Capital	15.60%	17.77%	43.07%	41.79%	38.46%	7.46%	8.15%	7.88%	9.25%	5.73%	4.36%
Long-Term Debt to Total Capital	24.10%	24.75%	0.00%	0.00%	0.00%	24.23%	25.77%	26.84%	24.18%	35.57%	29.23%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	60.30%	57.48%	56.93%	58.21%	61.54%	68.30%	66.08%	65.28%	66.56%	58.70%	66.40%
Debt to EBITDA	-4.33	-3.78	-3.60	-3.04	-3.46	-4.07	-3.10	-2.35	-2.09	-1.02	-1.08
Net Debt to EBITDA	-3.19	-2.80	-2.86	-2.29	-2.49	-1.82	-2.57	-1.97	-1.28	-0.52	-0.62
Long-Term Debt to EBITDA	-2.63	-2.20	0.00	0.00	0.00	-3.11	-2.36	-1.82	-1.51	-0.87	-0.94
Debt to NOPAT	-3.44	-3.31	-3.17	-2.70	-2.89	-3.45	-2.94	-2.40	-2.21	-3.25	-3.84
Net Debt to NOPAT	-2.53	-2.45	-2.51	-2.04	-2.08	-1.54	-2.43	-2.01	-1.35	-1.65	-2.20
Long-Term Debt to NOPAT	-2.09	-1.93	0.00	0.00	0.00	-2.63	-2.23	-1.85	-1.60	-2.80	-3.34
Altman Z-Score	0.15	-0.04	-0.32	-0.10	0.48	1.68	0.98	0.17	0.71	0.89	0.54
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.43	1.32	0.79	0.77	0.87	1.85	1.79	1.64	1.61	1.77	1.88
Quick Ratio	0.60	0.62	0.36	0.35	0.44	1.00	0.89	0.85	0.93	1.08	1.16
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	50	48	49	49	31	23	-18	-36	-30	-56	-126
Operating Cash Flow to CapEx	-1,176.57%	-733.26%	-1,841.18%	1,726.02%	-1,104.10%	25.16%	-494.38%	-66.90%	-229.72%	-86.74%	-179.35%
Free Cash Flow to Firm to Interest Expense	30.82	25.59	23.12	22.36	15.80	7.36	-10.51	-21.33	-17.79	-32.02	-134.93
Operating Cash Flow to Interest Expense	-5.67	-1.84	-4.39	7.02	-7.72	0.50	-16.99	-1.17	-8.48	-14.03	-54.51
Operating Cash Flow Less CapEx to Interest Expense	-6.15	-2.10	-4.63	6.61	-8.41	-1.47	-20.43	-2.93	-12.18	-30.20	-84.91
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.49	0.52	0.54	0.54	0.56	0.55	0.56	0.59	0.53	0.53	0.62
Accounts Receivable Turnover	4.46	4.08	4.03	4.64	3.85	3.98	3.59	4.13	3.08	3.03	2.70
Inventory Turnover	1.91	2.20	2.34	2.19	2.17	2.21	2.38	2.45	2.35	2.47	2.86
Fixed Asset Turnover	0.95	0.98	1.01	1.01	1.08	1.06	1.01	1.05	1.05	1.19	1.40
Accounts Payable Turnover	4.47	4.60	4.84	4.10	4.02	3.93	4.77	4.31	3.41	2.72	3.01
Days Sales Outstanding (DSO)	81.89	89.37	90.61	78.63	94.74	91.60	101.59	88.42	118.36	120.66	135.20
Days Inventory Outstanding (DIO)	191.23	166.11	155.99	166.97	168.50	165.05	153.51	148.75	155.45	147.90	127.73
Days Payable Outstanding (DPO)	81.70	79.34	75.46	88.92	90.78	92.83	76.51	84.62	107.05	134.14	121.10
Cash Conversion Cycle (CCC)	191.43	176.14	171.14	156.68	172.46	163.82	178.59	152.55	166.76	134.42	141.83
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	295	286	276	252	259	259	279	270	277	311	399
Invested Capital Turnover	0.66	0.70	0.73	0.76	0.79	0.80	0.74	0.79	0.78	0.87	0.91
Increase / (Decrease) in Invested Capital	-59	-61	-59	-60	-36	-26	2.46	18	19	52	120
Enterprise Value (EV)	172	155	168	261	398	604	485	323	480	1,150	534
Market Capitalization	76	54	64	173	318	560	402	240	415	1,068	445
Book Value per Share	$7.12	$6.47	$5.98	$5.59	$5.55	$6.05	$5.10	$4.79	$5.19	$5.08	$6.22
Tangible Book Value per Share	$6.80	$6.16	$5.67	$5.30	$5.28	$5.80	$4.88	$4.57	$5.10	$4.89	$6.05
Total Capital	329	321	303	280	290	315	296	286	319	390	465
Total Debt	131	137	131	117	111	100	100	99	107	161	156
Total Long-Term Debt	79	80	0.00	0.00	0.00	76	76	77	77	139	136
Net Debt	96	101	104	89	80	45	83	83	65	82	90
Capital Expenditures (CapEx)	0.78	0.48	0.51	0.88	1.39	6.16	5.76	2.97	6.29	28	28
Debt-free, Cash-free Net Working Capital (DFCFNWC)	74	66	60	46	56	48	66	58	59	74	121
Debt-free Net Working Capital (DFNWC)	108	102	87	74	88	103	83	75	101	154	188
Net Working Capital (NWC)	57	45	-44	-43	-24	79	59	52	71	131	168
Net Nonoperating Expense (NNE)	6.18	7.40	6.38	5.77	4.27	11	8.02	7.74	6.17	115	2.92
Net Nonoperating Obligations (NNO)	96	101	104	89	80	45	83	83	65	82	90
Total Depreciation and Amortization (D&A)	5.92	5.77	5.64	5.50	5.29	6.31	5.31	5.43	5.59	5.75	5.51
Debt-free, Cash-free Net Working Capital to Revenue	34.17%	29.65%	26.66%	21.44%	25.76%	21.89%	32.03%	28.23%	28.34%	29.85%	39.32%
Debt-free Net Working Capital to Revenue	50.21%	45.62%	38.71%	34.88%	40.04%	47.20%	40.51%	36.02%	48.08%	61.58%	60.98%
Net Working Capital to Revenue	26.39%	20.01%	-19.71%	-20.16%	-10.90%	36.41%	28.75%	25.14%	34.01%	52.61%	54.39%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.56)	($0.72)	($0.56)	($0.57)	($0.27)	($0.35)	($0.60)	($0.66)	($0.42)	($2.82)	($0.18)
Adjusted Weighted Average Basic Shares Outstanding	27.84M	27.85M	28.87M	29.49M	32.77M	31.94M	38.36M	39.36M	42.31M	41.54M	50.04M
Adjusted Diluted Earnings per Share	($0.56)	($0.72)	($0.56)	($0.57)	($0.27)	($0.35)	($0.60)	($0.66)	($0.42)	($2.82)	($0.18)
Adjusted Weighted Average Diluted Shares Outstanding	27.84M	27.85M	28.87M	29.49M	32.77M	31.94M	38.36M	39.36M	42.31M	41.54M	50.04M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	28.52M	28.97M	29.20M	32.13M	35.54M	38.40M	38.91M	40.90M	45.08M	49.65M	55.54M
Normalized Net Operating Profit after Tax (NOPAT)	-9.45	-13	-9.92	-11	-4.68	-3.17	-15	-18	-12	-4.53	-6.26
Normalized NOPAT Margin	-16.66%	-20.87%	-18.70%	-26.85%	-7.48%	-5.25%	-37.25%	-42.46%	-17.78%	-4.52%	-6.26%
Pre Tax Income Margin	-27.56%	-32.88%	-30.72%	-40.70%	-14.31%	-22.92%	-56.97%	-60.35%	-27.26%	-119.37%	-9.19%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-8.66	-9.74	-6.64	-6.80	-3.53	-3.58	-12.98	-14.48	-9.52	-67.41	-9.06
NOPAT to Interest Expense	-5.83	-6.81	-4.64	-5.14	-2.35	-1.01	-9.04	-10.85	-6.81	-2.58	-6.70
EBIT Less CapEx to Interest Expense	-9.14	-9.99	-6.88	-7.21	-4.23	-5.55	-16.42	-16.24	-13.22	-83.58	-39.46
NOPAT Less CapEx to Interest Expense	-6.31	-7.06	-4.88	-5.54	-3.05	-2.98	-12.48	-12.61	-10.50	-18.75	-37.09
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Applied Optoelectronics (NASDAQ:AAOI) reported Q1 2025 revenue of $99.9 million, roughly flat with Q4 2024, while gross margin expanded to 30.6%. However, the company continues to run at a loss, with operating cash flow deeply negative on heavy capital spending. AAOI’s balance sheet remains well-capitalized with over $67 million in unrestricted cash.

Strong liquidity: Cash & equivalents of $51.1 million plus restricted cash of $15.7 million provides a cushion against near-term cash burn.
Improved gross margin: Q1 2025 gross margin rose to 30.6% from 28.7% in Q4 2024, driven by cost controls.
Manageable leverage: Debt to equity at ~0.51 remains in line with historical levels, helping preserve financial flexibility.
Revenue stability: Flat sequential revenue (-0.4% Q/Q) suggests steady end-market demand despite seasonal headwinds.
Moderate valuation: Market cap of ~$445 million implies P/Rev of ~1.44, well below historical peaks but above Q2 2022 lows.
Seasonal pattern: Q1 revenue typically lags Q4; Y/Y comparisons will be key to assess sustainable growth.
Continued losses: Net loss of $9.2 million (EPS -$0.18) extends an unprofitable run, though EPS has improved from prior quarters.
Heavy cash burn: Operating cash outflow of $50.9 million and free cash flow to firm of ‑$126.0 million reflect steep working capital build‐up and capex.
High capex: Q1 2025 capex of $28.4 million outpaced depreciation, suggesting significant investment but intensifying cash needs.
Negative operating margin: At ‑8.9% in Q1 2025, operating profitability lags peers, underscoring ongoing cost challenges.

07/19/25 12:46 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Applied Optoelectronics' Financials

When does Applied Optoelectronics' financial year end?

According to the most recent income statement we have on file, Applied Optoelectronics' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Applied Optoelectronics' net income changed over the last 10 years?

Applied Optoelectronics' net income appears to be on an upward trend, with a most recent value of -$186.73 million in 2024, falling from $4.28 million in 2014. The previous period was -$56.05 million in 2023. View Applied Optoelectronics' forecast to see where analysts expect Applied Optoelectronics to go next.

What is Applied Optoelectronics' operating income?

Applied Optoelectronics' total operating income in 2024 was -$70.91 million, based on the following breakdown:

Total Gross Profit: $61.80 million
Total Operating Expenses: $132.71 million

How has Applied Optoelectronics' revenue changed over the last 10 years?

Over the last 10 years, Applied Optoelectronics' total revenue changed from $130.45 million in 2014 to $249.37 million in 2024, a change of 91.2%.

How much debt does Applied Optoelectronics have?

Applied Optoelectronics' total liabilities were at $317.92 million at the end of 2024, a 82.4% increase from 2023, and a 363.0% increase since 2014.

How much cash does Applied Optoelectronics have?

In the past 10 years, Applied Optoelectronics' cash and equivalents has ranged from $24.69 million in 2022 to $82.94 million in 2017, and is currently $67.43 million as of their latest financial filing in 2024.

How has Applied Optoelectronics' book value per share changed over the last 10 years?

Over the last 10 years, Applied Optoelectronics' book value per share changed from 7.76 in 2014 to 5.08 in 2024, a change of -34.5%.

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This page (NASDAQ:AAOI) was last updated on 7/19/2025 by MarketBeat.com Staff

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