Applied Optoelectronics (AAOI) Financials

$178.54 -2.03 (-1.12%)

Closing price 04:00 PM Eastern

Extended Trading

$175.65 -2.89 (-1.62%)

As of 07:59 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	11	31	74	-2.15	-66	-58	-54	-66	-56	-187	-38
Consolidated Net Income / (Loss)	11	31	74	-2.15	-66	-58	-54	-66	-56	-187	-38
Net Income / (Loss) Continuing Operations	11	31	74	-2.15	-66	-58	-54	-66	-56	-187	-38
Total Pre-Tax Income	11	21	85	-9.78	-51	-51	-54	-66	-56	-187	-47
Total Operating Income	13	23	87	-11	-49	-49	-57	-59	-41	-71	-55
Total Gross Profit	60	87	166	88	46	51	38	34	59	62	137
Total Revenue	190	261	382	267	191	235	212	223	218	249	456
Operating Revenue	190	261	382	267	191	235	212	223	218	249	456
Total Cost of Revenue	129	174	216	180	145	184	174	189	159	188	319
Operating Cost of Revenue	129	174	216	180	145	184	174	189	159	188	319
Total Operating Expenses	47	64	79	99	95	99	94	93	100	133	192
Selling, General & Admin Expense	20	26	35	39	41	42	42	47	53	60	76
Marketing Expense	6.38	6.63	8.70	9.14	10	14	11	9.72	11	18	30
Research & Development Expense	21	32	35	50	43	43	41	36	36	55	86
Total Other Income / (Expense), net	-2.28	-2.02	-2.43	0.99	-2.64	-2.38	2.61	-7.40	-15	-116	7.90
Interest Expense	1.02	1.72	0.86	1.11	5.41	5.64	5.62	6.32	9.43	6.83	3.50
Interest & Investment Income	0.33	0.25	0.22	0.28	0.93	0.26	0.07	0.13	0.61	0.87	1.79
Other Income / (Expense), net	-1.59	-0.55	-1.79	1.81	1.84	3.00	8.16	-1.21	-5.87	-110	9.60
Income Tax Expense	0.38	-10	11	-7.63	15	7.23	0.00	0.00	0.01	0.00	-8.48
Basic Earnings per Share	$0.69	$1.82	$3.87	($0.11)	($3.31)	($2.67)	($2.01)	($2.38)	($1.75)	($4.50)	($0.64)
Weighted Average Basic Shares Outstanding	15.63M	17.20M	19.10M	19.65M	19.98M	21.87M	26.91M	27.85M	31.94M	41.54M	60.18M
Diluted Earnings per Share	$0.65	$1.76	$3.67	($0.11)	($3.31)	($2.67)	($2.01)	($2.38)	($1.75)	($4.50)	($0.64)
Weighted Average Diluted Shares Outstanding	16.53M	17.71M	20.14M	19.65M	19.98M	21.87M	26.91M	27.85M	31.94M	41.54M	60.18M
Weighted Average Basic & Diluted Shares Outstanding	15.60M	17.20M	19.10M	19.50M	20M	26.70M	27.51M	28.97M	38.40M	49.65M	75.20M

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-17	-8.95	-14	-23	-26	-18	-120	-9.17	-9.10	-18	-2.02
Consolidated Net Income / (Loss)	-17	-8.95	-14	-23	-26	-18	-120	-9.17	-9.10	-18	-2.02
Net Income / (Loss) Continuing Operations	-17	-8.95	-14	-23	-26	-18	-120	-9.17	-9.10	-18	-2.02
Total Pre-Tax Income	-17	-8.95	-14	-23	-26	-18	-120	-9.17	-9.10	-18	-10
Total Operating Income	-16	-6.69	-4.53	-22	-26	-17	-6.47	-8.94	-16	-18	-12
Total Gross Profit	7.90	20	22	7.59	9.56	16	29	31	31	33	42
Total Revenue	42	63	60	41	43	65	100	100	103	119	134
Operating Revenue	42	63	60	41	43	65	100	100	103	119	134
Total Cost of Revenue	34	42	39	33	34	49	72	69	72	85	92
Operating Cost of Revenue	34	42	39	33	34	49	72	69	72	85	92
Total Operating Expenses	24	27	26	29	36	32	35	39	47	51	53
Selling, General & Admin Expense	13	14	13	14	17	14	15	16	18	20	21
Marketing Expense	2.27	3.04	3.44	3.80	5.91	4.80	3.65	5.36	8.14	9.87	6.90
Research & Development Expense	8.64	9.46	9.34	12	13	13	17	18	21	21	26
Total Other Income / (Expense), net	-0.97	-2.27	-9.33	-1.52	0.13	-1.21	-113	-0.24	6.88	0.25	1.00
Interest Expense	2.18	1.99	3.13	1.68	1.69	1.70	1.76	0.93	0.82	0.90	0.84
Interest & Investment Income	0.04	0.07	0.47	0.26	0.09	0.16	0.37	0.22	0.29	0.45	0.83
Other Income / (Expense), net	1.17	-0.34	-6.67	-0.11	1.73	0.34	-112	0.48	7.41	0.70	1.02
Income Tax Expense	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-8.48
Basic Earnings per Share	($0.57)	($0.27)	($0.35)	($0.60)	($0.66)	($0.42)	($2.82)	($0.18)	($0.16)	($0.28)	($0.02)
Weighted Average Basic Shares Outstanding	29.49M	32.77M	31.94M	38.36M	39.37M	42.31M	41.54M	50.04M	56.77M	63.33M	60.18M
Diluted Earnings per Share	($0.57)	($0.27)	($0.35)	($0.60)	($0.66)	($0.42)	($2.82)	($0.18)	($0.16)	($0.28)	($0.02)
Weighted Average Diluted Shares Outstanding	29.49M	32.77M	31.94M	38.36M	39.37M	42.31M	41.54M	50.04M	56.77M	63.33M	60.18M
Weighted Average Basic & Diluted Shares Outstanding	32.13M	35.54M	38.40M	38.91M	40.90M	45.08M	49.65M	55.54M	62.35M	68.28M	75.20M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	0.11	19	32	-26	9.03	-17	-8.98	-5.55	18	51	137
Net Cash From Operating Activities	-15	57	84	14	-1.75	-44	-12	-14	-7.93	-70	-174
Net Cash From Continuing Operating Activities	-15	57	84	14	-1.75	-44	-12	-14	-7.93	-70	-175
Net Income / (Loss) Continuing Operations	11	31	74	-2.15	-66	-58	-54	-66	-56	-187	-38
Consolidated Net Income / (Loss)	11	31	74	-2.15	-66	-58	-54	-66	-56	-187	-38
Depreciation Expense	9.42	14	20	30	24	25	25	23	20	21	28
Amortization Expense	-	-	0.08	0.04	0.89	0.90	0.87	0.90	2.31	1.43	-1.02
Non-Cash Adjustments To Reconcile Net Income	7.49	6.73	10	18	19	16	3.59	24	18	124	13
Changes in Operating Assets and Liabilities, net	-43	4.95	-20	-31	20	-27	13	4.22	7.39	-29	-176
Net Cash From Investing Activities	-62	-42	-70	-77	-32	-19	-11	-3.83	-15	-51	-211
Net Cash From Continuing Investing Activities	-62	-42	-70	-77	-32	-19	-11	-3.83	-15	-51	-211
Purchase of Property, Plant & Equipment	-57	-49	-67	-77	-29	-16	-7.98	-3.21	-9.08	-43	-179
Acquisitions	-0.48	-0.55	-0.50	-0.48	-0.64	-0.49	-0.46	-0.50	-0.59	-0.51	-0.38
Sale of Property, Plant & Equipment	0.35	0.01	0.17	0.70	0.00	0.22	0.11	0.40	0.14	0.01	0.01
Other Investing Activities, net	-4.24	0.69	-2.87	0.67	-2.69	-3.28	-2.22	-0.53	-5.23	-6.79	-31
Net Cash From Financing Activities	78	1.66	18	35	43	47	14	11	41	142	528
Net Cash From Continuing Financing Activities	78	1.66	18	35	43	47	14	11	41	169	528
Repayment of Debt	-131	-178	-39	-169	-54	-126	-148	-179	-226	-90	-163
Issuance of Debt	170	152	88	208	97	136	148	189	198	93	183
Issuance of Common Equity	39	27	22	0.00	0.00	39	15	1.24	69	146	519
Other Financing Activities, net	0.45	0.86	-52	-4.02	-0.89	-1.08	-0.97	-0.47	-1.00	20	-10
Effect of Exchange Rate Changes	-0.59	1.95	-	-	0.30	-1.00	-0.88	-	-	2.08	-6.01
Cash Interest Paid	1.07	1.69	0.87	0.85	3.17	4.97	4.90	5.14	8.10	4.94	2.48

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	1.66	2.63	24	-38	-1.29	25	38	-12	20	64	65
Net Cash From Operating Activities	15	-15	1.55	-28	-1.99	-14	-25	-51	-65	-28	-30
Net Cash From Continuing Operating Activities	15	-15	1.55	-28	-1.99	-14	-25	-51	-65	-28	-30
Net Income / (Loss) Continuing Operations	-17	-8.95	-14	-23	-26	-18	-120	-9.17	-9.10	-18	-2.02
Consolidated Net Income / (Loss)	-17	-8.95	-14	-23	-26	-18	-120	-9.17	-9.10	-18	-2.02
Depreciation Expense	5.19	4.98	4.93	5.00	5.07	5.23	5.36	5.73	6.40	7.37	8.21
Amortization Expense	0.31	0.31	1.38	0.32	0.36	0.36	0.39	-0.21	-0.29	-0.27	-0.25
Non-Cash Adjustments To Reconcile Net Income	15	7.47	-6.39	4.92	9.29	2.43	108	4.67	-12	22	-1.71
Changes in Operating Assets and Liabilities, net	12	-19	15	-16	9.41	-4.70	-18	-52	-51	-40	-34
Net Cash From Investing Activities	-1.13	-3.25	-9.60	-8.07	-4.08	-9.27	-29	-36	-39	-50	-85
Net Cash From Continuing Investing Activities	-1.13	-3.25	-9.60	-8.07	-4.08	-9.27	-29	-36	-39	-50	-85
Purchase of Property, Plant & Equipment	-0.89	-1.46	-6.16	-5.76	-2.98	-6.29	-28	-28	-25	-50	-75
Acquisitions	-0.14	-0.18	-0.16	-0.12	-0.11	-0.14	-0.13	-0.07	-0.08	-0.13	-0.11
Other Investing Activities, net	-0.11	-1.68	-3.28	-2.19	-1.00	-2.84	-0.76	-7.85	-13	-0.11	-9.79
Net Cash From Financing Activities	-13	21	31	-1.42	4.51	49	90	70	126	152	180
Net Cash From Continuing Financing Activities	-13	21	31	-1.42	4.51	49	90	70	126	152	180
Repayment of Debt	-57	-16	-31	-22	-25	-13	-29	-30	-39	-56	-38
Issuance of Debt	35	16	26	18	18	24	32	30	47	62	43
Issuance of Common Equity	9.88	22	37	3.83	16	39	88	72	124	147	176
Other Financing Activities, net	-0.16	-0.47	-0.38	-1.01	-4.45	-0.38	-1.28	-1.69	-6.14	-1.36	-1.27
Effect of Exchange Rate Changes	-	-	-	0.28	0.27	-0.41	1.94	-	-	-9.79	0.13
Cash Interest Paid	1.31	2.44	2.04	0.06	2.47	0.11	2.31	0.11	0.17	2.11	0.10

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	273	322	453	467	467	481	454	408	389	547	1,168
Total Current Assets	154	158	230	194	193	209	194	183	173	301	676
Cash & Equivalents	28	50	83	56	60	43	35	25	45	67	206
Restricted Cash	4.72	1.73	1.01	2.36	7.05	6.69	6.48	11	9.73	12	9.90
Accounts Receivable	39	50	60	31	35	43	48	61	48	117	244
Inventories, net	66	52	76	93	85	110	93	80	64	88	183
Prepaid Expenses	8.24	3.97	8.67	11	5.87	5.21	4.33	6.38	5.35	17	32
Plant, Property, & Equipment, net	110	144	198	234	248	253	243	210	200	219	376
Total Noncurrent Assets	9.85	21	25	38	26	19	17	15	16	27	117
Intangible Assets	4.75	4.77	4.81	9.79	9.68	9.85	9.69	8.94	8.66	3.68	8.45
Other Noncurrent Operating Assets	5.09	4.47	7.73	6.85	8.49	8.71	7.60	5.95	7.61	23	108
Total Liabilities & Shareholders' Equity	273	322	453	467	467	481	454	408	389	547	1,168
Total Liabilities	108	95	120	138	193	203	200	224	174	318	435
Total Current Liabilities	74	60	71	77	91	103	109	139	93	170	257
Short-Term Debt	31	7.87	0.56	24	33	38	50	57	23	22	34
Accounts Payable	29	36	44	30	33	29	34	48	33	105	144
Accrued Expenses	12	14	19	19	18	19	16	17	19	22	42
Other Current Liabilities	3.00	0.31	-	4.63	7.29	17	9.28	13	17	21	37
Total Noncurrent Liabilities	34	35	49	60	102	100	91	85	81	148	177
Long-Term Debt	34	35	49	60	94	92	84	80	76	139	130
Other Noncurrent Operating Liabilities	-	-	-	0.00	7.98	7.93	7.19	5.51	4.73	9.04	47
Commitments & Contingencies	-	-	-	-	-	-	-	-	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	165	227	333	329	274	278	255	185	215	229	734
Total Preferred & Common Equity	165	227	333	329	274	278	255	185	215	229	734
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	165	227	333	329	274	278	255	185	215	229	734
Common Stock	233	265	285	293	303	355	381	392	479	684	1,225
Retained Earnings	-68	-37	38	36	-30	-89	-143	-209	-265	-452	-490
Accumulated Other Comprehensive Income / (Loss)	0.29	-0.89	9.74	0.60	0.43	12	16	2.18	0.98	-2.55	-0.62

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	Q2 2025	Q3 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	6/30/2025	9/30/2025
Total Assets	435	414	384	357	374	351	348	410	645	797	979
Total Current Assets	194	188	162	145	164	134	133	188	359	458	575
Cash & Equivalents	34	26	16	22	22	8.43	11	34	51	65	137
Restricted Cash	6.98	8.31	11	7.03	9.30	8.97	5.47	7.24	16	22	14
Accounts Receivable	49	53	57	43	61	57	58	75	171	211	224
Inventories, net	98	94	70	66	68	54	54	64	102	139	170
Prepaid Expenses	6.24	6.13	6.52	6.23	4.87	4.08	4.43	7.41	19	21	30
Plant, Property, & Equipment, net	224	212	207	198	194	200	198	205	241	269	310
Total Noncurrent Assets	16	15	15	14	16	17	17	16	44	69	93
Intangible Assets	9.26	8.91	8.93	8.62	8.62	8.60	8.56	3.66	8.45	3.64	8.44
Other Noncurrent Operating Assets	6.69	6.02	5.90	5.83	6.95	8.74	8.74	13	36	65	84
Total Liabilities & Shareholders' Equity	435	414	384	357	374	351	348	410	645	797	979
Total Liabilities	215	216	211	194	195	155	162	198	336	372	419
Total Current Liabilities	130	131	206	187	188	75	81	117	191	217	249
Short-Term Debt	54	51	131	117	111	24	23	29	20	22	28
Accounts Payable	52	52	38	35	35	24	34	56	125	133	150
Accrued Expenses	12	12	14	15	16	13	17	19	20	28	34
Other Current Liabilities	11	15	20	9.75	15	12	6.14	11	25	34	37
Total Noncurrent Liabilities	85	85	5.31	6.15	7.19	81	81	81	145	155	170
Long-Term Debt	79	79	0.00	0.00	0.00	76	77	77	136	134	130
Other Noncurrent Operating Liabilities	6.20	5.57	5.31	5.15	4.77	4.25	3.92	3.73	8.61	21	40
Commitments & Contingencies	-	-	-	-	-	-	-	-	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	220	199	173	163	178	196	186	212	309	425	559
Total Preferred & Common Equity	220	199	173	163	178	196	186	212	309	425	559
Preferred Stock	-	-	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	220	199	173	163	178	196	186	212	309	425	559
Common Stock	386	388	394	407	432	485	502	544	773	894	1,046
Retained Earnings	-173	-189	-225	-242	-251	-288	-314	-332	-461	-470	-488
Accumulated Other Comprehensive Income / (Loss)	7.23	-0.99	3.82	-1.47	-2.19	-0.69	-1.53	0.71	-2.76	1.11	1.09

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	45.58%	37.29%	46.65%	-30.04%	-28.64%	22.92%	-9.83%	5.32%	-2.32%	14.57%	82.75%
EBITDA Growth	100.62%	72.26%	188.11%	-80.32%	-205.85%	8.14%	-10.70%	-61.34%	32.17%	-548.15%	88.45%
EBIT Growth	167.13%	89.52%	278.96%	-110.51%	-423.87%	2.27%	-6.03%	-23.85%	21.57%	-282.84%	75.11%
NOPAT Growth	164.72%	163.39%	122.22%	-109.91%	-352.70%	-0.19%	-16.22%	-3.93%	29.91%	-71.49%	23.00%
Net Income Growth	152.00%	189.39%	136.76%	-102.90%	-2,977.77%	11.50%	7.34%	-22.59%	15.59%	-233.17%	79.53%
EPS Growth	132.14%	170.77%	108.52%	-103.00%	-2,909.09%	19.34%	24.72%	-18.41%	26.47%	-157.14%	85.78%
Operating Cash Flow Growth	-355.49%	475.39%	47.60%	-83.36%	-112.50%	-2,409.07%	73.54%	-20.42%	43.45%	-776.86%	-150.88%
Free Cash Flow Firm Growth	-80.10%	107.76%	-180.28%	-1,303.62%	79.69%	-349.88%	50.69%	169.30%	-113.91%	-3,558.20%	-303.48%
Invested Capital Growth	82.71%	15.07%	36.94%	18.80%	-5.97%	7.20%	-3.08%	-17.64%	-9.16%	19.91%	119.08%
Revenue Q/Q Growth	9.55%	13.97%	-1.30%	-7.55%	-4.67%	1.59%	0.99%	3.33%	-0.52%	19.00%	8.06%
EBITDA Q/Q Growth	15.52%	67.22%	-4.11%	-48.18%	-5.46%	3.09%	-7.89%	-19.68%	24.01%	-210.89%	85.72%
EBIT Q/Q Growth	20.15%	141.46%	-6.99%	-173.04%	-0.37%	0.62%	-3.02%	-9.66%	13.22%	-145.34%	70.55%
NOPAT Q/Q Growth	8.21%	244.75%	-9.64%	-162.19%	0.46%	-2.32%	-0.83%	-8.73%	25.07%	-2.81%	-10.15%
Net Income Q/Q Growth	23.15%	59.74%	-10.32%	-117.68%	-68.54%	27.34%	-2.08%	-9.41%	10.24%	-130.82%	75.48%
EPS Q/Q Growth	20.37%	62.96%	-13.03%	-118.03%	-68.02%	31.71%	0.00%	-8.68%	17.45%	-121.67%	81.40%
Operating Cash Flow Q/Q Growth	9.64%	61.86%	-2.26%	-73.23%	82.78%	-33.08%	54.31%	-29.83%	38.83%	-60.35%	-2.93%
Free Cash Flow Firm Q/Q Growth	-26.40%	112.16%	-147.68%	-72.12%	72.24%	-162.58%	42.32%	-7.08%	-9.88%	-51.26%	-26.19%
Invested Capital Q/Q Growth	16.82%	-0.25%	1.84%	3.63%	-5.94%	4.13%	-2.03%	-3.06%	0.36%	12.23%	20.34%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	31.83%	33.35%	43.49%	32.82%	24.21%	21.54%	17.83%	15.09%	27.07%	24.78%	30.04%
EBITDA Margin	11.21%	14.06%	27.63%	7.77%	-11.53%	-8.61%	-10.58%	-16.20%	-11.25%	-63.64%	-4.02%
Operating Margin	7.08%	8.83%	22.74%	-4.03%	-25.54%	-20.82%	-26.83%	-26.48%	-19.00%	-28.44%	-11.98%
EBIT Margin	6.24%	8.62%	22.27%	-3.35%	-24.58%	-19.54%	-22.98%	-27.02%	-21.70%	-72.50%	-9.87%
Profit (Net Income) Margin	5.68%	11.98%	19.34%	-0.80%	-34.60%	-24.91%	-25.60%	-29.80%	-25.75%	-74.88%	-8.39%
Tax Burden Percent	96.64%	148.71%	87.49%	21.95%	128.53%	114.11%	100.00%	100.00%	100.02%	100.00%	81.85%
Interest Burden Percent	94.18%	93.46%	99.25%	109.20%	109.55%	111.74%	111.42%	110.29%	118.68%	103.29%	103.79%
Effective Tax Rate	3.36%	-48.71%	12.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	8.86%	16.79%	29.43%	-2.31%	-9.91%	-9.89%	-11.28%	-13.06%	-10.62%	-17.40%	-7.70%
ROIC Less NNEP Spread (ROIC-NNEP)	-25.05%	-23.09%	39.15%	-128.45%	-84.20%	-44.54%	-28.02%	-39.03%	-47.85%	-233.87%	-7.74%
Return on Net Nonoperating Assets (RNNOA)	-1.16%	-0.88%	-3.05%	1.66%	-12.00%	-11.30%	-9.07%	-17.17%	-17.44%	-66.72%	-0.24%
Return on Equity (ROE)	7.70%	15.90%	26.38%	-0.65%	-21.91%	-21.19%	-20.34%	-30.23%	-28.06%	-84.12%	-7.94%
Cash Return on Invested Capital (CROIC)	-49.65%	2.77%	-1.76%	-19.49%	-3.76%	-16.84%	-8.15%	6.29%	-1.02%	-35.51%	-82.34%
Operating Return on Assets (OROA)	5.19%	7.54%	21.97%	-1.95%	-10.05%	-9.68%	-10.39%	-13.96%	-11.84%	-38.62%	-5.25%
Return on Assets (ROA)	4.72%	10.48%	19.08%	-0.47%	-14.15%	-12.34%	-11.58%	-15.39%	-14.06%	-39.89%	-4.46%
Return on Common Equity (ROCE)	7.70%	15.90%	26.38%	-0.65%	-21.91%	-21.19%	-20.34%	-30.23%	-28.06%	-84.12%	-7.94%
Return on Equity Simple (ROE_SIMPLE)	6.53%	13.74%	22.19%	-0.65%	-24.12%	-21.03%	-21.28%	-35.95%	-26.08%	-81.50%	0.00%
Net Operating Profit after Tax (NOPAT)	13	34	76	-7.54	-34	-34	-40	-41	-29	-50	-38
NOPAT Margin	6.84%	13.13%	19.90%	-2.82%	-17.88%	-14.57%	-18.78%	-18.53%	-13.30%	-19.90%	-8.39%
Net Nonoperating Expense Percent (NNEP)	33.91%	39.88%	-9.72%	126.15%	74.29%	34.65%	16.75%	25.97%	37.23%	216.47%	0.04%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-12.86%	-9.20%	-12.72%	-4.26%
Cost of Revenue to Revenue	68.17%	66.65%	56.51%	67.18%	75.79%	78.46%	82.17%	84.91%	72.93%	75.22%	69.96%
SG&A Expenses to Revenue	10.41%	9.79%	9.22%	14.77%	21.74%	17.86%	20.02%	20.94%	24.46%	23.90%	16.62%
R&D to Revenue	10.98%	12.19%	9.25%	18.66%	22.74%	18.49%	19.48%	16.27%	16.53%	22.04%	18.76%
Operating Expenses to Revenue	24.75%	24.52%	20.75%	36.84%	49.74%	42.36%	44.66%	41.57%	46.07%	53.22%	42.03%
Earnings before Interest and Taxes (EBIT)	12	22	85	-8.95	-47	-46	-49	-60	-47	-181	-45
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	21	37	106	21	-22	-20	-22	-36	-24	-159	-18
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.75	1.77	2.20	0.93	0.87	0.70	0.55	0.29	2.61	4.66	1.38
Price to Tangible Book Value (P/TBV)	1.80	1.81	2.23	0.96	0.90	0.73	0.57	0.31	2.71	4.84	1.39
Price to Revenue (P/Rev)	1.52	1.55	1.92	1.14	1.25	0.83	0.66	0.24	2.57	4.28	2.22
Price to Earnings (P/E)	26.77	12.91	9.91	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	3.74%	7.75%	10.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.65	1.81	2.34	0.93	0.90	0.77	0.67	0.54	2.33	3.70	1.41
Enterprise Value to Revenue (EV/Rev)	1.65	1.51	1.83	1.24	1.57	1.17	1.10	0.70	2.78	4.61	2.10
Enterprise Value to EBITDA (EV/EBITDA)	14.71	10.75	6.61	15.94	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	26.41	17.53	8.20	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	24.09	11.51	9.18	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	6.90	8.29	23.62	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	69.66	0.00	0.00	0.00	0.00	0.00	7.78	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.39	0.19	0.15	0.26	0.46	0.47	0.52	0.74	0.46	0.70	0.22
Long-Term Debt to Equity	0.21	0.15	0.15	0.18	0.34	0.33	0.33	0.43	0.35	0.61	0.18
Financial Leverage	0.05	0.04	-0.08	-0.01	0.14	0.25	0.32	0.44	0.36	0.29	0.03
Leverage Ratio	1.63	1.52	1.38	1.39	1.55	1.72	1.76	1.96	2.00	2.11	1.78
Compound Leverage Factor	1.54	1.42	1.37	1.52	1.70	1.92	1.96	2.17	2.37	2.18	1.85
Debt to Total Capital	28.18%	15.85%	12.94%	20.32%	31.70%	31.89%	34.39%	42.52%	31.70%	41.30%	18.25%
Short-Term Debt to Total Capital	13.42%	2.91%	0.15%	5.71%	8.32%	9.38%	12.81%	17.77%	7.46%	5.73%	3.78%
Long-Term Debt to Total Capital	14.76%	12.94%	12.79%	14.61%	23.37%	22.51%	21.58%	24.75%	24.23%	35.57%	14.46%
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	71.82%	84.15%	87.06%	79.68%	68.30%	68.11%	65.61%	57.48%	68.30%	58.70%	81.75%
Debt to EBITDA	3.05	1.17	0.47	4.04	-5.78	-6.44	-5.96	-3.78	-4.07	-1.02	-8.94
Net Debt to EBITDA	1.14	-0.25	-0.33	1.25	-2.73	-3.96	-4.13	-2.80	-1.82	-0.52	2.85
Long-Term Debt to EBITDA	1.60	0.95	0.46	2.90	-4.26	-4.54	-3.74	-2.20	-3.11	-0.87	-7.08
Debt to NOPAT	4.99	1.25	0.65	-11.13	-3.72	-3.81	-3.36	-3.31	-3.45	-3.25	-4.29
Net Debt to NOPAT	1.86	-0.27	-0.45	-3.44	-1.76	-2.34	-2.32	-2.45	-1.54	-1.65	1.37
Long-Term Debt to NOPAT	2.62	1.02	0.64	-8.00	-2.75	-2.69	-2.11	-1.93	-2.63	-2.80	-3.40
Altman Z-Score	2.44	3.79	5.68	2.25	0.99	0.76	0.32	-0.38	1.38	0.51	1.50
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	2.08	2.63	3.25	2.51	2.11	2.03	1.78	1.32	1.85	1.77	2.63
Quick Ratio	1.01	1.67	2.02	1.11	1.04	0.84	0.83	0.62	1.00	1.08	1.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-73	5.66	-4.54	-64	-13	-58	-29	20	-2.77	-101	-409
Operating Cash Flow to CapEx	-26.82%	115.53%	126.18%	18.28%	-6.09%	-282.49%	-148.01%	-499.54%	-88.65%	-160.20%	-97.37%
Free Cash Flow to Firm to Interest Expense	-71.55	3.29	-5.29	-57.62	-2.40	-10.34	-5.11	3.15	-0.29	-14.84	-116.89
Operating Cash Flow to Interest Expense	-14.94	33.26	98.23	12.68	-0.32	-7.81	-2.07	-2.22	-0.84	-10.19	-49.88
Operating Cash Flow Less CapEx to Interest Expense	-70.67	4.47	20.38	-56.71	-5.65	-10.57	-3.47	-2.66	-1.79	-16.54	-101.11
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.83	0.88	0.99	0.58	0.41	0.50	0.45	0.52	0.55	0.53	0.53
Accounts Receivable Turnover	5.40	5.89	6.98	5.92	5.86	6.04	4.65	4.08	3.98	3.03	2.52
Inventory Turnover	2.59	2.94	3.39	2.13	1.62	1.88	1.71	2.20	2.21	2.47	2.35
Fixed Asset Turnover	2.18	2.05	2.24	1.24	0.79	0.94	0.85	0.98	1.06	1.19	1.53
Accounts Payable Turnover	4.34	5.34	5.40	4.89	4.61	5.91	5.44	4.60	3.93	2.72	2.56
Days Sales Outstanding (DSO)	67.62	61.98	52.32	61.67	62.33	60.44	78.49	89.37	91.60	120.66	144.65
Days Inventory Outstanding (DIO)	141.01	123.99	107.77	171.67	224.90	193.75	213.01	166.11	165.05	147.90	155.27
Days Payable Outstanding (DPO)	84.10	68.32	67.58	74.68	79.14	61.77	67.06	79.34	92.83	134.14	142.48
Cash Conversion Cycle (CCC)	124.53	117.66	92.52	158.65	208.09	192.41	224.43	176.14	163.82	134.42	157.44
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	190	218	299	355	334	358	347	286	259	311	682
Invested Capital Turnover	1.29	1.28	1.48	0.82	0.55	0.68	0.60	0.70	0.80	0.87	0.92
Increase / (Decrease) in Invested Capital	86	29	81	56	-21	24	-11	-61	-26	52	371
Enterprise Value (EV)	313	394	699	331	299	276	233	155	604	1,150	958
Market Capitalization	289	403	733	305	239	196	140	54	560	1,068	1,010
Book Value per Share	$9.82	$13.22	$17.20	$16.62	$13.61	$12.09	$9.33	$6.47	$6.05	$5.08	$10.75
Tangible Book Value per Share	$9.54	$12.94	$16.95	$16.13	$13.13	$11.67	$8.97	$6.16	$5.80	$4.89	$10.63
Total Capital	230	270	383	413	401	408	388	321	315	390	898
Total Debt	65	43	50	84	127	130	133	137	100	161	164
Total Long-Term Debt	34	35	49	60	94	92	84	80	76	139	130
Net Debt	24	-9.18	-34	26	60	80	92	101	45	82	-52
Capital Expenditures (CapEx)	57	49	67	77	29	16	7.87	2.81	8.94	43	179
Debt-free, Cash-free Net Working Capital (DFCFNWC)	70	53	76	82	68	94	94	66	48	74	236
Debt-free Net Working Capital (DFNWC)	111	105	160	140	135	144	135	102	103	154	452
Net Working Capital (NWC)	80	98	159	117	101	106	85	45	79	131	418
Net Nonoperating Expense (NNE)	2.20	3.00	2.12	-5.39	32	24	14	25	27	137	0.01
Net Nonoperating Obligations (NNO)	24	-9.18	-34	26	60	80	92	101	45	82	-52
Total Depreciation and Amortization (D&A)	9.42	14	20	30	25	26	26	24	23	22	27
Debt-free, Cash-free Net Working Capital to Revenue	36.90%	20.50%	19.75%	30.82%	35.52%	40.14%	44.28%	29.65%	21.89%	29.85%	51.87%
Debt-free Net Working Capital to Revenue	58.32%	40.44%	41.72%	52.51%	70.63%	61.50%	63.72%	45.62%	47.20%	61.58%	99.28%
Net Working Capital to Revenue	42.05%	37.43%	41.57%	43.69%	53.15%	45.19%	40.23%	20.01%	36.41%	52.61%	91.82%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.69	$1.82	$3.87	($0.11)	($3.31)	($2.67)	($2.01)	($2.38)	($1.75)	($4.50)	($0.64)
Adjusted Weighted Average Basic Shares Outstanding	15.63M	17.20M	19.10M	19.65M	19.98M	21.87M	26.91M	27.85M	31.94M	41.54M	60.18M
Adjusted Diluted Earnings per Share	$0.65	$1.76	$3.67	($0.11)	($3.31)	($2.67)	($2.01)	($2.38)	($1.75)	($4.50)	($0.64)
Adjusted Weighted Average Diluted Shares Outstanding	16.53M	17.71M	20.14M	19.65M	19.98M	21.87M	26.91M	27.85M	31.94M	41.54M	60.18M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($3.31)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	17.06M	18.68M	19.50M	19.88M	20.23M	26.70M	27.51M	28.97M	38.40M	49.65M	75.20M
Normalized Net Operating Profit after Tax (NOPAT)	13	16	76	-7.54	-34	-34	-40	-41	-29	-50	-38
Normalized NOPAT Margin	6.84%	6.18%	19.90%	-2.82%	-17.88%	-14.57%	-18.78%	-18.53%	-13.30%	-19.90%	-8.39%
Pre Tax Income Margin	5.88%	8.06%	22.11%	-3.66%	-26.92%	-21.83%	-25.60%	-29.80%	-25.75%	-74.88%	-10.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	11.65	13.09	99.26	-8.10	-8.68	-8.14	-8.65	-9.53	-5.01	-26.48	-12.87
NOPAT to Interest Expense	12.77	19.94	88.66	-6.82	-6.31	-6.07	-7.07	-6.54	-3.07	-7.27	-10.93
EBIT Less CapEx to Interest Expense	-44.08	-15.70	21.41	-77.49	-14.00	-10.90	-10.05	-9.97	-5.96	-32.84	-64.10
NOPAT Less CapEx to Interest Expense	-42.96	-8.85	10.81	-76.21	-11.64	-8.83	-8.47	-6.98	-4.02	-13.63	-62.16
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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-20.43%	10.33%	-1.83%	-23.30%	3.98%	4.16%	65.86%	145.52%	137.93%	82.08%	33.91%
EBITDA Growth	-33.23%	78.59%	61.24%	-92.26%	-105.32%	-510.87%	-2,198.35%	82.07%	87.12%	2.19%	97.75%
EBIT Growth	-13.14%	49.93%	39.10%	-53.33%	-65.66%	-130.63%	-955.77%	61.10%	65.06%	-7.86%	91.14%
NOPAT Growth	-23.77%	50.46%	75.33%	-52.79%	-64.38%	-147.49%	-42.82%	58.71%	39.13%	-9.91%	-77.75%
Net Income Growth	-17.21%	42.71%	31.57%	-42.22%	-54.13%	-98.34%	-763.63%	60.41%	65.16%	-1.01%	98.31%
EPS Growth	-9.62%	51.79%	51.39%	-7.14%	-15.79%	-55.56%	-705.71%	70.00%	75.76%	33.33%	99.29%
Operating Cash Flow Growth	577.23%	-67.01%	144.50%	-203.31%	-113.04%	5.91%	-1,688.13%	-78.77%	-3,191.80%	-97.11%	-20.15%
Free Cash Flow Firm Growth	6.64%	-37.09%	-52.42%	-135.65%	-174.23%	-196.35%	-344.32%	-615.54%	-552.33%	-897.20%	-573.62%
Invested Capital Growth	-19.19%	-12.25%	-9.16%	0.89%	7.04%	7.23%	19.91%	42.96%	83.22%	104.31%	119.08%
Revenue Q/Q Growth	-21.53%	50.30%	-3.35%	-32.72%	6.39%	50.57%	53.91%	-0.41%	3.10%	15.23%	13.19%
EBITDA Q/Q Growth	-8.70%	81.31%	-181.76%	-235.80%	-16.08%	44.38%	-960.09%	97.38%	16.62%	-322.33%	75.62%
EBIT Q/Q Growth	-4.30%	52.50%	-59.41%	-94.15%	-12.69%	33.87%	-629.75%	92.85%	-1.23%	-104.12%	40.03%
NOPAT Q/Q Growth	-12.69%	58.12%	32.23%	-377.73%	-21.24%	36.95%	60.89%	-38.11%	-78.76%	-13.84%	36.76%
Net Income Q/Q Growth	-4.00%	47.16%	-54.80%	-67.18%	-12.71%	32.00%	-574.05%	92.34%	0.81%	-97.14%	88.73%
EPS Q/Q Growth	-1.79%	52.63%	-29.63%	-71.43%	-10.00%	36.36%	-571.43%	93.62%	11.11%	-75.00%	92.86%
Operating Cash Flow Q/Q Growth	262.49%	-200.58%	110.10%	-1,937.48%	93.02%	-625.99%	-70.47%	-106.84%	-28.59%	56.53%	-3.92%
Free Cash Flow Firm Q/Q Growth	-1.56%	-35.39%	-26.80%	-176.57%	-104.98%	16.13%	-85.61%	-124.25%	-86.87%	-28.20%	-25.38%
Invested Capital Q/Q Growth	-8.86%	2.67%	0.36%	7.44%	-3.30%	2.85%	12.23%	28.09%	23.92%	14.69%	20.34%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	18.98%	32.25%	35.74%	18.66%	22.10%	24.43%	28.65%	30.59%	30.27%	28.04%	31.24%
EBITDA Margin	-22.34%	-2.78%	-8.10%	-40.43%	-44.12%	-16.30%	-112.25%	-2.95%	-2.39%	-8.75%	-1.89%
Operating Margin	-38.36%	-10.69%	-7.50%	-53.22%	-60.65%	-25.40%	-6.45%	-8.95%	-15.52%	-15.33%	-8.57%
EBIT Margin	-35.56%	-11.24%	-18.53%	-53.49%	-56.66%	-24.88%	-117.98%	-8.47%	-8.32%	-14.74%	-7.81%
Profit (Net Income) Margin	-40.72%	-14.31%	-22.92%	-56.97%	-60.35%	-27.26%	-119.37%	-9.19%	-8.84%	-15.12%	-1.51%
Tax Burden Percent	100.05%	100.00%	100.01%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	19.26%
Interest Burden Percent	114.45%	127.37%	123.68%	106.51%	106.53%	109.54%	101.18%	108.39%	106.21%	102.58%	100.11%
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)	-20.29%	-5.92%	-4.19%	-27.55%	-33.70%	-13.91%	-3.95%	-5.71%	-10.48%	-10.73%	-5.50%
ROIC Less NNEP Spread (ROIC-NNEP)	-26.68%	-10.76%	-18.87%	-36.14%	-42.72%	-22.40%	-185.78%	-9.09%	-7.73%	-25.08%	34.94%
Return on Net Nonoperating Assets (RNNOA)	-12.59%	-5.04%	-6.88%	-18.32%	-20.97%	-8.34%	-53.00%	-3.11%	-1.92%	-2.36%	1.08%
Return on Equity (ROE)	-32.88%	-10.95%	-11.07%	-45.88%	-54.67%	-22.25%	-56.95%	-8.81%	-12.40%	-13.09%	-4.42%
Cash Return on Invested Capital (CROIC)	5.83%	-0.91%	-1.02%	-13.20%	-22.67%	-25.00%	-35.51%	-47.40%	-67.56%	-76.78%	-82.34%
Operating Return on Assets (OROA)	-19.13%	-6.24%	-10.12%	-29.90%	-33.27%	-13.31%	-62.85%	-5.25%	-5.35%	-8.95%	-4.15%
Return on Assets (ROA)	-21.90%	-7.95%	-12.51%	-31.85%	-35.44%	-14.57%	-63.59%	-5.69%	-5.68%	-9.18%	-0.80%
Return on Common Equity (ROCE)	-32.88%	-10.95%	-11.07%	-45.88%	-54.67%	-22.25%	-56.95%	-8.81%	-12.40%	-13.09%	-4.42%
Return on Equity Simple (ROE_SIMPLE)	-42.33%	-35.01%	0.00%	-32.15%	-38.66%	-38.15%	0.00%	-55.90%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-11	-4.68	-3.17	-15	-18	-12	-4.53	-6.26	-11	-13	-8.05
NOPAT Margin	-26.85%	-7.48%	-5.25%	-37.25%	-42.46%	-17.78%	-4.52%	-6.26%	-10.86%	-10.73%	-6.00%
Net Nonoperating Expense Percent (NNEP)	6.39%	4.85%	14.68%	8.59%	9.02%	8.49%	181.83%	3.38%	-2.74%	14.35%	-40.44%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-1.01%	-	-	-	-1.16%	-1.34%	-1.92%	-1.78%	-0.90%
Cost of Revenue to Revenue	81.02%	67.75%	64.26%	81.34%	77.90%	75.57%	71.35%	69.41%	69.73%	71.96%	68.76%
SG&A Expenses to Revenue	31.13%	22.97%	22.09%	33.75%	38.87%	21.86%	14.77%	16.34%	17.86%	17.12%	15.43%
R&D to Revenue	20.76%	15.12%	15.45%	28.80%	30.22%	20.61%	16.69%	17.84%	20.02%	17.93%	19.23%
Operating Expenses to Revenue	57.34%	42.94%	43.23%	71.88%	82.75%	49.83%	35.11%	39.54%	45.79%	43.37%	39.80%
Earnings before Interest and Taxes (EBIT)	-15	-7.03	-11	-22	-25	-16	-118	-8.46	-8.57	-17	-10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-9.30	-1.74	-4.90	-16	-19	-11	-113	-2.95	-2.46	-10	-2.53
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.06	1.78	2.61	2.05	1.29	1.95	4.66	1.44	1.75	1.34	1.38
Price to Tangible Book Value (P/TBV)	1.12	1.87	2.71	2.15	1.35	1.99	4.84	1.48	1.77	1.36	1.39
Price to Revenue (P/Rev)	0.81	1.45	2.57	1.96	1.16	1.98	4.28	1.44	2.02	1.78	2.22
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)	1.04	1.54	2.33	1.74	1.20	1.73	3.70	1.34	1.65	1.34	1.41
Enterprise Value to Revenue (EV/Rev)	1.23	1.82	2.78	2.36	1.56	2.29	4.61	1.73	2.21	1.80	2.10
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)	15.91	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.72	0.62	0.46	0.51	0.53	0.50	0.70	0.51	0.37	0.28	0.22
Long-Term Debt to Equity	0.00	0.00	0.35	0.39	0.41	0.36	0.61	0.44	0.32	0.23	0.18
Financial Leverage	0.47	0.47	0.36	0.51	0.49	0.37	0.29	0.34	0.25	0.09	0.03
Leverage Ratio	2.07	2.09	2.00	1.99	2.02	2.01	2.11	1.97	1.87	1.80	1.78
Compound Leverage Factor	2.37	2.66	2.47	2.12	2.15	2.20	2.13	2.14	1.99	1.85	1.78
Debt to Total Capital	41.79%	38.46%	31.70%	33.92%	34.72%	33.44%	41.30%	33.60%	26.87%	22.04%	18.25%
Short-Term Debt to Total Capital	41.79%	38.46%	7.46%	8.15%	7.88%	9.25%	5.73%	4.36%	3.82%	3.90%	3.78%
Long-Term Debt to Total Capital	0.00%	0.00%	24.23%	25.77%	26.84%	24.18%	35.57%	29.23%	23.05%	18.14%	14.46%
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	58.21%	61.54%	68.30%	66.08%	65.28%	66.56%	58.70%	66.40%	73.13%	77.96%	81.75%
Debt to EBITDA	-3.04	-3.46	-4.07	-3.10	-2.35	-2.09	-1.02	-1.08	-1.21	-1.23	-8.94
Net Debt to EBITDA	-2.29	-2.49	-1.82	-2.57	-1.97	-1.28	-0.52	-0.62	-0.54	-0.06	2.85
Long-Term Debt to EBITDA	0.00	0.00	-3.11	-2.36	-1.82	-1.51	-0.87	-0.94	-1.04	-1.01	-7.08
Debt to NOPAT	-2.70	-2.89	-3.45	-2.94	-2.40	-2.21	-3.25	-3.84	-4.65	-4.56	-4.29
Net Debt to NOPAT	-2.04	-2.08	-1.54	-2.43	-2.01	-1.35	-1.65	-2.20	-2.05	-0.21	1.37
Long-Term Debt to NOPAT	0.00	0.00	-2.63	-2.23	-1.85	-1.60	-2.80	-3.34	-3.99	-3.75	-3.40
Altman Z-Score	-0.10	0.48	1.68	0.98	0.17	0.71	0.89	0.54	1.17	1.15	1.60
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	0.77	0.87	1.85	1.79	1.64	1.61	1.77	1.88	2.11	2.31	2.63
Quick Ratio	0.35	0.44	1.00	0.89	0.85	0.93	1.08	1.16	1.27	1.45	1.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	49	31	23	-18	-36	-30	-56	-126	-236	-302	-379
Operating Cash Flow to CapEx	1,726.02%	-1,104.10%	25.16%	-494.38%	-66.90%	-229.72%	-86.74%	-179.35%	-256.97%	-56.65%	-39.42%
Free Cash Flow to Firm to Interest Expense	22.36	15.80	7.36	-10.51	-21.33	-17.79	-32.02	-134.93	-287.92	-334.75	-449.09
Operating Cash Flow to Interest Expense	7.02	-7.72	0.50	-16.99	-1.17	-8.48	-14.03	-54.51	-80.04	-31.55	-35.09
Operating Cash Flow Less CapEx to Interest Expense	6.61	-8.41	-1.47	-20.43	-2.93	-12.18	-30.20	-84.91	-111.19	-87.26	-124.09
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.54	0.56	0.55	0.56	0.59	0.53	0.53	0.62	0.64	0.61	0.53
Accounts Receivable Turnover	4.64	3.85	3.98	3.59	4.13	3.08	3.03	2.70	2.74	2.82	2.52
Inventory Turnover	2.19	2.17	2.21	2.38	2.45	2.35	2.47	2.86	2.71	2.54	2.35
Fixed Asset Turnover	1.01	1.08	1.06	1.01	1.05	1.05	1.19	1.40	1.58	1.64	1.53
Accounts Payable Turnover	4.10	4.02	3.93	4.77	4.31	3.41	2.72	3.01	3.15	2.89	2.56
Days Sales Outstanding (DSO)	78.63	94.74	91.60	101.59	88.42	118.36	120.66	135.20	133.38	129.47	144.65
Days Inventory Outstanding (DIO)	166.97	168.50	165.05	153.51	148.75	155.45	147.90	127.73	134.63	143.66	155.27
Days Payable Outstanding (DPO)	88.92	90.78	92.83	76.51	84.62	107.05	134.14	121.10	116.02	126.24	142.48
Cash Conversion Cycle (CCC)	156.68	172.46	163.82	178.59	152.55	166.76	134.42	141.83	151.99	146.90	157.44
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	252	259	259	279	270	277	311	399	494	566	682
Invested Capital Turnover	0.76	0.79	0.80	0.74	0.79	0.78	0.87	0.91	0.96	1.00	0.92
Increase / (Decrease) in Invested Capital	-60	-36	-26	2.46	18	19	52	120	224	289	371
Enterprise Value (EV)	261	398	604	485	323	480	1,150	534	813	759	958
Market Capitalization	173	318	560	402	240	415	1,068	445	744	751	1,010
Book Value per Share	$5.59	$5.55	$6.05	$5.10	$4.79	$5.19	$5.08	$6.22	$7.65	$8.97	$10.75
Tangible Book Value per Share	$5.30	$5.28	$5.80	$4.88	$4.57	$5.10	$4.89	$6.05	$7.59	$8.83	$10.63
Total Capital	280	290	315	296	286	319	390	465	581	717	898
Total Debt	117	111	100	100	99	107	161	156	156	158	164
Total Long-Term Debt	0.00	0.00	76	76	77	77	139	136	134	130	130
Net Debt	89	80	45	83	83	65	82	90	69	7.38	-52
Capital Expenditures (CapEx)	0.88	1.39	6.16	5.76	2.97	6.29	28	28	25	50	75
Debt-free, Cash-free Net Working Capital (DFCFNWC)	46	56	48	66	58	59	74	121	176	203	236
Debt-free Net Working Capital (DFNWC)	74	88	103	83	75	101	154	188	264	354	452
Net Working Capital (NWC)	-43	-24	79	59	52	71	131	168	241	326	418
Net Nonoperating Expense (NNE)	5.77	4.27	11	8.02	7.74	6.17	115	2.92	-2.09	5.21	-6.03
Net Nonoperating Obligations (NNO)	89	80	45	83	83	65	82	90	69	7.38	-52
Total Depreciation and Amortization (D&A)	5.50	5.29	6.31	5.31	5.43	5.59	5.75	5.51	6.11	7.10	7.95
Debt-free, Cash-free Net Working Capital to Revenue	21.44%	25.76%	21.89%	32.03%	28.23%	28.34%	29.85%	39.32%	47.93%	48.24%	51.87%
Debt-free Net Working Capital to Revenue	34.88%	40.04%	47.20%	40.51%	36.02%	48.08%	61.58%	60.98%	71.61%	83.98%	99.28%
Net Working Capital to Revenue	-20.16%	-10.90%	36.41%	28.75%	25.14%	34.01%	52.61%	54.39%	65.58%	77.34%	91.82%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.57)	($0.27)	($0.35)	($0.60)	($0.66)	($0.42)	($2.82)	($0.18)	($0.16)	($0.28)	($0.02)
Adjusted Weighted Average Basic Shares Outstanding	29.49M	32.77M	31.94M	38.36M	39.36M	42.31M	41.54M	50.04M	56.77M	63.33M	60.18M
Adjusted Diluted Earnings per Share	($0.57)	($0.27)	($0.35)	($0.60)	($0.66)	($0.42)	($2.82)	($0.18)	($0.16)	($0.28)	($0.02)
Adjusted Weighted Average Diluted Shares Outstanding	29.49M	32.77M	31.94M	38.36M	39.36M	42.31M	41.54M	50.04M	56.77M	63.33M	60.18M
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	32.13M	35.54M	38.40M	38.91M	40.90M	45.08M	49.65M	55.54M	62.35M	68.28M	75.20M
Normalized Net Operating Profit after Tax (NOPAT)	-11	-4.68	-3.17	-15	-18	-12	-4.53	-6.26	-11	-13	-8.05
Normalized NOPAT Margin	-26.85%	-7.48%	-5.25%	-37.25%	-42.46%	-17.78%	-4.52%	-6.26%	-10.86%	-10.73%	-6.00%
Pre Tax Income Margin	-40.70%	-14.31%	-22.92%	-56.97%	-60.35%	-27.26%	-119.37%	-9.19%	-8.84%	-15.12%	-7.82%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-6.80	-3.53	-3.58	-12.98	-14.48	-9.52	-67.41	-9.06	-10.47	-19.38	-12.44
NOPAT to Interest Expense	-5.14	-2.35	-1.01	-9.04	-10.85	-6.81	-2.58	-6.70	-13.67	-14.11	-9.55
EBIT Less CapEx to Interest Expense	-7.21	-4.23	-5.55	-16.42	-16.24	-13.22	-83.58	-39.46	-41.62	-75.09	-101.45
NOPAT Less CapEx to Interest Expense	-5.54	-3.05	-2.98	-12.48	-12.61	-10.50	-18.75	-37.09	-44.82	-69.82	-98.56
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%

Financials Breakdown Chart

Key Financial Trends

Applied Optoelectronics, Inc. (AAOI) shows a constructive top-line trend in 2025, with revenue strengthening into Q4, but profitability remains a challenge due to ongoing operating losses and cash burn. Below are the key takeaways from the latest four quarters of 2025, with a focus on how these points could affect investors' view of the stock.

Q4 2025 revenue climbs to $134.274 million, marking a continued rise from earlier 2025 quarters (e.g., $118.63 million in Q3 2025 and $100.271 million in Q4 2024).
Gross margin in Q4 2025 is about 31% (gross profit $41.944 million on $134.274 million revenue), an improvement versus mid-2025 levels.
Liquidity support from financing activities in Q4 2025: net cash from financing activities of $179.693 million, including $176.353 million from issuance of common equity.
Net change in cash and equivalents in Q4 2025 is +$65.318 million, aided by the financing activity. This provides a liquidity cushion despite operating cash flow challenges.
Net loss narrows in Q4 2025 to $2.022 million, a substantial improvement from the $17.936 million loss reported in Q3 2025, signaling momentum on the bottom line if financing effects persist.
Operating expenses in Q4 2025 totaled $53.446 million (SG&A $20.722 million, RD $25.82 million, Marketing $6.904 million), roughly 39–40% of revenue, indicating a still-high but persistent cost base.
Debt and leverage appear moderate by quarter: long-term debt around $130.12 million and total liabilities about $419.443 million against nearly $559.085 million in equity, suggesting a traditional balance between leverage and equity in the near term.
Cash flow from operations remained negative in Q4 2025 (-$29.801 million), underscoring ongoing cash burn even as revenue grows.
Net income remains negative across quarters, highlighting persistent profitability hurdles despite top-line growth (e.g., -$2.022 million in Q4 2025 vs prior quarters).
Retained earnings show a large cumulative deficit (around -$488 million by Q3 2025), reflecting substantial losses over multiple years and ongoing pressure on shareholder equity.

05/06/26 11:15 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Applied Optoelectronics' Financials

When does Applied Optoelectronics' fiscal year end?

According to the most recent income statement we have on file, Applied Optoelectronics' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

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 -$38.23 million in 2025, falling from $10.79 million in 2015. The previous period was -$186.73 million in 2024. Find out what analysts predict for Applied Optoelectronics in the coming months.

What is Applied Optoelectronics' operating income?

Applied Optoelectronics' total operating income in 2025 was -$54.60 million, based on the following breakdown:

Total Gross Profit: $136.91 million
Total Operating Expenses: $191.52 million

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

Over the last 10 years, Applied Optoelectronics' total revenue changed from $189.90 million in 2015 to $455.72 million in 2025, a change of 140.0%.

How much debt does Applied Optoelectronics have?

Applied Optoelectronics' total liabilities were at $434.51 million at the end of 2025, a 36.7% increase from 2024, and a 302.0% increase since 2015.

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 $206.14 million in 2025, and is currently $206.14 million as of their latest financial filing in 2025.

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 9.82 in 2015 to 10.75 in 2025, a change of 9.4%.

Related Companies

Financial statements for NASDAQ:AAOI last updated on 3/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Applied Optoelectronics (AAOI) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Applied Optoelectronics' Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Applied Optoelectronics (AAOI) Financials

Annual Income Statements for Applied Optoelectronics

Quarterly Income Statements for Applied Optoelectronics

Annual Cash Flow Statements for Applied Optoelectronics

Quarterly Cash Flow Statements for Applied Optoelectronics

Annual Balance Sheets for Applied Optoelectronics

Quarterly Balance Sheets for Applied Optoelectronics

Annual Metrics And Ratios for Applied Optoelectronics

Quarterly Metrics And Ratios for Applied Optoelectronics

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Applied Optoelectronics' Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools