AAOI

MKT CAP:$12B

Applied Optoelectronics, Inc.

Market Cap

$12B

Technology·Semiconductors·🇺🇸 United States·NASDAQ

Technology·Semiconductors·🇺🇸·NASDAQ

Stock Price

$135.91+$96.31 (+243.20%)

Apr 23, 2026

Company Details

Applied Optoelectronics, Inc. designs, manufactures, and sells various fiber-optic networking products worldwide. It offers optical modules, lasers, subassemblies, transmitters and transceivers, and turn-key equipment, as well as headend, n...

CEO

Chih-Hsiang Lin

IPO Date

Sep 26, 2013

Website

www.ao-inc.com

Key Metrics TTM

Revenue

$422M

+101.2% YoY

Net Income

-$156M

EPS (Diluted)

-$3.22

Free Cash Flow

-$302M

Revenue / Share

$6.66

Gross Margin

29.3%

Operating Margin

-11.8%

Net Margin

-37.0%

FCF Margin

-71.7%

P/S

29.1x

P/E

—

Earnings Reports

Q4 2025

May 14, 2026

PENDING

FY 2025

Feb 26, 2026

$456M+82.8%EPS -$0.64

Q3 2025

Nov 6, 2025

$119M+82.1%EPS -$0.28

Q2 2025

Aug 7, 2025

$103M+137.9%EPS -$0.16

Q1 2025

May 8, 2025

$100M+145.5%EPS -$0.18

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$54M	$8M	-$14M
Q1 22	$52M	$9M	-$14M
Q2 22	$52M	$9M	-$13M
Q3 22	$57M	$10M	-$13M
Q4 22	$62M	$6M	-$18M
Q1 23	$53M	$9M	-$14M
Q2 23	$42M	$8M	-$16M
Q3 23	$63M	$20M	-$7M
Q4 23	$60M	$22M	-$5M
Q1 24	$41M	$8M	-$22M
Q2 24	$43M	$10M	-$26M
Q3 24	$65M	$16M	-$17M
Q4 24	$100M	$29M	-$6M
Q1 25	$100M	$31M	-$9M
Q2 25	$103M	$31M	-$16M
Q3 25	$119M	$33M	-$18M

Valuation

Quarter	P/S	P/E
Q4 21	58.0x	—
Q1 22	57.3x	—
Q2 22	57.8x	—
Q3 22	56.9x	—
Q4 22	55.1x	—
Q1 23	54.9x	—
Q2 23	57.6x	—
Q3 23	56.1x	—
Q4 23	56.4x	—
Q1 24	59.8x	—
Q2 24	59.3x	—
Q3 24	58.6x	—
Q4 24	49.2x	—
Q1 25	39.8x	—
Q2 25	33.3x	—
Q3 25	29.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$261.0K	-$3M
Q1 22	-$4M	-$5M
Q2 22	$2M	$1M
Q3 22	-$9M	-$10M
Q4 22	-$3M	-$4M
Q1 23	-$9M	-$10M
Q2 23	$15M	$14M
Q3 23	-$15M	-$19M
Q4 23	$2M	-$8M
Q1 24	-$28M	-$34M
Q2 24	-$2M	-$5M
Q3 24	-$14M	-$20M
Q4 24	-$25M	-$53M
Q1 25	-$51M	-$79M
Q2 25	-$65M	-$91M
Q3 25	-$28M	-$79M

Capital Expenditures

Quarter	CapEx
Q4 21	$3M
Q1 22	$1M
Q2 22	$962.0K
Q3 22	$1M
Q4 22	$909.0K
Q1 23	$848.0K
Q2 23	$1M
Q3 23	$3M
Q4 23	$10M
Q1 24	$6M
Q2 24	$3M
Q3 24	$6M
Q4 24	$29M
Q1 25	$28M
Q2 25	$25M
Q3 25	$50M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+4.0%	+3.9%
Q1 22	+5.1%	+4.3%
Q2 22	-3.5%	-3.9%
Q3 22	+6.4%	+2.1%
Q4 22	+13.2%	+17.5%
Q1 23	+1.5%	+1.1%
Q2 23	-20.4%	-11.7%
Q3 23	+10.3%	-1.4%
Q4 23	-1.8%	-18.7%
Q1 24	-23.3%	-7.3%
Q2 24	+4.0%	+20.7%
Q3 24	+4.2%	+18.0%
Q4 24	+65.9%	+64.3%
Q1 25	+145.5%	+74.6%
Q2 25	+137.9%	+71.1%
Q3 25	+82.1%	+67.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$3M	5.9%
Q1 22	$2M	4.7%
Q2 22	$2M	4.1%
Q3 22	$3M	4.6%
Q4 22	$2M	3.8%
Q1 23	$2M	4.3%
Q2 23	$3M	7.4%
Q3 23	$3M	5.2%
Q4 23	$3M	5.5%
Q1 24	$3M	7.0%
Q2 24	$6M	14.0%
Q3 24	$3M	4.5%
Q4 24	$3M	2.9%
Q1 25	$3M	2.6%
Q2 25	$3M	3.1%
Q3 25	-$17M	-14.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$9M	$10M	$2M
Q1 22	$9M	$11M	$3M
Q2 22	$8M	$11M	$2M
Q3 22	$9M	$11M	$2M
Q4 22	$9M	$13M	$3M
Q1 23	$9M	$13M	$2M
Q2 23	$9M	$13M	$2M
Q3 23	$9M	$14M	$3M
Q4 23	$9M	$14M	$3M
Q1 24	$12M	$14M	$4M
Q2 24	$13M	$17M	$6M
Q3 24	$13M	$14M	$5M
Q4 24	$17M	$15M	$4M
Q1 25	$18M	$16M	$5M
Q2 25	$21M	$18M	$8M
Q3 25	$21M	$20M	$10M

Revenue Segments

Quarter	Catv	Data Center	Ftth	Product and Service, Other	Telecom
Q1 22	$25M	$21M	$98.0K	$484.0K	$5M
Q2 22	$24M	$21M	$27.0K	$786.0K	$6M
Q3 22	$31M	$18M	—	$915.0K	$7M
Q4 22	$38M	$16M	$5.0K	$513.0K	$6M
Q1 23	$28M	$20M	$2.0K	$1M	$4M
Q2 23	$9M	$28M	$55.0K	$415.0K	$4M
Q3 23	$10M	$49M	—	$398.0K	$3M
Q1 24	$9M	$29M	—	$682.0K	$2M
Q2 24	$6M	$34M	—	$721.0K	$2M
Q3 24	$21M	$41M	—	$461.0K	$3M
Q1 25	$65M	$32M	—	$372.0K	$3M
Q2 25	$56M	$45M	—	$202.0K	$2M
Q3 25	$71M	$44M	—	$351.0K	$4M

Revenue by Geography

Quarter	China	Taiwan, Province Of China	United States	Taiwan
Q4 21	$27M	$24M	$3M	—
Q1 22	$22M	—	$3M	$28M
Q2 22	$14M	—	$1M	$37M
Q3 22	$8M	—	$2M	$47M
Q4 22	$7M	—	$2M	$52M
Q1 23	$4M	—	$6M	$42M
Q2 23	$5M	—	$3M	$34M
Q3 23	$5M	—	$20M	$37M
Q4 23	$29M	—	$2M	$30M
Q1 24	$13M	—	$3M	$25M
Q2 24	$12M	—	$2M	$29M
Q3 24	$29M	—	$2M	$35M
Q4 24	$57M	—	$5M	$38M
Q1 25	$28M	—	$1M	$71M
Q2 25	$63M	—	$803.0K	$40M
Q3 25	$73M	—	$2M	$44M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$32M	$0	$32M
Q2 22	$34M	$0	$34M
Q3 22	$26M	$0	$26M
Q4 22	$25M	$0	$25M
Q1 23	$16M	$0	$16M
Q2 23	$22M	$0	$22M
Q3 23	$22M	$0	$22M
Q4 23	$45M	$0	$45M
Q1 24	$17M	$0	$17M
Q2 24	$11M	$0	$11M
Q3 24	$34M	$0	$34M
Q4 24	$67M	$0	$67M
Q1 25	$51M	$0	$51M
Q2 25	$65M	$0	$65M
Q3 25	$137M	$0	$137M
Q4 25	$216M	$0	$216M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	27M	+0.3%	+2.8%
Q1 22	27M	+1.1%	+3.9%
Q2 22	28M	+0.5%	+2.8%
Q3 22	28M	+0.8%	+2.7%
Q4 22	28M	+2.2%	+4.7%
Q1 23	29M	+1.4%	+5.1%
Q2 23	29M	+2.1%	+6.8%
Q3 23	33M	+11.1%	+17.7%
Q4 23	37M	+11.5%	+28.4%
Q1 24	38M	+5.0%	+32.9%
Q2 24	39M	+2.6%	+33.5%
Q3 24	42M	+7.5%	+29.1%
Q4 24	46M	+8.9%	+26.0%
Q1 25	50M	+8.7%	+30.4%
Q2 25	57M	+13.5%	+44.2%
Q3 25	63M	+11.5%	+49.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$21.5K	3K
Q1 22	$20.6K	3K
Q2 22	$20.6K	3K
Q3 22	$22.4K	3K
Q4 22	$27.8K	2K
Q1 23	$24.0K	2K
Q2 23	$18.8K	2K
Q3 23	$28.3K	2K
Q4 23	$28.1K	2K
Q1 24	$18.9K	2K
Q2 24	$20.1K	2K
Q3 24	$30.3K	2K
Q4 24	$30.3K	3K
Q1 25	$30.2K	3K
Q2 25	$31.1K	3K
Q3 25	$35.9K	3K

Revenue / Employee