AAOI (Applied Optoelectronics, Inc.) Stock Financials & Earnings

AAOIApplied Optoelectronics, Inc.

Mkt Cap$9B

Technology·Semiconductors·🇺🇸 United States·NASDAQ

Revenue (TTM)$456M

Net Income (TTM)-$38M

EPS (TTM)-$0.65

Free Cash Flow (TTM)-$175M

Gross Margin30.0%

Op. Margin-12.0%

Net Margin-8.4%

FCF Margin-38.3%

P/S Ratio (TTM)20.6x

P/E Ratio (TTM)—

YoY Rev Growth+82.8%

Employees—

Earnings Reports

▶Q4 2025NEW

Applied Optoelectronics, Inc. designs, manufactures, and sells various fiber-optic networking products worldwide. It offers optical modules, lasers, subassemblies, transmitters and transceivers, and t...

CEO Chih-Hsiang LinIPO Sep 26, 2013www.ao-inc.com

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
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
Q4 25	$134M	$42M	-$12M

Valuation

Quarter	P/S	P/E
Q1 23	0.3x	—
Q2 23	0.9x	—
Q3 23	1.9x	—
Q4 23	3.4x	—
Q1 24	2.5x	—
Q2 24	1.5x	—
Q3 24	2.7x	—
Q4 24	6.1x	—
Q1 25	2.1x	—
Q2 25	3.5x	—
Q3 25	3.5x	—
Q4 25	5.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
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
Q4 25	-$30M	$74M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$848K
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
Q4 25	$104M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
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%
Q4 25	+33.9%	+36.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
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%
Q4 25	-$9M	-6.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M
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
Q4 25	$26M	$21M	$7M

Revenue Segments

Quarter	Catv	Data Center	Ftth	Product and Service, Other	Telecom
Q1 23	$28M	$20M	$2K	$1M	$4M
Q2 23	$9M	$28M	$55K	$415K	$4M
Q3 23	$10M	$49M	—	$398K	$3M
Q1 24	$9M	$29M	—	$682K	$2M
Q2 24	$6M	$34M	—	$721K	$2M
Q3 24	$21M	$41M	—	$461K	$3M
Q1 25	$65M	$32M	—	$372K	$3M
Q2 25	$56M	$45M	—	$202K	$2M
Q3 25	$71M	$44M	—	$351K	$4M
Q4 25	$54M	$75M	—	—	$5M

Revenue by Geography

Quarter	China	Taiwan	United States
Q1 23	$4M	$42M	$6M
Q2 23	$5M	$34M	$3M
Q3 23	$5M	$37M	$20M
Q4 23	$29M	$30M	$2M
Q1 24	$13M	$25M	$3M
Q2 24	$12M	$29M	$2M
Q3 24	$29M	$35M	$2M
Q4 24	$57M	$38M	$5M
Q1 25	$28M	$71M	$1M
Q2 25	$63M	$40M	$803K
Q3 25	$73M	$44M	$2M
Q4 25	$99M	$20M	$16M

War Chest

Quarter	Cash	Short-term Investments	Total
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
Q1 23	29M	+1.4%
Q2 23	29M	+2.1%
Q3 23	33M	+11.1%
Q4 23	37M	+11.5%
Q1 24	38M	+5.0%
Q2 24	39M	+2.6%
Q3 24	42M	+7.5%
Q4 24	46M	+8.9%
Q1 25	50M	+8.7%
Q2 25	57M	+13.5%
Q3 25	63M	+11.5%
Q4 25	70M	+11.1%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$90K	1K
FY 15	$76K	3K
FY 16	$94K	3K
FY 17	$125K	3K
FY 18	$90K	3K
FY 19	$61K	3K
FY 20	$87K	3K
FY 21	$83K	3K
FY 22	$101K	2K
FY 23	$101K	2K
FY 24	$75K	3K
FY 25	$97K	5K