Applied Optoelectronics, Inc. (NASDAQ:AAOI)
Insiders filed in the last 90 days, but none of those trades qualified for scoring — round-trip buys and filings whose price is far off the market are excluded.
Loses money on what it sells.
- Revenue
- $596.0M
- Net income
- -$57.0M
- Net margin
- -9.6%
Little or no net debt.
- Total debt
- $264.5M
- Cash
- $499.7M
- Debt / equity
- 0.16
Comfortably covers what is due within a year.
- Current assets
- $1.19B
- Current liabilities
- $428.4M
- Current ratio
- 2.78
Consumes cash and must keep raising it.
- Operating cash flow
- -$131.8M
- Free cash flow
- -$413.3M
- FCF margin
- -69.3%
Heavy dilution — shareholders are paying for the business.
- Shares outstanding
- 81.6M
- Share growth (1y)
- 43.7%
- Cash runway
- 45 months
Five pillars — profitability, leverage, liquidity, cash generation, dilution & runway — each scored 0–20 from the company’s own income statement, balance sheet and cash-flow statement, then scaled to 100. A pillar the statements cannot answer is left out rather than guessed; fewer than three and no score is shown.
AAOI Income Statement
| Fiscal Period | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Period Ending | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 |
| Revenue | 191.92 M | 151.14 M | 134.27 M | 118.63 M | 102.95 M | 99.86 M |
| Revenue Growth (YoY) | 86.42 % | 51.36 % | 33.91 % | 82.08 % | 137.93 % | 145.52 % |
| Cost of Revenue | 138.72 M | 107.23 M | 92.33 M | 85.37 M | 71.79 M | 69.31 M |
| Gross Profit | 53.21 M | 43.92 M | 41.95 M | 33.26 M | 31.16 M | 30.54 M |
| SG&A Expense | 43.06 M | 31.25 M | 27.63 M | 30.18 M | 26.53 M | 21.67 M |
| R&D Expense | 34.87 M | 25.66 M | 25.82 M | 21.27 M | 20.61 M | 17.81 M |
| Operating Expenses | 77.93 M | 56.91 M | 53.45 M | 51.45 M | 47.14 M | 39.48 M |
| Operating Income | -24.73 M | -12.99 M | -11.50 M | -18.19 M | -15.98 M | -8.94 M |
| Pretax Income | -21.49 M | -13.23 M | -10.50 M | -17.94 M | -9.10 M | -9.17 M |
| Tax Provision | 1.29 M | 1.05 M | -8.48 M | 0.00 | 0.00 | 0.00 |
| Net Income | -22.78 M | -14.28 M | -2.02 M | -17.94 M | -9.10 M | -9.17 M |
| EPS (Basic) | -0.28 | -0.19 | -0.03 | -0.28 | -0.16 | -0.18 |
| EPS (Diluted) | -0.28 | -0.19 | -0.03 | -0.28 | -0.16 | -0.18 |
| Shares Outstanding | 81.57 M | 75.98 M | 70.34 M | 63.33 M | 56.77 M | 50.04 M |
Quarterly figures; YoY compares the same fiscal quarter a year earlier. Source: public market data.