Applied Optoelectronics, Inc. (AAOI) Financial Statements
Industry: Semiconductors & Related Devices
In fiscal 2025, Applied Optoelectronics reported revenue of $455.7M, up 82.8% from $249.4M the year before. Net income was -$38.2M (a -8.4% net margin), or -$0.64 per diluted share. Gross margin was 30.0% and operating margin was -12.0%. Operating activities generated -$174.4M of cash, leaving -$353.6M of free cash flow. At fiscal year end, Applied Optoelectronics held $1.17B in total assets against $434.5M in total liabilities, including $206.1M of cash and equivalents.
Open the full interactive Applied Optoelectronics financials → Quarterly statements, key ratios, valuation history and price charts.
Applied Optoelectronics Key Stats
| Share Price | $97.78 |
|---|---|
| Market Cap | $7.98B |
| Revenue YoY Growth | +82.8% |
| 52-Week Range | $19.49 – $223.10 |
| Shares Outstanding | 81.6 million (basic, 2026 Q2) |
Applied Optoelectronics Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $234.6M | $211.6M | $222.8M | $217.6M | $249.4M | $455.7M |
| Cost of Goods Sold | $184.1M | $173.8M | $189.2M | $158.7M | $187.6M | $318.8M |
| Gross Profit | $50.5M | $37.7M | $33.6M | $58.9M | $61.8M | $136.9M |
| Operating Income | -$48.8M | -$56.8M | -$59.0M | -$41.3M | -$70.9M | -$54.6M |
| Pre-Tax Income | -$51.2M | -$54.2M | -$66.4M | -$56.0M | -$186.7M | -$46.7M |
| Income Tax | $7.2M | $2,000 | $1,000 | $9,000 | $2,000 | -$8.5M |
| Net Income | -$58.5M | -$54.2M | -$66.4M | -$56.0M | -$186.7M | -$38.2M |
| Diluted EPS | -$2.67 | -$2.01 | -$2.38 | -$1.75 | -$4.50 | -$0.64 |
Applied Optoelectronics Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $118.6M | $134.3M | $151.1M | $191.9M |
| Net Income | -$17.9M | -$2.0M | -$14.3M | -$22.8M |
| Diluted EPS | -$0.28 | -$0.03 | -$0.19 | -$0.28 |
Applied Optoelectronics Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $43.4M | $34.7M | $24.7M | $45.4M | $67.4M | $206.1M |
| Current Assets | $209.2M | $194.1M | $183.2M | $172.6M | $301.3M | $675.7M |
| Total Assets | $480.8M | $454.5M | $408.3M | $389.2M | $547.0M | $1.17B |
| Current Liabilities | $103.1M | $109.0M | $138.6M | $93.4M | $170.1M | $257.3M |
| Total Long-Term Debt | $52.2M | $54.7M | $114.1M | $46.4M | $26.7M | $68.0M |
| Total Liabilities | $202.9M | $199.9M | $223.6M | $174.3M | $317.9M | $434.5M |
| Shareholders' Equity | $277.9M | $254.6M | $184.7M | $214.9M | $229.1M | $733.9M |
Applied Optoelectronics Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$44.0M | -$11.6M | -$14.0M | -$7.9M | -$69.5M | -$174.4M |
| Cash From Investing | -$19.3M | -$10.5M | -$3.8M | -$14.8M | -$50.7M | -$210.6M |
| Cash From Financing | $47.4M | $14.1M | $10.8M | $40.6M | $142.2M | $527.9M |
| Free Cash Flow | -$59.8M | -$19.6M | -$17.2M | -$17.0M | -$112.9M | -$353.6M |
Figures from Applied Optoelectronics' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Applied Optoelectronics financials page for every line item.
Applied Optoelectronics Company Profile
| Ticker | AAOI |
|---|---|
| Exchange | Nasdaq |
| Industry | Semiconductors & Related Devices |
| Headquarters | Sugar Land, Texas |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001158114 |
Frequently Asked Questions
What was Applied Optoelectronics' revenue in fiscal 2025?
Applied Optoelectronics (AAOI) reported revenue of $455.7M for fiscal 2025.
What is Applied Optoelectronics' annual revenue history?
Applied Optoelectronics' annual revenue by fiscal year: 2020: $234.6M; 2021: $211.6M; 2022: $222.8M; 2023: $217.6M; 2024: $249.4M; 2025: $455.7M.
What was Applied Optoelectronics' net income in fiscal 2025?
Applied Optoelectronics reported net income of -$38.2M for fiscal 2025.
What was Applied Optoelectronics' earnings per share (EPS) in fiscal 2025?
Applied Optoelectronics' diluted EPS was -$0.64 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Applied Optoelectronics generate in fiscal 2025?
Applied Optoelectronics generated -$353.6M of free cash flow in fiscal 2025.
What was Applied Optoelectronics' revenue last quarter?
In its most recent reported quarter (2026 Q2), Applied Optoelectronics reported revenue of $191.9M.
How much debt does Applied Optoelectronics have?
Applied Optoelectronics reported $68.0M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Applied Optoelectronics are outstanding?
Applied Optoelectronics reported a weighted average of 81.6 million basic shares outstanding in 2026 Q2.
What is Applied Optoelectronics' market cap?
Based on its latest closing price, Applied Optoelectronics (AAOI) has a market capitalization of about $7.98B.
When does Applied Optoelectronics' fiscal year end?
Applied Optoelectronics' fiscal year end, as registered with the SEC, is December 31.
Where is Applied Optoelectronics headquartered?
Applied Optoelectronics lists its business address in Sugar Land, Texas in its SEC filings.