Applied Optoelectronics Inc. (AAOI) financial statements: income statement, balance sheet and cash flow
Applied Optoelectronics Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Applied Optoelectronics Inc. reported revenue of $455.7M (+82.8% year on year) and net income of ($38.2M) (+79.5% year on year).
Income statement
Applied Optoelectronics Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenue, net
$455.7M
$249.4M
$217.6M
$222.8M
Cost of goods sold
$318.8M
$187.6M
$158.7M
$189.2M
Gross profit
$136.9M
$61.8M
$58.9M
$33.6M
Research and development
$85.5M
$55.0M
$36.0M
$36.2M
Sales and marketing
$30.3M
$18.2M
$11.1M
$9.7M
General and administrative
$75.7M
$59.6M
$53.2M
$46.7M
Total operating expenses
$191.5M
$132.7M
$100.3M
$92.6M
Loss from operations
($54.6M)
($70.9M)
($41.3M)
($59.0M)
Interest income
$1.8M
$874.0K
$609.0K
$126.0K
Interest expense
($3.5M)
($6.8M)
($9.4M)
($6.3M)
Other income (expense), net
$9.6M
($109.9M)
($5.9M)
($1.2M)
Total other income (expense), net
$7.9M
($115.8M)
($14.7M)
($7.4M)
Loss before income taxes
($46.7M)
($186.7M)
($56.0M)
($66.4M)
Income tax benefit (expense)
$8.5M
($2.0K)
($9.0K)
($1.0K)
Net loss
($38.2M)
($186.7M)
($56.0M)
($66.4M)
Basic (in dollars per share)
-$0.64
-$4.50
-$1.75
-$2.38
Diluted (in dollars per share)
-$0.64
-$4.50
-$1.75
-$2.38
Basic (in shares)
60.2M
41.5M
31.9M
27.8M
Diluted (in shares)
60.2M
41.5M
31.9M
27.8M
Applied Optoelectronics Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenue, net
$191.9M
$151.1M
$118.6M
$103.0M
Cost of goods sold
$138.7M
$107.2M
$85.4M
$71.8M
Gross profit
$53.2M
$43.9M
$33.3M
$31.2M
Research and development
$34.9M
$25.7M
$21.3M
$20.6M
Sales and marketing
$11.5M
$6.3M
$9.9M
$8.1M
General and administrative
$31.6M
$24.9M
$20.3M
$18.4M
Total operating expenses
$77.9M
$56.9M
$51.5M
$47.1M
Loss from operations
($24.7M)
($13.0M)
($18.2M)
($16.0M)
Interest income
$3.2M
$1.7M
$451.0K
$286.0K
Interest expense
($927.0K)
($863.0K)
($902.0K)
($818.0K)
Other income (loss)
$914.0K
($1.1M)
$702.0K
$7.4M
Total other income (expense), net
$3.2M
($241.0K)
$251.0K
$6.9M
Loss before income taxes
($21.5M)
($13.2M)
($17.9M)
($9.1M)
Income tax expense
($1.3M)
($1.0M)
$0
$0
Net loss
($22.8M)
($14.3M)
($17.9M)
($9.1M)
Basic (in dollars per share)
-$0.28
-$0.19
-$0.28
-$0.16
Diluted (in dollars per share)
-$0.28
-$0.19
-$0.28
-$0.16
Basic (in shares)
81.6M
76.0M
63.3M
56.8M
Diluted (in shares)
81.6M
76.0M
63.3M
56.8M
Balance sheet
Applied Optoelectronics Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$206.1M
$67.4M
$45.4M
$24.7M
Restricted cash
$9.9M
$11.7M
$9.7M
$10.9M
Accounts receivable, net
$244.4M
$116.8M
$48.1M
$61.2M
Inventories
$183.1M
$88.1M
$63.9M
$79.7M
Prepaid expenses and other current assets
$32.2M
$17.2M
$5.3M
$6.4M
Total current assets
$675.7M
$301.3M
$172.6M
$183.2M
Property, plant and equipment, net
$376.1M
$219.2M
$200.3M
$210.2M
Land use rights, net
$4.8M
$4.8M
$5.0M
$5.2M
Operating right of use asset
$49.7M
$9.6M
$5.0M
$5.6M
Intangible assets, net
$3.6M
$3.7M
$3.6M
$3.7M
Other assets, net
$58.5M
$8.4M
$2.6M
$386.0K
TOTAL ASSETS
$1.2B
$547.0M
$389.2M
$408.3M
Accounts payable
$143.9M
$105.0M
$32.9M
$47.8M
Bank acceptance payable
$33.4M
$19.3M
$15.5M
$12.3M
Accrued liabilities
$42.5M
$22.1M
$18.5M
$17.2M
Current lease liability - operating
$3.5M
$1.4M
$1.1M
$1.0M
Current portion of notes payable and long-term debt
$34.0M
$22.4M
$23.2M
$57.1M
Total current liabilities
$257.3M
$170.1M
$93.4M
$138.6M
Convertible senior notes
$129.8M
$134.5M
$76.2M
$79.5M
Non-current lease liability - operating
$47.4M
$9.0M
$4.7M
$5.5M
Long-term debt
$0
$4.3M
—
$0
TOTAL LIABILITIES
$434.5M
$317.9M
$174.3M
$223.6M
Preferred Stock: 5,000 shares authorized at $0.001 par value; no shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively
0
0
0
0
Common Stock; 120,000 shares authorized at $0.001 par value, 74,998 shares issued and outstanding at December 31, 2025; 80,000 shares authorized at $0.001 par value and, 49,393 shares issued at December 31, 2024, respectively
75.0K
49.0K
38.0K
29.0K
Additional paid-in capital
$1.2B
$683.5M
$479.0M
$391.5M
Accumulated other comprehensive loss
($617.0K)
($2.5M)
$975.0K
$2.2M
Accumulated deficit
($490.1M)
($451.9M)
($265.1M)
($209.1M)
TOTAL STOCKHOLDERS' EQUITY
$733.9M
$229.1M
$214.9M
$184.7M
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$1.2B
$547.0M
$389.2M
$408.3M
Applied Optoelectronics Inc. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$499.7M
$439.7M
$137.0M
$64.7M
Restricted cash
$9.0M
$9.7M
$13.8M
$22.5M
Accounts receivable, net
$314.0M
$299.0M
$224.0M
$211.5M
Inventories, net
$278.8M
$206.2M
$170.2M
$138.9M
Prepaid expenses and other current assets
$88.3M
$38.0M
$30.4M
$20.8M
Total current assets
$1.2B
$992.6M
$575.3M
$458.3M
Property, plant and equipment, net
$697.1M
$419.0M
$310.3M
$269.4M
Land use rights, net
$4.9M
$4.9M
$4.8M
$4.8M
Operating right of use assets
$75.2M
$71.9M
$42.0M
$22.1M
Intangible assets, net
$3.6M
$3.6M
$3.6M
$3.6M
Deferred income tax assets
$6.5M
$6.7M
—
—
Other assets, net
$324.0M
$67.2M
$42.4M
$38.6M
TOTAL ASSETS
$2.3B
$1.6B
$978.5M
$796.9M
Accounts payable
$286.1M
$148.2M
$150.1M
$133.0M
Bank acceptance payable
$33.9M
$35.8M
$34.0M
$32.1M
Accrued liabilities
$46.9M
$31.3M
$34.1M
$27.7M
Current lease liabilities - operating
$4.2M
$2.9M
$2.8M
$1.9M
Current portion of long-term debt
$57.3M
$41.2M
$28.0M
$22.2M
Total current liabilities
$428.4M
$259.4M
$249.1M
$216.8M
Non-current lease liabilities - operating
$73.9M
$71.0M
$40.2M
$21.1M
Non-current portion of long-term debt
$1.7M
—
—
—
Convertible senior notes
$129.1M
$129.5M
$130.1M
$133.9M
TOTAL LIABILITIES
$633.2M
$459.9M
$419.4M
$371.9M
Preferred Stock; 5,000 shares authorized at $0.001 par value; no shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
0
0
0
0
Common Stock; 120,000 shares authorized at $0.001 par value; 84,386 and 74,998 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
84.0K
79.0K
68.0K
62.0K
Additional paid-in capital
$2.2B
$1.6B
$1.0B
$893.9M
Accumulated other comprehensive income (loss)
$2.4M
($207.0K)
$1.1M
$1.1M
Accumulated deficit
($527.1M)
($504.4M)
($488.1M)
($470.1M)
TOTAL STOCKHOLDERS' EQUITY
$1.7B
$1.1B
$559.1M
$425.0M
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$2.3B
$1.6B
$978.5M
$796.9M
Cash flow statement
Applied Optoelectronics Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net loss
($38.2M)
($186.7M)
($56.0M)
($66.4M)
Allowance for credit losses
$4.0K
($2.0K)
($24.0K)
($3.0K)
Inventory reserve adjustment
$7.8M
—
—
$4.9M
Depreciation and amortization
$27.7M
$20.6M
$20.4M
$23.2M
Amortization of debt issuance cost and premium
($1.0M)
—
—
—
Gain on disposal of assets
$38.0K
$132.0K
$51.0K
($47.0K)
Share-based compensation
$11.7M
$14.8M
$11.9M
$9.6M
Deferred income tax
($7.6M)
—
—
—
Loss on debt extinguishment
$0
$112.0M
$0
$0
Warrants contra revenue
$823.0K
—
—
—
Unrealized foreign exchange loss (gain)
$272.0K
$689.0K
($1.3M)
$1.9M
Accounts receivable, trade
($127.6M)
($68.7M)
$13.1M
($12.7M)
Inventories
($100.7M)
($29.4M)
$6.8M
$1.1M
Other current assets
($13.5M)
($12.0M)
$1.0M
($2.4M)
Operating right of use asset
($40.9M)
($5.0M)
$530.0K
$888.0K
Accounts payable
$39.0M
$72.1M
($15.0M)
$13.0M
Accrued liabilities
$26.5M
$3.8M
$1.3M
$5.3M
Unearned Revenue
$0
($1.8M)
($1.2M)
—
Lease liability
$41.3M
$5.0M
($660.0K)
($969.0K)
Net cash provided by (used in) operating activities
($174.4M)
($69.5M)
($7.9M)
($14.0M)
Purchase of property, plant and equipment
($179.1M)
($43.4M)
($9.1M)
($3.2M)
Proceeds from disposal of equipment
$5.0K
$7.0K
$135.0K
$403.0K
Deposits and prepayment for equipment
($31.1M)
($6.8M)
($5.2M)
($529.0K)
Purchase of intangible assets
($379.0K)
($506.0K)
($588.0K)
($498.0K)
Net cash used in investing activities
($210.6M)
($50.7M)
($14.8M)
($3.8M)
Proceeds from line of credit borrowings
$61.2M
$48.7M
$57.6M
$143.3M
Repayments of line of credit borrowings
($55.0M)
($44.8M)
($91.8M)
($131.0M)
Proceeds from bank acceptance payable
$121.4M
$44.2M
$57.1M
$45.7M
Repayments of bank acceptance payable
($108.0M)
($40.2M)
($53.7M)
($40.6M)
Payment on issuance convertible Notes
($81.0K)
($4.6M)
—
—
Process from issuance of convertible senior notes, net of debt issuance cost
$0
$0
$83.7M
$0
Principal payments of financing lease
$0
$0
($63.0K)
($19.0K)
Exercise of stock options
$0
($2.0K)
$22.0K
$0
Payments of tax withholding on behalf of employees related to share-based compensation
($10.5M)
($4.3M)
($956.0K)
($453.0K)
Proceeds from common stock offering, net
$518.9M
$146.3M
$69.0M
$1.2M
Net cash provided by financing activities
$527.9M
$142.2M
$40.6M
$10.8M
Net increase (decrease) in cash, cash equivalents and restricted cash
$136.9M
$24.0M
$19.5M
($5.5M)
Cash, cash equivalents and restricted cash at beginning of period
$79.1M
$55.1M
$35.6M
$41.1M
Cash, cash equivalents and restricted cash at end of period
$216.0M
$79.1M
$55.1M
$35.6M
Effect of exchange rate changes on cash
($6.0M)
$2.1M
$1.6M
$1.6M
Interest
$2.5M
$4.9M
$8.1M
$5.1M
U.S. Federal
$0
—
—
—
U.S. State and Local
$2.0K
—
—
—
Foreign
$0
—
—
—
Net change in accounts payable related to property and equipment additions
$4.7M
$1.1M
$1.1M
($164.0K)
Applied Optoelectronics Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net loss
($37.1M)
($14.3M)
($36.2M)
($18.3M)
Allowance for bad debt
$49.0K
$8.0K
$5.0K
$1.0K
Inventory reserve adjustment
$1.1M
$2.4M
$5.4M
$3.7M
Depreciation and amortization
$19.7M
$9.2M
$19.5M
$12.1M
Amortization of debt issuance costs and premium
($511.0K)
($258.0K)
($771.0K)
($505.0K)
Deferred tax asset
$1.4M
$1.0M
—
—
Loss on disposal of assets
$244.0K
$16.0K
$31.0K
$9.0K
Share-based compensation
$9.3M
$4.4M
$8.8M
$5.7M
Warrants contra revenue
$2.1M
$963.0K
$91.0K
$53.0K
Unrealized foreign exchange loss (gain)
$532.0K
$1.2M
$485.0K
($5.2M)
Accounts receivable, trade
($69.6M)
($54.4M)
($107.2M)
($94.7M)
Inventories, net
($94.1M)
($25.3M)
($84.6M)
($51.0M)
Other current assets
($56.0M)
($6.2M)
($11.3M)
($1.5M)
Operating right of use asset
($26.0M)
($23.1M)
($31.9M)
($11.2M)
Accounts payable
$142.2M
$4.2M
$45.2M
$28.0M
Accrued liabilities
$5.2M
($9.2M)
$15.7M
$5.1M
Lease liability
$27.8M
$23.8M
$32.0M
$11.2M
Net cash used in operating activities
($73.8M)
($85.4M)
($144.9M)
($116.4M)
Purchase of property, plant and equipment
($335.1M)
($58.2M)
($104.1M)
($53.9M)
Proceeds from disposal of equipment
$3.0K
—
—
—
Prepayment for equipment and others
($289.7M)
($9.7M)
($21.3M)
($21.2M)
Purchase of intangible assets
($259.0K)
($118.0K)
($270.0K)
($145.0K)
Purchase of land
($8.6M)
—
—
—
Net cash used in investing activities
($633.7M)
($68.1M)
($125.7M)
($75.2M)
Proceeds from issuance of notes payable and long-term debt
$1.7M
—
—
—
Proceeds from line of credit borrowings
$46.9M
$16.3M
$51.3M
$22.1M
Repayments of line of credit borrowings
($24.7M)
($9.6M)
($50.8M)
($26.7M)
Changes in ADPI
$80.0K
—
—
—
Proceeds from bank acceptance payable
$68.6M
$35.2M
$88.6M
$55.5M
Repayments of bank acceptance payable
($69.2M)
($33.4M)
($74.2M)
($42.8M)
Payments of tax withholding on behalf of employees related to share-based compensation
($71.2M)
($1.7M)
($9.2M)
($7.8M)
Payment on convertible notes
($95.0K)
($16.0K)
($81.0K)
($56.0K)
Proceeds from common stock offering, net
$1.0B
$382.4M
$342.6M
$195.8M
Net cash provided by financing activities
$980.3M
$389.3M
$348.2M
$196.0M
Effect of exchange rate changes on cash
$19.9M
($2.5M)
($6.1M)
$3.7M
Net increase in cash, cash equivalents and restricted cash
$292.7M
$233.3M
$71.6M
$8.1M
Cash, cash equivalents and restricted cash at beginning of period
$216.0M
$216.0M
$79.1M
$79.1M
Cash, cash equivalents and restricted cash at end of period
$508.8M
$449.4M
$150.7M
$87.2M
Interest, net of amounts capitalized
$1.9M
$1.8M
$2.4M
$274.0K
Income taxes
($3.0K)
($2.0K)
$0
—
Net change in accounts payable related to property and equipment additions
$770.0K
($1.6M)
$5.4M
$1.4M
Net change in deposits and prepaid for equipment related to property and equipment additions