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AAOI FINANCIAL STATEMENTS

Applied Opt — balance sheet, income statement and cash flow trends

AAOIApplied Opt

🇺🇸 USA · US · Technology · Communication Equipment

Value itDuel
PriceFinancialsPeers

Income Statement

Quarterly progression — trailing-twelve-month values
RevenueNet Income
-200 M0200 M400 M202120222023202420252026

Profit Funnel

Q1 2026 · TTM
Revenue507 M $Gross Profit150.3 M $ · 30%Operating Income-58.7 M $ · -12%Pre-tax Income-50.8 M $ · -10%Net Income-43.3 M $ · -9%

Percentages are relative to revenue.

Key Figures

YoY change
Revenue507 M $+64.3%
Gross Profit150.3 M $+77.3%
Operating Income-58.7 M $—
EBITDA-16.6 M $—
Net Income-43.3 M $—

Peer Comparison· Communication Equipment

CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
AAOI64.3%29.6%-3.3%-8.5%
Industry median9.2%38.0%10.3%0.3%

Balance Sheet

Quarterly period-end values
Total AssetsTotal LiabilitiesEquity
0500 M1 B1.5 B202120222023202420252026

Capital Structure

Q1 2026
Total Assets1.6 B
  • Equity1.1 B $71%
  • Current Liabilities259.4 M $17%
  • Long-term Liabilities200.5 M $13%

Key Figures

YoY change
Total Assets1.6 B $+142.9%
Total Liabilities459.9 M $+37.0%
Total Equity1.1 B $+257.9%
Cash & ST Investments449.4 M $+778.7%
Total Debt173.7 M $-8.7%
Net Debt-275.7 M $-298.1%

Peer Comparison· Communication Equipment

CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
AAOI3.8315.7%16.6270.6%
Industry median1.6173.1%0.8537.5%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values
Operating Cash FlowCapital ExpendituresFree Cash Flow
-200 M0200 M202120222023202420252026

Cash Flow Bridge

Q1 2026 · TTM
-250 M0250 M-208.9 M $Operating-242.4 M $Investing847.2 M $Financing395.9 M $Net Change

Key Figures

YoY change
Operating Cash Flow-208.9 M $—
Capital Expenditures238.1 M $+260.2%
Free Cash Flow-238.9 M $—
Dividends Paid——

Peer Comparison· Communication Equipment

CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
AAOI-41.2%-47.1%47.0%482.0%
Industry median12.5%11.1%2.3%65.9%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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