Latest revenue
$151.1M
as of 2026-03-31
Latest net income
$-14.3M
as of 2026-03-31
Net margin
-9.4%
as of 2026-03-31
ActaClear Score
Computed from 5 years of SEC fundamentals + latest market data, ranked within Semiconductors & Related Devices (88 peers). 10 = best in industry, 5 = median, 0 = worst. Refreshed Jun 7, 2026.
Community sentiment
Where do you think AAOI is heading?
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $14.20B
- Enterprise value
- $13.95B
- P/E (trailing)
- —
- Forward P/E
- —
- P/B
- 12.84×
- Dividend yield
- 0.0%
- 52-wk high
- $233.67
- 52-wk low
- $15.29
- Beta
- —
- Shares out
- 80.2M
5-year trend
What this company does
Applied Optoelectronics designs and manufactures fiber-optic networking products—lasers, transceivers, and modules—for data centers, cable TV operators, telecom carriers, and fiber-to-the-home deployments. The company generates revenue selling these optical components and equipment, with data center transceivers and CATV systems as core product lines manufactured across U.S., Taiwan, and China facilities. Revenue jumped 51% year-over-year to $151 million as AOI raised $382 million in a stock offering to fund aggressive capacity expansion, though it remains unprofitable with a $14 million quarterly loss.
Generated from AAOI's filing dated 2026-02-26
Key risks
- Persistent losses: Q1'26 net loss widened to $14.3M on $151M revenue; accumulated deficit reached $504M despite 51% YoY revenue growth.
- Cash burn: Operating cash flow was -$85M and capex -$58M in Q1'26, forcing reliance on a $382M equity raise to fund operations.
- Shareholder dilution: Share count rose from 49.4M (Dec'24) to 79.0M (Mar'26), a ~60% increase, with continued ATM/offering issuance and customer warrants.
Generated from AAOI's filing dated 2026-02-26
Profitability
Gross margin
30.0%
21.2%Operating margin
-12.0%
57.9%Net margin
-8.4%
88.8%Return on equity
-5.2%
93.6%Return on assets
-3.3%
90.4%Leverage
Debt / equity
0.59×
57.3%Long-term debt / equity
0.18×
69.9%Debt / assets
37.2%
36.0%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $151.1M | +51.4% | $-14.3M | -55.7% | -9.4% |
Q4 2025 2025-12-31 | $134.3M | +33.9% | $-2.0M | +98.3% | -1.5% |
Q3 2025 2025-09-30 | $118.6M | +82.1% | $-17.9M | -1.0% | -15.1% |
Q2 2025 2025-06-30 | $103.0M | +137.9% | $-9.1M | +65.2% | -8.8% |
Q1 2025 2025-03-31 | $99.9M | +145.5% | $-9.2M | +60.4% | -9.2% |
Q4 2024 2024-12-31 | $100.3M | — | $-119.7M | — | -119.4% |
Q3 2024 2024-09-30 | $65.2M | +4.2% | $-17.8M | -98.3% | -27.3% |
Q2 2024 2024-06-30 | $43.3M | +4.0% | $-26.1M | -54.1% | -60.4% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Semiconductors & Related Devices · SIC 3674
Your notes
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Insider activity
Insider buying
$1.3M
Insider selling
$64.1M
Net activity
−$62.8M
Distinct insiders
11
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns AAOI
Institutional value
$2.24B
Total shares held
26.7M
Distinct holders
216
+0 vs prior
As of
2026-03-31
Prior: 2025-12-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 7.2M | $608.4M | +1.9M (+35.5%) | Added |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 3.1M | $259.0M | — | New |
| 3 | JANE STREET GROUP, LLC | 2.3M | $192.8M | +596.4K (+35.4%) | Added |
| 4 | Invesco Ltd. | 2.0M | $170.4M | -1.5M (-42.6%) | Trimmed |
| 5 | VANGUARD PORTFOLIO MANAGEMENT LLC | 1.8M | $152.4M | — | New |
| 6 | JPMORGAN CHASE & CO | 1.1M | $94.7M | +1.1M (+1903.3%) | Added |
| 7 | UBS Group AG | 970.7K | $82.1M | +19.7K (+2.1%) | Added |
| 8 | VANGUARD FIDUCIARY TRUST CO | 447.7K | $37.9M | — | New |
| 9 | EMERALD ADVISERS, LLC | 433.9K | $36.7M | -236.7K (-35.3%) | Trimmed |
| 10 | Nuveen, LLC | 382.4K | $32.3M | +157.1K (+69.7%) | Added |
| 11 | Artemis Investment Management LLP | 340.1K | $28.8M | -432.2K (-56.0%) | Trimmed |
| 12 | DIMENSIONAL FUND ADVISORS LP | 309.9K | $26.2M | -108.3K (-25.9%) | Trimmed |
| 13 | Marex Group plc | 289.2K | $24.5M | — | New |
| 14 | KENNEDY CAPITAL MANAGEMENT LLC | 279.1K | $23.6M | -168.0K (-37.6%) | Trimmed |
| 15 | Steward Partners Investment Advisory, LLC | 272.0K | $23.0M | -94.4K (-25.8%) | Trimmed |
| 16 | EMERALD MUTUAL FUND ADVISERS TRUST | 271.8K | $23.0M | -127.3K (-31.9%) | Trimmed |
| 17 | Voya Investment Management LLC | 240.7K | $20.4M | +230.2K (+2185.3%) | Added |
| 18 | ROYCE & ASSOCIATES LP | 221.1K | $18.7M | -552.9K (-71.4%) | Trimmed |
| 19 | FIRST TRUST ADVISORS LP | 216.3K | $18.3M | -25.7K (-10.6%) | Trimmed |
| 20 | CloudAlpha Capital Management Limited/Hong Kong | 177.4K | $15.0M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Revenue grew 51% YoY to $151M but operating loss widened to $13M and gross margin slipped to 29%—when does datacenter scale deliver operating leverage?
- 2
You raised $382M in equity, diluting shareholders ~5%, on top of $206M existing cash—what specific capacity commitments or M&A justify $440M cash today?
- 3
CapEx doubled to $58M and inventory rose to $206M against $54M AR build—are these tied to firm Microsoft/hyperscaler 800G POs or speculative?
Refreshed when AAOI files a new report · last from 2026-02-26
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