Applied Opt (AAOI) financial statements
Applied Opt reported revenue of $456M in fiscal 2025, up 6.4% a year over 9 years.
Net income was -$38M and the operating margin -12.0%, against 8.8% in 2016.
Free cash flow was -$354M.
The diluted share count rose 240% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Applied Opt's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $261M | $382M | $267M | $191M | $235M | $212M | $223M | $218M | $249M | $456M |
| Cost of revenue | $174M | $216M | $180M | $145M | $184M | $174M | $189M | $159M | $188M | $319M |
| Gross profit | $87M | $166M | $88M | $46M | $51M | $38M | $34M | $59M | $62M | $137M |
| Research and development | $32M | $35M | $50M | $43M | $43M | $41M | $36M | $36M | $55M | $86M |
| Selling, general and admin | $32M | $44M | $49M | $52M | $56M | $53M | $56M | $64M | $78M | $106M |
| Operating income | $23M | $87M | -$11M | -$49M | -$49M | -$57M | -$59M | -$41M | -$71M | -$55M |
| Interest expense | $2M | $858,000 | $1M | $5M | $6M | $6M | $6M | $9M | $7M | $3M |
| Pre-tax income | $21M | $85M | -$10M | -$51M | -$51M | -$54M | -$66M | -$56M | -$187M | -$47M |
| Income tax | -$10M | $11M | -$8M | $15M | $7M | $2,000 | $1,000 | $9,000 | $2,000 | -$8M |
| Net income | $31M | $74M | -$2M | -$66M | -$58M | -$54M | -$66M | -$56M | -$187M | -$38M |
| EPS (diluted) | $1.76 | $3.67 | -$0.11 | -$3.31 | -$2.67 | -$2.01 | -$2.38 | -$1.75 | -$4.50 | -$0.64 |
| Diluted shares | 18M | 20M | 20M | 20M | 22M | 27M | 28M | 32M | 42M | 60M |
| Gross margin | 33.4% | 43.5% | 32.8% | 24.2% | 21.5% | 17.8% | 15.1% | 27.1% | 24.8% | 30.0% |
| Operating margin | 8.8% | 22.7% | -4.0% | -25.5% | -20.8% | -26.8% | -26.5% | -19.0% | -28.4% | -12.0% |
| Net margin | 12.0% | 19.3% | -0.8% | -34.6% | -24.9% | -25.6% | -29.8% | -25.8% | -74.9% | -8.4% |
Balance sheet
Fiscal years, from Applied Opt's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $50M | $83M | $56M | $60M | $43M | $35M | $25M | $45M | $67M | $206M |
| Receivables | $50M | $60M | $31M | $35M | $43M | $48M | $61M | $48M | $117M | $244M |
| Inventory | $52M | $76M | $93M | $85M | $110M | $93M | $80M | $64M | $88M | $183M |
| Total current assets | $158M | $230M | $194M | $193M | $209M | $194M | $183M | $173M | $301M | $676M |
| Property, plant and equipment | $144M | $198M | $234M | $248M | $253M | $243M | $210M | $200M | $219M | $376M |
| Total assets | $322M | $453M | $467M | $467M | $481M | $454M | $408M | $389M | $547M | $1.2B |
| Total current liabilities | $60M | $71M | $77M | $91M | $103M | $109M | $139M | $93M | $170M | $257M |
| Long-term debt | $35M | $49M | $60M | $17M | $14M | $5M | $0 | $0 | $4M | $0 |
| Total liabilities | $95M | $120M | $138M | $193M | $203M | $200M | $224M | $174M | $318M | $435M |
| Shareholders' equity | $227M | $333M | $329M | $274M | $278M | $255M | $185M | $215M | $229M | $734M |
| Net debt | -$7M | -$33M | $28M | -$10M | $9M | $20M | $32M | -$22M | -$41M | -$172M |
Cash flow
Fiscal years, from Applied Opt's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $57M | $84M | $14M | -$2M | -$44M | -$12M | -$14M | -$8M | -$70M | -$174M |
| Capital spending | $49M | $67M | $72M | $29M | $16M | $8M | $3M | $9M | $43M | $179M |
| Free cash flow | $8M | $17M | -$58M | -$31M | -$60M | -$20M | -$17M | -$17M | -$113M | -$354M |
| Stock-based compensation | $4M | $8M | $11M | $12M | $13M | $12M | $10M | $12M | $15M | $12M |
| Net borrowing | $23M | -$43M | -$3M | — | — | — | — | — | — | — |
| Free cash flow margin | 2.9% | 4.5% | -21.6% | -16.0% | -25.5% | -9.3% | -7.7% | -7.8% | -45.3% | -77.6% |
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Open AAOI in InvestinglyQuestions
What was Applied Opt's revenue in 2025?
$456M in fiscal 2025, from its 10-K filing.
How much free cash flow does Applied Opt generate?
-$354M in fiscal 2025 (operating cash flow minus capital spending).
From Applied Opt's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.