Financial Statements — AAOI
Balance Sheet
(in billions USD)| Metric | Q1
2026 | Q3
2025 | Q2
2025 | Q1
2025 | Q3
2024 | Q2
2024 | Q1
2024 | Q3
2023 | Q2
2023 | Q1
2023 | Q3
2022 | Q2
2022 | Q1
2022 | Q3
2021 | Q2
2021 | Q1
2021 |
|---|
| Cash & Equivalents | 0.44 | 0.14 | 0.06 | 0.05 | 0.03 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.05 |
| Accounts Receivable | 0.30 | 0.22 | 0.21 | 0.17 | 0.08 | 0.06 | 0.06 | 0.06 | 0.04 | 0.06 | 0.05 | 0.05 | 0.05 | 0.04 | 0.05 | 0.05 |
| Inventory | 0.21 | 0.17 | 0.14 | 0.10 | 0.06 | 0.05 | 0.05 | 0.07 | 0.07 | 0.07 | 0.09 | 0.10 | 0.09 | 0.09 | 0.10 | 0.11 |
| Total Current Assets | 0.99 | 0.58 | 0.46 | 0.36 | 0.19 | 0.13 | 0.13 | 0.16 | 0.14 | 0.16 | 0.19 | 0.19 | 0.19 | 0.20 | 0.21 | 0.21 |
| Property, Plant & Equipment | 0.42 | 0.31 | 0.27 | 0.24 | 0.21 | 0.20 | 0.20 | 0.19 | 0.20 | 0.21 | 0.21 | 0.22 | 0.24 | 0.24 | 0.25 | 0.25 |
| Intangible Assets | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Non-current Assets | 0.50 | 0.37 | 0.30 | 0.26 | 0.22 | 0.21 | 0.21 | 0.21 | 0.21 | 0.22 | 0.23 | 0.24 | 0.25 | 0.26 | 0.26 | 0.27 |
| Total Assets | 1.57 | 0.98 | 0.80 | 0.64 | 0.41 | 0.35 | 0.35 | 0.37 | 0.36 | 0.38 | 0.41 | 0.43 | 0.45 | 0.46 | 0.47 | 0.48 |
| Accounts Payable | 0.15 | 0.15 | 0.13 | 0.12 | 0.06 | 0.03 | 0.02 | 0.03 | 0.04 | 0.04 | 0.05 | 0.05 | 0.04 | 0.03 | 0.03 | 0.03 |
| Total Current Liabilities | 0.26 | 0.25 | 0.22 | 0.19 | 0.12 | 0.08 | 0.07 | 0.19 | 0.19 | 0.21 | 0.13 | 0.13 | 0.12 | 0.09 | 0.09 | 0.10 |
| Long-term Debt | 0.00 | 0.00 | 0.00 | 0.02 | 0.03 | 0.02 | 0.02 | 0.03 | 0.04 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.06 |
| Total Non-current Liabilities* | 0.20 | 0.17 | 0.16 | 0.14 | 0.08 | 0.08 | 0.08 | 0.01 | 0.01 | 0.01 | 0.08 | 0.09 | 0.09 | 0.11 | 0.11 | 0.10 |
| Total Liabilities | 0.46 | 0.42 | 0.37 | 0.34 | 0.20 | 0.16 | 0.16 | 0.20 | 0.19 | 0.21 | 0.22 | 0.22 | 0.21 | 0.20 | 0.20 | 0.20 |
| Retained Earnings | (0.50) | (0.49) | (0.47) | (0.46) | (0.33) | (0.31) | (0.29) | (0.25) | (0.24) | (0.23) | (0.19) | (0.17) | (0.16) | (0.13) | (0.11) | (0.10) |
| Total Stockholder Equity | 1.11 | 0.56 | 0.42 | 0.31 | 0.21 | 0.19 | 0.20 | 0.18 | 0.16 | 0.17 | 0.20 | 0.22 | 0.24 | 0.26 | 0.28 | 0.28 |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 | Q1
2024 | Q4
2023 | Q3
2023 | Q2
2023 | Q1
2023 | Q4
2022 | Q3
2022 | Q2
2022 | Q1
2022 | Q4
2021 | Q3
2021 | Q2
2021 |
|---|
| Total Revenue | 151.14 | 134.27 | 118.63 | 102.95 | 99.86 | 100.27 | 65.15 | 43.27 | 40.67 | 60.45 | 62.55 | 41.62 | 53.03 | 61.58 | 56.69 | 52.30 | 52.24 | 54.41 | 53.27 | 54.19 |
| Cost of Revenue | 107.23 | 92.33 | 85.37 | 71.79 | 69.32 | 71.54 | 49.23 | 33.71 | 33.08 | 38.85 | 42.37 | 33.72 | 43.79 | 55.36 | 46.94 | 43.67 | 43.22 | 46.31 | 45.14 | 43.41 |
| Gross Profit | 43.92 | 41.94 | 33.26 | 31.16 | 30.54 | 28.73 | 15.92 | 9.56 | 7.59 | 21.61 | 20.17 | 7.90 | 9.24 | 6.23 | 9.75 | 8.63 | 9.03 | 8.09 | 8.12 | 10.78 |
| Research & Development | 25.66 | 25.82 | 21.27 | 20.61 | 17.81 | 16.74 | 13.43 | 13.08 | 11.71 | 9.34 | 9.46 | 8.64 | 8.54 | 9.22 | 9.21 | 8.33 | 9.49 | 9.23 | 10.15 | 10.91 |
| Selling, General & Admin | 24.90 | 20.72 | 20.31 | 18.39 | 16.31 | 14.81 | 14.24 | 16.82 | 13.73 | 13.36 | 14.37 | 12.95 | 12.55 | 12.75 | 11.65 | 11.04 | 11.22 | 10.17 | 10.65 | 10.68 |
| Total Operating Expenses | 56.91 | 53.45 | 51.45 | 47.14 | 39.48 | 35.20 | 32.46 | 35.81 | 29.24 | 26.14 | 26.86 | 23.86 | 23.41 | 24.59 | 23.25 | 21.53 | 23.26 | 21.72 | 23.58 | 24.43 |
| Operating Income | (12.99) | (11.50) | (18.19) | (15.98) | (8.94) | (6.47) | (16.55) | (26.24) | (21.65) | (4.53) | (6.69) | (15.96) | (14.17) | (18.36) | (13.50) | (12.90) | (14.24) | (13.63) | (15.45) | (13.65) |
| Interest Expense | -- | -- | -- | -- | -- | -- | -- | -- | -- | 3.13 | 1.99 | 2.17 | 2.14 | 1.89 | 1.62 | 1.41 | 1.40 | 1.46 | 1.36 | 1.37 |
| Pretax Income | (13.23) | (10.50) | (17.94) | (9.10) | (9.17) | (119.69) | (17.76) | (26.11) | (23.17) | (13.86) | (8.95) | (16.94) | (16.29) | (20.25) | (15.63) | (14.46) | (16.06) | (14.54) | (15.80) | (8.20) |
| Tax Provision | 1.05 | (8.48) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | -- | 0.00 | -- | -- | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Income | (14.28) | (2.02) | (17.94) | (9.10) | (9.17) | (119.69) | (17.76) | (26.11) | (23.17) | (13.86) | (8.95) | (16.94) | (16.29) | (20.25) | (15.63) | (14.46) | (16.06) | (14.54) | (15.80) | (8.20) |
| Basic EPS | (0.19) | (0.02) | (0.28) | (0.16) | (0.18) | (2.82) | (0.42) | (0.66) | (0.60) | (0.35) | (0.27) | (0.57) | (0.56) | (0.72) | (0.56) | (0.52) | (0.58) | (0.53) | (0.58) | (0.31) |
| Diluted EPS | (0.19) | (0.02) | (0.28) | (0.16) | (0.18) | (2.82) | (0.42) | (0.66) | (0.60) | (0.35) | (0.27) | (0.57) | (0.56) | (0.72) | (0.56) | (0.52) | (0.58) | (0.53) | (0.58) | (0.31) |
Cash Flow Statement
(in millions USD)| Metric | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 | Q1
2024 | Q4
2023 | Q3
2023 | Q2
2023 | Q1
2023 | Q4
2022 | Q3
2022 | Q2
2022 | Q1
2022 | Q4
2021 | Q3
2021 | Q2
2021 |
|---|
| Operating Cash Flow | (85.35) | (29.58) | (28.46) | (65.47) | (50.91) | (24.62) | (14.44) | (1.99) | (28.48) | 1.55 | (15.35) | 15.26 | (9.39) | (3.48) | (9.19) | 2.25 | (3.60) | (0.26) | 3.50 | 0.33 |
| Capital Expenditures | 58.23 | 75.04 | 50.25 | 25.48 | 28.39 | 28.38 | 6.29 | 2.98 | 5.76 | 6.16 | 1.46 | 0.89 | 0.57 | 0.76 | 0.78 | 0.65 | 1.02 | 2.43 | 1.97 | 1.37 |
| Free Cash Flow* | (143.58) | (104.61) | (78.71) | (90.95) | (79.30) | (52.99) | (20.73) | (4.97) | (34.24) | (4.61) | (16.80) | 14.37 | (9.96) | (4.24) | (9.97) | 1.61 | (4.62) | (2.69) | 1.53 | (1.04) |
| Investing Cash Flow | (68.09) | (84.93) | (50.48) | (38.89) | (36.30) | (29.27) | (9.27) | (4.08) | (8.07) | (9.60) | (3.25) | (1.13) | (0.78) | (0.62) | (1.20) | (0.96) | (1.05) | (2.64) | (3.98) | (1.51) |
| Financing Cash Flow | 389.27 | 179.69 | 152.26 | 125.98 | 70.01 | 89.71 | 49.37 | 4.51 | (1.42) | 31.30 | 21.06 | (12.87) | 1.09 | 5.17 | 3.59 | (1.73) | 3.74 | (4.89) | (0.87) | 2.37 |
* Derived from reported values
