Applied Optoelectronics, Inc. (AAOI) Income Statement
AAOI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAAOI revenue and net income
Where AAOI's revenue goes
2025Each bar shows an amount and its share of revenue. AAOI kept −8.4% of revenue as net income.
AAOI profit margins
AAOI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +82.8% | +26.9% | +14.2% | +9.1% |
| Gross profit | +121.5% | +59.7% | +22.1% | +8.5% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AAOI quarterly EPS vs estimates
Applied Optoelectronics beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.08).
AAOI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $455.7M | $249.4M | $217.6M | $222.8M | $211.6M | $234.6M | $190.9M | $267.5M | $382.3M | $260.7M |
| Cost of revenue | $318.8M | $187.6M | $158.7M | $189.2M | $173.8M | $184.1M | $144.7M | $179.7M | $216.0M | $173.8M |
| Gross profit | $136.9M | $61.8M | $58.9M | $33.6M | $37.7M | $50.5M | $46.2M | $87.8M | $166.3M | $87.0M |
| Research & development | $85.5M | $55.0M | $36.0M | $36.2M | $41.2M | $43.4M | $43.4M | $49.9M | $35.4M | $31.8M |
| Sales, general & admin | $106.0M | $77.8M | $64.3M | $56.4M | $53.3M | $56.0M | $51.5M | $48.6M | $44.0M | $32.2M |
| Total operating expenses | $191.5M | $132.7M | $100.3M | $92.6M | $94.5M | $99.4M | $94.9M | $98.5M | $79.3M | $63.9M |
| Operating income | −$54.6M | −$70.9M | −$41.3M | −$59.0M | −$56.8M | −$48.8M | −$48.7M | −$10.8M | $87.0M | $23.0M |
| Interest income | $1.8M | $874,000 | $169,000 | $126,000 | $70,000 | $255,000 | $925,000 | $282,000 | $221,000 | $247,000 |
| Interest expense | $3.5M | $6.8M | $9.4M | $6.3M | $5.6M | $5.6M | $5.4M | $1.1M | $858,000 | $1.7M |
| Income before taxes | −$46.7M | −$186.7M | −$56.0M | −$66.4M | −$54.2M | −$51.2M | −$51.4M | −$9.8M | $84.5M | $21.0M |
| Income taxes | −$8.5M | $2,000 | $9,000 | $1,000 | $2,000 | $7.2M | $14.7M | −$7.6M | $10.6M | −$10.2M |
| Net income | −$38.2M | −$186.7M | −$56.0M | −$66.4M | −$54.2M | −$58.5M | −$66.0M | −$2.1M | $74.0M | $31.2M |
| EBITDA | −$15.5M | −$159.3M | −$26.2M | −$36.9M | −$23.2M | −$20.9M | −$22.0M | $21.0M | $105.8M | $36.9M |
| EPS (diluted) | −$0.36 | −$0.82 | −$0.47 | −$1.02 | −$0.76 | −$0.94 | −$0.86 | $1.04 | $4.61 | $1.34 |
| Gross margin | 30.0% | 24.8% | 27.1% | 15.1% | 17.8% | 21.5% | 24.2% | 32.8% | 43.5% | 33.4% |
| Operating margin | −12.0% | −28.4% | −19.0% | −26.5% | −26.8% | −20.8% | −25.5% | −4.0% | 22.7% | 8.8% |
| Net margin | −8.4% | −74.9% | −25.8% | −29.8% | −25.6% | −24.9% | −34.6% | −0.8% | 19.3% | 12.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $191.9M | $151.1M | $134.3M | $118.6M | $103.0M | $99.9M | $100.3M | $65.2M | $43.3M | $40.7M | $60.5M | $62.5M |
| Cost of revenue | $138.7M | $107.2M | $92.3M | $85.4M | $71.8M | $69.3M | $71.5M | $49.2M | $33.7M | $33.1M | $38.8M | $42.4M |
| Gross profit | $53.2M | $43.9M | $41.9M | $33.3M | $31.2M | $30.5M | $28.7M | $15.9M | $9.6M | $7.6M | $21.6M | $20.2M |
| Research & development | $34.9M | $25.7M | $25.8M | $21.3M | $20.6M | $17.8M | $16.7M | $13.4M | $13.1M | $11.7M | $9.3M | $9.5M |
| Sales, general & admin | $43.1M | $31.3M | $27.6M | $30.2M | $26.5M | $21.7M | $18.5M | $19.0M | $22.7M | $17.5M | $17.3M | $17.4M |
| Total operating expenses | $77.9M | $56.9M | $53.4M | $51.5M | $47.1M | $39.5M | $35.2M | $32.5M | $35.8M | $29.2M | $26.1M | $26.9M |
| Operating income | −$24.7M | −$13.0M | −$11.5M | −$18.2M | −$16.0M | −$8.9M | −$6.5M | −$16.5M | −$26.2M | −$21.6M | −$4.5M | −$6.7M |
| Interest income | $3.2M | $1.7M | $831,000 | $451,000 | $286,000 | $224,000 | $365,000 | $156,000 | $93,000 | $260,000 | $476,000 | $65,000 |
| Interest expense | $927,000 | $863,000 | $843,000 | $451,000 | $818,000 | $934,000 | $1.8M | $1.7M | $1.7M | $1.7M | $3.1M | $2.0M |
| Income before taxes | −$21.5M | −$13.2M | −$10.5M | −$17.9M | −$9.1M | −$9.2M | −$119.7M | −$17.8M | −$26.1M | −$23.2M | −$13.9M | −$9.0M |
| Income taxes | $1.3M | $1.0M | −$8.5M | — | — | — | $2,000 | — | — | $5.0M | $1,000 | −$5.0M |
| Net income | −$22.8M | −$14.3M | −$2.0M | −$17.9M | −$9.1M | −$9.2M | −$119.7M | −$17.8M | −$26.1M | −$23.2M | −$13.9M | −$9.0M |
| EBITDA | −$10.1M | −$3.1M | −$1.4M | −$10.4M | −$1.9M | −$2.5M | −$112.6M | −$10.8M | −$19.4M | −$16.5M | −$5.8M | −$2.0M |
| EPS (diluted) | −$0.21 | −$0.07 | −$0.04 | −$0.09 | −$0.21 | −$0.02 | −$0.02 | −$0.21 | −$0.28 | −$0.31 | $0.04 | −$0.05 |
| Gross margin | 27.7% | 29.1% | 31.2% | 28.0% | 30.3% | 30.6% | 28.7% | 24.4% | 22.1% | 18.7% | 35.7% | 32.3% |
| Operating margin | −12.9% | −8.6% | −8.6% | −15.3% | −15.5% | −8.9% | −6.5% | −25.4% | −60.7% | −53.2% | −7.5% | −10.7% |
| Net margin | −11.9% | −9.4% | −1.5% | −15.1% | −8.8% | −9.2% | −119.4% | −27.3% | −60.4% | −57.0% | −22.9% | −14.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AAOI's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AAOI financial results
In fiscal year 2025 (ended December 31, 2025), Applied Optoelectronics reported revenue of $455.7 million, up 82.8% from the year before. It had a net loss of $38.2 million, a net profit margin of −8.4%. Diluted earnings per share came to −$0.36. Over five years revenue grew at an average rate of 14.2% a year.
See the AAOI stock overview for the latest quote and news, or the AAOI chart for price history and technical indicators.
AAOI income statement FAQ
What is Applied Optoelectronics's annual revenue?
Applied Optoelectronics reported total revenue of $455.7 million for fiscal year 2025, which ended on December 31, 2025. That was up 82.8% from $249.4 million the previous year.
Is Applied Optoelectronics profitable?
No. Applied Optoelectronics reported a net loss of $38.2 million in fiscal 2025, a net profit margin of −8.4%; its operating margin was −12.0%.
What is Applied Optoelectronics's gross margin?
Applied Optoelectronics's gross margin was 30.0% in fiscal 2025: for every $100 of revenue, Applied Optoelectronics kept $30 after the direct cost of its products and services.
How much does Applied Optoelectronics spend on research and development?
Applied Optoelectronics spent $85.5 million on research and development in fiscal 2025, 18.8% of revenue.
How fast is Applied Optoelectronics growing?
Revenue grew 14.2% a year on average over the last five fiscal years, from $234.6 million to $455.7 million.
What are Applied Optoelectronics's earnings per share?
Applied Optoelectronics earned $-0.36 per diluted share in fiscal 2025, compared with $-0.82 a year earlier.
When will Applied Optoelectronics report its next earnings?
Applied Optoelectronics is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Applied Optoelectronics's fiscal year end?
Applied Optoelectronics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.