Applied Optoelectronics
ConvictionWeak
Designs and manufactures optical modules, lasers, and transceivers in-house (vertical integration down to laser chips); sells to hyperscale data-center operators, cable-TV (CATV/MSO) operators, and telecom OEMs. Revenue is unit-volume hardware, not recurring.
Revenue
$507M TTMthrough Q1 FY26); FY2025 $455.7MRev growth
+~64% TTM YoYFY2025 +82.7% YoY ($455.7M vs $249.4M); Q1 FY26 +51% YoY, +13% QoQGross margin
~29% currentQ1 FY26 GAAP 29.1% / non-GAAP 29.2%); FY2025 full year was higher at 30.0% GAAP / 30.9% non-GAAP -- structurally below optics peers COHR/LITE (~35%+Op margin
Negative -- roughly -8% to -10% TTM GAAPFY2025 GAAP net loss $38.2M / $0.64 per share); Q1 FY26 GAAP net loss $14.281M on $151.1M rev; FY26 guide targets non-GAAP operating income >$140M (a profitability inflection if deliveredCapex intensity
Elevated -- aggressive capacity expansion toward >650K/month combined 800G+1.6T unit capacity by end-2026~30% from Texas), up from ~100K/month exiting Q1 FY26Market cap
~$9.7BNasdaq: AAOI, ~$121/sh x ~80.24M sh, ~Jul 2-3 2026); market cap swung with a very wide recent trading band amid high volatilityThe read
Where our coverage leans
Coverage leans bearish
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Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence