For the year ending 2025-12-31, AAOI had $136,902K increase in cash & cash equivalents over the period. -$353,576K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net loss | -38,228 | -186,733 | -56,048 | -66,397 |
| Allowance for credit losses | 4 | -2 | -24 | -3 |
| Allowance for obsolete inventory | - | 3,434 | 8,728 | 4,900 |
| Inventory reserve adjustment | 7,799 | - | - | - |
| Depreciation and amortization | 27,696 | 20,649 | 20,427 | 23,202 |
| Amortization of debt issuance costs | - | 1,430 | 2,308 | 902 |
| Deferred income taxes, net | - | - | - | 0 |
| Amortization of debt issuance cost and premium | -1,022 | - | - | - |
| Gain on disposal of assets | -38 | -132 | -51 | 47 |
| Share-based compensation | 11,710 | 14,790 | 11,884 | 9,600 |
| Interest for extinguishment of debt | - | - | 0 | 0 |
| Deferred income tax | -7,575 | - | - | - |
| Loss on debt extinguishment | 0 | -111,962 | 0 | 0 |
| Warrants contra revenue | 823 | - | - | - |
| Unrealized foreign exchange loss (gain) | -272 | -689 | 1,313 | -1,916 |
| Accounts receivable, trade | 127,597 | 68,727 | -13,128 | 12,749 |
| Notes receivable | - | -217 | -83 | -7,764 |
| Prepaid income tax | - | 2 | 3 | -1 |
| Inventories | 100,722 | 29,412 | -6,790 | -1,150 |
| Other current assets | 13,525 | 12,032 | -1,008 | 2,406 |
| Operating right of use asset | -40,900 | -5,027 | 530 | 888 |
| Accounts payable | 38,963 | 72,076 | -14,953 | 12,966 |
| Accrued income taxes | - | 1 | -1 | 0 |
| Accrued liabilities | 26,511 | 3,826 | 1,333 | 5,260 |
| Unearned revenue | 0 | -1,803 | -1,197 | - |
| Lease liability | 41,325 | 5,006 | -660 | -969 |
| Net cash provided by (used in) operating activities | -174,428 | -69,526 | -7,929 | -14,022 |
| Purchase of property, plant and equipment | 179,148 | 43,406 | 9,079 | 3,210 |
| Proceeds from disposal of equipment | 5 | 7 | 135 | 403 |
| Deposits and prepayment for equipment | 31,082 | 6,792 | 5,229 | 529 |
| Purchase of intangible assets | 379 | 506 | 588 | 498 |
| Net cash used in investing activities | -210,604 | -50,697 | -14,761 | -3,834 |
| Proceeds from issuance of notes payable and long-term debt, net of debt issuance costs | - | - | - | 0 |
| Principal payments of long-term debt and notes payable | - | 251 | 80,214 | 7,336 |
| Proceeds from line of credit borrowings | 61,198 | 48,676 | 57,626 | 143,261 |
| Repayments of line of credit borrowings | 55,011 | 44,778 | 91,791 | 131,030 |
| Proceeds from bank acceptance payable | 121,407 | 44,152 | 57,057 | 45,666 |
| Repayments of bank acceptance payable | 108,032 | 40,168 | 53,748 | 40,573 |
| Payment on issuance convertible notes | 81 | 4,620 | - | - |
| Process from issuance of convertible senior notes, net of debt issuance cost | 0 | 0 | 83,661 | 0 |
| Principal payments of financing lease | 0 | - | 63 | 19 |
| Exercise of stock options | 0 | -2 | 22 | 0 |
| Payments of tax withholding on behalf of employees related to share-based compensation | 10,454 | 4,333 | 956 | 453 |
| Proceeds from common stock offering, net | 518,914 | 146,293 | 68,984 | 1,238 |
| Payments of tax withholding on behalf of employees related to share-based compensation-Performance Shares | 0 | 2,790 | - | - |
| Net cash provided by financing activities | 527,941 | 142,179 | 40,578 | 10,753 |
| Effect of exchange rate changes on cash | -6,007 | 2,080 | 1,622 | 1,553 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 136,902 | 24,036 | 19,510 | -5,550 |
| Cash, cash equivalents and restricted cash at beginning of period | 79,133 | 55,097 | 35,587 | 41,136 |
| Cash, cash equivalents and restricted cash at end of period | 216,035 | 79,133 | 55,097 | 35,587 |
APPLIED OPTOELECTRONICS, INC. (AAOI)
APPLIED OPTOELECTRONICS, INC. (AAOI)