APPLIED OPTOELECTRONICS INC

For the period ended Dec 31, 2024. Filed Feb 28, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 28, 2025

AAOI$48.32-7.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year ended December 31,
	2024	2023	2022
Operating activities:
Net loss	$(186,733)	$(56,048)	$(66,397)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance of bad debt	(2)	(24)	(3)
Allowance for obsolete inventory	3,434	8,728	4,900
Depreciation and amortization	20,649	20,427	23,202
Amortization of debt issuance costs	1,430	2,308	902
Loss (gain) on disposal of assets	132	51	(47)
Share-based compensation	14,790	11,884	9,600
Loss on debt extinguishment	111,962	—	—
Unrealized foreign exchange loss (gain)	689	(1,313)	1,916
Changes in operating assets and liabilities:
Accounts receivable, trade	(68,727)	13,128	(12,749)
Notes receivable	217	83	7,764
Prepaid income tax	(2)	(3)	1
Inventories	(29,412)	6,790	1,150
Other current assets	(12,032)	1,008	(2,406)
Operating right of use asset	(5,027)	530	888
Accounts payable	72,076	(14,953)	12,966
Accrued income taxes	1	(1)	—
Accrued liabilities	3,826	1,333	5,260
Unearned Revenue	(1,803)	(1,197)	—
Lease liability	5,006	(660)	(969)
Net cash used in operating activities	(69,526)	(7,929)	(14,022)
Investing activities:
Purchase of property, plant and equipment	(43,406)	(9,079)	(3,210)
Proceeds from disposal of equipment	7	135	403
Deposits and prepayment on equipment	(6,792)	(5,229)	(529)
Purchase of intangible assets	(506)	(588)	(498)
Net cash used in investing activities	(50,697)	(14,761)	(3,834)
Financing activities:
Principal payments of long-term debt and notes payable	(251)	(80,214)	(7,336)
Proceeds from line of credit borrowing	48,676	57,626	143,261
Repayments of line of credit borrowings	(44,778)	(91,791)	(131,030)
Proceeds from bank acceptance payable	44,152	57,057	45,666
Repayments of bank acceptance payable	(40,168)	(53,748)	(40,573)
Payment on issuance convertible Notes	(4,620)	—	—
Process from issuance of convertible senior notes, net of debt issuance cost	—	83,661	—
Principal payments of financing lease		(63)	(19)
Exercise of stock options	(2)	22	—
Payments of tax withholding on behalf of employees related to share-based compensation	(4,333)	(956)	(454)
Proceeds from common stock offering, net	146,293	68,984	1,238
Cash settlement of PSU	(2,790)	—	—
Net cash provided by financing activities	142,179	40,578	10,753
Effect of exchange rate changes on cash	2,080	1,622	1,553
Net increase (decrease ) in cash, cash equivalents and restricted cash	24,036	19,510	(5,550)
Cash, cash equivalents and restricted cash at beginning of period	55,097	35,587	41,136
Cash, cash equivalents and restricted cash at end of period	$79,133	$55,097	$35,587
Supplemental disclosure of cash flow information:
Cash paid for:
Interest	$4,940	$8,098	$5,142
Income taxes	—	9	—
Non-cash investing and financing activities:
Net change in accounts payable related to property and equipment additions	$1,061	$1,053	$(164)
Net change in deposits and prepaid for equipment related to property and equipment additions	79	(1,297)	67

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