APPLIED OPTOELECTRONICS, INC.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
AAOI$48.32-7.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities: | |||
| Net loss | $(38,228) | $(186,733) | $(56,048) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
| Allowance for credit losses | 4 | (2) | (24) |
| Inventory reserve adjustment | 7,799 | 3,434 | 8,728 |
| Depreciation and amortization | 27,696 | 20,649 | 20,427 |
| Amortization of debt issuance cost and premium | (1,022) | 1,430 | 2,308 |
| Gain on disposal of assets | 38 | 132 | 51 |
| Share-based compensation | 11,710 | 14,790 | 11,884 |
| Deferred income tax | (7,575) | — | — |
| Loss on debt extinguishment | — | 111,962 | — |
| Warrants contra revenue | 823 | — | — |
| Unrealized foreign exchange loss (gain) | 272 | 689 | (1,313) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, trade | (127,597) | (68,512) | 13,208 |
| Inventories | (100,722) | (29,412) | 6,790 |
| Other current assets | (13,525) | (12,032) | 1,008 |
| Operating right of use asset | (40,900) | (5,027) | 530 |
| Accounts payable | 38,963 | 72,076 | (14,953) |
| Accrued liabilities | 26,511 | 3,827 | 1,332 |
| Unearned Revenue | — | (1,803) | (1,197) |
| Lease liability | 41,325 | 5,006 | (660) |
| Net cash provided by (used in) operating activities | (174,428) | (69,526) | (7,929) |
| Investing activities: | |||
| Purchase of property, plant and equipment | (179,148) | (43,406) | (9,079) |
| Proceeds from disposal of equipment | 5 | 7 | 135 |
| Deposits and prepayment for equipment | (31,082) | (6,792) | (5,229) |
| Purchase of intangible assets | (379) | (506) | (588) |
| Net cash used in investing activities | (210,604) | (50,697) | (14,761) |
| Financing activities: | |||
| Proceeds from line of credit borrowings | 61,198 | 48,676 | 57,626 |
| Repayments of line of credit borrowings | (55,011) | (45,029) | (172,005) |
| Proceeds from bank acceptance payable | 121,407 | 44,152 | 57,057 |
| Repayments of bank acceptance payable | (108,032) | (40,168) | (53,748) |
| Payment on issuance convertible Notes | (81) | (4,620) | — |
| Process from issuance of convertible senior notes, net of debt issuance cost | — | — | 83,661 |
| Principal payments of financing lease | — | — | (63) |
| Exercise of stock options | — | (2) | 22 |
| Payments of tax withholding on behalf of employees related to share-based compensation | (10,454) | (4,333) | (956) |
| Proceeds from common stock offering, net | 518,914 | 146,293 | 68,984 |
| Cash settlement of share-based compensation | — | (2,790) | — |
| Net cash provided by financing activities | 527,941 | 142,179 | 40,578 |
| Effect of exchange rate changes on cash | (6,007) | 2,080 | 1,622 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 136,902 | 24,036 | 19,510 |
| Cash, cash equivalents and restricted cash at beginning of period | 79,133 | 55,097 | 35,587 |
| Cash, cash equivalents and restricted cash at end of period | $216,035 | $79,133 | $55,097 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for: | |||
| Interest | $2,483 | $4,940 | $8,098 |
| Income taxes paid, net of refunds | |||
| U.S. Federal | — | — | — |
| U.S. State and Local | 2 | 2 | 1 |
| Foreign | — | — | 8 |
| Non-cash investing and financing activities: | |||
| Net change in accounts payable related to property and equipment additions | $4,695 | $1,061 | $1,053 |
| Net change in deposits and prepaid for equipment related to property and equipment additions | $(15,687) | $79 | $(1,297) |
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