Applied Optoelectronics Reports Fourth Quarter and Full Year 2025 Results
Rhea-AI Summary
Applied Optoelectronics (NASDAQ: AAOI) reported record fourth-quarter and full-year 2025 results. Q4 GAAP revenue was $134.3 million and full-year GAAP revenue was $455.7 million. Gross margins expanded to 31.2% Q4 GAAP and 30.0% full-year GAAP. GAAP net loss narrowed to $38.2M for 2025. The company provided Q1 2026 guidance of $150M–$165M revenue and non-GAAP gross margin of 29%–31%, and will host a conference call today at 4:30 p.m. ET.
Positive
- Full-year revenue +83% YoY to $455.7M
- Q4 revenue +34% YoY to $134.3M
- GAAP gross margin expanded 520 bps YoY to 30.0% for 2025
- GAAP net loss improved by $148.5M versus 2024
Negative
- Company remained GAAP net loss of $38.2M in 2025
- Non-GAAP net loss of $15.7M for full-year 2025
- Q1 2026 guidance implies possible non-GAAP loss up to $7.0M
News Market Reaction – AAOI
On the day this news was published, AAOI gained 56.88%, reflecting a significant positive market reaction. Argus tracked a peak move of +52.3% during that session. Argus tracked a trough of -4.2% from its starting point during tracking. Our momentum scanner triggered 126 alerts that day, indicating very high trading interest and price volatility. This price movement added approximately $2.08B to the company's valuation, bringing the market cap to $5.74B at that time. Trading volume was very high at 4.4x the daily average, suggesting strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
AAOI was up 3.29% while only one momentum peer (ADTN) showed a smaller upside move (~0.81%). Other close peers had mixed performance, pointing to a primarily stock-specific setup ahead of these earnings.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Q3 2025 earnings | Positive | -1.8% | Strong Q3 2025 revenue growth and margin improvement with narrowed losses. |
| Aug 07 | Q2 2025 earnings | Positive | -3.3% | Significant Q2 2025 revenue growth and better gross margin despite ongoing losses. |
| Feb 26 | Q4 2024 earnings | Negative | -4.6% | Q4 2024 revenue growth but large GAAP loss and weaker gross margin. |
| Nov 07 | Q3 2024 earnings | Positive | +55.1% | Q3 2024 revenue growth in datacenter and CATV despite lower gross margin. |
| Aug 06 | Q2 2024 earnings | Negative | -5.8% | Q2 2024 margin below expectations and widened GAAP net loss. |
Recent earnings have consistently highlighted strong revenue growth with ongoing net losses. Price reactions have been mixed, with both large gains and declines and an average move of about 7.92% around earnings.
Over the last five earnings events (from Aug 2024 through Nov 2025), AAOI has shown steady revenue growth and improving gross margins, especially as datacenter and CATV demand ramped. However, GAAP results have remained loss-making, even as losses narrowed. Market reactions have varied: some quarters with margin pressure or larger losses saw sharp selloffs, while others with stronger growth triggered large gains. Today’s full-year 2025 release continues the narrative of rapid top-line expansion and margin improvement alongside reduced but persistent losses.
Historical Comparison
In the past five earnings releases, AAOI’s stock moved an average of 7.92%, with mixed directions. This report again pairs strong revenue growth and margin gains with reduced but ongoing losses.
Earnings from Q2 2024 through Q3 2025 show revenue rising from $43.3M to $118.6M with gross margins improving from low-20s% into the high-20s/low-30s%, indicating gradual operational leverage.
Market Pulse Summary
The stock surged +56.9% in the session following this news. A strong positive reaction aligns with AAOI’s pattern of sharp moves around earnings, where past reports averaged a 7.92% swing. This release combines record Q4 revenue of $134.3M, full-year revenue of $455.7M, and gross margin expansion to 30.0%, while net losses narrowed to $38.2M. Investors would still have monitored ongoing losses and execution on Q1 2026 guidance of $150M–$165M revenue and near-breakeven non-GAAP earnings as key risks.
Key Terms
gaap financial
non-gaap financial
AI-generated analysis. Not financial advice.
SUGAR LAND, Texas, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Applied Optoelectronics, Inc. (NASDAQ: AAOI) (“AOI”), a leading provider of advanced optical and HFC networking products that power the internet, today announced financial results for its fourth quarter and full year ended December 31, 2025.
“We are pleased to deliver record fourth quarter results that were in line with or better than our expectations, and which capped off the strongest year in our company’s history,” said Dr. Thompson Lin, AOI’s Founder, President and Chief Executive Officer. “Our results were driven by broad-based demand in both our CATV and datacenter businesses. We have considerable momentum entering 2026, and we believe we are well positioned to accelerate our growth this year.”
“We generated significant revenue growth while expanding our gross margins this year,” said Dr. Stefan Murry, AOI’s Chief Financial Officer and Chief Strategy Officer. “We made tangible progress during the quarter on expanding our manufacturing capacity, which is a critical step as we prepare for higher-volume production of our next generation datacenter products. We believe we are well positioned for sustained growth and the capital investments underway are expected to fundamentally strengthen the company as we execute on the strong demand we see.”
Fourth Quarter 2025 Financial Summary
- GAAP revenue was
$134.3 million , compared with$100.3 million in the fourth quarter of 2024 and$118.6 million in the third quarter of 2025. - GAAP gross margin was
31.2% , compared with28.7% in the fourth quarter of 2024 and28.0% in the third quarter of 2025. Non-GAAP gross margin was31.4% , compared with28.9% in the fourth quarter of 2024 and31.0% in the third quarter of 2025. - GAAP net loss was
$2.0 million , or$0.03 per basic share, compared with net loss of$119.7 million , or$2.60 per basic share in the fourth quarter of 2024, and a net loss of$17.9 million , or$0.28 per basic share in the third quarter of 2025. - Non-GAAP net loss was
$0.6 million , or$0.01 per basic share, compared with non-GAAP net loss of$1.0 million , or$0.02 per basic share in the fourth quarter of 2024, and a non-GAAP net loss of$5.4 million , or$0.09 per basic share in the third quarter of 2025.
Full Year 2025 Financial Summary
- GAAP revenue was
$455.7 million , compared with$249.4 million in 2024. - GAAP gross margin was
30.0% , compared with24.8% in 2024. Non-GAAP gross margin was30.9% compared to25.1% in 2024. - GAAP net loss was
$38.2 million , or$0.64 per basic share, compared with net loss of$186.7 million , or$4.50 per basic share in 2024. - Non-GAAP net loss was
$15.7 million , or$0.26 per basic share, compared with non-GAAP net loss of$32.7 million , or$0.79 per basic share in 2024.
A reconciliation between all GAAP and non-GAAP information referenced above is contained in the tables below. Please also refer to “Non-GAAP Financial Measures” below for a description of these non-GAAP financial measures.
First Quarter 2026 Business Outlook (+)
For first quarter of 2026, the company currently expects:
- Revenue in the range of
$150 million to$165 million . - Non-GAAP gross margin in the range of
29% to31% . - Non-GAAP net income in the range of a loss of
$7.0 million to a loss of$0.3 million , and non-GAAP income per share in the range of a loss of$0.09 t o breakeven using approximately 76.4 million shares.
(+) Please refer to the note below on forward-looking statements and the risks involved with such statements as well as the note on non-GAAP financial measures.
Conference Call Information
The company will host a conference call and webcast for analysts and investors today, February 26, 2026 to discuss its fourth quarter and full year 2025 financial results and outlook for its first quarter 2026 at 4:30 p.m. Eastern time / 3:30 p.m. Central time. This call will be open to the public, and investors may access the call by dialing 844-890-1794 (domestic) or 412-717-9586 (international). A live audio webcast of the conference call along with supplemental financial information will also be accessible on the company's website at investors.ao-inc.com. Following the webcast, an archived version will be available on the website for one year. A telephonic replay of the call will be available one hour after the call and will run for five business days and may be accessed by dialing 855-669-9658 (domestic) or 412-317-0088 (international) and entering passcode 9932656.
Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "could," "would," "target," "seek," "aim," "predicts," "think," "objectives," "optimistic," "new," "goal," “priorities,” "strategy," "potential," "is likely," "will," "expect," “momentum,” "plan" "project," "permit," “positions” or by other similar expressions that convey uncertainty of future events or outcomes. These statements include management’s beliefs and expectations related to our outlook for the first quarter of 2026. Such forward-looking statements reflect the views of management at the time such statements are made. These forward-looking statements involve risks and uncertainties, as well as assumptions and current expectations, which could cause the company's actual results to differ materially from those anticipated in such forward-looking statements. These risks and uncertainties include but are not limited to: reduction in the size or quantity of customer orders; change in demand for the company's products due to industry conditions; changes in manufacturing operations; volatility in manufacturing costs; delays in shipments of products; disruptions in the supply chain; change in the rate of design wins or the rate of customer acceptance of new products; the company's reliance on a small number of customers for a substantial portion of its revenues; potential pricing pressure; a decline in demand for our customers' products or their rate of deployment of their products; general conditions in the internet datacenter, cable television (CATV) broadband, telecom, or fiber-to-the-home (FTTH) markets; changes in the world economy (particularly in the United States and China); changes in the regulation and taxation of international trade, including the imposition of tariffs; changes in currency exchange rates; the negative effects of seasonality; and other risks and uncertainties described more fully in the company's documents filed with or furnished to the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025. More information about these and other risks that may impact the company's business are set forth in the "Risk Factors" section of the company's quarterly and annual reports on file with the Securities and Exchange Commission. You should not rely on forward-looking statements as predictions of future events. All forward-looking statements in this press release are based upon information available to us as of the date hereof, and qualified in their entirety by this cautionary statement. Except as required by law, we assume no obligation to update forward-looking statements for any reason after the date of this press release to conform these statements to actual results or to changes in the company's expectations.
Non-GAAP Financial Measures
We provide non-GAAP gross margin, non-GAAP net income (loss), non-GAAP earnings (loss) per share, and non-GAAP Adjusted EBITDA to eliminate the impact of items that we do not consider indicative of our overall operating performance. To arrive at our non-GAAP gross margin, we exclude stock-based compensation and related expenses, expenses associated with discontinued products, and non-recurring (income) expenses, if any, from our GAAP gross margin. To arrive at our non-GAAP net income (loss), we exclude all amortization of intangible assets, stock-based compensation expense, non-recurring expenses, unrealized foreign exchange loss (gain), losses from the disposal of idle assets, if any, and non-GAAP tax benefit (expenses) from our GAAP net income (loss). Included in our non-recurring expenses in Q4 2025 and Q4 2024 are employee severance expenses (if any), legal expenses associated with litigation and certain legal and advisory expenses associated with purchase termination or patent protection (if any). Also included in our non-recurring expenses in Q4 2024, but not in Q4 2025, is management's estimate on the loss of aged account receivables and certain non-recurring expenses related to extreme weather events. In computing our non-GAAP income tax benefit (expense), we have applied an estimate of our annual effective income tax rate and applied it to our net income before income taxes. Our non-GAAP Adjusted EBITDA is calculated by excluding depreciation expense, non-GAAP tax benefit (expense), and interest (income) expense, as well as the items excluded from non-GAAP net income (loss), from our GAAP net loss. Our non-GAAP diluted net earnings (loss0 per share is calculated by dividing our non-GAAP net loss by the fully diluted share count (for periods in which non-GAAP net income is positive) or basic share count (for periods in which our non-GAAP net income is negative).
We believe that our non-GAAP measures are useful to investors in evaluating our operating performance for the following reasons:
- We believe that elimination of items such as amortization of intangible assets, stock-based compensation expense, non-recurring revenue and expenses, losses from the disposal of idle assets, unrealized foreign exchange gain or loss, and depreciation on certain equipment undergoing reconfiguration is appropriate because treatment of these items may vary for reasons unrelated to our overall operating performance;
- We believe that elimination of expenses associated with discontinued products, including depreciation and inventory obsolescence is appropriate because these expenses are not indicative of our ongoing operations;
- We believe that estimating non-GAAP income taxes allows comparison with prior periods and provides additional information regarding the generation of potential future deferred tax assets;
- We believe that non-GAAP measures provide better comparability with our past financial performance, period-to-period results and with our peer companies, many of which also use similar non-GAAP financial measures; and
- We anticipate that investors and securities analysts will utilize non-GAAP measures as a supplement to GAAP measures to evaluate our overall operating performance.
A reconciliation of our GAAP net income (loss), GAAP total gross profit, GAAP earnings (loss), and GAAP earnings (loss) per share for Q4 2025 and FY 2025 to our non-GAAP net income (loss), non-GAAP total gross profit, Adjusted EBITDA, and earnings (loss) per share, respectively, is provided below, together with corresponding reconciliations for Q4 2024 and FY 2024.
Non-GAAP measures should not be considered as an alternative to gross profit, net income (loss), earnings (loss) per share, or any other measure of financial performance calculated and presented in accordance with GAAP. Our non-GAAP measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such other non-GAAP measures in the same manner. We have not reconciled the non-GAAP measures included in our guidance to the appropriate GAAP financial measures because the GAAP measures are not readily determinable on a forward-looking basis. GAAP measures that impact our non-GAAP financial measures may include stock-based compensation expense, non-recurring expenses, amortization of intangible assets, unrealized exchange loss (gain), asset impairment charges, loss (gain) from disposal of idle assets, and changes in the fair value of our convertible notes. These GAAP measures cannot be reasonably predicted and may directly impact our non-GAAP gross margin, our non-GAAP net income and our non-GAAP fully-diluted earnings per share, although changes with respect to certain of these measures may offset other changes. In addition, certain of these measures are out of our control. Accordingly, a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measures is not available without unreasonable effort.
About Applied Optoelectronics
Applied Optoelectronics, Inc. (AOI) is a leading developer and manufacturer of advanced optical and Hybrid Fiber-Coax (HFC) networking products that are the building blocks for AI datacenters, CATV and broadband fiber access networks around the world. AOI supplies this critical infrastructure to tier-one customers across cloud computing, CATV broadband, telecom, and FTTH markets. The company has R&D facilities in Atlanta, GA, and engineering and manufacturing facilities at its corporate headquarters in Sugar Land, TX, as well as in Taipei, Taiwan and Ningbo, China. For additional information, visit www.ao-inc.com.
Investor Relations Contacts:
The Blueshirt Group, Investor Relations
Lindsay Savarese
+1-212-331-8417
ir@ao-inc.com
| Applied Optoelectronics, Inc. | ||||||
| Preliminary Condensed Consolidated Balance Sheets | ||||||
| (In thousands) | ||||||
| (Unaudited) | ||||||
| December 31, 2025 | December 31, 2024 | |||||
| ASSETS | ||||||
| CURRENT ASSETS | ||||||
| Cash, Cash Equivalents and Restricted Cash | $ | 216,035 | $ | 79,133 | ||
| Accounts Receivable, Net | 244,404 | 116,801 | ||||
| Inventories | 183,105 | 88,135 | ||||
| Prepaid Expenses and Other Current Assets | 32,183 | 17,199 | ||||
| Total Current Assets | 675,727 | 301,268 | ||||
| Property, Plant And Equipment, Net | 376,050 | 219,235 | ||||
| Land Use Rights, Net | 4,825 | 4,837 | ||||
| Operating Right of Use Asset | 49,697 | 9,646 | ||||
| Intangible Assets, Net | 3,623 | 3,680 | ||||
| Other Assets | 58,501 | 8,366 | ||||
| TOTAL ASSETS | $ | 1,168,423 | $ | 547,032 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| CURRENT LIABILITIES | ||||||
| Accounts Payable | $ | 143,932 | $ | 104,969 | ||
| Bank Acceptance Payable | 33,363 | 19,259 | ||||
| Accrued Expenses | 42,491 | 22,091 | ||||
| Current Lease Liability-Operating | 3,522 | 1,380 | ||||
| Current Portion of Notes Payable and Long Term Debt | 33,975 | 22,370 | ||||
| Total Current Liabilities | 257,283 | 170,069 | ||||
| Convertible Senior Notes | 129,829 | 134,497 | ||||
| Other Long-Term Liabilities | 47,393 | 13,354 | ||||
| TOTAL LIABILITIES | 434,505 | 317,920 | ||||
| STOCKHOLDERS' EQUITY | ||||||
| Common Stock | 75 | 49 | ||||
| Additional Paid-in Capital | 1,224,538 | 683,462 | ||||
| Cumulative Translation Adjustment | (616 | ) | (2,548 | ) | ||
| Retained Earnings | (490,079 | ) | (451,851 | ) | ||
| TOTAL STOCKHOLDERS' EQUITY | 733,918 | 229,112 | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,168,423 | $ | 547,032 | ||
| Applied Optoelectronics, Inc. | |||||||||||||
| Preliminary Condensed Consolidated Statements of Operations | |||||||||||||
| (In thousands) | |||||||||||||
| (Unaudited) | |||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||
| Revenue | 2025 | 2024 | 2025 | 2024 | |||||||||
| CATV | $ | 54,002 | $ | 52,212 | $ | 245,124 | $ | 87,713 | |||||
| Datacenter | 74,876 | 44,242 | 195,651 | 148,525 | |||||||||
| Telecom | 5,111 | 3,535 | 13,729 | 10,980 | |||||||||
| Other | 285 | 282 | 1,211 | 2,147 | |||||||||
| Total Revenue | 134,274 | 100,271 | 455,715 | 249,365 | |||||||||
| Total Cost of Goods Sold | 92,329 | 71,542 | 318,802 | 187,565 | |||||||||
| Total Gross Profit | 41,945 | 28,729 | 136,913 | 61,800 | |||||||||
| Operating Expenses: | |||||||||||||
| Research and Development | 25,820 | 16,737 | 85,507 | 54,955 | |||||||||
| Sales and Marketing | 6,904 | 3,652 | 30,267 | 18,154 | |||||||||
| General and Administrative | 20,722 | 14,813 | 75,741 | 59,599 | |||||||||
| Total Operating Expenses | 53,446 | 35,202 | 191,515 | 132,708 | |||||||||
| Operating Loss | (11,501 | ) | (6,473 | ) | (54,602 | ) | (70,908 | ) | |||||
| Other Income (Expense): | |||||||||||||
| Interest Income | 830 | 365 | 1,792 | 874 | |||||||||
| Interest Expense | (843 | ) | (1,754 | ) | (3,497 | ) | (6,826 | ) | |||||
| Other Income (Expense), net | 1,016 | (111,828 | ) | 9,603 | (109,871 | ) | |||||||
| Total Other Income (Expense): | 1,003 | (113,217 | ) | 7,898 | (115,823 | ) | |||||||
| Net loss before Income Taxes | (10,498 | ) | (119,690 | ) | (46,704 | ) | (186,731 | ) | |||||
| Income Tax Expense | 8,476 | (2 | ) | 8,476 | (2 | ) | |||||||
| Net loss | $ | (2,022 | ) | $ | (119,692 | ) | $ | (38,228 | ) | $ | (186,733 | ) | |
| Net loss per share attributable to common stockholders | |||||||||||||
| basic | $ | (0.03 | ) | $ | (2.60 | ) | $ | (0.64 | ) | $ | (4.50 | ) | |
| diluted | $ | (0.03 | ) | $ | (2.60 | ) | $ | (0.64 | ) | $ | (4.50 | ) | |
| Weighted-average shares used to compute net loss per share attributable to common stockholders | |||||||||||||
| basic | 70,336 | 46,057 | 60,184 | 41,539 | |||||||||
| diluted | 70,336 | 46,057 | 60,184 | 41,539 | |||||||||
| Applied Optoelectronics, Inc. | |||||||||||||
| Reconciliation of Statements of Operations under GAAP and Non-GAAP | |||||||||||||
| (In thousands) | |||||||||||||
| (Unaudited) | |||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| GAAP total gross profit (a) | $ | 41,945 | $ | 28,729 | $ | 136,913 | $ | 61,800 | |||||
| Share-based compensation expense | 97 | 118 | 361 | 474 | |||||||||
| Non-recurring expense | 25 | 15 | 74 | 81 | |||||||||
| Expenses associated with discontinued products | 129 | 99 | 3,501 | 300 | |||||||||
| Non-GAAP total gross profit (a) | $ | 42,196 | $ | 28,961 | $ | 140,849 | $ | 62,655 | |||||
| GAAP net loss | $ | (2,022 | ) | $ | (119,692 | ) | $ | (38,228 | ) | $ | (186,733 | ) | |
| Share-based compensation expense | 2,868 | 2,949 | 11,710 | 14,790 | |||||||||
| Expenses associated with discontinued products | 129 | 98 | 3,501 | 300 | |||||||||
| Non-cash expenses associated with discontinued products | 1,043 | 1,039 | 4,268 | 4,201 | |||||||||
| Amortization of intangible assets | 117 | 106 | 447 | 438 | |||||||||
| Non-recurring (income) expense | 282 | 111,725 | 1,622 | 114,232 | |||||||||
| Unrealized exchange loss (gain) | (282 | ) | 576 | 208 | 591 | ||||||||
| Tax (benefit) expense related to the above | (2,770 | ) | 2,152 | 749 | 19,464 | ||||||||
| Non-GAAP net loss | $ | (635 | ) | $ | (1,047 | ) | $ | (15,723 | ) | $ | (32,717 | ) | |
| GAAP net loss | $ | (2,022 | ) | $ | (119,692 | ) | $ | (38,228 | ) | $ | (186,733 | ) | |
| Share-based compensation expense | 2,868 | 2,949 | 11,710 | 14,790 | |||||||||
| Expenses associated with discontinued products | 129 | 98 | 3,501 | 300 | |||||||||
| Non-cash expenses associated with discontinued products | 1,043 | 1,039 | 4,268 | 4,201 | |||||||||
| Amortization of intangible assets | 117 | 106 | 447 | 438 | |||||||||
| Non-recurring expense (income) | 282 | 111,725 | 1,622 | 114,232 | |||||||||
| Unrealized exchange loss (gain) | (282 | ) | 576 | 208 | 591 | ||||||||
| Depreciation expense | 7,045 | 4,213 | 22,982 | 16,012 | |||||||||
| Interest (income) expense, net | 13 | 1,390 | 1,705 | 5,953 | |||||||||
| Income tax expenses (credit) | (8,477 | ) | - | (8,477 | ) | - | |||||||
| Adjusted EBITDA | $ | 716 | $ | 2,404 | $ | (262 | ) | $ | (30,216 | ) | |||
| GAAP diluted net loss per share | $ | (0.03 | ) | $ | (2.60 | ) | $ | (0.64 | ) | $ | (4.50 | ) | |
| Share-based compensation expense | 0.04 | 0.06 | 0.20 | 0.36 | |||||||||
| Expenses associated with discontinued products | - | - | 0.06 | 0.01 | |||||||||
| Non-cash expenses associated with discontinued products | 0.01 | 0.02 | 0.07 | 0.10 | |||||||||
| Amortization of intangible assets | - | 0.00 | 0.01 | 0.01 | |||||||||
| Non-recurring (income) expense | 0.01 | 2.43 | 0.03 | 2.75 | |||||||||
| Unrealized exchange loss (gain) | - | 0.01 | - | 0.01 | |||||||||
| Non-GAAP tax benefit | (0.04 | ) | 0.06 | 0.01 | 0.47 | ||||||||
| Non-GAAP diluted net loss per share | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.26 | ) | $ | (0.79 | ) | |
| Shares used to compute diluted loss per share | 70,336 | 46,057 | 60,184 | 41,539 | |||||||||
| Shares used to compute diluted earnings per share | 70,336 | 46,057 | 60,184 | 41,539 | |||||||||
(a) Provided for the purpose of calculating gross profit as a percentage of revenue (gross margin).
FAQ
What were Applied Optoelectronics (AAOI) fourth-quarter 2025 revenue and margins?
How did AAOI perform for full-year 2025 versus 2024 in revenue and net loss?
What is Applied Optoelectronics' (AAOI) guidance for Q1 2026 revenue and margins?
Did AAOI report profitability on a non-GAAP basis in 2025?
What drove AAOI's revenue and margin improvements in 2025?
