Here are the 10-K annual reports from Applied Optoelectronics, Inc. (AAOI) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow AAOI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full AAOI filings page.
Applied Optoelectronics reports strong top-line growth in 2025 but remains unprofitable. Revenue rose to $455.7 million from $249.4 million in 2024, while gross margin improved to 30.0% from 24.8%. Net loss narrowed sharply to $38.2 million from $186.7 million, though accumulated deficit reached $493.1 million.
The business is highly concentrated: in 2025 the CATV market provided 53.8% of revenue and internet data centers 42.9%. Digicomm contributed 53.1% of total revenue and Microsoft 28.8%, underscoring dependency on a few large customers.
The company emphasizes vertically integrated manufacturing across Texas, Taiwan and China, proprietary laser and optical-integration technology, and growing demand from hyperscale data centers and AI-related workloads. As of December 31, 2025, it employed 4,691 people and held 199 issued U.S. patents, with significant ongoing R&D investment to sustain new product development.