APPLIED OPTOELECTRONICS, INC.

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

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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.

FY2025 · Filed Feb 26, 2026

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,
	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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