Applied Opt
- Industrie
- AI Optical Communications
- Bourse
- États-Unis
- Pays / Région
- USA
- Date d'introduction en bourse
- 26 septembre 2013
- Effectif
- 4 691
- Site web
- www.ao-inc.com
Fourchette de valorisation composite · prudent $90–$95 / raisonnable $123–$167 / optimiste $215–$230. À $97.82, Entre la fourchette prudente et la fourchette raisonnable.
À la publication $158.41 (31 mai 2026)
Données EODHD, présentées dans la devise de reporting ; à titre indicatif uniquement, ne constitue pas un conseil en investissement.
Applied Optoelectronics, Inc. engages in the design, manufacture, and sale of fiber-optic networking products in the United States, Taiwan, and China. The company offers optical modules, optical filters, lasers, laser components, subassemblies, transmitters and transceivers, turn-key equipment, headend, node, and distribution equipment, as well as amplifiers. It sells its products to internet data center operators, cable television, telecom equipment manufacturers, fiber-to-the-home, and internet service providers through its direct and indirect sales channels. Applied Optoelectronics, Inc. was incorporated in 1997 and is headquartered in Sugar Land, Texas.
Historique
Applied Optoelectronics, Inc. was founded in February 1997 by Chih-Hsiang (Thompson) Lin, who has served as president and CEO since inception and additionally as chairman since January 2014, and is headquartered in Sugar Land, Texas. From the start it built a vertically integrated model, making laser chips and optical components in the United States, optical subassemblies in Taiwan, and system equipment in China, originally serving CATV network upgrades, FTTH deployment, and the shift from copper to optical interconnect. When it filed its S-1 and completed its IPO on September 26, 2013, CATV still dominated its revenue (78.6% in 2012, with internet data centers only 8.3%), but the mix was already shifting (CATV 55.4% and data centers 30.3% in the first half of 2013). In 2017 data-center demand drove revenue to 382.3 million dollars, up 47% year over year, with GAAP net income of 74 million dollars, before a Q3 2017 warning that a large data-center customer's purchasing came in below expectations. Losses and negative net margins followed from roughly 2018 through 2023; the shares fell 39.6% in 2021 and 63.23% in 2022. In 2023 the company signed a new design and assembly services agreement with Microsoft, and its stock rose 922% that year. In the most recent phase, the company signed a transaction agreement with warrants with Amazon in March 2025; 2025 revenue grew 82.8% to 455.7 million dollars and Q1 2026 revenue rose 51% to 151.1 million dollars, the quarter in which it made its first volume shipment of 800G product to a large hyperscaler. It funded an aggressive capacity expansion through repeated ATM equity offerings (a third ATM in September 2025 raising about 147 million dollars net; a February 2026 ATM that had sold about 4.8 million shares for about 490 million dollars net by early April 2026; and a new 600 million dollar ATM opened in May 2026), alongside expanding its Texas plant, leasing new facilities, contracting to acquire two Pearland industrial properties, and receiving a Texas Semiconductor Innovation Fund grant of about 20.85 million dollars tied to over 279 million dollars of investment and 500 jobs.
Position dans le secteur
Applied Optoelectronics operates at the intersection of the AI data-center optical interconnect cycle and the CATV broadband upgrade cycle, trading on NASDAQ Global Market under the ticker AAOI. It is a smaller, specialized challenger rather than an industry leader: by its own reporting, data centers reached 53.9% of Q1 2026 revenue (CATV 44.2%), up from a 2025 mix of CATV 53.8%, data centers 42.9%, telecom 3.0%, and FTTH and other 0.3%. Its differentiation comes from grounded facts: vertical integration spanning laser chips, optical components, modules, and HFC equipment; deep hyperscaler engagement (a Microsoft design and assembly agreement, and an Amazon arrangement with warrants for up to 7.945 million shares tied to up to 4 billion dollars of purchases); and a multi-site manufacturing footprint across the US, Taiwan, and China that is expanding toward US production. Customer concentration is high: in 2025 Digicomm was 53.1% of revenue and Microsoft 28.8%, the top ten customers were 96.6%, and in Q1 2026 the top ten reached 98%, with 222.7 million dollars of the 299 million dollar receivables balance owed by Digicomm. By manufacturing location in Q1 2026, revenue was 80.94 million dollars from Taiwan and 69.33 million dollars from China versus 877 thousand dollars from the US, indicating that US localization is still in progress. Listed comparables include Coherent (fiscal 2026 third-quarter revenue of 1.81 billion dollars, GAAP gross margin 37.7%), Lumentum (fiscal 2026 third-quarter revenue of 808.4 million dollars, GAAP gross margin 44.2%), and Fabrinet (fiscal 2026 third-quarter revenue of 1.2143 billion dollars, GAAP net income of 125.2 million dollars), all materially larger than Applied Optoelectronics.
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