Applied Optoelectronics cash flow, quarter by quarter

In Q3 2026, Applied Optoelectronics generated −$2.9M of operating cash flow and spent $367M on capital projects, leaving free cash flow of −$370M. That is $291M less than in Q3 2025 (−$78.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$106M; the largest uses were other investing ($1.2B), operating cash flow ($106M), other financing ($21.8M); besides operations, cash came from shares issued ($1.8B), net borrowing (+) / repaid (−) ($26.1M); the cash balance rose by $471M.

Operating cash flow was −$2.9M against net income of $6.3M — -0.5× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables +$205M, receivables −$100M, inventory −$92.5M.

Its cash conversion cycle was 95 days (receivables 124 + inventory 156 − payables 185).

Applied Optoelectronics is burning cash: its operations consume cash, a free cash flow of −$106M a year at the current rate against $605M of cash and investments: a runway of about 5.7 years; $60.0M of debt also comes due within a year, which the cash covers before any new financing.