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Side-by-side financial comparison of APPLIED OPTOELECTRONICS, INC. (AAOI) and Aeluma, Inc. (ALMU). Click either name above to swap in a different company.
APPLIED OPTOELECTRONICS, INC. is the larger business by last-quarter revenue ($134.3M vs $1.3M, roughly 105.6× Aeluma, Inc.). On growth, APPLIED OPTOELECTRONICS, INC. posted the faster year-over-year revenue change (33.9% vs -21.1%). Aeluma, Inc. produced more free cash flow last quarter ($-282.0K vs $-104.6M).
Applied Optoelectronics Inc. is an American semiconductor company that focuses on optical devices. It was founded in 1997 at the University of Houston and is headquartered in Sugar Land, Texas.
Aeluma, Inc. is a U.S.-headquartered technology firm focused on the design, development, and production of high-performance optoelectronic components and semiconductor products. Its core offerings include photonic sensors and laser diodes, serving the LiDAR, 5G/6G communication, industrial sensing, and automotive markets across North America and the Asia-Pacific region.
AAOI vs ALMU — Head-to-Head
Income Statement — Q4 2025 vs Q2 2026
| Metric | | |
|---|---|---|
| Revenue | $134.3M | $1.3M |
| Net Profit | — | $-1.9M |
| Gross Margin | 31.2% | 27.8% |
| Operating Margin | -8.6% | -163.6% |
| Net Margin | — | -145.7% |
| Revenue YoY | 33.9% | -21.1% |
| Net Profit YoY | — | 36.0% |
| EPS (diluted) | $-0.02 | $-0.11 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $134.3M | $1.3M | ||
| Q3 25 | $118.6M | $1.4M | ||
| Q2 25 | $103.0M | — | ||
| Q1 25 | $99.9M | — | ||
| Q4 24 | $100.3M | — | ||
| Q3 24 | $65.2M | — | ||
| Q2 24 | $43.3M | — | ||
| Q1 24 | $40.7M | — |
| Q4 25 | — | $-1.9M | ||
| Q3 25 | $-17.9M | $-1.5M | ||
| Q2 25 | $-9.1M | — | ||
| Q1 25 | $-9.2M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-17.8M | — | ||
| Q2 24 | $-26.1M | — | ||
| Q1 24 | $-23.2M | — |
| Q4 25 | 31.2% | 27.8% | ||
| Q3 25 | 28.0% | 49.4% | ||
| Q2 25 | 30.3% | — | ||
| Q1 25 | 30.6% | — | ||
| Q4 24 | 28.7% | — | ||
| Q3 24 | 24.4% | — | ||
| Q2 24 | 22.1% | — | ||
| Q1 24 | 18.7% | — |
| Q4 25 | -8.6% | -163.6% | ||
| Q3 25 | -15.3% | -116.1% | ||
| Q2 25 | -15.5% | — | ||
| Q1 25 | -8.9% | — | ||
| Q4 24 | -6.5% | — | ||
| Q3 24 | -25.4% | — | ||
| Q2 24 | -60.7% | — | ||
| Q1 24 | -53.2% | — |
| Q4 25 | — | -145.7% | ||
| Q3 25 | -15.1% | -107.8% | ||
| Q2 25 | -8.8% | — | ||
| Q1 25 | -9.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -27.3% | — | ||
| Q2 24 | -60.4% | — | ||
| Q1 24 | -57.0% | — |
| Q4 25 | $-0.02 | $-0.11 | ||
| Q3 25 | $-0.28 | $-0.09 | ||
| Q2 25 | $-0.16 | — | ||
| Q1 25 | $-0.18 | — | ||
| Q4 24 | $-2.82 | — | ||
| Q3 24 | $-0.42 | — | ||
| Q2 24 | $-0.66 | — | ||
| Q1 24 | $-0.60 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $206.1M | $38.6M |
| Total DebtLower is stronger | $34.0M | — |
| Stockholders' EquityBook value | $733.9M | $40.8M |
| Total Assets | $1.2B | $42.6M |
| Debt / EquityLower = less leverage | 0.05× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $206.1M | $38.6M | ||
| Q3 25 | $137.0M | $25.9M | ||
| Q2 25 | $64.7M | — | ||
| Q1 25 | $51.1M | — | ||
| Q4 24 | $67.4M | — | ||
| Q3 24 | $34.1M | — | ||
| Q2 24 | $10.7M | — | ||
| Q1 24 | $8.4M | — |
| Q4 25 | $34.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $22.1M | — | ||
| Q4 24 | $26.7M | — | ||
| Q3 24 | $29.5M | — | ||
| Q2 24 | $22.5M | — | ||
| Q1 24 | $24.1M | — |
| Q4 25 | $733.9M | $40.8M | ||
| Q3 25 | $559.1M | $40.9M | ||
| Q2 25 | $425.0M | — | ||
| Q1 25 | $309.0M | — | ||
| Q4 24 | $229.1M | — | ||
| Q3 24 | $212.1M | — | ||
| Q2 24 | $186.5M | — | ||
| Q1 24 | $195.7M | — |
| Q4 25 | $1.2B | $42.6M | ||
| Q3 25 | $978.5M | $42.7M | ||
| Q2 25 | $796.9M | — | ||
| Q1 25 | $644.7M | — | ||
| Q4 24 | $547.0M | — | ||
| Q3 24 | $410.0M | — | ||
| Q2 24 | $348.0M | — | ||
| Q1 24 | $350.9M | — |
| Q4 25 | 0.05× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.07× | — | ||
| Q4 24 | 0.12× | — | ||
| Q3 24 | 0.14× | — | ||
| Q2 24 | 0.12× | — | ||
| Q1 24 | 0.12× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-29.6M | $-251.0K |
| Free Cash FlowOCF − Capex | $-104.6M | $-282.0K |
| FCF MarginFCF / Revenue | -77.9% | -22.2% |
| Capex IntensityCapex / Revenue | 55.9% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-353.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.6M | $-251.0K | ||
| Q3 25 | $-28.5M | $-815.0K | ||
| Q2 25 | $-65.5M | — | ||
| Q1 25 | $-50.9M | — | ||
| Q4 24 | $-24.6M | — | ||
| Q3 24 | $-14.4M | — | ||
| Q2 24 | $-2.0M | — | ||
| Q1 24 | $-28.5M | — |
| Q4 25 | $-104.6M | $-282.0K | ||
| Q3 25 | $-78.7M | $-1.0M | ||
| Q2 25 | $-91.0M | — | ||
| Q1 25 | $-79.3M | — | ||
| Q4 24 | $-53.0M | — | ||
| Q3 24 | $-20.7M | — | ||
| Q2 24 | $-5.0M | — | ||
| Q1 24 | $-34.2M | — |
| Q4 25 | -77.9% | -22.2% | ||
| Q3 25 | -66.3% | -74.0% | ||
| Q2 25 | -88.3% | — | ||
| Q1 25 | -79.4% | — | ||
| Q4 24 | -52.9% | — | ||
| Q3 24 | -31.8% | — | ||
| Q2 24 | -11.5% | — | ||
| Q1 24 | -84.2% | — |
| Q4 25 | 55.9% | 2.4% | ||
| Q3 25 | 42.4% | 15.2% | ||
| Q2 25 | 24.7% | — | ||
| Q1 25 | 28.4% | — | ||
| Q4 24 | 28.3% | — | ||
| Q3 24 | 9.7% | — | ||
| Q2 24 | 6.9% | — | ||
| Q1 24 | 14.2% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AAOI
| Data Center | $74.9M | 56% |
| CATV | $54.0M | 40% |
| Telecom | $5.1M | 4% |
ALMU
Segment breakdown not available.
