Company: AAOI
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033627
Chunk: 51

Company: APPLIED OPTOELECTRONICS, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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 further discussion of the 2030 Notes.

Operating activities

The table below sets forth selected cash flow data for the periods presented (in thousands):

      Nine months ended September 30, 

      2025 

      2024 

      Net cash used in operating activities 
      
     $
     (144,851
     )
      
     $
     (44,910
     )

      Net cash used in investing activities 

     (125,672
     )

     (21,427
     )

      Net cash provided by financing activities 

     348,248

     52,468

      Effect of exchange rates on cash and cash equivalents 

     (6,141
     )

     139

      Net increase (decrease) in cash and cash equivalents 
      
     $
     71,584

     $
     (13,730
     )

​​

For the nine months ended September 30, 2025, net cash used in operating activities was $144.9 million. Net cash used in operating activities consisted of our net loss of $36.2 million after exclusion of non-cash items of $33.6 million. Cash decreased due to an increase in accounts receivable of $107.2 million and an increase in inventory of $84.6 million, partially offset by an increase in accounts payable of $45.2 million.  

Investing activities

​

For the nine months ended September 30, 2025, net cash used in investing activities was $125.7 million, mainly for the purchase of additional property, plant, and equipment.

Financing activities

For the nine months ended September 30, 2025, net cash provided by financing activities was $348.2 million. This increase was due to the net proceeds of $343.0 million from the ATM Offering and proceed of bank acceptance payable of $14.4 million, partially offset by tax payments related share-based compensation of $9.2 million.

Loans and commitments

As of September 30, 2025, we have lending arrangements with on US bank and four financial institutions in China. As of September 30, 2025, we were in compliance with the covenants in the lending arrangements. As of September 30, 2025, we had $43.8 million of unused borrowing capacity.

On December 23, 2024, the Company issued $125.0 million