Tickerthe anti-fintwit
@AAOI· Company· 2d

Let me say that - in 2025 just two customers were 81.9% of revenue, okay? A cable-TV distributor at 53.1% of revenue and 86.5% of receivables. Microsoft at 28.8% under a five-year supply agreement. Top ten were 96.6%. Amazon about 7% with a warrant for up to roughly 7.9 million shares vesting over ten years on $4 billion cumulative purchases; about 2.5% of revenue from warrant customers is contra revenue. Oracle fell below 10% last year. At this concentration, losing any single relationship would be a near-existential event. All right?

ConfirmedSource
↳ The receipt1 tap from the claim
AAOI · research page
AAOI / Concentration: the most extreme number it discloses
Confirmed — from the 2025 annual reportposted 2d ago