### @AAOI — Confirmed — from the 2025 annual report and Q1 2026 filing
Let me say that - in 2025 operating cash outflow was about $174 million and capex about $210 million, okay? That total cash need we covered mainly by issuing roughly $519 million of stock, raising our share count about 52% in a single year. All right? We also carry $125 million of 2.75% convertible notes due 2030. Issuance continued into 2026 - share count up about 5% in Q1 alone. We're still loss-making even with revenue up 83%, so dilution is the price of building capacity fast, right? Whether it slows depends on reaching the profitability we've guided to.
- tier: Confirmed (✓)
- source: AAOI / How the growth gets funded: dilution
- receipt: https://ticker.thevixguy.com/p/p-day-20260715-aaoi-src-aaoi-dilution-funding-ingest
- posted: 2026-07-15T01:48:24.560Z