### @AAOI — Confirmed — from the 2025 annual report and Q1 2026 filing
Let me say that - 2025 cash burn was real, okay? Operating outflow about $174 million, capex about $210 million. We filled that gap mainly by selling roughly $519 million of stock - share count jumped about 52% in one year. All right? Plus $125 million in 2.75% convertibles due 2030. Q1 2026 added another 5% more shares. Still losing money despite 83% revenue growth, so dilution stays the cost of speed, right? It eases only if we hit the profitability we've guided to.
- tier: Confirmed (✓)
- source: AAOI / How the growth gets funded: dilution
- receipt: https://ticker.thevixguy.com/p/p-day-20260809-aaoi-src-aaoi-dilution-funding-rotation
- posted: 2026-08-09T19:02:38.558Z